# EDGAR Filing Document

**Accession Number:** 0000915845
**File Stem:** 0001193125-23-068885
**Filing Date:** 2023-3
**Character Count:** 356957
**Document Hash:** 2345378c444feed81d8f5c1d559c0b78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-068885.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001193125-23-068885

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**EFFECTIVENESS DATE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB HIGH INCOME FUND INC
- **CENTRAL INDEX KEY:** 0000915845
- **IRS NUMBER:** 133747683
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08188
- **FILM NUMBER:** 23726815

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 1345 AVE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN HIGH INCOME FUND INC
- **DATE OF NAME CHANGE:** 20080130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN EMERGING MARKET DEBT FUND INC
- **DATE OF NAME CHANGE:** 20030319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCE EMERGING MARKET DEBT FUND INC
- **DATE OF NAME CHANGE:** 19931207

## Series and Classes Contracts Data

### AB HIGH INCOME FUND INC (Series ID: S000009981)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000027601 | Class A       | AGDAX           |
| C000027603 | Class C       | AGDCX           |
| C000068506 | Advisor Class | AGDYX           |
| C000068507 | Class R       | AGDRX           |
| C000068508 | Class K       | AGDKX           |
| C000068509 | Class I       | AGDIX           |
| C000135461 | Class Z       | AGDZX           |

------

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

------

**FORM N-CSR** 

------

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-08188** 

------

## AB HIGH INCOME FUND, INC.
**(Exact name of registrant as specified in charter)** 

------

**1345 Avenue of the Americas, New York, New York 10105** 

**(Address of principal executive offices) (Zip code)** 

------

**Joseph J. Mantineo** 

**AllianceBernstein L.P.** 

**1345 Avenue of the Americas** 

**New York, New York 10105** 

**(Name and address of agent for service)** 

------

**Registrant's telephone number, including area code: (800) 221-5672** 

**Date of fiscal year end: October 31, 2022** 

**Date of reporting period: October 31, 2022** 

Enclosed for filing you will find an amended Form N-CSR of the registrant's original 2022 Form N-CSR filing of the referenced period. The purpose of this amended filing is to update Item 11 (b) and Item 13 (which is addressed in exhibits labeled Exhibit 12 (b)(1) and Exhibit 12 (b)(2) in the original filings). Except as set forth above, no other changes have been made to the Form N-CSR, and this amended filing does not amend, update or change any other items or disclosure found in the Form N-CSR.

------

**ITEM 1. REPORTS TO STOCKHOLDERS.** 

------

**OCT** <sup>10.31.22</sup>

![LOGO](g475757g43p34.jpg)

ANNUAL REPORT

## AB HIGH INCOME FUND
![LOGO](g475757covart_7682.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund's prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund's proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB's website at www.abfunds.com, or go to the Securities and Exchange Commission's (the "Commission") website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Commission's website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein<sup>®</sup> is a registered service mark used by permission of the owner, AllianceBernstein L.P.

------

---

| | |
|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g475757g92f19.jpg) |

---

Dear Shareholder,

We're pleased to provide this report for the AB High Income Fund (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g475757g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 1** |

---

------

**ANNUAL REPORT** 

**December 12, 2022** 

This report provides management's discussion of fund performance for the AB High Income Fund for the annual reporting period ended October 31, 2022.

**The Fund's investment objective is to seek to maximize total returns from price appreciation and income.** 

**NAV RETURNS AS OF OCTOBER 31, 2022** (unaudited)

---

| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB HIGH INCOME FUND** |  |  |
| Class A Shares | -7.11% | -13.83% |
| Class C Shares | -7.53% | -14.69% |
| Advisor Class Shares<sup>1</sup> | -6.98% | -13.70% |
| Class R Shares<sup>1</sup> | -7.31% | -14.30% |
| Class K Shares<sup>1</sup> | -7.17% | -14.07% |
| Class I Shares<sup>1</sup> | -6.99% | -13.72% |
| Class Z Shares<sup>1</sup> | -6.95% | -13.64% |
| Primary Benchmark: <br>Bloomberg Global High Yield Index (USD hedged) | -6.77% | -14.54% |
| Blended Benchmark: 33% JPM EMBI Global / 33% JPM GBI-EM / 33% Bloomberg US Corporate HY 2% Issuer Capped Index | -6.89% | -15.95% |

---

---

| | |
|:---|:---|
| 1 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared to its primary benchmark, the Bloomberg Global High Yield Index (USD hedged), and its blended benchmark, which is composed of equal weightings of the JPMorgan Emerging Markets Bond Index Global ("JPM EMBI Global"), the JPMorgan Government Bond Index-Emerging Markets ("JPM GBI-EM") (local currency-denominated) and the Bloomberg US Corporate High Yield ("HY") 2% Issuer Capped Index, for the six- and 12-month periods ended October 31, 2022.

During the 12-month period, all share classes except Class C outperformed the primary benchmark, before sales charges. Industry allocation was the primary contributor, relative to the benchmark. Underweights to sovereign bonds and US real estate investment trusts ("REITs"), and off-benchmark exposures to commercial mortgage-backed securities

---

| | |
|:---|:---|
| **2 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

("CMBS"), collateralized mortgage obligations ("CMOs") offset losses from exposure to collateralized loan obligations. Yield-curve positioning in the US also contributed, as underweights to the two-, 20- and 30-year parts of the curve added more than a loss from overweights to the five- to 10-year parts of the US curve. Currency decisions were a minor contributor to performance. Security selection detracted, as losses from selection within technology, sovereign bonds, consumer noncyclical, services, autos and banking exceeded gains within energy, eurozone REITs, telecommunications and retailers. An underweight to the eurozone detracted at the country level.

Over the six-month period, all share classes underperformed the primary benchmark, before sales charges. Security selection was the largest detractor, due to selection within technology, consumer noncyclical, sovereign bonds, services, finance and autos, which was partially offset by gains from selection within eurozone REITs and energy. Industry allocation contributed, as underweights to sovereign bonds, US REITs and exposures to CMBS and CMOs offset losses from exposure to collateralized loan obligations, an overweight to eurozone REITs and an underweight to energy. Yield-curve positioning in the US also contributed, due to overweights to the six-month and 10-year parts of the curve, along with underweights to the 20- to 30-year parts of the curve, which offset a loss from an overweight to the five-year part of the US curve. Currency decisions were a minor contributor to performance.

During both periods, the Fund utilized derivatives in the form of treasury futures to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure. Credit default swap indices were used to take active high-yield credit risk. Total return swaps were used to create synthetic high-yield exposure in the Fund. High-yield exchange-traded funds were utilized to obtain credit exposure. CMBS indices were used to take active commercial real estate exposure. The Fund sold credit options to generate income.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

Fixed-income government bond market yields increased rapidly, and bond prices fell in all developed markets during the 12-month period ended October 31, 2022. Most major central banks aggressively tightened monetary policy by raising short-term interest rates and ending bond purchases to combat high and persistent inflation. Developed-market government bonds fell the most in the UK and eurozone, and by the least in Japan, Canada and Australia. In credit risk sectors, securitized assets generally outperformed corporate bonds. Investment-grade corporate bonds trailed treasuries, underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds in the US outperformed US Treasuries, while eurozone high yield outperformed eurozone treasuries. Emerging-market sovereign bonds materially underperformed developed-market treasuries. Emerging-market investment-grade corporate bonds hedged to the US dollar outperformed US investment-grade

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 3** |

---

------

corporates. Emerging-market local-currency bonds lagged as the US dollar advanced against all developed-market currencies and most emerging-market currencies. Brent crude oil prices ended higher, even as prices fell later in the period on global growth concerns and reduced demand.

The Fund's Senior Investment Management Team (the "Team") continues to seek to maximize total return, utilizing a high-income strategy with a global, multi-sector approach. The Team pursues an attractive risk/return profile by managing currency exposure, and invests in treasury inflation-protected securities, while also seeking to enhance returns with other selective investments in global fixed income and high yield.

**INVESTMENT POLICIES** 

The Fund pursues income opportunities from government, corporate, emerging-market and high-yield sources. It has the flexibility to invest in a broad range of fixed-income securities in both developed- and emerging-market countries. The Fund's investments may include US and non-US corporate debt securities and sovereign debt securities. The Fund may invest, without limitation, in either US dollar-denominated or non-US dollar-denominated fixed-income securities.

The Adviser selects securities for purchase or sale based on its assessment of the securities' risk and return characteristics as well as the securities' impact on the overall risk and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund's other holdings.

The Fund may invest in debt securities with a range of maturities from short- to long-term. Substantially all of the Fund's assets may be invested in lower-rated securities, which may include securities having the lowest rating for non-subordinated debt instruments (i.e., rated C by Moody's Investors Service or CCC+ or lower by S&P Global Ratings and Fitch Ratings, or the equivalent by any nationally recognized statistical rating organization), and unrated securities of equivalent investment quality. The Fund also may invest in investment-grade securities and unrated securities.

The Fund may invest in mortgage-related and other asset-backed securities; loan participations and assignments; inflation-indexed securities; structured securities; variable-, floating- and inverse-floating-rate instruments; and preferred stock, and may use other investment techniques. The Fund may also make short sales of securities or maintain a short position. The Fund may use borrowings or other leverage for investment purposes. The Fund intends, among other things, to enter into transactions such as reverse repurchase agreements and dollar rolls. The Fund may invest, without limit, in derivatives, such as options, futures contracts, forwards or swap agreements.

---

| | |
|:---|:---|
| **4 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**All indices are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The Bloomberg Global High Yield Index (USD hedged) represents non-investment grade fixed-income securities of companies in the US, and developed and emerging markets, hedged to the US dollar. The JPM<sup>®</sup> EMBI Global (market-capitalization weighted) represents the performance of US dollar-denominated Brady bonds, Eurobonds and trade loans issued by sovereign and quasi-sovereign entities. The JPM GBI-EM represents the performance of local-currency government bonds issued by emerging markets. The Bloomberg US Corporate HY 2% Issuer Capped Index is the 2% Issuer Capped component of the US Corporate HY Index. The Bloomberg US Corporate HY Index represents the performance of fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million and at least one year to maturity. An investor cannot invest directly in an index or average, and their results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

**Interest-Rate Risk:** Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**Credit Risk:** An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 5** |

---

------

**DISCLOSURES AND RISKS** (continued)

**Below Investment-Grade Securities Risk:** Investments in fixed-income securities with lower ratings (commonly known as "junk bonds") tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

**Duration Risk:** Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

**Inflation Risk:** This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions. This risk is significantly greater for fixed-income securities with longer maturities.

**Foreign (Non-US) Risk:** Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

**Emerging-Market Risk:** Investments in emerging-market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

**Currency Risk:** Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.

**Mortgage-Related and/or Other Asset-Backed Securities Risk:** Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include "extension risk", which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and "prepayment risk", which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

---

| | |
|:---|:---|
| **6 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**DISCLOSURES AND RISKS** (continued)

**Loan Participations and Assignments Risk:** When the Fund purchases loan participations and assignments, it is subject to the credit risk associated with the underlying corporate borrower. In addition, the lack of a liquid secondary market for loan participations and assignments may have an adverse impact on the value of such investments and the Fund's ability to dispose of particular assignments or participations when necessary to meet the Fund's liquidity needs or in response to a specific economic event such as a deterioration in the creditworthiness of the borrower.

**Leverage Risk:** To the extent the Fund uses leveraging techniques, its net asset value ("NAV") may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund's investments.

**Derivatives Risk:** Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

**Illiquid Investments Risk:** Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest-rate environment, when the value and liquidity of fixed-income securities generally decline.

**Management Risk:** The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

The Fund may invest in mortgage-backed and/or other asset-backed securities, including securities backed by mortgages and assets with an international or emerging-markets origination and securities backed by non-performing loans at the time of investment. Investments in mortgage-backed and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include "extension risk", which is the risk that, in periods of rising interest rates, issuers may delay the payment of princi-

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 7** |

---

------

**DISCLOSURES AND RISKS** (continued)

pal, and "prepayment risk", which is the risk that, in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by nongovernmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

These risks are fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com.** 

**All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

---

| | |
|:---|:---|
| **8 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

10/31/2012 TO 10/31/2022

![LOGO](g475757g01a01.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB High Income Fund Class A shares (from 10/31/2012 to 10/31/2022) as compared to the performance of the Fund's benchmarks. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 9** |

---

------

**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2022** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC<br>Yields<sup>1</sup> |
| **CLASS A SHARES** |  |  | 10.25% |
| 1 Year | -13.83% | -17.45% |  |
| 5 Years | -0.12% | -0.99% |  |
| 10 Years | 2.96% | 2.51% |  |
| **CLASS C SHARES** |  |  | 9.86% |
| 1 Year | -14.69% | -15.49% |  |
| 5 Years | -0.95% | -0.95% |  |
| 10 Years<sup>2</sup> | 2.13% | 2.13% |  |
| **ADVISOR CLASS SHARES**<sup>3</sup> |  |  | 10.95% |
| 1 Year | -13.70% | -13.70% |  |
| 5 Years | 0.13% | 0.13% |  |
| 10 Years | 3.23% | 3.23% |  |
| **CLASS R SHARES**<sup>3</sup> |  |  | 10.22% |
| 1 Year | -14.30% | -14.30% |  |
| 5 Years | -0.55% | -0.55% |  |
| 10 Years | 2.56% | 2.56% |  |
| **CLASS K SHARES**<sup>3</sup> |  |  | 10.53% |
| 1 Year | -14.07% | -14.07% |  |
| 5 Years | -0.23% | -0.23% |  |
| 10 Years | 2.90% | 2.90% |  |
| **CLASS I SHARES**<sup>3</sup> |  |  | 10.86% |
| 1 Year | -13.72% | -13.72% |  |
| 5 Years | 0.13% | 0.13% |  |
| 10 Years | 3.26% | 3.26% |  |
| **CLASS Z SHARES**<sup>3</sup> |  |  | 10.97% |
| 1 Year | -13.64% | -13.64% |  |
| 5 Years | 0.19% | 0.19% |  |
| Since Inception<sup>4</sup> | 2.82% | 2.82% |  |

---

**The Fund's current prospectus fee table shows the Fund's total annual operating expense ratios as 0.84%, 1.59%, 0.59%, 1.27%, 0.94%, 0.59% and 0.53% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

(footnotes continued on next page)

---

| | |
|:---|:---|
| **10 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**HISTORICAL PERFORMANCE** (continued)

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended October 31, 2022.

2 Assumes conversion of Class C shares into Class A shares after eight years.

---

| | |
|:---|:---|
| 3 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

4 Inception date: 10/15/2013.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 11** |

---

------

**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -19.16% |
| 5 Years | -1.36% |
| 10 Years | 2.43% |
| **CLASS C SHARES** |  |
| 1 Year | -17.15% |
| 5 Years | -1.32% |
| 10 Years<sup>1</sup> | 2.03% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -15.30% |
| 5 Years | -0.25% |
| 10 Years | 3.15% |
| **CLASS R SHARES**<sup>2</sup> |  |
| 1 Year | -15.89% |
| 5 Years | -0.92% |
| 10 Years | 2.47% |
| **CLASS K SHARES**<sup>2</sup> |  |
| 1 Year | -15.77% |
| 5 Years | -0.60% |
| 10 Years | 2.80% |
| **CLASS I SHARES**<sup>2</sup> |  |
| 1 Year | -15.42% |
| 5 Years | -0.25% |
| 10 Years | 3.16% |
| **CLASS Z SHARES**<sup>2</sup> |  |
| 1 Year | -15.35% |
| 5 Years | -0.18% |
| Since Inception<sup>3</sup> | 2.62% |

---

1 Assumes conversion of Class C shares into Class A shares after eight years.

---

| | |
|:---|:---|
| 2 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

3 Inception date: 10/15/2013.

---

| | |
|:---|:---|
| **12 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period\*** | **Annualized<br>Expense Ratio\*** |
| **Class A** |  |  |  |  |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $928.90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57 | 0.94% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020.47 | $4.79 | 0.94% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $924.70 | $8.10 | 1.67% |
|  Hypothetical\*\* | $1000 | $1016.79 | $8.49 | 1.67% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $930.20 | $3.31 | 0.68% |
|  Hypothetical\*\* | $1000 | $1021.78 | $3.47 | 0.68% |
| **Class R** |  |  |  |  |
|  Actual | $1000 | $926.90 | $6.51 | 1.34% |
|  Hypothetical\*\* | $1000 | $1018.45 | $6.82 | 1.34% |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 13** |

---

------

**EXPENSE EXAMPLE** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period\*** | **Annualized<br>Expense Ratio\*** |
| **Class K** |  |  |  |  |
|  Actual | $1000 | $928.30 | $4.91 | 1.01% |
|  Hypothetical\*\* | $1000 | $1020.11 | $5.14 | 1.01% |
| **Class I** |  |  |  |  |
|  Actual | $1000 | $930.10 | $3.36 | 0.69% |
|  Hypothetical\*\* | $1000 | $1021.73 | $3.52 | 0.69% |
| **Class Z** |  |  |  |  |
|  Actual | $1000 | $930.50 | $2.92 | 0.60% |
|  Hypothetical\*\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022.18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | 0.60% |

---

\* Expenses are equal to the classes' annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

\*\* Assumes 5% annual return before expenses. 

---

| | |
|:---|:---|
| **14 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO SUMMARY** 

**October 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $3,057.0

------

![LOGO](g475757g21a21.jpg)

---

| | |
|:---|:---|
| 1 | The Fund's security type breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). "Other" securities type weightings represent 0.3% or less in the following security types: Asset-Backed Securities, Governments–Sovereign Bonds, Inflation-Linked Securities, Rights and Warrants.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 15** |

---

------

**PORTFOLIO SUMMARY** (continued)

**October 31, 2022** (unaudited)

------

![LOGO](g475757g22a22.jpg)

---

| | |
|:---|:---|
| 1 | The Fund's country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). "Other" country weightings represent 0.6% or less in the following: Angola, Argentina, Bahrain, Bermuda, Chile, China, Colombia, Czech Republic, Denmark, Dominican Republic, Ecuador, Egypt, El Salvador, Finland, Gabon, Ghana, Guatemala, Hong Kong, Indonesia, Ireland, Israel, Ivory Coast, Jamaica, Jersey (Channel Islands), Macau, Morocco, Netherlands, Nigeria, Norway, Oman, Panama, Peru, Senegal, South Africa, Sweden, Trinidad & Tobago, Turkey, Ukraine, United Republic of Tanzania, Venezuela and Zambia.  |

---

---

| | |
|:---|:---|
| **16 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** 

**October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **CORPORATES - NON-INVESTMENT GRADE – 58.7%** |  |  |  |
|  **Industrial – 51.3%** |  |  |  |
|  **Basic – 3.2%** |  |  |  |
|  Ahlstrom-Munksjo Holding 3 Oy<br>3.625%, 02/04/2028<sup>(a)</sup> | EUR | 955 | $756796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/04/2028<sup>(a)</sup> | U.S.$| 4788 | 3817711 |
|  ASP Unifrax Holdings, Inc.<br>5.25%, 09/30/2028<sup>(a)</sup> |  | 2645 | 2126646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/30/2029<sup>(a)(b)</sup> |  | 1091 | 731829 |
|  Cheever Escrow Issuer LLC <br>7.125%, 10/01/2027<sup>(a)</sup> |  | 2996 | 2746016 |
|  Constellium SE <br>3.125%, 07/15/2029<sup>(a)</sup> | EUR | 4303 | 3151803 |
|  CVR Partners LP/CVR Nitrogen Finance Corp. <br>6.125%, 06/15/2028<sup>(a)</sup> | U.S.$| 527 | 477116 |
|  Element Solutions, Inc. <br>3.875%, 09/01/2028<sup>(a)</sup> |  | 2415 | 2051683 |
|  ERP Iron Ore, LLC <br>9.039%, 12/31/2019<sup>(c)(d)(e)(f)(g)</sup> |  | 1355 | 903863 |
|  FMG Resources August 206 Pty Ltd.<br>4.375%, 04/01/2031<sup>(a)</sup> |  | 12055 | 9576487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2027<sup>(a)</sup> |  | 1475 | 1321614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/15/2032<sup>(a)</sup> |  | 8381 | 7442800 |
|  Glatfelter Corp. <br>4.75%, 11/15/2029<sup>(a)</sup> |  | 3565 | 2295921 |
|  Guala Closures SpA <br>3.25%, 06/15/2028<sup>(a)</sup> | EUR | 1803 | 1442336 |
|  Illuminate Buyer LLC/Illuminate Holdings IV, Inc. <br>9.00%, 07/01/2028<sup>(a)</sup> | U.S.$| 5122 | 4331360 |
|  INEOS Quattro Finance 1 PLC <br>3.75%, 07/15/2026<sup>(a)</sup> | EUR | 108 | 83732 |
|  INEOS Styrolution Group GmbH <br>2.25%, 01/16/2027<sup>(a)</sup> |  | 5634 | 4384643 |
|  Ingevity Corp. <br>3.875%, 11/01/2028<sup>(a)</sup> | U.S.$| 3288 | 2789977 |
|  Intelligent Packaging Holdco Issuer LP <br>9.00% (9.00% Cash or 9.75% PIK), 01/15/2026<sup>(a)(g)</sup> |  | 3201 | 2409983 |
|  Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC <br>6.00%, 09/15/2028<sup>(a)</sup> |  | 4418 | 3297067 |
|  Kleopatra Finco SARL <br>4.25%, 03/01/2026<sup>(a)(b)</sup> | EUR | 5384 | 4375357 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 17** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Kobe US Midco 2, Inc. <br>9.25% (9.25% Cash or 10.00% PIK), 11/01/2026<sup>(a)(g)</sup> | U.S.$| 6077 | $4680113 |
|  Magnetation LLC/Mag Finance Corp. <br>11.00%, 05/15/2018<sup>(c)(d)(e)(f)(h)</sup> |  | 16121 | – 0 |
|  Mercer International, Inc. <br>5.125%, 02/01/2029 |  | 2306 | 1921698 |
|  Monitchem HoldCo 3 SA <br>5.25%, 03/15/2025<sup>(a)</sup> | EUR | 261 | 234842 |
|  Olin Corp.<br>5.125%, 09/15/2027 | U.S.$| 540 | 506277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/01/2029 |  | 1124 | 1056604 |
|  Rimini Bidco SpA <br>6.25% (EURIBOR 3 Month + 5.25%), 12/14/2026<sup>(b)(i)</sup> | EUR | 6497 | 5461328 |
|  SCIL IV LLC/SCIL USA Holdings LLC<br>4.375%, 11/01/2026<sup>(a)</sup> |  | 1267 | 1003387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/01/2026<sup>(a)</sup> | U.S.$| 6449 | 5149255 |
|  SPCM SA <br>3.125%, 03/15/2027<sup>(a)</sup> |  | 1487 | 1298567 |
|  Valvoline, Inc. <br>4.25%, 02/15/2030<sup>(a)</sup> |  | 3094 | 2992791 |
|  Vibrantz Technologies, Inc. <br>9.00%, 02/15/2030<sup>(a)</sup> |  | 14230 | 9415686 |
|  WR Grace Holdings LLC<br>4.875%, 06/15/2027<sup>(a)</sup> |  | 3382 | 2958726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/15/2029<sup>(a)</sup> |  | 1965 | 1518999 |
|  |  |  | 98713013 |
|  **Capital Goods – 2.9%** |  |  |  |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<br>4.00%, 09/01/2029<sup>(a)</sup> |  | 5355 | 4063106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2027<sup>(a)</sup> |  | 1239 | 1186528 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<br>4.125%, 08/15/2026<sup>(a)</sup> |  | 8327 | 7163301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/2027<sup>(a)</sup> |  | 1966 | 1381115 |
|  Bombardier, Inc.<br>7.125%, 06/15/2026<sup>(a)</sup> |  | 2000 | 1900904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/2025<sup>(a)</sup> |  | 7321 | 7198113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/2027<sup>(a)</sup> |  | 4395 | 4175964 |
|  Eco Material Technologies, Inc. <br>7.875%, 01/31/2027<sup>(a)</sup> |  | 9472 | 8862134 |
|  EnerSys <br>4.375%, 12/15/2027<sup>(a)</sup> |  | 5050 | 4429088 |
|  F-Brasile SpA/F-Brasile US LLC <br>Series XR <br>7.375%, 08/15/2026<sup>(a)</sup> |  | 5660 | 4482288 |

---

---

| | |
|:---|:---|
| **18 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Gates Global LLC/Gates Corp. <br>6.25%, 01/15/2026<sup>(a)</sup> | U.S.$| 1845 | $1771200 |
|  Granite US Holdings Corp. <br>11.00%, 10/01/2027<sup>(a)</sup> |  | 2757 | 2577898 |
|  Griffon Corp. <br>5.75%, 03/01/2028 |  | 1264 | 1158012 |
|  Harsco Corp. <br>5.75%, 07/31/2027<sup>(a)</sup> |  | 5339 | 3784936 |
|  JELD-WEN, Inc. <br>4.625%, 12/15/2025<sup>(a)</sup> |  | 1036 | 861599 |
|  Madison IAQ LLC <br>5.875%, 06/30/2029<sup>(a)</sup> |  | 2565 | 1764548 |
|  Renk AG/Frankfurt am Main <br>5.75%, 07/15/2025<sup>(a)</sup> | EUR | 7486 | 6672154 |
|  SPX FLOW, Inc. <br>8.75%, 04/01/2030<sup>(a)</sup> | U.S.$| 4971 | 4065644 |
|  Titan Holdings II BV <br>5.125%, 07/15/2029<sup>(a)</sup> | EUR | 2767 | 2148470 |
|  TransDigm, Inc.<br>4.625%, 01/15/2029 | U.S.$| 3591 | 3060540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/01/2029 |  | 5750 | 4896632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/2025<sup>(a)</sup> |  | 3335 | 3393492 |
|  Triumph Group, Inc.<br>6.25%, 09/15/2024<sup>(a)</sup> |  | 1892 | 1755260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/2025 |  | 2289 | 1736324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 06/01/2024<sup>(a)</sup> |  | 1533 | 1549167 |
|  Trivium Packaging Finance BV <br>3.75%, 08/15/2026<sup>(a)</sup> | EUR | 132 | 117117 |
|  WESCO Distribution, Inc. <br>7.25%, 06/15/2028<sup>(a)</sup> | U.S.$| 2462 | 2496962 |
|  |  |  | 88652496 |
|  **Communications - Media – 8.3%** |  |  |  |
|  Advantage Sales & Marketing, Inc. <br>6.50%, 11/15/2028<sup>(a)</sup> |  | 7124 | 6061273 |
|  Altice Financing SA<br>5.00%, 01/15/2028<sup>(a)</sup> |  | 3834 | 3063189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/2029<sup>(a)</sup> |  | 24458 | 19418416 |
|  AMC Networks, Inc. <br>4.25%, 02/15/2029 |  | 4017 | 3116030 |
|  Arches Buyer, Inc. <br>6.125%, 12/01/2028<sup>(a)(b)</sup> |  | 1056 | 815076 |
|  Banijay Entertainment SASU<br>3.50%, 03/01/2025<sup>(a)</sup> | EUR | 815 | 757860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/01/2025<sup>(a)</sup> | U.S.$| 6993 | 6514013 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.50%, 08/15/2030<sup>(a)</sup> |  | 23087 | 18763338 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 19** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033<sup>(a)</sup> | U.S.$| 13557 | $10326271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(a)</sup> |  | 1939 | 1615530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(a)</sup> |  | 25422 | 20380106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 09/01/2029<sup>(a)</sup> |  | 5119 | 4741946 |
|  Clear Channel Outdoor Holdings, Inc. <br>5.125%, 08/15/2027<sup>(a)</sup> |  | 583 | 524641 |
|  CSC Holdings LLC<br>4.50%, 11/15/2031<sup>(a)</sup> |  | 6832 | 5320258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031<sup>(a)</sup> |  | 6551 | 4745468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/01/2028<sup>(a)</sup> |  | 4139 | 3816802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030<sup>(a)</sup> |  | 24221 | 18650170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2028<sup>(a)</sup> |  | 2326 | 2011044 |
|  DISH DBS Corp.<br>5.00%, 03/15/2023 |  | 1133 | 1118825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/01/2029 |  | 10639 | 7191064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026<sup>(a)</sup> |  | 9108 | 7908172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(a)</sup> |  | 9476 | 7647948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/2024 |  | 953 | 878956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 07/01/2028 |  | 6580 | 5001668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/2026 |  | 3040 | 2568145 |
|  DISH Network Corp. <br>3.375%, 08/15/2026<sup>(j)</sup> |  | 4275 | 2959518 |
|  Gray Escrow II, Inc. <br>5.375%, 11/15/2031<sup>(a)</sup> |  | 8103 | 6511415 |
|  iHeartCommunications, Inc.<br>5.25%, 08/15/2027<sup>(a)</sup> |  | 5020 | 4575272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/01/2026 |  | 1524 | 1448453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 05/01/2027 |  | 1375 | 1235948 |
|  LCPR Senior Secured Financing DAC <br>6.75%, 10/15/2027<sup>(a)</sup> |  | 4636 | 4389599 |
|  Liberty Interactive LLC <br>3.75%, 02/15/2030<sup>(j)</sup> |  | 2205 | 971147 |
|  McGraw-Hill Education, Inc. <br>5.75%, 08/01/2028<sup>(a)</sup> |  | 5581 | 4914070 |
|  National CineMedia LLC <br>5.875%, 04/15/2028<sup>(a)</sup> |  | 3387 | 1361197 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp. <br>4.625%, 03/15/2030<sup>(a)</sup> |  | 403 | 332530 |
|  Radiate Holdco LLC/Radiate Finance, Inc. <br>4.50%, 09/15/2026<sup>(a)</sup> |  | 5030 | 4294869 |
|  Sinclair Television Group, Inc.<br>4.125%, 12/01/2030<sup>(a)</sup> |  | 7439 | 5747592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2030<sup>(a)</sup> |  | 4371 | 3268449 |
|  Sirius XM Radio, Inc.<br>4.00%, 07/15/2028<sup>(a)</sup> |  | 26374 | 22765503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2029<sup>(a)</sup> |  | 110 | 101436 |

---

---

| | |
|:---|:---|
| **20 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Summer BidCo BV <br>9.00% (9.00% Cash or 9.75% PIK), 11/15/2025<sup>(a)(g)</sup> | EUR | 3161 | $2307741 |
|  Univision Communications, Inc.<br>4.50%, 05/01/2029<sup>(a)</sup> | U.S.$| 2116 | 1785132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 06/30/2030<sup>(a)</sup> |  | 8775 | 8544632 |
|  Urban One, Inc. <br>7.375%, 02/01/2028<sup>(a)</sup> |  | 12257 | 10727519 |
|  Ziggo Bond Co. BV <br>5.125%, 02/28/2030<sup>(a)</sup> |  | 4106 | 3251807 |
|  |  |  | 254450038 |
|  **Communications - Telecommunications – 3.3%** |  |  |  |
|  Altice France SA/France <br>5.125%, 07/15/2029<sup>(a)</sup> |  | 17362 | 13105592 |
|  Connect Finco SARL/Connect US Finco LLC <br>6.75%, 10/01/2026<sup>(a)</sup> |  | 8905 | 8370700 |
|  Consolidated Communications, Inc.<br>5.00%, 10/01/2028<sup>(a)</sup> |  | 987 | 765092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2028<sup>(a)</sup> |  | 12146 | 9978513 |
|  DKT Finance ApS<br>7.00%, 06/17/2023<sup>(a)</sup> | EUR | 3874 | 3722815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 06/17/2023<sup>(a)</sup> | U.S.$| 3093 | 2989585 |
|  Embarq Corp. <br>7.995%, 06/01/2036 |  | 8721 | 3529266 |
|  Iliad Holding SASU<br>6.50%, 10/15/2026<sup>(a)</sup> |  | 1449 | 1340809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/2028<sup>(a)</sup> |  | 1668 | 1511456 |
|  Intelsat Jackson Holdings SA<br>5.50%, 08/01/2023<sup>(c)(d)(e)</sup> |  | 7915 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/2025<sup>(c)(d)(e)(h)</sup> |  | 1446 | – 0 |
|  Kaixo Bondco Telecom SA <br>5.125%, 09/30/2029<sup>(a)</sup> | EUR | 3977 | 3166564 |
|  Level 3 Financing, Inc.<br>3.75%, 07/15/2029<sup>(a)</sup> | U.S.$| 3785 | 2884497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2028<sup>(a)</sup> |  | 4459 | 3674800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/15/2027<sup>(a)</sup> |  | 4848 | 4218196 |
|  Lorca Telecom Bondco SA <br>4.00%, 09/18/2027<sup>(a)</sup> | EUR | 3690 | 3209695 |
|  Telecom Italia Capital SA<br>7.20%, 07/18/2036 | U.S.$| 5713 | 4481476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.721%, 06/04/2038 |  | 6995 | 5528298 |
|  United Group BV<br>3.625%, 02/15/2028<sup>(a)</sup> | EUR | 752 | 535077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2027<sup>(a)</sup> |  | 796 | 573483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/15/2028<sup>(a)</sup> |  | 825 | 587118 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 21** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.142% (EURIBOR 3 Month + 4.88%), 02/01/2029<sup>(i)</sup> | EUR | 5496 | $4475179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/2030<sup>(a)</sup> |  | 1092 | 766992 |
|  Vmed O2 UK Financing I PLC <br>4.75%, 07/15/2031<sup>(a)</sup> | U.S.$| 18630 | 15241605 |
|  Zayo Group Holdings, Inc.<br>4.00%, 03/01/2027<sup>(a)</sup> |  | 5505 | 4251772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/01/2028<sup>(a)</sup> |  | 1839 | 1222618 |
|  |  |  | 100131198 |
|  **Consumer Cyclical - Automotive – 4.0%** |  |  |  |
|  Aston Martin Capital Holdings Ltd.<br>10.50%, 11/30/2025<sup>(a)</sup> |  | 3901 | 3750093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.00% (8.89% Cash and 6.11% PIK), 11/30/2026<sup>(a)(g)</sup> |  | 4486 | 4897946 |
|  Clarios Global LP/Clarios US Finance Co. <br>4.375%, 05/15/2026<sup>(a)</sup> | EUR | 1055 | 969512 |
|  Dana, Inc. <br>4.25%, 09/01/2030 | U.S.$| 3854 | 3079335 |
|  Dealer Tire LLC/DT Issuer LLC <br>8.00%, 02/01/2028<sup>(a)</sup> |  | 8346 | 7312698 |
|  Exide Technologies<br>(Exchange Priority)<br>11.00%, 10/31/2024<sup>(c)(d)(e)(h)</sup> |  | 18493 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; (First Lien)<br>11.00%, 10/31/2024<sup>(c)(d)(e)(h)</sup> |  | 7590 | – 0 |
|  Ford Motor Co.<br>3.25%, 02/12/2032 |  | 9212 | 6917567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/19/2032 |  | 17381 | 15925098 |
|  Ford Motor Credit Co. LLC<br>2.70%, 08/10/2026 |  | 388 | 336066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 |  | 6465 | 5922868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 05/03/2029 |  | 1800 | 1608154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/16/2025 |  | 538 | 519194 |
|  Goodyear Tire & Rubber Co. (The) <br>5.25%, 07/15/2031 |  | 1463 | 1222745 |
|  IHO Verwaltungs GmbH<br>4.75% (4.75% Cash or 5.50% PIK), 09/15/2026<sup>(a)(g)</sup> |  | 1575 | 1342069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (6.00% Cash or 6.75% PIK), 05/15/2027<sup>(a)(g)</sup> |  | 7018 | 6031324 |
|  Jaguar Land Rover Automotive PLC<br>5.50%, 07/15/2029<sup>(a)</sup> |  | 6351 | 4447852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/2024<sup>(a)</sup> | EUR | 667 | 624195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 01/15/2028<sup>(a)</sup> | U.S.$| 6393 | 4738096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2025<sup>(a)</sup> |  | 6597 | 6067861 |

---

---

| | |
|:---|:---|
| **22 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Mclaren Finance PLC <br>7.50%, 08/01/2026<sup>(a)</sup> | U.S.$| 9232 | $7371257 |
|  PM General Purchaser LLC <br>9.50%, 10/01/2028<sup>(a)</sup> |  | 6681 | 5737010 |
|  Real Hero Merger Sub 2, Inc. <br>6.25%, 02/01/2029<sup>(a)</sup> |  | 6620 | 4792305 |
|  Schaeffler AG <br>3.375%, 10/12/2028<sup>(a)</sup> | EUR | 1800 | 1506066 |
|  Tenneco, Inc.<br>5.00%, 07/15/2026 | U.S.$| 2571 | 2561007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 01/15/2029<sup>(a)</sup> |  | 4343 | 4315237 |
|  Titan International, Inc. <br>7.00%, 04/30/2028 |  | 7168 | 6677472 |
|  ZF Europe Finance BV<br>2.00%, 02/23/2026<sup>(a)</sup> | EUR | 1200 | 1030206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/2029<sup>(a)</sup> |  | 1600 | 1229944 |
|  ZF Finance GmbH<br>2.00%, 05/06/2027<sup>(a)</sup> |  | 200 | 160309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/03/2028<sup>(a)</sup> |  | 1200 | 924083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/21/2028<sup>(a)</sup> |  | 100 | 81290 |
|  ZF North America Capital, Inc. <br>4.75%, 04/29/2025<sup>(a)</sup> | U.S.$| 9312 | 8739876 |
|  |  |  | 120838735 |
|  **Consumer Cyclical - Entertainment – 3.1%** |  |  |  |
|  Carnival Corp.<br>4.00%, 08/01/2028<sup>(a)</sup> |  | 8433 | 6783294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027<sup>(a)</sup> |  | 5811 | 4025570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 03/01/2026<sup>(a)</sup> | EUR | 1630 | 1158787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 08/01/2027<sup>(a)</sup> | U.S.$| 5639 | 5258368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.125%, 02/01/2026<sup>(a)</sup> | EUR | 1630 | 1574608 |
|  Carnival PLC <br>1.00%, 10/28/2029 |  | 737 | 306467 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op <br>5.50%, 05/01/2025<sup>(a)</sup> | U.S.$| 12465 | 12380199 |
|  Cinemark USA, Inc. <br>5.25%, 07/15/2028<sup>(a)</sup> |  | 2584 | 1983062 |
|  Lindblad Expeditions LLC <br>6.75%, 02/15/2027<sup>(a)</sup> |  | 1512 | 1354441 |
|  Mattel, Inc. <br>3.75%, 04/01/2029<sup>(a)</sup> |  | 5792 | 5012108 |
|  Motion Bondco DAC <br>4.50%, 11/15/2027<sup>(a)</sup> | EUR | 2973 | 2369900 |
|  NCL Corp., Ltd. <br>5.875%, 03/15/2026<sup>(a)</sup> | U.S.$| 9466 | 7751685 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 23** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Royal Caribbean Cruises Ltd.<br>5.375%, 07/15/2027<sup>(a)</sup> | U.S.$| 6220 | $4873059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(a)</sup> |  | 5098 | 4168125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028<sup>(a)</sup> |  | 20172 | 15532440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/2025<sup>(a)</sup> |  | 7586 | 8169894 |
|  Viking Cruises Ltd.<br>5.875%, 09/15/2027<sup>(a)</sup> |  | 4065 | 3248892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029<sup>(a)(b)</sup> |  | 5016 | 3994064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 05/15/2025<sup>(a)</sup> |  | 2788 | 2996343 |
|  VOC Escrow Ltd. <br>5.00%, 02/15/2028<sup>(a)</sup> |  | 3318 | 2764604 |
|  |  |  | 95705910 |
|  **Consumer Cyclical - Other – 3.0%** |  |  |  |
|  Adams Homes, Inc. <br>7.50%, 02/15/2025<sup>(a)</sup> |  | 4216 | 3409038 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC<br>4.875%, 02/15/2030<sup>(a)</sup> |  | 5889 | 4518922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/2027<sup>(a)</sup> |  | 7295 | 6368508 |
|  Builders FirstSource, Inc. <br>6.375%, 06/15/2032<sup>(a)</sup> |  | 6873 | 6331145 |
|  Castle UK Finco PLC<br>5.571% (EURIBOR 3 Month + 5.25%), 05/15/2028<sup>(i)</sup> | EUR | 2233 | 1652573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/2029 | GBP | 2900 | 2263181 |
|  Churchill Downs, Inc. <br>4.75%, 01/15/2028<sup>(a)</sup> | U.S.$| 1528 | 1353561 |
|  Empire Communities Corp. <br>7.00%, 12/15/2025<sup>(a)</sup> |  | 1563 | 1354777 |
|  Five Point Operating Co. LP/Five Point Capital Corp. <br>7.875%, 11/15/2025<sup>(a)</sup> |  | 6001 | 5007125 |
|  Forestar Group, Inc. <br>3.85%, 05/15/2026<sup>(a)</sup> |  | 2881 | 2475580 |
|  Hilton Domestic Operating Co., Inc. <br>3.625%, 02/15/2032<sup>(a)</sup> |  | 2459 | 1957697 |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc<br>4.875%, 07/01/2031<sup>(a)</sup> |  | 1162 | 950456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(a)</sup> |  | 6848 | 5893198 |
|  Installed Building Products, Inc. <br>5.75%, 02/01/2028<sup>(a)</sup> |  | 838 | 742121 |
|  International Game Technology PLC <br>3.50%, 06/15/2026<sup>(a)</sup> | EUR | 1026 | 958173 |
|  Mattamy Group Corp. <br>4.625%, 03/01/2030<sup>(a)</sup> | U.S.$| 4691 | 3706372 |

---

---

| | |
|:---|:---|
| **24 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MGM Resorts International <br>5.50%, 04/15/2027 | U.S.$| 4386 | $4043555 |
|  NH Hotel Group SA <br>4.00%, 07/02/2026<sup>(a)</sup> | EUR | 3608 | 3130784 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. <br>5.875%, 09/01/2031<sup>(a)</sup> | U.S.$| 1493 | 1059583 |
|  Shea Homes LP/Shea Homes Funding Corp.<br>4.75%, 02/15/2028<sup>(a)</sup> |  | 3292 | 2776158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/2029<sup>(a)</sup> |  | 4530 | 3691190 |
|  Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. <br>5.875%, 05/15/2025<sup>(a)</sup> |  | 4781 | 4477965 |
|  Taylor Morrison Communities, Inc.<br>5.75%, 01/15/2028<sup>(a)</sup> |  | 1782 | 1634496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/2027<sup>(a)</sup> |  | 493 | 463598 |
|  Travel + Leisure Co.<br>4.50%, 12/01/2029<sup>(a)</sup> |  | 3509 | 2856648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/01/2030<sup>(a)</sup> |  | 10068 | 8174273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/31/2026<sup>(a)</sup> |  | 3533 | 3447343 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. <br>5.25%, 05/15/2027<sup>(a)</sup> |  | 2353 | 2049349 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. <br>5.125%, 10/01/2029<sup>(a)</sup> |  | 7631 | 6082268 |
|  |  |  | 92829637 |
|  **Consumer Cyclical - Restaurants – 0.8%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc.<br>3.875%, 01/15/2028<sup>(a)</sup> |  | 6965 | 6127504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030<sup>(a)</sup> |  | 8721 | 7116726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2028<sup>(a)</sup> |  | 83 | 72963 |
|  Stonegate Pub Co. Financing 2019 PLC<br>8.00%, 07/13/2025<sup>(a)</sup> | GBP | 963 | 993548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 07/31/2025<sup>(a)</sup> |  | 6836 | 7093184 |
|  Yum! Brands, Inc. <br>4.625%, 01/31/2032 | U.S.$| 2867 | 2448109 |
|  |  |  | 23852034 |
|  **Consumer Cyclical - Retailers – 3.5%** |  |  |  |
|  Arko Corp. <br>5.125%, 11/15/2029<sup>(a)</sup> |  | 4612 | 3654399 |
|  Asbury Automotive Group, Inc.<br>4.625%, 11/15/2029<sup>(a)</sup> |  | 3368 | 2769581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032<sup>(a)</sup> |  | 1444 | 1164177 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 25** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Bath & Body Works, Inc.<br>5.25%, 02/01/2028 | U.S.$| 531 | $469499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/01/2030<sup>(a)</sup> |  | 3212 | 2877916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2036 |  | 1479 | 1220671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/01/2035 |  | 9394 | 7988191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/2029 |  | 492 | 466631 |
|  BCPE Ulysses Intermediate, Inc. <br>7.75% (7.75% Cash or 8.50% PIK), 04/01/2027<sup>(a)(g)</sup> |  | 2653 | 1756110 |
|  Carvana Co.<br>5.50%, 04/15/2027<sup>(a)</sup> |  | 1469 | 710705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/01/2028<sup>(a)</sup> |  | 4527 | 2083727 |
|  FirstCash, Inc. <br>5.625%, 01/01/2030<sup>(a)</sup> |  | 4160 | 3722749 |
|  Foundation Building Materials, Inc. <br>6.00%, 03/01/2029<sup>(a)</sup> |  | 1246 | 871776 |
|  Gap, Inc. (The)<br>3.625%, 10/01/2029<sup>(a)</sup> |  | 15515 | 10899987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/01/2031<sup>(a)</sup> |  | 2335 | 1611177 |
|  Kontoor Brands, Inc. <br>4.125%, 11/15/2029<sup>(a)</sup> |  | 3885 | 3126398 |
|  Levi Strauss & Co. <br>3.50%, 03/01/2031<sup>(a)</sup> |  | 2970 | 2377704 |
|  Michaels Cos, Inc. (The)<br>5.25%, 05/01/2028<sup>(a)</sup> |  | 7693 | 5472535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 05/01/2029<sup>(a)</sup> |  | 6100 | 3417171 |
|  NMG Holding Co., Inc./Neiman Marcus Group LLC <br>7.125%, 04/01/2026<sup>(a)</sup> |  | 6621 | 6297026 |
|  PetSmart, Inc./PetSmart Finance Corp. <br>7.75%, 02/15/2029<sup>(a)(b)</sup> |  | 4311 | 4047422 |
|  Rite Aid Corp. <br>7.50%, 07/01/2025<sup>(a)</sup> |  | 4738 | 3338363 |
|  Sonic Automotive, Inc. <br>4.625%, 11/15/2029<sup>(a)</sup> |  | 5847 | 4601994 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp. <br>6.375%, 09/30/2026<sup>(a)</sup> |  | 4261 | 3451287 |
|  SRS Distribution, Inc. <br>6.125%, 07/01/2029<sup>(a)</sup> |  | 1110 | 911846 |
|  Staples, Inc.<br>7.50%, 04/15/2026<sup>(a)</sup> |  | 12372 | 10760224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 04/15/2027<sup>(a)(b)</sup> |  | 6383 | 4634371 |
|  TPro Acquisition Corp. <br>11.00%, 10/15/2024<sup>(a)</sup> |  | 3220 | 3156302 |
|  White Cap Buyer LLC <br>6.875%, 10/15/2028<sup>(a)</sup> |  | 4257 | 3617658 |

---

---

| | |
|:---|:---|
| **26 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  William Carter Co. (The) <br>5.625%, 03/15/2027<sup>(a)</sup> | U.S.$| 1991 | $1914134 |
|  Wolverine World Wide, Inc. <br>4.00%, 08/15/2029<sup>(a)</sup> |  | 4275 | 3406542 |
|  |  |  | 106798273 |
|  **Consumer Non-Cyclical – 6.0%** |  |  |  |
|  180 Medical, Inc. <br>3.875%, 10/15/2029<sup>(a)</sup> |  | 4968 | 4198667 |
|  AdaptHealth LLC<br>4.625%, 08/01/2029<sup>(a)</sup> |  | 2133 | 1816763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 08/01/2028<sup>(a)</sup> |  | 132 | 122191 |
|  AHP Health Partners, Inc. <br>5.75%, 07/15/2029<sup>(a)</sup> |  | 4713 | 3652771 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<br>4.625%, 01/15/2027<sup>(a)</sup> |  | 3290 | 3051351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/15/2030<sup>(a)</sup> |  | 2263 | 2007951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/2028<sup>(a)</sup> |  | 1997 | 1877667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/2026<sup>(a)</sup> |  | 333 | 341331 |
|  Bausch Health Cos., Inc.<br>4.875%, 06/01/2028<sup>(a)</sup> |  | 10910 | 6695069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029<sup>(a)</sup> |  | 6076 | 2373627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/15/2029<sup>(a)</sup> |  | 4938 | 1925847 |
|  CAB SELAS <br>3.375%, 02/01/2028<sup>(a)</sup> | EUR | 3859 | 2976850 |
|  CHS/Community Health Systems, Inc.<br>4.75%, 02/15/2031<sup>(a)</sup> | U.S.$| 1291 | 866318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 03/15/2027<sup>(a)</sup> |  | 697 | 555747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/2030<sup>(a)</sup> |  | 17171 | 7030868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/01/2028<sup>(a)(b)</sup> |  | 2898 | 1125943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/2029<sup>(a)</sup> |  | 11480 | 4732017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/2026<sup>(a)</sup> |  | 2265 | 1952915 |
|  Cidron Aida Finco SARL <br>5.00%, 04/01/2028<sup>(a)</sup> | EUR | 949 | 735658 |
|  DaVita, Inc.<br>3.75%, 02/15/2031<sup>(a)</sup> | U.S.$| 1823 | 1322794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2030<sup>(a)</sup> |  | 13333 | 10395504 |
|  Embecta Corp. <br>5.00%, 02/15/2030<sup>(a)</sup> |  | 7927 | 6804300 |
|  Emergent BioSolutions, Inc. <br>3.875%, 08/15/2028<sup>(a)</sup> |  | 7410 | 4452268 |
|  Garden Spinco Corp. <br>8.625%, 07/20/2030<sup>(a)</sup> |  | 3395 | 3512269 |
|  Global Medical Response, Inc. <br>6.50%, 10/01/2025<sup>(a)</sup> |  | 2750 | 2126954 |
|  Grifols Escrow Issuer SA <br>3.875%, 10/15/2028<sup>(a)</sup> | EUR | 6477 | 4877748 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 27** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Gruenenthal GmbH <br>4.125%, 05/15/2028<sup>(a)</sup> | EUR | 3656 | $2991345 |
|  IQVIA, Inc. <br>2.25%, 03/15/2029<sup>(a)</sup> |  | 3948 | 3176194 |
|  Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. <br>7.00%, 12/31/2027<sup>(a)</sup> | U.S.$| 9238 | 7788802 |
|  Lamb Weston Holdings, Inc. <br>4.125%, 01/31/2030<sup>(a)</sup> |  | 3671 | 3209668 |
|  Legacy LifePoint Health LLC <br>6.75%, 04/15/2025<sup>(a)</sup> |  | 333 | 294895 |
|  Mallinckrodt International Finance SA/Mallinckrodt CB LLC <br>10.00%, 06/15/2029<sup>(a)</sup> |  | 636 | 352980 |
|  Medline Borrower LP<br>3.875%, 04/01/2029<sup>(a)</sup> |  | 6982 | 5702882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029<sup>(a)(b)</sup> |  | 14103 | 10993029 |
|  ModivCare, Inc. <br>5.875%, 11/15/2025<sup>(a)</sup> |  | 249 | 237884 |
|  Paysafe Finance PLC/Paysafe Holdings US Corp. <br>4.00%, 06/15/2029<sup>(a)(b)</sup> |  | 5267 | 3785656 |
|  Performance Food Group, Inc. <br>4.25%, 08/01/2029<sup>(a)</sup> |  | 2952 | 2510711 |
|  Post Holdings, Inc.<br>4.50%, 09/15/2031<sup>(a)</sup> |  | 7969 | 6590250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/15/2030<sup>(a)</sup> |  | 4414 | 3731290 |
|  Primo Water Holdings, Inc. <br>4.375%, 04/30/2029<sup>(a)</sup> |  | 7622 | 6397080 |
|  RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. <br>9.75%, 12/01/2026<sup>(a)</sup> |  | 11464 | 9156354 |
|  RP Escrow Issuer LLC <br>5.25%, 12/15/2025<sup>(a)</sup> |  | 3960 | 2979375 |
|  Spectrum Brands, Inc. <br>3.875%, 03/15/2031<sup>(a)</sup> |  | 8864 | 6534037 |
|  Tenet Healthcare Corp.<br>6.125%, 10/01/2028<sup>(a)</sup> |  | 10325 | 8951950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/15/2030<sup>(a)</sup> |  | 3026 | 2813726 |
|  Triton Water Holdings, Inc. <br>6.25%, 04/01/2029<sup>(a)</sup> |  | 5317 | 4038543 |
|  US Acute Care Solutions LLC <br>6.375%, 03/01/2026<sup>(a)</sup> |  | 10570 | 9570567 |
|  US Renal Care, Inc. <br>10.625%, 07/15/2027<sup>(a)</sup> |  | 1739 | 693935 |
|  |  |  | 184032541 |

---

---

| | |
|:---|:---|
| **28 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Energy – 4.6%** |  |  |  |
|  Berry Petroleum Co. LLC <br>7.00%, 02/15/2026<sup>(a)</sup> | U.S.$| 1215 | $1105336 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp. <br>7.625%, 12/15/2025<sup>(a)</sup> |  | 2179 | 2156728 |
|  Callon Petroleum Co. <br>8.25%, 07/15/2025 |  | 253 | 252924 |
|  Citgo Holding, Inc. <br>9.25%, 08/01/2024<sup>(a)</sup> |  | 2595 | 2598599 |
|  CITGO Petroleum Corp.<br>6.375%, 06/15/2026<sup>(a)</sup> |  | 2387 | 2349613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/2025<sup>(a)</sup> |  | 9430 | 9295071 |
|  Civitas Resources, Inc. <br>5.00%, 10/15/2026<sup>(a)</sup> |  | 3111 | 2867888 |
|  CNX Resources Corp.<br>6.00%, 01/15/2029<sup>(a)</sup> |  | 635 | 593275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/14/2027<sup>(a)</sup> |  | 81 | 80361 |
|  Comstock Resources, Inc. <br>6.75%, 03/01/2029<sup>(a)</sup> |  | 1289 | 1234297 |
|  Crescent Energy Finance LLC <br>7.25%, 05/01/2026<sup>(a)</sup> |  | 4001 | 3710384 |
|  Diamond Foreign Asset Co./Diamond Finance LLC<br>9.00% (9.00% Cash or 13.00% PIK), 04/22/2027<sup>(a)(g)</sup> |  | 568 | 515620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (9.00% Cash or 13.00% PIK), 04/22/2027<sup>(g)</sup> |  | 494 | 448117 |
|  Encino Acquisition Partners Holdings LLC <br>8.50%, 05/01/2028<sup>(a)</sup> |  | 6469 | 6119690 |
|  EnLink Midstream Partners LP <br>Series C <br>6.00%, 12/15/2170<sup>(k)</sup> |  | 12323 | 9465514 |
|  EQM Midstream Partners LP<br>4.50%, 01/15/2029<sup>(a)</sup> |  | 3841 | 3265067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031<sup>(a)</sup> |  | 2259 | 1887259 |
|  Genesis Energy LP/Genesis Energy Finance Corp.<br>6.25%, 05/15/2026 |  | 2898 | 2713996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/2028 |  | 8431 | 8038043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/2027 |  | 3447 | 3346528 |
|  Global Partners LP/GLP Finance Corp.<br>6.875%, 01/15/2029 |  | 2289 | 2083717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/01/2027 |  | 2149 | 2061033 |
|  Gulfport Energy Corp.<br>6.00%, 10/15/2024<sup>(e)</sup> |  | 2508 | 3135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/15/2025<sup>(e)</sup> |  | 9574 | 11968 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 29** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 01/15/2026<sup>(e)</sup> | U.S.$| 9247 | $11559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/01/2023<sup>(e)</sup> |  | 619 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 05/17/2026<sup>(a)</sup> |  | 3335 | 3325529 |
|  Harbour Energy PLC <br>5.50%, 10/15/2026<sup>(a)</sup> |  | 2718 | 2449816 |
|  Hess Midstream Operations LP <br>4.25%, 02/15/2030<sup>(a)</sup> |  | 499 | 426585 |
|  Hilcorp Energy I LP/Hilcorp Finance Co.<br>5.75%, 02/01/2029<sup>(a)</sup> |  | 1024 | 937138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2031<sup>(a)</sup> |  | 1461 | 1325102 |
|  Ithaca Energy North Sea PLC <br>9.00%, 07/15/2026<sup>(a)</sup> |  | 6214 | 6139900 |
|  ITT Holdings LLC <br>6.50%, 08/01/2029<sup>(a)</sup> |  | 10492 | 8445496 |
|  Moss Creek Resources Holdings, Inc. <br>7.50%, 01/15/2026<sup>(a)</sup> |  | 2391 | 2199290 |
|  Nabors Industries Ltd.<br>7.25%, 01/15/2026<sup>(a)</sup> |  | 1898 | 1830287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028<sup>(a)</sup> |  | 7663 | 7071183 |
|  Nabors Industries, Inc. <br>7.375%, 05/15/2027<sup>(a)</sup> |  | 1240 | 1221766 |
|  New Fortress Energy, Inc. <br>6.75%, 09/15/2025<sup>(a)</sup> |  | 6051 | 5941768 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. <br>7.50%, 02/01/2026<sup>(a)</sup> |  | 7606 | 6886174 |
|  Occidental Petroleum Corp.<br>5.875%, 09/01/2025 |  | 346 | 349108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 01/01/2031 |  | 435 | 436655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 07/15/2030 |  | 558 | 637984 |
|  PDC Energy, Inc.<br>5.75%, 05/15/2026 |  | 6047 | 5803296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/15/2024 |  | 3611 | 3592749 |
|  Southwestern Energy Co.<br>5.375%, 02/01/2029 |  | 1481 | 1379179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 09/15/2028 |  | 153 | 158800 |
|  Summit Midstream Holdings LLC/Summit Midstream Finance Corp. <br>8.50%, 10/15/2026<sup>(a)</sup> |  | 4596 | 4413287 |
|  Sunnova Energy Corp. <br>5.875%, 09/01/2026<sup>(a)</sup> |  | 1654 | 1458625 |
|  Sunoco LP/Sunoco Finance Corp. <br>5.875%, 03/15/2028 |  | 1917 | 1825379 |
|  Talos Production, Inc. <br>12.00%, 01/15/2026 |  | 1766 | 1872984 |
|  Transocean Phoenix 2 Ltd. <br>7.75%, 10/15/2024<sup>(a)</sup> |  | 3361 | 3341113 |

---

---

| | |
|:---|:---|
| **30 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Transocean Pontus Ltd. <br>6.125%, 08/01/2025<sup>(a)</sup> | U.S.$| 897 | $860306 |
|  Transocean Poseidon Ltd. <br>6.875%, 02/01/2027<sup>(a)</sup> |  | 1678 | 1606010 |
|  |  |  | 142152005 |
|  **Other Industrial – 0.2%** |  |  |  |
|  Belden, Inc. <br>3.375%, 07/15/2031<sup>(a)</sup> | EUR | 6204 | 4571484 |
|  Interface, Inc. <br>5.50%, 12/01/2028<sup>(a)</sup> | U.S.$| 1364 | 1090972 |
|  |  |  | 5662456 |
|  **Services – 3.8%** |  |  |  |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp.<br>6.00%, 06/01/2029<sup>(a)</sup> |  | 1397 | 973483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/15/2026<sup>(a)</sup> |  | 1699 | 1626361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/2027<sup>(a)</sup> |  | 7999 | 6955211 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL<br>3.625%, 06/01/2028<sup>(a)</sup> | EUR | 1105 | 868010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2028<sup>(a)</sup> | U.S.$| 4924 | 4057490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2028<sup>(a)</sup> | GBP | 3580 | 3076012 |
|  ANGI Group LLC <br>3.875%, 08/15/2028<sup>(a)</sup> | U.S.$| 15485 | 11287525 |
|  Aptim Corp. <br>7.75%, 06/15/2025<sup>(a)</sup> |  | 11051 | 7592201 |
|  APX Group, Inc.<br>5.75%, 07/15/2029<sup>(a)(b)</sup> |  | 10271 | 8104639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2027<sup>(a)</sup> |  | 2701 | 2639928 |
|  Block, Inc.<br>2.75%, 06/01/2026 |  | 3436 | 3074903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2031 |  | 7394 | 5952659 |
|  Cars.com, Inc. <br>6.375%, 11/01/2028<sup>(a)</sup> |  | 4403 | 3815692 |
|  Elis SA <br>1.625%, 04/03/2028<sup>(a)</sup> | EUR | 900 | 737753 |
|  Garda World Security Corp.<br>4.625%, 02/15/2027<sup>(a)</sup> | U.S.$| 378 | 336337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2027<sup>(a)</sup> |  | 495 | 448522 |
|  ION Trading Technologies SARL <br>5.75%, 05/15/2028<sup>(a)</sup> |  | 4378 | 3524599 |
|  Korn Ferry <br>4.625%, 12/15/2027<sup>(a)</sup> |  | 2404 | 2186823 |
|  Millennium Escrow Corp. <br>6.625%, 08/01/2026<sup>(a)</sup> |  | 8204 | 5908110 |
|  MoneyGram International, Inc. <br>5.375%, 08/01/2026<sup>(a)</sup> |  | 3455 | 3447864 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 31** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Monitronics International, Inc. <br>0.00%, 04/01/2020<sup>(c)(d)(e)(f)</sup> | U.S.$| 6914 | $– 0 |
|  MPH Acquisition Holdings LLC<br>5.50%, 09/01/2028<sup>(a)</sup> |  | 3721 | 3228503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/2028<sup>(a)(b)</sup> |  | 17454 | 13486266 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc.<br>5.25%, 04/15/2024<sup>(a)</sup> |  | 135 | 134026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2028<sup>(a)</sup> |  | 13331 | 12345697 |
|  Q-Park Holding I BV<br>1.50%, 03/01/2025<sup>(a)</sup> | EUR | 586 | 503218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2027<sup>(a)</sup> |  | 946 | 740865 |
|  Sabre GLBL, Inc.<br>7.375%, 09/01/2025<sup>(a)</sup> | U.S.$| 1580 | 1485249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/2025<sup>(a)</sup> |  | 673 | 656138 |
|  Verisure Holding AB <br>3.875%, 07/15/2026<sup>(a)</sup> | EUR | 3620 | 3193910 |
|  Verisure Midholding AB <br>5.25%, 02/15/2029<sup>(a)</sup> |  | 4130 | 3141587 |
|  WASH Multifamily Acquisition, Inc. <br>5.75%, 04/15/2026<sup>(a)</sup> | U.S.$| 265 | 247428 |
|  |  |  | 115777009 |
|  **Technology – 2.8%** |  |  |  |
|  Ahead DB Holdings LLC <br>6.625%, 05/01/2028<sup>(a)</sup> |  | 3518 | 2859575 |
|  AthenaHealth Group, Inc. <br>6.50%, 02/15/2030<sup>(a)</sup> |  | 7398 | 5772399 |
|  Avaya, Inc. <br>6.125%, 09/15/2028<sup>(a)</sup> |  | 6919 | 2927319 |
|  Cablevision Lightpath LLC <br>5.625%, 09/15/2028<sup>(a)</sup> |  | 4374 | 3474394 |
|  Centurion Bidco SpA <br>5.875%, 09/30/2026<sup>(a)</sup> | EUR | 3074 | 2684465 |
|  Clarivate Science Holdings Corp. <br>4.875%, 07/01/2029<sup>(a)</sup> | U.S.$| 723 | 602830 |
|  CWT Travel Group, Inc. <br>8.50%, 11/19/2026<sup>(a)</sup> |  | 4184 | 3597211 |
|  Entegris Escrow Corp. <br>5.95%, 06/15/2030<sup>(a)</sup> |  | 4475 | 4089220 |
|  Imola Merger Corp. <br>4.75%, 05/15/2029<sup>(a)</sup> |  | 4868 | 4221403 |
|  NCR Corp.<br>5.125%, 04/15/2029<sup>(a)</sup> |  | 5205 | 4364122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/01/2029<sup>(a)</sup> |  | 1207 | 1156209 |
|  NortonLifeLock, Inc.<br>6.75%, 09/30/2027<sup>(a)</sup> |  | 4989 | 4921600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 09/30/2030<sup>(a)</sup> |  | 3489 | 3443514 |

---

---

| | |
|:---|:---|
| **32 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Pitney Bowes, Inc. <br>6.875%, 03/15/2027<sup>(a)</sup> | U.S.$| 2627 | $1684802 |
|  Playtech PLC <br>4.25%, 03/07/2026<sup>(a)</sup> | EUR | 776 | 708944 |
|  Playtika Holding Corp. <br>4.25%, 03/15/2029<sup>(a)</sup> | U.S.$| 2294 | 1910458 |
|  Presidio Holdings, Inc. <br>8.25%, 02/01/2028<sup>(a)</sup> |  | 9310 | 8294689 |
|  Rackspace Technology Global, Inc. <br>3.50%, 02/15/2028<sup>(a)</sup> |  | 14232 | 9416132 |
|  Sensata Technologies BV <br>5.875%, 09/01/2030<sup>(a)</sup> |  | 1092 | 1036365 |
|  Veritas US, Inc./Veritas Bermuda Ltd. <br>7.50%, 09/01/2025<sup>(a)</sup> |  | 17204 | 14465908 |
|  Virtusa Corp. <br>7.125%, 12/15/2028<sup>(a)</sup> |  | 3521 | 2533651 |
|  |  |  | 84165210 |
|  **Transportation - Airlines – 0.7%** |  |  |  |
|  Allegiant Travel Co. <br>7.25%, 08/15/2027<sup>(a)</sup> |  | 437 | 411822 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.50%, 04/20/2026<sup>(a)</sup> |  | 3807 | 3628218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029<sup>(a)</sup> |  | 14053 | 12788495 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. <br>5.75%, 01/20/2026<sup>(a)</sup> |  | 2120 | 1956160 |
|  United Airlines, Inc. <br>4.625%, 04/15/2029<sup>(a)</sup> |  | 3152 | 2706053 |
|  |  |  | 21490748 |
|  **Transportation - Services – 1.1%** |  |  |  |
|  AerCap Global Aviation Trust <br>6.50%, 06/15/2045<sup>(a)</sup> |  | 3384 | 3090180 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc.<br>5.25%, 10/15/2026<sup>(a)</sup> | EUR | 2713 | 2295123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/15/2026<sup>(a)</sup> | U.S.$| 2243 | 1909924 |
|  Atlantia SpA <br>1.875%, 02/12/2028<sup>(a)</sup> | EUR | 3996 | 3124523 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<br>4.75%, 04/01/2028<sup>(a)</sup> | U.S.$| 3655 | 3208950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/01/2029<sup>(a)(b)</sup> |  | 1387 | 1200088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027<sup>(a)</sup> |  | 1477 | 1351455 |
|  BCP V Modular Services Finance II PLC <br>4.75%, 11/30/2028<sup>(a)</sup> | EUR | 538 | 437573 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 33** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  BCP V Modular Services Finance PLC <br>6.75%, 11/30/2029 | EUR | 5428 | $3715341 |
|  EC Finance PLC <br>3.00%, 10/15/2026 |  | 1905 | 1659337 |
|  Hertz Corp. (The)<br>4.625%, 12/01/2026<sup>(a)</sup> | U.S.$| 5020 | 4277417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029<sup>(a)</sup> |  | 2627 | 2090710 |
|  Kapla Holding SAS <br>3.375%, 12/15/2026<sup>(a)</sup> | EUR | 106 | 85487 |
|  Loxam SAS <br>2.875%, 04/15/2026<sup>(a)</sup> |  | 934 | 796762 |
|  PROG Holdings, Inc. <br>6.00%, 11/15/2029<sup>(a)</sup> | U.S.$| 6240 | 5071487 |
|  |  |  | 34314357 |
|  |  |  | 1569565660 |
|  **Financial Institutions – 6.9%** |  |  |  |
|  **Banking – 1.9%** |  |  |  |
|  Ally Financial, Inc.<br>Series B<br>4.70%, 05/15/2026<sup>(k)</sup> |  | 14614 | 10586220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br>4.70%, 05/15/2028<sup>(k)</sup> |  | 993 | 667792 |
|  Bread Financial Holdings, Inc.<br>4.75%, 12/15/2024<sup>(a)</sup> |  | 6719 | 5909041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2026<sup>(a)</sup> |  | 3175 | 2736691 |
|  Credit Suisse Group AG<br>6.25%, 12/18/2024<sup>(a)(k)</sup> |  | 7786 | 6555599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 08/21/2026<sup>(a)(k)</sup> |  | 8766 | 6566678 |
|  Discover Financial Services <br>Series D <br>6.125%, 06/23/2025<sup>(k)</sup> |  | 19736 | 19126230 |
|  Intesa Sanpaolo SpA<br>5.017%, 06/26/2024<sup>(a)</sup> |  | 3198 | 3036906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/2026<sup>(a)</sup> |  | 860 | 783224 |
|  |  |  | 55968381 |
|  **Brokerage – 0.7%** |  |  |  |
|  Advisor Group Holdings, Inc. <br>10.75%, 08/01/2027<sup>(a)</sup> |  | 6141 | 6132085 |
|  AG Issuer LLC <br>6.25%, 03/01/2028<sup>(a)</sup> |  | 3354 | 3148145 |
|  AG TTMT Escrow Issuer LLC <br>8.625%, 09/30/2027<sup>(a)</sup> |  | 897 | 900469 |
|  NFP Corp. <br>6.875%, 08/15/2028<sup>(a)</sup> |  | 12548 | 10813645 |
|  |  |  | 20994344 |

---

---

| | |
|:---|:---|
| **34 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Finance – 1.8%** |  |  |  |
|  Air Lease Corp. <br>Series B <br>4.65%, 06/15/2026 <sup>(k)</sup> | U.S.$| 5818 | $4827231 |
|  Aircastle Ltd. <br>5.25%, 06/15/2026<sup>(a)(k)</sup> |  | 2836 | 2112527 |
|  Castlelake Aviation Finance DAC <br>5.00%, 04/15/2027<sup>(a)</sup> |  | 4612 | 3919251 |
|  CNG Holdings, Inc. <br>12.50%, 06/15/2024<sup>(a)</sup> |  | 4791 | 4024440 |
|  Compass Group Diversified Holdings LLC <br>5.25%, 04/15/2029<sup>(a)</sup> |  | 4831 | 4151572 |
|  Curo Group Holdings Corp. <br>7.50%, 08/01/2028<sup>(a)</sup> |  | 13768 | 8126575 |
|  Enova International, Inc.<br>8.50%, 09/01/2024<sup>(a)</sup> |  | 2537 | 2382001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 09/15/2025<sup>(a)</sup> |  | 6750 | 6128255 |
|  goeasy Ltd. <br>4.375%, 05/01/2026<sup>(a)</sup> |  | 734 | 636308 |
|  ILFC E-Capital Trust II <br>5.365% (LIBOR 3 Month + 1.80%), 12/21/2065<sup>(a)(i)</sup> |  | 1500 | 1027572 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp.<br>5.00%, 08/15/2028<sup>(a)</sup> |  | 6831 | 5368542 |
|  Navient Corp.<br>4.875%, 03/15/2028 |  | 6959 | 5550314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 |  | 1471 | 1240279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/01/2033 |  | 1834 | 1295363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/25/2025 |  | 2395 | 2288636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/2026 |  | 2098 | 1979520 |
|  |  |  | 55058386 |
|  **Insurance – 0.6%** |  |  |  |
|  Acrisure LLC/Acrisure Finance, Inc. <br>10.125%, 08/01/2026<sup>(a)</sup> |  | 3473 | 3466871 |
|  Ardonagh Midco 2 PLC <br>11.50% (11.50% Cash or 12.75% PIK), 01/15/2027<sup>(a)(b)(g)</sup> |  | 11171 | 11029567 |
|  AssuredPartners, Inc. <br>5.625%, 01/15/2029<sup>(a)</sup> |  | 4500 | 3700574 |
|  |  |  | 18197012 |
|  **Other Finance – 0.7%** |  |  |  |
|  Altice France Holding SA <br>10.50%, 05/15/2027<sup>(a)</sup> |  | 4599 | 3583557 |
|  Armor Holdco, Inc. <br>8.50%, 11/15/2029<sup>(a)</sup> |  | 8586 | 6412175 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 35** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Coinbase Global, Inc.<br>3.375%, 10/01/2028<sup>(a)</sup> | U.S.$| 5564 | $3683576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/01/2031<sup>(a)</sup> |  | 2379 | 1431234 |
|  Intrum AB <br>4.875%, 08/15/2025 | EUR | 4189 | 3736057 |
|  Motion Finco SARL <br>7.00%, 05/15/2025<sup>(a)</sup> |  | 3433 | 3326203 |
|  |  |  | 22172802 |
|  **REITs – 1.2%** |  |  |  |
|  ADLER Group SA <br>2.75%, 11/13/2026<sup>(a)</sup> |  | 1200 | 503976 |
|  Aedas Homes Opco SLU <br>4.00%, 08/15/2026 |  | 8929 | 7563815 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL<br>4.50%, 04/01/2027<sup>(a)</sup> | U.S.$| 8411 | 7174430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2026<sup>(a)</sup> |  | 2813 | 2616548 |
|  Diversified Healthcare Trust <br>9.75%, 06/15/2025 |  | 2820 | 2663817 |
|  Iron Mountain, Inc. <br>5.25%, 03/15/2028<sup>(a)</sup> |  | 1551 | 1427235 |
|  Neinor Homes SA <br>4.50%, 10/15/2026<sup>(a)</sup> | EUR | 5519 | 4583363 |
|  Via Celere Desarrollos Inmobiliarios SA <br>5.25%, 04/01/2026 |  | 5665 | 4954968 |
|  Vivion Investments SARL<br>3.00%, 08/08/2024<sup>(a)</sup> |  | 4600 | 3901651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2025<sup>(a)(b)</sup> |  | 2400 | 1964706 |
|  |  |  | 37354509 |
|  |  |  | 209745434 |
|  **Utility – 0.5%** |  |  |  |
|  **Electric – 0.3%** |  |  |  |
|  Calpine Corp. <br>5.125%, 03/15/2028<sup>(a)</sup> | U.S.$| 1557 | 1385250 |
|  ContourGlobal Power Holdings SA <br>3.125%, 01/01/2028<sup>(a)</sup> | EUR | 813 | 592078 |
|  Vistra Corp.<br>7.00%, 12/15/2026<sup>(a)(k)</sup> | U.S.$| 3713 | 3299766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/15/2026<sup>(a)(k)</sup> |  | 4495 | 4269348 |
|  |  |  | 9546442 |
|  **Natural Gas – 0.0%** |  |  |  |
|  AmeriGas Partners LP / AmeriGas Finance Corp. <br>5.875%, 08/20/2026 |  | 530 | 498028 |

---

---

| | |
|:---|:---|
| **36 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Other Utility – 0.2%** |  |  |  |
|  Solaris Midstream Holdings LLC <br>7.625%, 04/01/2026<sup>(a)</sup> | U.S.$| 4331 | $4143676 |
|  |  |  | 14188146 |
|  Total Corporates - Non-Investment Grade <br>(cost $2,165,302,298) |  |  | 1793499240 |
|  **CORPORATES - INVESTMENT GRADE – 11.7%** |  |  |  |
|  **Financial Institutions – 6.1%** |  |  |  |
|  **Banking – 3.4%** |  |  |  |
|  AIB Group PLC <br>7.583%, 10/14/2026<sup>(a)</sup> |  | 6233 | 6201152 |
|  Bank of America Corp.<br>Series AA<br>6.10%, 03/17/2025<sup>(k)</sup> |  | 347 | 332357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br>8.05%, 06/15/2027 |  | 9500 | 10228269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z<br>6.50%, 10/23/2024<sup>(k)</sup> |  | 1681 | 1662370 |
|  Bank of Ireland Group PLC <br>6.253%, 09/16/2026<sup>(a)</sup> |  | 2592 | 2507834 |
|  Barclays PLC<br>7.25%, 06/15/2171<sup>(a)(k)</sup> | GBP | 3808 | 4335510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.385%, 11/02/2028 | U.S.$| 6480 | 6452242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/2029<sup>(k)</sup> |  | 3721 | 3344249 |
|  BNP Paribas SA<br>4.625%, 08/25/2171<sup>(a)(k)</sup> |  | 2500 | 1736166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/16/2029<sup>(a)(k)</sup> |  | 4249 | 4014544 |
|  Citigroup, Inc. <br>5.95%, 01/30/2023 <sup>(k)</sup> |  | 12423 | 12333922 |
|  Credit Agricole SA<br>8.125%, 12/23/2025<sup>(a)(k)</sup> |  | 1767 | 1758165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 03/23/2171<sup>(k)</sup> |  | 4862 | 4843094 |
|  Credit Suisse Group AG <br>6.373%, 07/15/2026<sup>(a)</sup> |  | 1245 | 1163116 |
|  Dresdner Funding Trust I <br>8.151%, 06/30/2031<sup>(a)</sup> |  | 816 | 834908 |
|  Goldman Sachs Group, Inc. (The) <br>Series P <br>5.00%, 12/01/2022<sup>(k)</sup> |  | 13522 | 12580600 |
|  HSBC Holdings PLC<br>4.60%, 12/17/2030<sup>(k)</sup> |  | 725 | 478030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.762%, 03/29/2033 |  | 3458 | 2758975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/30/2025<sup>(k)</sup> |  | 651 | 575321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.336%, 11/03/2026 |  | 6216 | 6228514 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 37** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Lloyds Banking Group PLC <br>3.369%, 12/14/2046 | U.S.$| 7344 | $4312730 |
|  Regions Bank/Birmingham AL <br>6.45%, 06/26/2037 |  | 3150 | 3127670 |
|  Standard Chartered PLC<br>5.925% (LIBOR 3 Month + 1.51%), 01/30/2027<sup>(a)(i)(k)</sup> |  | 3500 | 2578519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/02/2023<sup>(a)(k)</sup> |  | 1457 | 1442949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/2027<sup>(a)(k)</sup> |  | 255 | 233347 |
|  Swedbank AB <br>Series NC5 <br>5.625%, 03/17/2171<sup>(a)(k)</sup> |  | 600 | 564565 |
|  UBS Group AG <br>7.00%, 02/19/2171<sup>(a)(k)</sup> |  | 6302 | 6103725 |
|  |  |  | 102732843 |
|  **Finance – 0.8%** |  |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust <br>3.30%, 01/30/2032 |  | 3919 | 2953031 |
|  Aircastle Ltd.<br>2.85%, 01/26/2028<sup>(a)</sup> |  | 1274 | 957733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/2026 |  | 162 | 142894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025<sup>(a)</sup> |  | 11719 | 10965663 |
|  Aviation Capital Group LLC<br>4.125%, 08/01/2025<sup>(a)</sup> |  | 2077 | 1884322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2025<sup>(a)</sup> |  | 1585 | 1453953 |
|  Huarong Finance 2017 Co., Ltd. <br>4.75%, 04/27/2027<sup>(a)</sup> |  | 751 | 536636 |
|  Huarong Finance 2019 Co., Ltd.<br>3.25%, 11/13/2024<sup>(a)</sup> |  | 708 | 591534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/29/2024<sup>(a)</sup> |  | 412 | 360706 |
|  Huarong Finance II Co., Ltd.<br>4.625%, 06/03/2026<sup>(a)</sup> |  | 1899 | 1428998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/22/2026<sup>(a)</sup> |  | 1016 | 752348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/16/2025<sup>(a)</sup> |  | 4811 | 4069204 |
|  |  |  | 26097022 |
|  **Insurance – 1.5%** |  |  |  |
|  Centene Corp. <br>2.625%, 08/01/2031 |  | 12222 | 9345376 |
|  Liberty Mutual Group, Inc. <br>7.80%, 03/15/2037<sup>(a)</sup> |  | 12355 | 13543165 |
|  MetLife Capital Trust IV <br>7.875%, 12/15/2037<sup>(a)</sup> |  | 9269 | 9650468 |
|  MetLife, Inc. <br>10.75%, 08/01/2039 |  | 1745 | 2250843 |

---

---

| | |
|:---|:---|
| **38 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Nationwide Mutual Insurance Co. <br>5.583% (LIBOR 3 Month + 2.29%), 12/15/2024<sup>(a)(i)</sup> | U.S.$| 5000 | $5000055 |
|  Prudential Financial, Inc. <br>5.625%, 06/15/2043 |  | 4922 | 4863443 |
|  |  |  | 44653350 |
|  **REITs – 0.4%** |  |  |  |
|  Office Properties Income Trust <br>3.45%, 10/15/2031 |  | 7024 | 4298907 |
|  VICI Properties LP/VICI Note Co., Inc.<br>4.625%, 06/15/2025<sup>(a)</sup> |  | 1279 | 1203424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 05/01/2024<sup>(a)</sup> |  | 2333 | 2306470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2027<sup>(a)</sup> |  | 4572 | 4319047 |
|  |  |  | 12127848 |
|  |  |  | 185611063 |
|  **Industrial – 5.5%** |  |  |  |
|  **Basic – 0.8%** |  |  |  |
|  Arconic Corp. <br>6.00%, 05/15/2025<sup>(a)</sup> |  | 3466 | 3429707 |
|  Braskem Netherlands Finance BV <br>4.50%, 01/31/2030<sup>(a)</sup> |  | 8224 | 6620320 |
|  Celanese US Holdings LLC<br>5.90%, 07/05/2024 |  | 2405 | 2363447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/2025 |  | 2405 | 2339398 |
|  Freeport Indonesia PT <br>4.763%, 04/14/2027<sup>(a)</sup> |  | 696 | 623790 |
|  INEOS Finance PLC<br>2.875%, 05/01/2026<sup>(a)</sup> | EUR | 3007 | 2637039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 03/31/2026<sup>(a)</sup> |  | 1428 | 1267134 |
|  Nexa Resources SA <br>6.50%, 01/18/2028<sup>(a)</sup> | U.S.$| 5519 | 5066442 |
|  |  |  | 24347277 |
|  **Capital Goods – 0.4%** |  |  |  |
|  General Electric Co. <br>Series D <br>6.623% (LIBOR 3 Month + 3.33%), 12/15/2022<sup>(i)(k)</sup> |  | 12108 | 11711016 |
|  Howmet Aerospace, Inc. <br>5.90%, 02/01/2027 |  | 805 | 798504 |
|  Textron Financial Corp. <br>4.64% (LIBOR 3 Month + 1.74%), 02/15/2042<sup>(a)(i)</sup> |  | 125 | 85965 |
|  |  |  | 12595485 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 39** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Communications - Media – 0.5%** |  |  |  |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc. <br>5.875%, 08/15/2027<sup>(a)</sup> | U.S.$| 7816 | $7034526 |
|  Discovery Communications LLC <br>4.125%, 05/15/2029 |  | 736 | 621790 |
|  Prosus NV <br>4.027%, 08/03/2050<sup>(a)</sup> |  | 1341 | 717687 |
|  Warnermedia Holdings, Inc.<br>3.755%, 03/15/2027<sup>(a)</sup> |  | 3059 | 2722445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 03/15/2032<sup>(a)</sup> |  | 4249 | 3433897 |
|  |  |  | 14530345 |
|  **Communications - Telecommunications – 0.1%** |  |  |  |
|  Sprint Capital Corp. <br>8.75%, 03/15/2032 |  | 3300 | 3871489 |
|  Sprint Corp. <br>7.625%, 03/01/2026 |  | 137 | 142743 |
|  |  |  | 4014232 |
|  **Consumer Cyclical - Other – 0.5%** |  |  |  |
|  MDC Holdings, Inc. <br>6.00%, 01/15/2043 |  | 9963 | 7582638 |
|  Resorts World Las Vegas LLC/RWLV Capital, Inc.<br>4.625%, 04/16/2029<sup>(a)</sup> |  | 900 | 623916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/06/2031<sup>(a)</sup> |  | 5800 | 3950430 |
|  Sands China Ltd.<br>3.75%, 08/08/2031 |  | 675 | 442754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/18/2030 |  | 2225 | 1557500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 08/08/2028 |  | 1104 | 866519 |
|  |  |  | 15023757 |
|  **Consumer Cyclical - Retailers – 0.2%** |  |  |  |
|  Macy's Retail Holdings LLC<br>5.875%, 04/01/2029<sup>(a)</sup> |  | 1195 | 1034973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/15/2030<sup>(a)</sup> |  | 4253 | 3590680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/15/2032<sup>(a)</sup> |  | 2121 | 1763317 |
|  |  |  | 6388970 |
|  **Consumer Non-Cyclical – 0.9%** |  |  |  |
|  BAT Capital Corp. <br>7.75%, 10/19/2032 |  | 2504 | 2559444 |
|  Charles River Laboratories International, Inc.<br>3.75%, 03/15/2029<sup>(a)</sup> |  | 3048 | 2638058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2031<sup>(a)</sup> |  | 4554 | 3832339 |
|  Newell Brands, Inc.<br>4.45%, 04/01/2026 |  | 3038 | 2825496 |

---

---

| | |
|:---|:---|
| **40 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2025 | U.S.$| 748 | $721678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2046 |  | 1969 | 1514125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 09/15/2027 |  | 5026 | 4921347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 09/15/2029 |  | 5026 | 4911674 |
|  Pilgrim's Pride Corp. <br>3.50%, 03/01/2032<sup>(a)</sup> |  | 5244 | 4025025 |
|  |  |  | 27949186 |
|  **Energy – 1.1%** |  |  |  |
|  Apache Corp. <br>5.10%, 09/01/2040 |  | 1548 | 1253320 |
|  Cheniere Energy Partners LP <br>4.50%, 10/01/2029 |  | 2089 | 1844399 |
|  Continental Resources, Inc./OK <br>5.75%, 01/15/2031<sup>(a)</sup> |  | 1103 | 1003609 |
|  Ecopetrol SA<br>4.625%, 11/02/2031 |  | 2197 | 1513184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/02/2051 |  | 5917 | 3482155 |
|  Energy Transfer LP<br>4.40%, 03/15/2027 |  | 7547 | 7015973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/2028 |  | 1214 | 1125782 |
|  Hunt Oil Co. of Peru LLC Sucursal Del Peru<br>6.375%, 06/01/2028<sup>(a)</sup> |  | 227 | 205019 |
|  Oleoducto Central SA <br>4.00%, 07/14/2027<sup>(a)</sup> |  | 610 | 496311 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. <br>4.00%, 01/15/2032 |  | 7821 | 6444502 |
|  TransCanada PipeLines Ltd. <br>5.115% (LIBOR 3 Month + 2.21%), 05/15/2067<sup>(i)</sup> |  | 2500 | 1905431 |
|  Western Midstream Operating LP<br>3.95%, 06/01/2025 |  | 1033 | 981512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/2030 |  | 2516 | 2211614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2028 |  | 1652 | 1516085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/2028 |  | 1563 | 1444909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/2044 |  | 916 | 741556 |
|  |  |  | 33185361 |
|  **Technology – 0.5%** |  |  |  |
|  Broadcom, Inc.<br>4.00%, 04/15/2029<sup>(a)</sup> |  | 1006 | 882862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032<sup>(a)</sup> |  | 4859 | 4076332 |
|  Dell International LLC/EMC Corp. <br>8.35%, 07/15/2046 |  | 690 | 732631 |
|  HP, Inc. <br>5.50%, 01/15/2033 |  | 5346 | 4759445 |
|  Microchip Technology, Inc. <br>4.25%, 09/01/2025 |  | 3341 | 3185851 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 41** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Western Digital Corp. <br>3.10%, 02/01/2032 | U.S.$| 775 | $537488 |
|  |  |  | 14174609 |
|  **Transportation - Airlines – 0.5%** |  |  |  |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.75%, 10/20/2028<sup>(a)</sup> |  | 2971 | 2754949 |
|  Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. <br>6.50%, 06/20/2027<sup>(a)</sup> |  | 13713 | 13561677 |
|  |  |  | 16316626 |
|  **Transportation - Services – 0.0%** |  |  |  |
|  Ashtead Capital, Inc. <br>5.50%, 08/11/2032<sup>(a)</sup> |  | 1058 | 956395 |
|  |  |  | 169482243 |
|  **Utility – 0.1%** |  |  |  |
|  **Electric – 0.1%** |  |  |  |
|  Enel Finance International NV <br>7.50%, 10/14/2032<sup>(a)</sup> |  | 2963 | 2978182 |
|  Total Corporates - Investment Grade <br>(cost $390,993,942) |  |  | 358071488 |
|  **BANK LOANS – 7.0%** |  |  |  |
|  **Industrial – 6.3%** |  |  |  |
|  **Capital Goods – 0.8%** |  |  |  |
|  ACProducts Holdings, Inc.<br>7.127% (LIBOR 3 Month + 4.25%), 05/17/2028<sup>(l)</sup> |  | 7787 | 5400317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.924% (LIBOR 3 Month + 4.25%), 05/17/2028<sup>(l)</sup> |  | 2569 | 1781923 |
|  Apex Tool Group, LLC <br>8.624% (SOFR 1 Month + 5.25%), 02/08/2029<sup>(l)</sup> |  | 12428 | 10695708 |
|  Granite US Holdings Corporation <br>7.688% (LIBOR 3 Month + 4.00%), 09/30/2026<sup>(c)(l)</sup> |  | 8225 | 8003896 |
|  |  |  | 25881844 |
|  **Communications - Media – 0.3%** |  |  |  |
|  Advantage Sales & Marketing, Inc. <br>8.284% (LIBOR 3 Month + 4.50%), 10/28/2027<sup>(l)</sup> |  | 9334 | 8097028 |
|  **Communications - Telecommunications – 1.3%** |  |  |  |
|  Crown Subsea Communications Holding, Inc.<br>8.518% (LIBOR 1 Month + 4.75%), 04/27/2027<sup>(l)</sup> |  | 7268 | 7097617 |

---

---

| | |
|:---|:---|
| **42 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  DIRECTV Financing, LLC <br>8.754% (LIBOR 1 Month + 5.00%), 08/02/2027<sup>(l)</sup> | U.S.$| 2812 | $2673414 |
|  Intrado Corporation (West Corp/Olympus Merger) <br>8.415% (LIBOR 3 Month + 4.00%), 10/10/2024<sup>(l)</sup> |  | 7177 | 6291680 |
|  Proofpoint, Inc. <br>9.320% (LIBOR 3 Month + 6.25%), 08/31/2029<sup>(l)</sup> |  | 12450 | 11952000 |
|  Zacapa SARL <br>7.803% (SOFR 3 Month + 4.25%), 03/22/2029<sup>(l)</sup> |  | 12658 | 12063102 |
|  |  |  | 40077813 |
|  **Consumer Cyclical - Automotive – 0.1%** |  |  |  |
|  Clarios Global LP <br>7.004% (LIBOR 1 Month + 3.25%), 04/30/2026<sup>(l)</sup> |  | 2493 | 2419734 |
|  **Consumer Cyclical - Other – 0.3%** |  |  |  |
|  Caesars Resort Collection, LLC <br>6.504% (LIBOR 1 Month + 2.75%), 12/23/2024<sup>(l)</sup> |  | 8217 | 8117527 |
|  **Consumer Cyclical - Retailers – 0.1%** |  |  |  |
|  Restoration Hardware, Inc. <br>7.079% (SOFR 1 Month + 3.25%), 10/20/2028<sup>(l)</sup> |  | 4510 | 4246932 |
|  **Consumer Non-Cyclical – 1.2%** |  |  |  |
|  Gainwell Acquisition Corp. <br>7.674% (LIBOR 3 Month + 4.00%), 10/01/2027<sup>(l)</sup> |  | 6848 | 6494188 |
|  Global Medical Response, Inc. <br>8.004% (LIBOR 1 Month + 4.25%), 03/14/2025<sup>(l)</sup> |  | 5153 | 3964453 |
|  Kronos Acquisition Holdings, Inc. <br>6.820% (LIBOR 3 Month + 3.75%), 12/22/2026<sup>(l)</sup> |  | 4628 | 4364682 |
|  Mallinckrodt International Finance S.A. <br>8.733% (LIBOR 3 Month + 5.25%), 09/30/2027<sup>(l)</sup> |  | 4669 | 3778908 |
|  Padagis, LLC <br>8.491% (LIBOR 3 Month + 4.75%), 07/06/2028<sup>(c)(l)</sup> |  | 1995 | 1686024 |
|  PetSmart, LLC <br>7.500% (LIBOR 1 Month + 3.75%), 02/11/2028<sup>(l)</sup> |  | 5765 | 5536341 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 43** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) <br>8.924% (LIBOR 3 Month + 5.25%), 12/15/2027<sup>(l)</sup> | U.S.$| 10885 | $9741960 |
|  |  |  | 35566556 |
|  **Energy – 0.7%** |  |  |  |
|  CITGO Petroleum Corporation <br>9.365% (LIBOR 1 Month + 6.25%), 03/28/2024<sup>(l)</sup> |  | 2768 | 2765654 |
|  GIP II Blue Holding, L.P. <br>8.174% (LIBOR 3 Month + 4.50%), 09/29/2028<sup>(l)</sup> |  | 13397 | 13259787 |
|  Parkway Generation, LLC <br>8.500% (LIBOR 1 Month + 4.75%), 02/18/2029<sup>(l)</sup> |  | 5683 | 5616395 |
|  |  |  | 21641836 |
|  **Other Industrial – 0.3%** |  |  |  |
|  American Tire Distributors, Inc. <br>10.608% (LIBOR 3 Month + 6.25%), 10/20/2028<sup>(l)</sup> |  | 5094 | 4678535 |
|  Dealer Tire, LLC <br>8.004% (LIBOR 1 Month + 4.25%), 12/12/2025<sup>(l)</sup> |  | 1595 | 1563672 |
|  FCG Acquisitions, Inc. <br>10.424% (LIBOR 3 Month + 6.75%), 03/30/2029<sup>(c)(l)</sup> |  | 3390 | 3169650 |
|  Rockwood Service Corporation <br>8.004% (LIBOR 1 Month + 4.25%), 01/23/2027<sup>(l)</sup> |  | 496 | 482751 |
|  |  |  | 9894608 |
|  **Services – 0.3%** |  |  |  |
|  Verscend Holding Corp. <br>7.754% (LIBOR 1 Month + 4.00%), 08/27/2025<sup>(c)(l)</sup> |  | 7683 | 7577597 |
|  **Technology – 0.9%** |  |  |  |
|  Ascend Learning, LLC <br>9.504% (LIBOR 1 Month + 5.75%), 12/10/2029<sup>(l)</sup> |  | 2940 | 2487975 |
|  Banff Guarantor, Inc. <br>9.254% (LIBOR 1 Month + 5.50%), 02/27/2026<sup>(l)</sup> |  | 2470 | 2264990 |
|  Boxer Parent Company, Inc. <br>7.504% (LIBOR 1 Month + 3.75%), 10/02/2025<sup>(l)</sup> |  | 8594 | 8247787 |

---

---

| | |
|:---|:---|
| **44 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Endurance International Group Holdings, Inc. <br>6.698% (LIBOR 1 Month + 3.50%), 02/10/2028<sup>(l)</sup> | U.S.$| 10189 | $8649874 |
|  FINThrive Software Intermediate Holdings, Inc. <br>10.504% (LIBOR 1 Month + 6.75%), 12/17/2029<sup>(l)</sup> |  | 2810 | 2401145 |
|  Loyalty Ventures, Inc. <br>8.254% (LIBOR 1 Month + 4.50%), 11/03/2027<sup>(l)</sup> |  | 6388 | 1980382 |
|  Veritas US, Inc. <br>8.674% (LIBOR 3 Month + 5.00%), 09/01/2025<sup>(l)</sup> |  | 3557 | 2851397 |
|  |  |  | 28883550 |
|  |  |  | 192405025 |
|  **Financial Institutions – 0.4%** |  |  |  |
|  **Finance – 0.0%** |  |  |  |
|  Orbit Private Holdings I Ltd. <br>8.174% (LIBOR 3 Month + 4.50%), 12/11/2028<sup>(c)(l)</sup> |  | 893 | 868686 |
|  **Insurance – 0.4%** |  |  |  |
|  Jones DesLauriers Insurance Management, Inc. <br>12.060% (CDOR 3 Month + 7.50%), 03/26/2029<sup>(c)(l)</sup> | CAD | 7531 | 5113284 |
|  Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)<br>7.504% (LIBOR 1 Month + 3.75%), 09/03/2026<sup>(l)</sup> | U.S.$| 7434 | 7241090 |
|  |  |  | 12354374 |
|  |  |  | 13223060 |
|  **Utility – 0.3%** |  |  |  |
|  **Electric – 0.3%** |  |  |  |
|  Granite Generation LLC <br>7.504% (LIBOR 1 Month + 3.75%), 11/09/2026<sup>(l)</sup> |  | 7365 | 7152562 |
|  Total Bank Loans <br>(cost $232,834,816) |  |  | 212780647 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 45** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **EMERGING MARKETS - CORPORATE BONDS – 6.1%** |  |  |  |
|  **Industrial – 5.3%** |  |  |  |
|  **Basic – 1.5%** |  |  |  |
|  Braskem Idesa SAPI<br>6.99%, 02/20/2032<sup>(a)</sup> | U.S.$| 2258 | $1496219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 11/15/2029<sup>(a)</sup> |  | 5151 | 3908321 |
|  Cia de Minas Buenaventura SAA <br>5.50%, 07/23/2026<sup>(a)</sup> |  | 3245 | 2684832 |
|  CSN Inova Ventures <br>6.75%, 01/28/2028<sup>(a)</sup> |  | 10898 | 9266024 |
|  Eldorado Gold Corp. <br>6.25%, 09/01/2029<sup>(a)</sup> |  | 4648 | 3759535 |
|  First Quantum Minerals Ltd. <br>6.875%, 10/15/2027<sup>(a)</sup> |  | 8370 | 7751143 |
|  Indika Energy Capital IV Pte Ltd. <br>8.25%, 10/22/2025<sup>(a)</sup> |  | 6367 | 5984980 |
|  OCP SA <br>3.75%, 06/23/2031<sup>(a)</sup> |  | 1450 | 1074631 |
|  Stillwater Mining Co.<br>4.00%, 11/16/2026<sup>(a)</sup> |  | 2031 | 1662627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/16/2029<sup>(a)</sup> |  | 1878 | 1374696 |
|  Vedanta Resources Finance II PLC <br>13.875%, 01/21/2024<sup>(a)</sup> |  | 6866 | 5727961 |
|  Volcan Cia Minera SAA <br>4.375%, 02/11/2026<sup>(a)</sup> |  | 1384 | 1152180 |
|  |  |  | 45843149 |
|  **Capital Goods – 0.5%** |  |  |  |
|  Cemex SAB de CV<br>5.125%, 09/08/2171<sup>(a)(k)</sup> |  | 1885 | 1546737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 06/05/2027<sup>(a)</sup> |  | 1733 | 1702672 |
|  Embraer Netherlands Finance BV<br>5.40%, 02/01/2027 |  | 8145 | 7428749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/17/2028<sup>(a)</sup> |  | 2712 | 2552873 |
|  IHS Holding Ltd.<br>5.625%, 11/29/2026<sup>(a)</sup> |  | 1729 | 1282486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/29/2028<sup>(a)</sup> |  | 537 | 384056 |
|  Odebrecht Holdco Finance Ltd. <br>Zero Coupon, 09/10/2058<sup>(a)</sup> |  | 17592 | 43979 |
|  |  |  | 14941552 |
|  **Communications - Media – 0.1%** |  |  |  |
|  Globo Comunicacao e Participacoes SA <br>4.875%, 01/22/2030<sup>(a)</sup> |  | 4541 | 3514189 |
|  VTR Finance NV <br>6.375%, 07/15/2028<sup>(a)</sup> |  | 632 | 318489 |
|  |  |  | 3832678 |

---

---

| | |
|:---|:---|
| **46 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Communications - Telecommunications – 0.2%** |  |  |  |
|  CT Trust <br>5.125%, 02/03/2032<sup>(a)</sup> | U.S.$| 707 | $562861 |
|  Digicel Group Holdings Ltd. <br>7.00%, 11/16/2022<sup>(g)(h)(k)</sup> |  | 692 | 48434 |
|  Digicel International Finance Ltd./Digicel international Holdings Ltd. <br>8.75%, 05/25/2024<sup>(a)</sup> |  | 1816 | 1538477 |
|  HTA Group Ltd./Mauritius <br>7.00%, 12/18/2025<sup>(a)</sup> |  | 4000 | 3512000 |
|  MTN Mauritius Investments Ltd. <br>6.50%, 10/13/2026<sup>(a)</sup> |  | 1282 | 1217339 |
|  |  |  | 6879111 |
|  **Consumer Cyclical - Other – 0.9%** |  |  |  |
|  Allwyn Entertainment Financing UK PLC <br>4.446% (EURIBOR 3 Month + 4.12%), 02/15/2028<sup>(i)</sup> | EUR | 3827 | 3559615 |
|  Allwyn International AS <br>3.875%, 02/15/2027<sup>(a)</sup> |  | 744 | 628646 |
|  Melco Resorts Finance Ltd.<br>5.375%, 12/04/2029<sup>(a)</sup> | U.S.$| 6251 | 3406795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/17/2027<sup>(a)</sup> |  | 3599 | 2124454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/21/2028<sup>(a)</sup> |  | 3277 | 1884275 |
|  MGM China Holdings Ltd.<br>4.75%, 02/01/2027<sup>(a)</sup> |  | 8457 | 6258180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/18/2025<sup>(a)</sup> |  | 437 | 376913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/15/2024<sup>(a)</sup> |  | 2104 | 1720020 |
|  Studio City Co., Ltd. <br>7.00%, 02/15/2027<sup>(a)</sup> |  | 1338 | 1077090 |
|  Studio City Finance Ltd.<br>5.00%, 01/15/2029<sup>(a)</sup> |  | 2502 | 1037079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/15/2025<sup>(a)</sup> |  | 1011 | 481362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/2028<sup>(a)</sup> |  | 224 | 93422 |
|  Wynn Macau Ltd.<br>5.125%, 12/15/2029<sup>(a)</sup> |  | 2333 | 1357474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2026<sup>(a)</sup> |  | 825 | 565125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2027<sup>(a)</sup> |  | 1100 | 660308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/26/2028<sup>(a)</sup> |  | 2442 | 1440780 |
|  |  |  | 26671538 |
|  **Consumer Cyclical - Retailers – 0.0%** |  |  |  |
|  K201640219 South Africa Ltd. <br>Zero Coupon, 06/25/2023<sup>(c)(d)</sup> | ZAR | 336 | – 0 |
|  K2016470219 South Africa Ltd. <br>3.00%, 12/31/2022<sup>(d)(g)(h)</sup> | U.S.$| 5622 | 2771 |
|  K2016470260 South Africa Ltd. <br>25.00%, 12/31/2022<sup>(a)(d)(g)</sup> |  | 3942 | 394 |
|  |  |  | 3165 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 47** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Non-Cyclical – 0.8%** |  |  |  |
|  BBFI Liquidating Trust <br>0.00%, 12/30/2099<sup>(c)(d)(h)(k)</sup> | U.S.$| 2174 | $1304731 |
|  BRF SA <br>4.875%, 01/24/2030<sup>(a)</sup> |  | 1552 | 1210851 |
|  Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL <br>5.25%, 04/27/2029<sup>(a)</sup> |  | 673 | 592997 |
|  MARB BondCo PLC <br>3.95%, 01/29/2031<sup>(a)</sup> |  | 8907 | 6546645 |
|  Natura & Co. Luxembourg Holdings SARL <br>6.00%, 04/19/2029<sup>(a)</sup> |  | 3267 | 2714632 |
|  Teva Pharmaceutical Finance Netherlands II BV <br>3.75%, 05/09/2027 | EUR | 2758 | 2378592 |
|  Teva Pharmaceutical Finance Netherlands III BV<br>4.75%, 05/09/2027 | U.S.$| 2251 | 1978066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/09/2029 |  | 2251 | 1931808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 01/31/2025 |  | 5610 | 5529356 |
|  Tonon Luxembourg SA <br>6.50% (0.50% Cash and 6.00% PIK), 10/31/2024<sup>(d)(e)(g)(h)(m)</sup> |  | 2437 | 244 |
|  Ulker Biskuvi Sanayi AS <br>6.95%, 10/30/2025<sup>(a)</sup> |  | 1248 | 865800 |
|  Virgolino de Oliveira Finance SA<br>10.50%, 01/28/2018<sup>(c)(d)(e)(f)(h)</sup> |  | 13674 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, 01/13/2020<sup>(c)(d)(e)(f)(h)</sup> |  | 2500 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 02/09/2022<sup>(c)(d)(e)(f)(h)</sup> |  | 13613 | 1361 |
|  |  |  | 25056700 |
|  **Energy – 1.0%** |  |  |  |
|  Acu Petroleo Luxembourg SARL <br>7.50%, 01/13/2032<sup>(a)</sup> |  | 2144 | 1673821 |
|  Cosan SA <br>5.50%, 09/20/2029<sup>(a)</sup> |  | 2027 | 1792375 |
|  Greenko Wind Projects Mauritius Ltd. <br>5.50%, 04/06/2025<sup>(a)</sup> |  | 3868 | 3278130 |
|  Kosmos Energy Ltd. <br>7.50%, 03/01/2028<sup>(a)</sup> |  | 2896 | 2269378 |
|  Leviathan Bond Ltd.<br>5.75%, 06/30/2023<sup>(a)</sup> |  | 452 | 446859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/30/2025<sup>(a)</sup> |  | 2565 | 2439978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/2027<sup>(a)</sup> |  | 3495 | 3281329 |
|  Medco Platinum Road Pte Ltd. <br>6.75%, 01/30/2025<sup>(a)</sup> |  | 3365 | 3207897 |
|  MV24 Capital BV <br>6.748%, 06/01/2034<sup>(a)</sup> |  | 2821 | 2326395 |

---

---

| | |
|:---|:---|
| **48 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Peru LNG SRL <br>5.375%, 03/22/2030<sup>(a)</sup> | U.S.$| 5787 | $4544965 |
|  ReNew Power Pvt Ltd. <br>5.875%, 03/05/2027<sup>(a)</sup> |  | 220 | 196391 |
|  SEPLAT Energy PLC <br>7.75%, 04/01/2026<sup>(a)</sup> |  | 4308 | 3330084 |
|  SierraCol Energy Andina LLC <br>6.00%, 06/15/2028<sup>(a)</sup> |  | 2354 | 1543635 |
|  |  |  | 30331237 |
|  **Services – 0.1%** |  |  |  |
|  Bidvest Group UK PLC (The) <br>3.625%, 09/23/2026<sup>(a)</sup> |  | 1631 | 1374423 |
|  **Technology – 0.2%** |  |  |  |
|  CA Magnum Holdings <br>5.375%, 10/31/2026<sup>(a)</sup> |  | 8243 | 6903512 |
|  **Transportation - Services – 0.0%** |  |  |  |
|  JSW Infrastructure Ltd. <br>4.95%, 01/21/2029<sup>(a)</sup> |  | 564 | 420462 |
|  |  |  | 162257527 |
|  **Utility – 0.7%** |  |  |  |
|  **Electric – 0.7%** |  |  |  |
|  Adani Green Energy Ltd. <br>4.375%, 09/08/2024<sup>(a)</sup> |  | 2044 | 1522780 |
|  AES Andes SA <br>6.35%, 10/07/2079<sup>(a)</sup> |  | 2632 | 2092440 |
|  Cemig Geracao e Transmissao SA <br>9.25%, 12/05/2024<sup>(a)</sup> |  | 9085 | 9310989 |
|  India Clean Energy Holdings <br>4.50%, 04/18/2027<sup>(a)</sup> |  | 2606 | 1811170 |
|  Investment Energy Resources Ltd. <br>6.25%, 04/26/2029<sup>(a)</sup> |  | 1321 | 1110301 |
|  JSW Hydro Energy Ltd. <br>4.125%, 05/18/2031<sup>(a)</sup> |  | 1569 | 1207136 |
|  Light Servicos de Eletricidade SA/Light Energia SA<br>4.375%, 06/18/2026<sup>(a)</sup> |  | 3986 | 3212716 |
|  |  |  | 20267532 |
|  **Financial Institutions – 0.1%** |  |  |  |
|  **Insurance – 0.1%** |  |  |  |
|  Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. <br>7.625% (7.625% Cash or 8.375% PIK), 10/15/2025<sup>(a)(g)</sup> |  | 2227 | 2077720 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 49** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Other Finance – 0.0%** |  |  |  |
|  OEC Finance Ltd.<br>4.375%, 10/25/2029<sup>(a)(g)</sup> | U.S.$| 309 | $7356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/27/2033<sup>(a)(g)</sup> |  | 5325 | 110700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 12/26/2046<sup>(a)(g)</sup> |  | 10859 | 264876 |
|  |  |  | 382932 |
|  **REITs – 0.0%** |  |  |  |
|  China Aoyuan Group Ltd.<br>5.88%, 03/01/2027<sup>(a)(e)(m)</sup> |  | 1125 | 33750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.98%, 08/18/2025<sup>(a)(e)(m)</sup> |  | 380 | 13727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 02/19/2023<sup>(a)(e)(m)</sup> |  | 579 | 19469 |
|  China SCE Group Holdings Ltd.<br>6.00%, 02/04/2026<sup>(a)</sup> |  | 1449 | 101430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/02/2025<sup>(a)</sup> |  | 200 | 15000 |
|  CIFI Holdings Group Co., Ltd. <br>4.80%, 05/17/2028<sup>(a)</sup> |  | 200 | 13538 |
|  Country Garden Holdings Co., Ltd. <br>3.125%, 10/22/2025<sup>(a)</sup> |  | 400 | 36000 |
|  KWG Group Holdings Ltd.<br>5.95%, 08/10/2025<sup>(a)</sup> |  | 880 | 92400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/14/2026<sup>(a)</sup> |  | 400 | 37200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 01/13/2027<sup>(a)</sup> |  | 370 | 33300 |
|  Powerlong Real Estate Holdings Ltd.<br>4.90%, 05/13/2026<sup>(a)</sup> |  | 700 | 56000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/30/2025<sup>(a)</sup> |  | 772 | 54185 |
|  Scenery Journey Ltd. <br>11.50%, 10/24/2022<sup>(a)(e)(f)</sup> |  | 952 | 23800 |
|  Shimao Group Holdings Ltd.<br>5.20%, 01/16/2027<sup>(a)(e)(m)</sup> |  | 1065 | 53250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/30/2025<sup>(a)(e)(m)</sup> |  | 219 | 10950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/2026<sup>(a)(e)(m)</sup> |  | 630 | 31500 |
|  Sunac China Holdings Ltd.<br>5.95%, 04/26/2024<sup>(a)(e)(m)</sup> |  | 702 | 40365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/10/2025<sup>(a)(e)(m)</sup> |  | 708 | 38940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/26/2026<sup>(a)(e)(m)</sup> |  | 419 | 23045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 08/03/2024<sup>(a)(e)(m)</sup> |  | 230 | 13225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 07/09/2025<sup>(a)(e)(m)</sup> |  | 214 | 11770 |
|  Times China Holdings Ltd.<br>5.55%, 06/04/2024<sup>(a)</sup> |  | 563 | 42225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/14/2027<sup>(a)</sup> |  | 992 | 49600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/22/2026<sup>(a)</sup> |  | 200 | 11000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 03/02/2023<sup>(a)</sup> |  | 200 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/08/2025<sup>(a)</sup> |  | 590 | 38350 |
|  Yango Justice International Ltd.<br>7.50%, 04/15/2024<sup>(a)(e)(m)</sup> |  | 344 | 5160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/17/2025<sup>(a)(e)(m)</sup> |  | 1169 | 17535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/04/2024<sup>(a)(e)(m)</sup> |  | 527 | 7905 |

---

---

| | |
|:---|:---|
| **50 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 11/25/2023<sup>(a)(e)(m)</sup> | U.S.$| 400 | $6000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 09/15/2022<sup>(e)(f)</sup> |  | 264 | 3960 |
|  Zhenro Properties Group Ltd. <br>7.10%, 09/10/2024<sup>(a)(e)(m)</sup> |  | 351 | 7020 |
|  |  |  | 966599 |
|  |  |  | 3427251 |
|  Total Emerging Markets - Corporate Bonds<br>(cost $294,524,912) |  |  | 185952310 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 5.1%** |  |  |  |
|  **Risk Share Floating Rate – 4.6%** |  |  |  |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2015-DN1, Class B<br>15.086% (LIBOR 1 Month + 11.50%), 01/25/2025<sup>(i)</sup> |  | 10146 | 10274893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DNA1, Class B<br>12.786% (LIBOR 1 Month + 9.20%), 10/25/2027<sup>(i)</sup> |  | 897 | 913212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DNA2, Class B<br>11.136% (LIBOR 1 Month + 7.55%), 12/25/2027<sup>(i)</sup> |  | 15500 | 15523884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DNA3, Class B<br>12.936% (LIBOR 1 Month + 9.35%), 04/25/2028<sup>(i)</sup> |  | 7466 | 7606079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-HQ2, Class B<br>11.536% (LIBOR 1 Month + 7.95%), 05/25/2025<sup>(i)</sup> |  | 284 | 280543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-HQA1, Class B<br>12.386% (LIBOR 1 Month + 8.80%), 03/25/2028<sup>(i)</sup> |  | 12405 | 12259228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-HQA2, Class B<br>14.086% (LIBOR 1 Month + 10.50%), 05/25/2028<sup>(i)</sup> |  | 6954 | 7105756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DNA2, Class B<br>14.086% (LIBOR 1 Month + 10.50%), 10/25/2028<sup>(i)</sup> |  | 5017 | 5126986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DNA3, Class B<br>14.836% (LIBOR 1 Month + 11.25%), 12/25/2028<sup>(i)</sup> |  | 4445 | 4642240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DNA4, Class B<br>12.186% (LIBOR 1 Month + 8.60%), 03/25/2029<sup>(i)</sup> |  | 1816 | 1746423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-HQA1, Class B<br>16.336% (LIBOR 1 Month + 12.75%), 09/25/2028<sup>(i)</sup> |  | 2983 | 3132419 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 51** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-HQA2, Class B<br>15.086% (LIBOR 1 Month + 11.50%), 11/25/2028<sup>(i)</sup> | U.S.$| 3911 | $4136853 |
|  Federal National Mortgage Association Connecticut Avenue Securities <br>Series 2016-C05, Class 2B <br>14.336% (LIBOR 1 Month + 10.75%), 01/25/2029<sup>(i)</sup> |  | 11987 | 12300190 |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2016-C01, Class 1B<br>15.336% (LIBOR 1 Month + 11.75%), 08/25/2028<sup>(i)</sup> |  | 4009 | 4333440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1B<br>15.836% (LIBOR 1 Month + 12.25%), 09/25/2028<sup>(i)</sup> |  | 2873 | 3171060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 1B<br>15.336% (LIBOR 1 Month + 11.75%), 10/25/2028<sup>(i)</sup> |  | 7094 | 7725769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 2B<br>16.336% (LIBOR 1 Month + 12.75%), 10/25/2028<sup>(i)</sup> |  | 3933 | 4258710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C04, Class 1B<br>13.836% (LIBOR 1 Month + 10.25%), 01/25/2029<sup>(i)</sup> |  | 13231 | 13745803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class 1B<br>12.836% (LIBOR 1 Month + 9.25%), 04/25/2029<sup>(i)</sup> |  | 8455 | 8473726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class 2B<br>13.086% (LIBOR 1 Month + 9.50%), 05/25/2029<sup>(i)</sup> |  | 10238 | 10171865 |
|  JPMorgan Madison Avenue Securities Trust<br>Series 2015-CH1, Class M2 <br>9.086% (LIBOR 1 Month + 5.50%), 10/25/2025<sup>(h)(i)</sup> |  | 2259 | 2209926 |
|  Wells Fargo Credit Risk Transfer Securities Trust<br>Series 2015-WF1, Class 1M2<br>8.836% (LIBOR 1 Month + 5.25%), 11/25/2025<sup>(h)(i)</sup> |  | 1504 | 1386707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 2M2<br>9.086% (LIBOR 1 Month + 5.50%), 11/25/2025<sup>(h)(i)</sup> |  | 755 | 711209 |
|  |  |  | 141236921 |

---

---

| | |
|:---|:---|
| **52 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Non-Agency Fixed Rate – 0.4%** |  |  |  |
|  Alternative Loan Trust<br>Series 2006-24CB, Class A15<br>5.75%, 08/25/2036 | U.S.$| 2021 | $1131679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A16<br>5.75%, 08/25/2036 |  | 386 | 216369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-26CB, Class A6<br>6.25%, 09/25/2036 |  | 194 | 106089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-26CB, Class A8<br>6.25%, 09/25/2036 |  | 732 | 400900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-42, Class 1A6<br>6.00%, 01/25/2047 |  | 853 | 509881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HY12, Class A5<br>3.566%, 08/25/2036 |  | 2187 | 1861414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A10<br>5.50%, 02/25/2036 |  | 722 | 513914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J5, Class 1A1<br>6.50%, 09/25/2036 |  | 651 | 374452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-15CB, Class A19<br>5.75%, 07/25/2037 |  | 374 | 233278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 1A7<br>6.00%, 08/25/2037 |  | 376 | 287191 |
|  Bear Stearns ARM Trust<br>Series 2007-3, Class 1A1<br>3.239%, 05/25/2047 |  | 356 | 315404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4, Class 22A1<br>3.695%, 06/25/2047 |  | 1354 | 1213063 |
|  ChaseFlex Trust <br>Series 2007-1, Class 1A3 <br>6.50%, 02/25/2037 |  | 474 | 180443 |
|  CHL Mortgage Pass-Through Trust <br>Series 2007-HY4, Class 1A1 <br>3.579%, 09/25/2047 |  | 371 | 320579 |
|  Citigroup Mortgage Loan Trust <br>Series 2007-AR4, Class 1A1A <br>3.328%, 03/25/2037 |  | 222 | 192538 |
|  CitiMortgage Alternative Loan Trust <br>Series 2007-A3, Class 1A4 <br>5.75%, 03/25/2037 |  | 585 | 497610 |
|  CSMC Mortgage-Backed Trust <br>Series 2006-7, Class 3A12 <br>6.25%, 08/25/2036 |  | 783 | 337735 |
|  First Horizon Alternative Mortgage Securities Trust <br>Series 2006-AA3, Class A1 <br>3.309%, 06/25/2036 |  | 310 | 248069 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 53** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Residential Accredit Loans, Inc. Trust<br>Series 2005-QA10, Class A31<br>4.39%, 09/25/2035 | U.S.$| 1297 | $873707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QS14, Class 3A1<br>6.00%, 09/25/2035 |  | 833 | 706523 |
|  Residential Asset Securitization Trust<br>Series 2006-A8, Class 3A4<br>6.00%, 08/25/2036 |  | 495 | 254817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1, Class A8<br>6.00%, 03/25/2037 |  | 856 | 289732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A5, Class 2A3<br>6.00%, 05/25/2037 |  | 221 | 126208 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust <br>Series 2006-9, Class A4 <br>4.286%, 10/25/2036 |  | 1590 | 433277 |
|  Wells Fargo Mortgage Backed Securities Trust <br>Series 2007-AR7, Class A1 <br>4.151%, 12/28/2037 |  | 1283 | 1152213 |
|  |  |  | 12777085 |
|  **Non-Agency Floating Rate – 0.1%** |  |  |  |
|  Alternative Loan Trust <br>Series 2007-7T2, Class A3 <br>4.186% (LIBOR 1 Month + 0.60%), 04/25/2037<sup>(i)</sup> |  | 2108 | 708343 |
|  Countrywide Home Loan Mortgage Pass-Through Trust <br>Series 2007-13, Class A7 <br>4.186% (LIBOR 1 Month + 0.60%), 08/25/2037<sup>(i)</sup> |  | 310 | 128682 |
|  First Horizon Alternative Mortgage Securities Trust <br>Series 2007-FA2, Class 1A10 <br>3.836% (LIBOR 1 Month + 0.25%), 04/25/2037<sup>(i)</sup> |  | 908 | 236592 |
|  Lehman Mortgage Trust<br>Series 2007-1, Class 3A1<br>3.836% (LIBOR 1 Month + 0.25%), 02/25/2037<sup>(i)</sup> |  | 2860 | 358763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 3A2<br>3.664% (7.25% – LIBOR 1 Month), 02/25/2037<sup>(i)(n)</sup> |  | 2860 | 288393 |
|  Lehman XS Trust <br>Series 2007-16N, Class 2A2 <br>5.286% (LIBOR 1 Month + 1.70%), 09/25/2047<sup>(i)</sup> |  | 385 | 337608 |

---

---

| | |
|:---|:---|
| **54 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  PHH Alternative Mortgage Trust<br>Series 2007-1, Class 1A1<br>3.906% (LIBOR 1 Month + 0.32%), 02/25/2037<sup>(i)</sup> | U.S.$| 417 | $291565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A3<br>4.246% (LIBOR 1 Month + 0.66%), 05/25/2037<sup>(i)</sup> |  | 254 | 231580 |
|  |  |  | 2581526 |
|  Total Collateralized Mortgage Obligations <br>(cost $161,820,777) |  |  | 156595532 |
|  **COLLATERALIZED LOAN OBLIGATIONS – 3.2%** |  |  |  |
|  **CLO - Floating Rate – 3.2%** |  |  |  |
|  Ares XXXIV CLO Ltd. <br>Series 2015-2A, Class CR <br>6.079% (LIBOR 3 Month + 2.00%), 04/17/2033<sup>(a)(i)</sup> |  | 11494 | 10529639 |
|  Ballyrock CLO 15 Ltd. <br>Series 2021-1A, Class D <br>10.299% (LIBOR 3 Month + 6.22%), 04/15/2034<sup>(a)(i)</sup> |  | 2000 | 1665344 |
|  Bristol Park CLO Ltd. <br>Series 2016-1A, Class DR <br>7.029% (LIBOR 3 Month + 2.95%), 04/15/2029<sup>(a)(i)</sup> |  | 5000 | 4441690 |
|  Dryden 49 Senior Loan Fund <br>Series 2017-49A, Class E <br>10.494% (LIBOR 3 Month + 6.30%), 07/18/2030<sup>(a)(i)</sup> |  | 2424 | 1973865 |
|  Dryden 57 CLO Ltd. <br>Series 2018-57A, Class E <br>8.105% (LIBOR 3 Month + 5.20%), 05/15/2031<sup>(a)(i)</sup> |  | 1741 | 1397795 |
|  Dryden 78 CLO Ltd.<br>Series 2020-78A, Class C<br>6.029% (LIBOR 3 Month + 1.95%), 04/17/2033<sup>(a)(i)</sup> |  | 2270 | 2091773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-78A, Class D<br>7.079% (LIBOR 3 Month + 3.00%), 04/17/2033<sup>(a)(i)</sup> |  | 11286 | 9807278 |
|  Dryden 98 CLO Ltd. <br>Series 2022-98A, Class E <br>10.363% (SOFR 3 Month + 6.40%), 04/20/2035<sup>(a)(i)</sup> |  | 4009 | 3359123 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 55** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Elevation CLO Ltd.<br>Series 2020-11A, Class C<br>6.279% (LIBOR 3 Month + 2.20%), 04/15/2033<sup>(a)(i)</sup> | U.S.$| 3505 | $3125104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-11A, Class D1<br>7.929% (LIBOR 3 Month + 3.85%), 04/15/2033<sup>(a)(i)</sup> |  | 5438 | 4766526 |
|  Elmwood CLO IX Ltd. <br>Series 2021-2A, Class E <br>10.193% (LIBOR 3 Month + 5.95%), 07/20/2034<sup>(a)(i)</sup> |  | 800 | 694896 |
|  Elmwood CLO VII Ltd. <br>Series 2020-4A, Class E <br>11.179% (LIBOR 3 Month + 7.10%), 01/17/2034<sup>(a)(i)</sup> |  | 2122 | 1904556 |
|  Elmwood CLO VIII Ltd. <br>Series 2021-1A, Class E1 <br>10.243% (LIBOR 3 Month + 6.00%), 01/20/2034<sup>(a)(i)</sup> |  | 1786 | 1582284 |
|  Elmwood CLO XII Ltd. <br>Series 2021-5A, Class E <br>10.593% (LIBOR 3 Month + 6.35%), 01/20/2035<sup>(a)(i)</sup> |  | 3650 | 3214416 |
|  Flatiron CLO 21 Ltd. <br>Series 2021-1A, Class E <br>10.227% (LIBOR 3 Month + 6.00%), 07/19/2034<sup>(a)(i)</sup> |  | 350 | 288921 |
|  LCM 28 Ltd. <br>Series 28A, Class D <br>7.193% (LIBOR 3 Month + 2.95%), 10/20/2030<sup>(a)(i)</sup> |  | 500 | 390445 |
|  Madison Park Funding LI Ltd. <br>Series 2021-51A, Class E <br>10.497% (LIBOR 3 Month + 6.27%), 07/19/2034<sup>(a)(i)</sup> |  | 1600 | 1340800 |
|  OCP CLO Ltd. <br>Series 2021-21A, Class E <br>10.523% (LIBOR 3 Month + 6.28%), 07/20/2034<sup>(a)(i)</sup> |  | 2250 | 1869291 |
|  Octagon Investment Partners 29 Ltd.<br>Series 2016-1A, Class CR<br>6.275% (LIBOR 3 Month + 1.95%), 01/24/2033<sup>(a)(i)</sup> |  | 8719 | 7992263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class DR<br>7.425% (LIBOR 3 Month + 3.10%), 01/24/2033<sup>(a)(i)</sup> |  | 7987 | 6945655 |

---

---

| | |
|:---|:---|
| **56 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  OZLM XXII Ltd. <br>Series 2018-22A, Class D <br>9.379% (LIBOR 3 Month + 5.30%), 01/17/2031<sup>(a)(i)</sup> | U.S.$| 968 | $703336 |
|  Palmer Square CLO Ltd. <br>Series 2021-1A, Class D <br>10.243% (LIBOR 3 Month + 6.00%), 04/20/2034<sup>(a)(i)</sup> |  | 6063 | 5253852 |
|  Rad CLO 4 Ltd. <br>Series 2019-4A, Class E <br>11.108% (LIBOR 3 Month + 6.75%), 04/25/2032<sup>(a)(i)</sup> |  | 3086 | 2680544 |
|  Rad CLO 7 Ltd. <br>Series 2020-7A, Class C <br>6.079% (LIBOR 3 Month + 2.00%), 04/17/2033<sup>(a)(i)</sup> |  | 2940 | 2725542 |
|  Rad CLO 10 Ltd. <br>Series 2021-10A, Class E <br>10.175% (LIBOR 3 Month + 5.85%), 04/23/2034<sup>(a)(i)</sup> |  | 3793 | 3272722 |
|  Rad CLO 11 Ltd. <br>Series 2021-11A, Class E <br>10.329% (LIBOR 3 Month + 6.25%), 04/15/2034<sup>(a)(i)</sup> |  | 1545 | 1291666 |
|  Regatta XIX Funding Ltd. <br>Series 2022-1A, Class E <br>10.843% (SOFR 3 Month + 6.88%), 04/20/2035<sup>(a)(i)</sup> |  | 1451 | 1192592 |
|  Rockford Tower CLO Ltd.<br>Series 2019-1A, Class ER<br>10.563% (LIBOR 3 Month + 6.32%), 04/20/2034<sup>(a)(i)</sup> |  | 2000 | 1559788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class E<br>10.643% (LIBOR 3 Month + 6.40%), 07/20/2034<sup>(a)(i)</sup> |  | 1100 | 860909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class E 10.963% (LIBOR 3 Month + 6.72%), 10/20/2034<sup>(a)(i)</sup> |  | 4738 | 3738233 |
|  Sixth Street CLO XX Ltd. <br>Series 2021-20A, Class E <br>10.393% (LIBOR 3 Month + 6.15%), 10/20/2034<sup>(a)(i)</sup> |  | 3021 | 2647499 |
|  Trimaran Cavu Ltd. <br>Series 2019-1A, Class E <br>11.283% (LIBOR 3 Month + 7.04%), 07/20/2032<sup>(a)(i)</sup> |  | 2469 | 1919815 |
|  Total Collateralized Loan Obligations <br>(cost $111,241,567) |  |  | 97228162 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 57** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **GOVERNMENTS - TREASURIES – 2.6%** |  |  |  |
|  **United States – 2.6%** |  |  |  |
|  U.S. Treasury Bonds <br>6.125%, 11/15/2027<sup>(o)</sup> | U.S.$| 27763 | $29949229 |
|  U.S. Treasury Notes<br>2.375%, 05/15/2029<sup>(b)(o)</sup> |  | 33942 | 30372967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/2028<sup>(o)(p)</sup> |  | 20054 | 18838038 |
|  Total Governments - Treasuries <br>(cost $87,056,274) |  |  | 79160234 |
|  **EMERGING MARKETS - SOVEREIGNS – 2.5%** |  |  |  |
|  **Angola – 0.3%** |  |  |  |
|  Angolan Government International Bond<br>8.00%, 11/26/2029<sup>(a)</sup> |  | 6204 | 5040750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 11/26/2049<sup>(a)</sup> |  | 286 | 214643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/12/2025<sup>(a)</sup> |  | 5861 | 5699823 |
|  |  |  | 10955216 |
|  **Argentina – 0.1%** |  |  |  |
|  Argentine Republic Government International Bond<br>0.50%, 07/09/2030 |  | 3546 | 742868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/09/2029 |  | 2895 | 592111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/09/2035 |  | 2555 | 505886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/09/2041 |  | 991 | 235398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 01/09/2038 |  | 4145 | 1065515 |
|  |  |  | 3141778 |
|  **Bahrain – 0.3%** |  |  |  |
|  Bahrain Government International Bond<br>5.45%, 09/16/2032<sup>(a)</sup> |  | 468 | 377086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/20/2029<sup>(a)</sup> |  | 1973 | 1848824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/12/2028<sup>(a)</sup> |  | 1673 | 1600120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 05/14/2030<sup>(a)</sup> |  | 571 | 542557 |
|  CBB International Sukuk Programme Co. WLL <br>6.25%, 11/14/2024<sup>(a)</sup> |  | 3791 | 3806392 |
|  |  |  | 8174979 |
|  **Dominican Republic – 0.4%** |  |  |  |
|  Dominican Republic International Bond <br>8.625%, 04/20/2027<sup>(a)</sup> |  | 12151 | 12358326 |
|  **Ecuador – 0.2%** |  |  |  |
|  Ecuador Government International Bond<br>1.50%, 07/31/2040<sup>(a)</sup> |  | 6518 | 2113328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/31/2035<sup>(a)</sup> |  | 1718 | 624339 |

---

---

| | |
|:---|:---|
| **58 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/31/2030<sup>(a)</sup> | U.S.$| 5710 | $3025533 |
|  |  |  | 5763200 |
|  **Egypt – 0.1%** |  |  |  |
|  Egypt Government International Bond<br>8.70%, 03/01/2049<sup>(a)</sup> |  | 612 | 361845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 05/29/2050<sup>(a)</sup> |  | 4471 | 2649068 |
|  |  |  | 3010913 |
|  **El Salvador – 0.1%** |  |  |  |
|  El Salvador Government International Bond<br>6.375%, 01/18/2027<sup>(a)</sup> |  | 3407 | 1321916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 01/20/2050<sup>(a)</sup> |  | 2430 | 815265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 09/21/2034<sup>(a)</sup> |  | 631 | 198095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 02/01/2041<sup>(a)</sup> |  | 1445 | 492022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 07/15/2052<sup>(a)</sup> |  | 2190 | 821250 |
|  |  |  | 3648548 |
|  **Gabon – 0.1%** |  |  |  |
|  Gabon Government International Bond <br>6.625%, 02/06/2031<sup>(a)</sup> |  | 4626 | 3227502 |
|  **Ghana – 0.0%** |  |  |  |
|  Ghana Government International Bond<br>6.375%, 02/11/2027<sup>(a)</sup> |  | 3242 | 972600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.95%, 03/26/2051<sup>(a)</sup> |  | 752 | 210231 |
|  |  |  | 1182831 |
|  **Ivory Coast – 0.3%** |  |  |  |
|  Ivory Coast Government International Bond<br>4.875%, 01/30/2032<sup>(a)</sup> | EUR | 7815 | 5398016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/03/2028<sup>(a)</sup> | U.S.$| 3087 | 2794314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 03/22/2048<sup>(a)</sup> | EUR | 732 | 456329 |
|  |  |  | 8648659 |
|  **Nigeria – 0.1%** |  |  |  |
|  Nigeria Government International Bond<br>7.625%, 11/28/2047<sup>(a)</sup> | U.S.$| 1784 | 1007960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.696%, 02/23/2038<sup>(a)</sup> |  | 671 | 392535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 02/16/2032<sup>(a)</sup> |  | 1521 | 973440 |
|  |  |  | 2373935 |
|  **Oman – 0.1%** |  |  |  |
|  Oman Government International Bond 4.875%, 02/01/2025<sup>(a)</sup> |  | 415 | 402550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/25/2031<sup>(a)</sup> |  | 1630 | 1552575 |
|  |  |  | 1955125 |
|  **Senegal – 0.2%** |  |  |  |
|  Senegal Government International Bond<br>6.25%, 05/23/2033<sup>(a)</sup> |  | 5674 | 4229967 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 59** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/13/2048<sup>(a)</sup> | U.S.$| 3641 | $2305891 |
|  |  |  | 6535858 |
|  **Ukraine – 0.1%** |  |  |  |
|  Ukraine Government International Bond<br>7.253%, 03/15/2035<sup>(a)</sup> |  | 3980 | 594015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 09/25/2034<sup>(a)</sup> |  | 3486 | 522464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/2025<sup>(a)</sup> |  | 5795 | 1214415 |
|  |  |  | 2330894 |
|  **Venezuela – 0.1%** |  |  |  |
|  Venezuela Government International Bond<br>7.65%, 04/21/2025<sup>(a)(e)(m)</sup> |  | 6636 | 481110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 05/07/2023<sup>(a)(e)(m)</sup> |  | 538 | 39005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 09/15/2027<sup>(e)(m)</sup> |  | 34020 | 2466450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 05/07/2028<sup>(a)(e)(m)</sup> |  | 1500 | 108750 |
|  |  |  | 3095315 |
|  Total Emerging Markets - Sovereigns <br>(cost $138,359,532) |  |  | 76403079 |
|  |  | **Shares** |  |
|  **COMMON STOCKS – 1.5%** |  |  |  |
|  **Consumer Discretionary – 0.4%** |  |  |  |
|  **Diversified Consumer Services – 0.0%** |  |  |  |
|  AG Tracker<sup>(c)(d)(e)</sup> |  | 399741 | – 0 |
|  Monitronics International, Inc.<sup>(e)</sup> |  | 129032 | 32258 |
|  |  |  | 32258 |
|  **Hotels, Restaurants & Leisure – 0.0%** |  |  |  |
|  Caesars Entertainment, Inc.<sup>(e)</sup> |  | 4628 | 202383 |
|  **Internet & Direct Marketing Retail – 0.0%** |  |  |  |
|  GOLO Mobile, Inc.<sup>(c)(d)(e)</sup> |  | 168790 | – 0 |
|  **Leisure Products – 0.0%** |  |  |  |
|  Carlson Travel, Inc.<sup>(e)</sup> |  | 104524 | 705537 |
|  New Cotai LLC/New Cotai Capital Corp.<sup>(c)(d)(e)</sup> |  | 14 | – 0 |
|  |  |  | 705537 |
|  **Multiline Retail – 0.4%** |  |  |  |
|  ATD New Holdings, Inc.<sup>(e)</sup> |  | 161762 | 11565983 |
|  K201640219 South Africa Ltd. A Shares<sup>(c)(d)(e)</sup> |  | 64873855 | 65 |
|  K201640219 South Africa Ltd. B Shares<sup>(c)(d)(e)</sup> |  | 10275684 | 10 |
|  |  |  | 11566058 |
|  |  |  | 12506236 |

---

---

| | |
|:---|:---|
| **60 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  **Energy – 0.4%** |  |  |
|  **Energy Equipment & Services – 0.1%** |  |  |
|  BIS Industries Holdings Ltd.<sup>(c)(d)(e)</sup> | 5004988 | $5 |
|  CHC Group LLC<sup>(e)</sup> | 104383 | 1044 |
|  Diamond Offshore Drilling, Inc.<sup>(a)(e)</sup> | 148609 | 1463799 |
|  Vantage Drilling International<sup>(e)</sup> | 34001 | 612018 |
|  |  | 2076866 |
|  **Oil, Gas & Consumable Fuels – 0.3%** |  |  |
|  Battalion Oil Corp.<sup>(e)</sup> | 135 | 1773 |
|  Berry Corp. | 276251 | 2450346 |
|  Chord Energy Corp. | 16352 | 2503328 |
|  Civitas Resources, Inc. | 24592 | 1719227 |
|  Denbury, Inc.<sup>(e)</sup> | 33050 | 3021100 |
|  Golden Energy Offshore Services AS*^*<sup>(e)</sup> | 3360247 | 564019 |
|  SandRidge Energy, Inc.<sup>(e)</sup> | 1446 | 27315 |
|  |  | 10287108 |
|  |  | 12363974 |
|  **Consumer Staples – 0.3%** |  |  |
|  **Household Products – 0.3%** |  |  |
|  Southeastern Grocers, Inc.<sup>(c)(d)(e)</sup> | 508189 | 9401496 |
|  **Industrials – 0.2%** |  |  |
|  **Construction & Engineering – 0.2%** |  |  |
|  WillScot Mobile Mini Holdings Corp.<sup>(e)</sup> | 109384 | 4652102 |
|  **Electrical Equipment – 0.0%** |  |  |
|  Exide Corp.<sup>(c)(d)(e)</sup> | 4045 | 505625 |
|  |  | 5157727 |
|  **Communication Services – 0.1%** |  |  |
|  **Diversified Telecommunication Services – 0.1%** |  |  |
|  Intelsat Jackson Holdings SA<sup>(c)(d)(e)</sup> | 18378 | – 0 |
|  Intelsat SA/Luxembourg<sup>(e)</sup> | 87751 | 2193775 |
|  Paysafe Ltd.<sup>(e)</sup> | 562779 | 821657 |
|  |  | 3015432 |
|  **Media – 0.0%** |  |  |
|  iHeartMedia, Inc. – Class A<sup>(e)</sup> | 164799 | 1364536 |
|  |  | 4379968 |
|  **Financials – 0.1%** |  |  |
|  **Insurance – 0.1%** |  |  |
|  Mt Logan Re Ltd. (Special Investment)<sup>(c)(d)(e)</sup> | 2575 | 2160157 |
|  **Health Care – 0.0%** |  |  |
|  **Pharmaceuticals – 0.0%** |  |  |
|  Mallinckrodt PLC<sup>(e)</sup> | 22361 | 338993 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 61** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **<br>Shares** | **U.S. $ Value** |
|  **Information Technology – 0.0%** |  |  |  |
|  **Software – 0.0%** |  |  |  |
|  Avaya Holdings Corp.<sup>(e)</sup> |  | 125330 | $198021 |
|  **Materials – 0.0%** |  |  |  |
|  **Metals & Mining – 0.0%** |  |  |  |
|  Neenah Enterprises, Inc.<sup>(c)(d)(e)</sup> |  | 49578 | – 0 |
|  Total Common Stocks <br>(cost $102,165,175) |  |  | 46506572 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  **QUASI-SOVEREIGNS – 0.6%** |  |  |  |
|  **Quasi-Sovereign Bonds – 0.6%** |  |  |  |
|  **Mexico – 0.5%** |  |  |  |
|  Comision Federal de Electricidad <br>4.688%, 05/15/2029<sup>(a)</sup> | U.S.$| 2363 | 1991271 |
|  Petroleos Mexicanos<br>5.95%, 01/28/2031 |  | 3818 | 2743233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49%, 01/23/2027 |  | 1276 | 1114458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/23/2029 |  | 1268 | 1022008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/16/2032 |  | 3899 | 2929380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/21/2047 |  | 6363 | 3827344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/2050 |  | 2298 | 1481503 |
|  |  |  | 15109197 |
|  **Panama – 0.0%** |  |  |  |
|  Aeropuerto Internacional de Tocumen SA<br>4.00%, 08/11/2041<sup>(a)</sup> |  | 394 | 276367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 08/11/2061<sup>(a)</sup> |  | 223 | 150497 |
|  |  |  | 426864 |
|  **South Africa – 0.1%** |  |  |  |
|  Eskom Holdings SOC Ltd. <br>7.125%, 02/11/2025<sup>(a)</sup> |  | 1951 | 1816015 |
|  **Trinidad & Tobago – 0.0%** |  |  |  |
|  Trinidad Generation UnLtd. <br>5.25%, 11/04/2027<sup>(a)</sup> |  | 202 | 192339 |
|  **Venezuela – 0.0%** |  |  |  |
|  Petroleos de Venezuela SA <br>6.00%, 11/15/2026<sup>(a)(e)(m)</sup> |  | 5000 | 95000 |
|  Total Quasi-Sovereigns <br>(cost $22,840,007) |  |  | 17639415 |

---

---

| | |
|:---|:---|
| **62 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.4%** |  |  |  |
|  **United States – 0.4%** |  |  |  |
|  State of California<br>Series 2010<br>7.60%, 11/01/2040 | U.S.$| 1200 | $1450436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 03/01/2040 |  | 1250 | 1493753 |
|  State of Illinois<br>Series 2010<br>7.35%, 07/01/2035 |  | 3826 | 3917451 |
|  Wisconsin Public Finance Authority <br>(Catholic Bishop of Chicago (The))<br>Series 2021<br>5.75%, 07/25/2041<sup>(a)</sup> |  | 7240 | 6189056 |
|  Total Local Governments - US Municipal Bonds <br>(cost $13,556,957) |  |  | 13050696 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4%** |  |  |  |
|  **Non-Agency Fixed Rate CMBS – 0.4%** |  |  |  |
|  Citigroup Commercial Mortgage Trust <br>Series 2013-GC11, Class XA <br>1.313%, 04/10/2046<sup>(q)</sup> |  | 5720 | 10010 |
|  Commercial Mortgage Trust<br>Series 2012-CR3, Class F<br>4.75%, 10/15/2045<sup>(a)</sup> |  | 1000 | 345163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR5, Class XA<br>1.368%, 12/10/2045<sup>(q)</sup> |  | 2148 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC6, Class XA<br>1.147%, 01/10/2046<sup>(q)</sup> |  | 8267 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR15, Class XA<br>0.623%, 02/10/2047<sup>(q)</sup> |  | 6126 | 37018 |
|  GS Mortgage Securities Corp. II <br>Series 2013-GC10, Class XA <br>1.396%, 02/10/2046<sup>(q)</sup> |  | 1141 | 98 |
|  GS Mortgage Securities Trust<br>Series 2011-GC5, Class C<br>5.155%, 08/10/2044<sup>(a)</sup> |  | 7937 | 6312139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC13, Class D<br>4.074%, 07/10/2046<sup>(a)</sup> |  | 1500 | 648819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC18, Class D<br>5.057%, 01/10/2047<sup>(a)</sup> |  | 902 | 369196 |
|  WF-RBS Commercial Mortgage Trust<br>Series 2011-C4, Class D<br>4.843%, 06/15/2044<sup>(a)</sup> |  | 2576 | 2303182 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 63** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C20, Class D<br>3.986%, 05/15/2047<sup>(a)</sup> | U.S.$| 3701 | $1332392 |
|  |  |  | 11358121 |
|  **Non-Agency Floating Rate<br>CMBS – 0.0%** |  |  |  |
|  Morgan Stanley Capital I Trust <br>Series 2019-BPR, Class E <br>8.412% (LIBOR 1 Month + 5.00%), 05/15/2036<sup>(a)(i)</sup> |  | 1702 | 1344877 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $17,287,442) |  |  | 12702998 |
|  |  | **Shares** |  |
|  **PREFERRED STOCKS – 0.3%** |  |  |  |
|  **Industrial – 0.3%** |  |  |  |
|  **Energy – 0.1%** |  |  |  |
|  Gulfport Energy Corp.<br>10.00%<sup>(c)(e)</sup>  |  | 789 | 4734000 |
|  **Industrial Conglomerates – 0.2%** |  |  |  |
|  WESCO International, Inc. <br>Series A <br>10.625% |  | 211900 | 5721300 |
|  Total Preferred Stocks <br>(cost $6,361,031) |  |  | 10455300 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  **INFLATION-LINKED SECURITIES – 0.3%** |  |  |  |
|  **Colombia – 0.3%** |  |  |  |
|  Fideicomiso PA Concesion Ruta al Mar <br>6.75%, 02/15/2044<sup>(a)</sup> | COP | 14562910 | 1562813 |
|  Fideicomiso PA Costera <br>6.25%, 01/15/2034<sup>(a)</sup> |  | 7580000 | 1330478 |
|  Fideicomiso PA Pacifico Tres <br>7.00%, 01/15/2035<sup>(h)</sup> |  | 36247335 | 7265981 |
|  Total Inflation-Linked Securities <br>(cost $18,022,216) |  |  | 10159272 |

---

---

| | |
|:---|:---|
| **64 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **<br>Shares** | **U.S. $ Value** |
|  **WARRANTS – 0.1%** |  |  |  |
|  Avaya Holdings Corp., expiring 12/15/2022<sup>(e)</sup> |  | 385763 | $11573 |
|  Encore Automotive Acceptance, expiring 07/05/2031<sup>(c)(d)(e)</sup> |  | 44 | – 0 |
|  Flexpath Capital, Inc., expiring 04/15/2031<sup>(c)(d)(e)</sup> |  | 189795 | – 0 |
|  Willscot Corp., expiring 11/29/2022<sup>(c)(d)(e)</sup> |  | 169364 | 4585073 |
|  Total Warrants <br>(cost $772,304) |  |  | 4596646 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  **ASSET-BACKED SECURITIES – 0.1%** |  |  |  |
|  **Other ABS - Fixed Rate – 0.1%** |  |  |  |
|  Consumer Loan Underlying Bond Certificate Issuer Trust I<br>Series 2018-7, Class PT<br>7.364%, 06/15/2043<sup>(h)</sup> | U.S.$| 92 | 83637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-24, Class PT<br>11.416%, 08/15/2044<sup>(h)</sup> |  | 293 | 279455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-36, Class PT<br>13.124%, 10/17/2044<sup>(h)</sup> |  | 563 | 537385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-43, Class PT<br>0.389%, 11/15/2044<sup>(h)</sup> |  | 20 | 18316 |
|  Consumer Loan Underlying Bond Club Certificate Issuer Trust I<br>Series 2018-4, Class PT<br>10.082%, 05/15/2043<sup>(h)</sup> |  | 74 | 70159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-12, Class PT<br>11.304%, 06/15/2043<sup>(h)</sup> |  | 88 | 82878 |
|  Consumer Loan Underlying Bond Credit Trust <br>Series 2018-3, Class PT <br>7.73%, 03/16/2043<sup>(h)</sup> |  | 17 | 15395 |
|  SoFi Consumer Loan Program LLC <br>Series 2016-1, Class R <br>Zero Coupon, 08/25/2025<sup>(c)(d)(h)</sup> |  | 163 | 158281 |
|  |  |  | 1245506 |
|  **Autos - Fixed Rate – 0.0%** |  |  |  |
|  Flagship Credit Auto Trust <br>Series 2019-1, Class E <br>5.06%, 06/15/2026<sup>(a)</sup> |  | 791 | 750912 |
|  Total Asset-Backed Securities <br>(cost $2,054,121) |  |  | 1996418 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 65** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **<br>Shares** | **U.S. $ Value** |
|  **RIGHTS – 0.0%** |  |  |  |
|  Vistra Energy Corp., expiring 12/31/2049<sup>(c)(e)</sup> <br>(cost $0) |  | 45881 | $51616 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  **GOVERNMENTS - SOVEREIGN BONDS – 0.0%** |  |  |  |
|  **Netherlands – 0.0%** |  |  |  |
|  SNS Bank NV <br>Series E <br>11.25%, 12/31/2049<sup>(c)(d)(e)(k)</sup> <br>(cost $1,373,314) | EUR | 1001 | – 0 |
|  **SHORT-TERM INVESTMENTS – 1.3%** |  |  |  |
|  **Time Deposits – 1.0%** |  |  |  |
|  ANZ, London <br>1.16%, 11/01/2022 | GBP | 69 | 79424 |
|  BBH, Grand Cayman <br>4.90%, 11/01/2022 | ZAR | 110 | 5990 |
|  Citibank, London <br>0.31%, 11/01/2022 | EUR | 58 | 57747 |
|  JPMorgan Chase, New York <br>2.43%, 11/01/2022 | U.S.$| 29064 | 29064137 |
|  Total Time Deposits <br>(cost $29,207,298) |  |  | 29207298 |
|  |  | **Shares** |  |
|  **Investment Companies – 0.3%** |  |  |  |
|  AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.67%<sup>(r)(s)(t)</sup> <br>(cost $10,097,106) |  | 10097106 | 10097106 |
|  Total Short-Term Investments <br>(cost $39,304,404) |  |  | 39304404 |
|  **Total Investments – 101.9%** <br>(cost $3,805,871,089) |  |  | 3116154029 |
|  Other assets less liabilities – (1.9)% |  |  | (59180793) |
|  **Net Assets – 100.0%** |  |  | $**3056973236** |

---

---

| | |
|:---|:---|
| **66 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**FUTURES (see Note D)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  U.S. Long Bond (CBT) Futures | 68 | December 2022 | $8194000 | $(1140164) |
|  U.S. T-Note 5 Yr (CBT) Futures | 2548 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271600875 | (11842633) |
|  U.S. T-Note 10 Yr (CBT) Futures | 172 | December 2022 | 19022125 | (1251031) |
|  U.S. Ultra Bond (CBT) Futures | 156 | December 2022 | 19914375 | (3509758) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17743586) |

---

**FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America, NA | EUR | 128728 | USD | &nbsp;&nbsp;&nbsp;&nbsp;124352 | 12/08/2022 | $(3217898) |
|  Bank of America, NA | USD | 3705 | EUR | 3794 | 12/08/2022 | 55147 |
|  BNP Paribas SA | EUR | 4161 | USD | 4111 | 12/08/2022 | (12598) |
|  Brown Brothers Harriman & Co. | EUR | 736 | USD | 739 | 12/08/2022 | 9584 |
|  Brown Brothers Harriman & Co. | EUR | 929 | USD | 911 | 12/08/2022 | (9177) |
|  Citibank, NA | CAD | 7611 | USD | 5577 | 01/19/2023 | (15695) |
|  JPMorgan Chase Bank, NA | EUR | 932 | USD | 908 | 11/09/2022 | (13316) |
|  JPMorgan Chase Bank, NA | EUR | 729 | USD | 710 | 12/08/2022 | (13099) |
|  Morgan Stanley Capital Services LLC | COP | &nbsp;&nbsp;&nbsp;&nbsp;65115083 | USD | 14612 | 11/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472964 |
|  Morgan Stanley Capital Services LLC | EUR | 2800 | USD | 2769 | 12/08/2022 | (5403) |
|  Royal Bank of Scotland PLC | USD | 3568 | EUR | 3697 | 11/09/2022 | 87218 |
|  Royal Bank of Scotland PLC | GBP | 16581 | USD | 19705 | 11/17/2022 | 682049 |
|  Royal Bank of Scotland PLC | EUR | 3673 | USD | 3696 | 12/08/2022 | 55741 |
|  Royal Bank of Scotland PLC | EUR | 530 | USD | 520 | 12/08/2022 | (4689) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(929172) |

---

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums**<br> **Paid/**<br> **(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Sale Contracts** | **Sale Contracts** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 39, 5 Year Index, 12/20/2027\* | 5.00% | Quarterly | 5.19% | USD | 41930 | $(73748) | $(1683544) | $1609796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iTraxx Europe Crossover Series 38, 5 Year Index, 12/20/2027\* | 5.00 | Quarterly | 5.55 | EUR | 74910 | (1157373) | (3124368) | 1966995 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(1231121) | $&nbsp;&nbsp;&nbsp;&nbsp;(4807912) | $&nbsp;&nbsp;&nbsp;&nbsp;3576791 |

---

\* Termination date

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 67** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**CREDIT DEFAULT SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty &<br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Sale Contracts** |  |  |  |  |  |  |  |  |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00% | Monthly | 7.50% | US | D 1,073 | $(408957) | $(506048) | $97091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2625 | (594573) | (910009) | 315436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2600 | (588648) | (312695) | (275953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 4285 | (970303) | (505194) | (465109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 6122 | (1386192) | (719014) | (667178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 10994 | (2489313) | (1302771) | (1186542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;(6339776) | &nbsp;&nbsp;&nbsp;&nbsp;(3105018) | &nbsp;&nbsp;&nbsp;&nbsp;(3234758) |
|  Credit Suisse International | Credit Suisse International |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 394 | (150025) | (54465) | (95560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 985 | (375199) | (136213) | (238986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 1969 | (750943) | (265335) | (485608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 173 | (39148) | (20168) | (18980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 5292 | (1198218) | (613266) | (584952) |
|  Deutsche Bank AG |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1677 | (379874) | (183587) | (196287) |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023\* | 5.00 | Quarterly | 1.43 | USD | 1300 | 58707 | 19020 | 39687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023\* | 5.00 | Quarterly | 1.43 | USD | 1440 | 65029 | 32971 | 32058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 215 | (81791) | (101077) | 19286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 215 | (81791) | (101077) | 19286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 393 | (88915) | (99642) | 10727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 393 | (88981) | (83057) | (5924) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 785 | (177962) | (171618) | (6344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 785 | (177962) | (171618) | (6344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1003 | (227122) | (120159) | (106963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | &nbsp;&nbsp;&nbsp;&nbsp;18734 | &nbsp;&nbsp;&nbsp;&nbsp;(4241627) | &nbsp;&nbsp;&nbsp;&nbsp;(2528443) | &nbsp;&nbsp;&nbsp;&nbsp;(1713184) |

---

---

| | |
|:---|:---|
| **68 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty &<br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 4438 | $(1004854) | $(528920) | $(475934) |
|  Morgan Stanley & Co. International PLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 3960 | (1509024) | (2015447) | 506423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 1330 | (506942) | (578655) | 71713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 429 | (163583) | (197851) | 34268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 1330 | (506942) | (534729) | 27787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 1330 | (506942) | (531602) | 24660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 726 | (276938) | (300411) | 23473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 1330 | (506942) | (528475) | 21533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 1330 | (506942) | (525348) | 18406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 1454 | (554151) | (509032) | (45119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1964 | (444904) | (507406) | 62502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1964 | (444577) | (470534) | 25957 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(27646325) | $&nbsp;&nbsp;&nbsp;&nbsp;(19186893) | $&nbsp;&nbsp;&nbsp;&nbsp;(8459432) |

---

\* Termination date

**TOTAL RETURN SWAPS (see Note D)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty &<br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Receive Total Return on Reference Obligation** |  |  |  |  |  |
|  Goldman Sachs International Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1 | 3 Month<br>EURIBOR | Maturity | EUR 25,508 | 03/20/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(716171) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 69** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**REVERSE REPURCHASE AGREEMENTS (see Note D)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Broker** | **Currency** | **Principal**<br> **Amount**<br> **(000)** | **Interest Rate** | | **Maturity** | **U.S. $Value at<br>October 31,<br>2022** |
|  Barclays Capital, Inc. | USD | 10877 | 2.80 | % | 11/04/2022 | $10881169 |
|  Barclays Capital, Inc. | USD | 11676 | (1.25) |)%\* | 11/04/2022 | 11664774 |
|  Barclays Capital, Inc.<sup>†</sup> | USD | 739 | (0.75) |)%\* |  | 740467 |
|  Barclays Capital, Inc.<sup>†</sup> | USD | 845 | (1.00) |)%\* |  | 846349 |
|  Barclays Capital, Inc.<sup>†</sup> | USD | 1065 | (3.00) |)%\* |  | 1064305 |
|  Barclays Capital, Inc.<sup>†</sup> | USD | 2661 | 2.75 | % |  | 2667497 |
|  Barclays Capital, Inc.<sup>†</sup> | USD | 3925 | 0.50 | % |  | 3933742 |
|  Barclays Capital, Inc.<sup>†</sup> | USD | 4085 | 3.10 | % |  | 4086432 |
|  Barclays Capital, Inc.<sup>†</sup> | USD | 4580 | 0.50 | % |  | 4580312 |
|  Barclays Capital, Inc.<sup>†</sup> | USD | 5116 | 2.75 | % |  | 5117779 |
|  Credit Suisse Securities (USA) LLC | USD | 329 | (0.50) |)%\* | 11/02/2022 | 329262 |
|  Credit Suisse Securities (USA) LLC | USD | 1390 | (1.00) |)%\* | 11/02/2022 | 1389472 |
|  Credit Suisse Securities (USA) LLC<sup>†</sup> | USD | 1008 | (1.75) |)%\* |  | 1007412 |
|  Credit Suisse Securities (USA) LLC<sup>†</sup> | EUR | 2148 | (0.25) |)%\* |  | 2122553 |
|  Credit Suisse Securities (USA) LLC<sup>†</sup> | EUR | 4331 | 0.25 | % |  | 4281484 |
|  Credit Suisse Securities (USA) LLC<sup>†</sup> | EUR | 5539 | 0.25 | % |  | 5475170 |
|  HSBC Securities (USA), Inc.<sup>†</sup> | USD | 11882 | 2.35 | % |  | 11924472 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72112651 |

---

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on
October 31, 2022.

\* Interest payment due from counterparty.

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements on the statements of assets and liabilities is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight<br>and<br>Continuous** | **Up to 30 Days** | **31-90 Days** | **Greater than<br>90 Days** | **Total** |
|  Corporates – Non-Investment<br>Grade | $35923502 | $24264677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| 60188179 |
|  Governments – <br>Treasuries | 11924472 | – 0 | – 0 – | – 0 – | 11924472 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47847974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24264677 | $– 0 – $| – 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72112651 |

---

---

| | |
|:---|:---|
| ^ | Deemed an affiliated company as defined by the Investment Company Act of 1940 since the Fund owns 5% or more of the outstanding voting securities.  |

---

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At October 31, 2022, the aggregate market value of these securities amounted to $2,069,582,847 or 67.7% of net assets.

---

| | |
|:---|:---|
| **70 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

(b) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

(c) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(d) Fair valued by the Adviser.

(e) Non-income producing security.

(f) Defaulted matured security.

(g) Pay-In-Kind Payments (PIK). The issuer may
pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at October 31, 2022.

(h) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities,
which represent 0.46% of net assets as of October 31, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  BBFI Liquidating Trust <br>0.00%, 12/30/2099 | 02/04/2013 –<br>11/12/2019 | $1855163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304731 | 0.04% |
|  Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT <br>7.364%, 06/15/2043 | 04/25/2018 –<br> 06/01/2020 | 91640 | 83637 | 0.00% |
|  Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-24, Class PT <br>11.416%, 08/15/2044 | 06/27/2019 | 285559 | 279455 | 0.01% |
|  Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-36, Class PT <br>13.124%, 10/17/2044 | 09/04/2019 | 559982 | 537385 | 0.02% |
|  Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-43, Class PT <br>0.389%, 11/15/2044 | 10/09/2019 | 19596 | 18316 | 0.00% |
|  Consumer Loan Underlying Bond Club Certificate Issuer Trust I <br>Series 2018-12, Class PT <br>11.304%, 06/15/2043 | 06/26/2018 | 87925 | 82878 | 0.00% |
|  Consumer Loan Underlying Bond Club Certificate Issuer Trust I <br>Series 2018-4, Class PT <br>10.082%, 05/15/2043 | 03/27/2018 –<br> 05/11/2018 | 74672 | 70159 | 0.00% |
|  Consumer Loan Underlying Bond Credit Trust <br>Series 2018-3, Class PT <br>7.73%, 03/16/2043 | 03/07/2018 | 16854 | 15395 | 0.00% |
|  Digicel Group Holdings Ltd. <br>7.00%, 11/16/2022 | 11/28/2016 –<br> 04/01/2021 | 742892 | 48434 | 0.00% |
|  Exide Technologies <br>(Exchange Priority) <br>11.00%, 10/31/2024 | 10/29/2020 | – 0 | – 0 | 0.00% |
|  Exide Technologies <br>(First Lien) <br>11.00%, 10/31/2024 | 10/29/2020 | – 0 | – 0 | 0.00% |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 71** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Fideicomiso PA Pacifico Tres <br>7.00%, 01/15/2035 | 03/04/2016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10753324 | $7265981 | 0.24% |
|  Intelsat Jackson Holdings SA <br>9.75%, 07/15/2025 | 06/21/2017 –<br> 11/20/2017 | – 0 | – 0 | 0.00% |
|  JPMorgan Madison Avenue Securities Trust <br>Series 2015-CH1, Class M2 <br>9.086%, 10/25/2025 | 09/18/2015 | 2259339 | 2209926 | 0.07% |
|  K2016470219 South Africa Ltd. <br>3.00%, 12/31/2022 | 01/31/2017 –<br> 06/30/2021 | 5622018 | 2771 | 0.00% |
|  Magnetation LLC/Mag Finance Corp. <br>11.00%, 05/15/2018 | 05/15/2018 | 12955188 | – 0 | 0.00% |
|  SoFi Consumer Loan Program LLC <br>Series 2016-1, Class R <br>Zero Coupon, 08/25/2025 | 07/28/2017 –<br> 08/01/2017 | 125935 | 158281 | 0.01% |
|  Tonon Luxembourg SA <br>6.50%, 10/31/2024 | 05/03/2019 –<br> 10/31/2020 | 4733143 | 244 | 0.00% |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2018 | 10/19/2012 –<br> 02/27/2014 | 8550341 | 1367 | 0.00% |
|  Virgolino de Oliveira Finance SA <br>10.875%, 01/13/2020 | 06/09/2014 | 2486550 | 250 | 0.00% |
|  Virgolino de Oliveira Finance SA <br>11.75%, 02/09/2022 | 07/26/2012 –<br> 02/05/2014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11383331 | 1361 | 0.00% |
|  Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 <br>8.836%, 11/25/2025 | 09/06/2016 | 1503980 | 1386707 | 0.05% |
|  Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 <br>9.086%, 11/25/2025 | 09/28/2015 –<br> 02/26/2018 | 754967 | 711209 | 0.02% |

---

(i) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at October 31, 2022.

(j) Convertible security.

(k) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the
next call date.

(l) The stated coupon rate represents the greater of the LIBOR or an alternate base rate such as the CDOR/SOFR or the
LIBOR/CDOR/SOFR floor rate plus spread October 31, 2022.

(m) Defaulted.

(n) Inverse interest only security.

(o) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(p) Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps.

(q) IO – Interest Only.

(r) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website
at www.sec.gov, or call AB at (800) 227-4618.

(s) The rate shown represents the 7-day yield as of period end.

(t) Affiliated investments.

---

| | |
|:---|:---|
| **72 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

Currency Abbreviations:

CAD – Canadian Dollar

COP – Colombian Peso

EUR – Euro

GBP – Great British Pound

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

EURIBOR – Euro Interbank Offered Rate

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 73** |

---

------

**STATEMENT OF ASSETS & LIABILITIES** 

**October 31, 2022** 

---

| | |
|:---|:---|
| **Assets** |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $3,790,520,920) | $3105492904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $15,350,169) | 10661125 |
|  Cash | 37008 |
|  Cash collateral due from broker | 24747085 |
|  Foreign currencies, at value (cost $4,165,770) | 1754014 |
|  Unaffiliated interest receivable | 50974317 |
|  Receivable for investment securities sold | 6994283 |
|  Receivable for capital stock sold | 4273289 |
|  Unrealized appreciation on forward currency exchange contracts | 2362703 |
|  Receivable for terminated total return swaps | 588984 |
|  Market value of credit default swaps (net premiums paid $51,991) | 123736 |
|  Affiliated dividends receivable | 189 |
|  Total assets | 3208009637 |
| **Liabilities** |  |
|  Payable for reverse repurchase agreements | 72112651 |
|  Market value of credit default swaps (net premiums received $19,238,884) | 27770061 |
|  Payable for investment securities purchased | 16297737 |
|  Payable for capital stock redeemed | 14978563 |
|  Payable for capital gains taxes | 3515155 |
|  Unrealized depreciation on forward currency exchange contracts | 3291875 |
|  Dividends payable | 3090230 |
|  Payable for unsettled reverse repurchase agreements | 2942200 |
|  Cash collateral due to broker | 2110000 |
|  Advisory fee payable | 1190516 |
|  Payable for variation margin on futures | 1100749 |
|  Unrealized depreciation on total return swaps | 716171 |
|  Payable for variation margin on centrally cleared swaps | 470776 |
|  Distribution fee payable | 338083 |
|  Transfer Agent fee payable | 168526 |
|  Administrative fee payable | 23082 |
|  Accrued expenses | 920026 |
|  Total liabilities | 151036401 |
|  Net Assets | $**3056973236** |
| **Composition of Net Assets** |  |
|  Capital stock, at par | $474033 |
|  Additional paid-in capital | 4309483326 |
|  Accumulated loss | (1252984123) |
|  | $**3056973236** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **74 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**STATEMENT OF ASSETS & LIABILITIES** (continued)

**Net Asset Value Per Share—27 billion shares of capital stock authorized, $.001 par value** 

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| **A** | $&nbsp;&nbsp;&nbsp;&nbsp;854235542 | 132702045 | $&nbsp;&nbsp;&nbsp;&nbsp;6.44 \* |
| **C** | $199869777 | 30684226 | $6.51 |
| **Advisor** | $&nbsp;&nbsp;&nbsp;&nbsp;1754071676 | 272080531 | $6.45 |
| **R** | $20238335 | 3142172 | $6.44 |
| **K** | $5792056 | 898947 | $6.44 |
| **I** | $67757047 | 10499269 | $6.45 |
| **Z** | $155008803 | 24025820 | $6.45 |

---

\* The maximum offering price per share for Class A shares was $6.73 which reflects a sales charge of 4.25%. 

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 75** |

---

------

**STATEMENT OF OPERATIONS** 

**Year Ended October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** |  |  |
|  Interest (net of foreign taxes withheld of $40,438) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240360811 |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $156,750) | 2696816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 116839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243174466 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | 17961866 |  |
|  Distribution fee—Class A | 2479257 |  |
|  Distribution fee—Class C | 2592515 |  |
|  Distribution fee—Class R | 121913 |  |
|  Distribution fee—Class K | 43673 |  |
|  Transfer agency—Class A | 958890 |  |
|  Transfer agency—Class C | 250698 |  |
|  Transfer agency—Advisor Class | 2068938 |  |
|  Transfer agency—Class R | 63395 |  |
|  Transfer agency—Class K | 34938 |  |
|  Transfer agency—Class I | 87543 |  |
|  Transfer agency—Class Z | 42933 |  |
|  Custody and accounting | 303761 |  |
|  Printing | 299249 |  |
|  Audit and tax | 202859 |  |
|  Registration fees | 194119 |  |
|  Administrative | 83738 |  |
|  Legal | 59618 |  |
|  Directors' fees | 59355 |  |
|  Miscellaneous | 135694 |  |
|  Total expenses before interest expense | 28044952 |  |
|  Interest expense | 1076900 |  |
|  Total expenses | 29121852 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (24341) |  |
|  Net expenses |  | 29097511 |
|  Net investment income |  | 214076955 |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **76 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**STATEMENT OF OPERATIONS** (continued)

---

| | |
|:---|:---|
| **Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions<sup>(a)</sup> | $(94512805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 32543152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (27609249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (42145951) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written swaptions | 2726295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 4671629 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers | 239844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> | (668029890) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (4677661) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (15535273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 45980494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | (497430) |
|  Net loss on investment and foreign currency transactions | (766846845) |
|  Contributions from Affiliates (see Note B) | 1542 |
|  **Net Decrease in Net Assets from Operations** | $**(552768348)** |

---

(a) Net of foreign realized capital gains taxes of $81,921.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $1,043,562.

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 77** |

---

------

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $214076955 | $246213241 |
|  Net realized gain (loss) on investment and foreign currency transactions | (124326929) | 249126902 |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities | (642519916) | 119713702 |
|  Contributions from Affiliates<br>(see Note B) | 1542 | 228 |
|  Net increase (decrease) in net assets from operations | (552768348) | 615054073 |
|  Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (63807361) | (65254803) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (14384272) | (19047946) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (142205592) | (161288193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1457716) | (1895216) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (1023882) | (2617992) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (5310765) | (5699165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (13300188) | (16116795) |
|  Return of Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | – 0 | (6198609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | – 0 | (1809381) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | – 0 | (15320902) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | – 0 | (180028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | – 0 | (248685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | – 0 | (541369) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | – 0 | (1530948) |
| **Capital Stock Transactions** |  |  |
|  Net decrease | (637925886) | (1051718166) |
|  Total decrease | (1432184010) | (734414125) |
| **Net Assets** |  |  |
|  Beginning of period | 4489157246 | 5223571371 |
|  End of period | $**3056973236** | $**4489157246** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **78 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

AB High Income Fund, Inc. (the "Fund") is organized as a Maryland corporation and is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund offers Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares. Class B and Class T shares have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. Class R and Class K shares are sold without an initial or contingent deferred sales charge. Advisor Class, Class I and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All nine classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

**1. Security Valuation** 

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at "fair value" as determined in accordance with procedures approved by and under the oversight of the Fund's Board of Directors (the "Board"). Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser") serves as the Fund's valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund's portfolio investments, subject to the Board's oversight.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 79** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the "Committee") must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by

---

| | |
|:---|:---|
| **80 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

**2. Fair Value Measurements** 

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 81** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management's proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on an exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable

---

| | |
|:---|:---|
| **82 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as a significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** |  |  |  |  |  |
|  Corporates – Non-Investment Grade | $– 0 | $1792595377 | $903863 | <sup>#</sup> | $1793499240 |
|  Corporates – Investment Grade | – 0 | 358071488 | – 0 |  | 358071488 |
|  Bank Loans | – 0 | 186361510 | 26419137 |  | 212780647 |
|  Emerging Markets – Corporate Bonds | – 0 | 184644601 | 1307709 | <sup>#</sup> | 185952310 |
|  Collateralized Mortgage Obligations | – 0 | 156595532 | – 0 |  | 156595532 |
|  Collateralized Loan Obligations | – 0 | 97228162 | – 0 |  | 97228162 |
|  Governments – Treasuries | – 0 | 79160234 | – 0 |  | 79160234 |
|  Emerging Markets – Sovereigns | – 0 | 76403079 | – 0 |  | 76403079 |
|  Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;19940617 | &nbsp;&nbsp;&nbsp;&nbsp;14498597 | &nbsp;&nbsp;&nbsp;&nbsp;12067358 | <sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46506572 |
|  Quasi-Sovereigns | – 0 | 17639415 | – 0 |  | 17639415 |
|  Local Governments – US Municipal Bonds | – 0 | 13050696 | – 0 |  | 13050696 |
|  Commercial Mortgage-Backed Securities | – 0 | 12702998 | – 0 |  | 12702998 |
|  Preferred Stocks | 5721300 | – 0 | 4734000 |  | 10455300 |
|  Inflation-Linked Securities | – 0 | 10159272 | – 0 |  | 10159272 |
|  Warrants | 11573 | – 0 | 4585073 | <sup>#</sup> | 4596646 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 83** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  Asset-Backed Securities | $– 0 | $1838137 | $158281 |  | $1996418 |
|  Rights | – 0 | – 0 | 51616 |  | 51616 |
|  Governments – Sovereign Bonds | – 0 | – 0 | 0 | <sup>#</sup> | – 0 |
|  Short-Term Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | – 0 | 29207298 | – 0 |  | 29207298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 10097106 | – 0 | – 0 |  | 10097106 |
|  Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;35770596 | 3030156396 | 50227037 |  | 3116154029 |
|  **Other Financial Instruments\*:** |  |  |  |  |  |
|  **Assets** |  |  |  |  |  |
|  Forward Currency Exchange Contracts | – 0 | 2362703 | – 0 |  | 2362703 |
|  Credit Default Swaps | – 0 | 123736 | – 0 |  | 123736 |
|  **Liabilities** |  |  |  |  |  |
|  Futures | (17743586) | – 0 | – 0 |  | (17743586) |
|  Forward Currency Exchange Contracts | – 0 | (3291875) | – 0 |  | (3291875) |
|  Centrally Cleared Credit Default Swaps | – 0 | (1231121) | – 0 |  | (1231121) |
|  Credit Default Swaps | – 0 | (27770061) | – 0 |  | (27770061) |
|  Total Return Swaps | – 0 | (716171) | – 0 |  | (716171) |
|  Reverse Repurchase Agreements | (72112651) | – 0 | – 0 |  | (72112651) |
|  **Total** | $**(54085641** | $**2999633607** | $**50227037** |  | $**2995775003** |

---

# The Fund held securities with zero market value at period end.

\* Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value. 

† Only variation margin receivable/(payable) at period end is reported within the statement of assets and liabilities. This
amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

---

| | |
|:---|:---|
| **84 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Corporates -<br>Non-Investment<br>Grade#** | **Bank Loans** | **Emerging<br>Markets -<br>Corporate<br>Bonds#** | **Common<br>Stocks#** |
|  **Balance as of 10/31/21** | $**1028380** | $**39398248** | $**24976** | $**49557924** |
|  Accrued discounts/ (premiums) | – 0 | – 0 | 1555 | – 0 |
|  Realized gain (loss) | 24134 | 82406 | 7397 | (1386812) |
|  Change in unrealized appreciation (depreciation) | (124516) | (1910839) | (1065271) | (9578160) |
|  Purchases | – 0 | 1171030 | 1853609 | 2574670 |
|  Sales | (24135) | (3554178) | (7397) | (17938686) |
|  Transfers into Level 3 | – 0 | 11158600 | 517817 | – 0 |
|  Transfers out of Level 3 | – 0 | (19926130) | (24977) | (11161578) |
|  **Balance as of 10/31/22** | $**903863** | $**26419137** | $**1307709** | $**12067358** |
|  Net change in unrealized appreciation (depreciation) from investments held as of 10/31/22\* | $(124516) | $(1837561) | $(1065271) | $(11296222) |
|  | **Preferred<br>Stocks** | **Warrants#** | **Asset-<br>Backed<br>Securities** | **Rights** |
|  **Balance as of 10/31/21** | $**4609800** | $**3285967** | $**5305374** | $**61481** |
|  Accrued discounts/ (premiums) | – 0 | – 0 | (4240049) | – 0 |
|  Realized gain (loss) | – 0 | (3007) | 310540 | – 0 |
|  Change in unrealized appreciation (depreciation) | 124200 | 1302113 | (230393) | (9865) |
|  Sales/Paydowns | – 0 | – 0 | (987191) | – 0 |
|  Transfers into Level 3 | – 0 | – 0 | – 0 | – 0 |
|  Transfers out of Level 3 | – 0 | – 0 | – 0 | – 0 |
|  **Balance as of 10/31/22** | $**4734000** | $**4585073** | $**158281** | $**51616** |
|  Net change in unrealized appreciation (depreciation) from investments held as of 10/31/22\* | $124200 | $1299106 | $(230393) | $(9865) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 85** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Governments -<br>Sovereign<br>Bonds#** | **Total** |
|  **Balance as of 10/31/21** | $**– 0** | $**103272150** |
|  Accrued discounts/ (premiums) | – 0 | (4238494) |
|  Realized gain (loss) | – 0 | (965342) |
|  Change in unrealized appreciation (depreciation) | – 0 | (11492731) |
|  Purchases ...………… | – 0 | 5599309 |
|  Sales/Paydowns | – 0 | (22511587) |
|  Transfers into Level 3 | – 0 | 11676417 |
|  Transfers out of Level 3 | – 0 | (31112685) |
|  **Balance as of 10/31/22** | $**– 0** | $**50227037** |
|  Net change in unrealized appreciation (depreciation) from investments held as of 10/31/22\* | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $(13140522) |

---

# The Fund held securities with zero market value that were sold/expired/written off during the reporting period.

\* The unrealized appreciation (depreciation) is included in net change in unrealized appreciation (depreciation) on investments and other financial instruments in the accompanying statement of operations.

The following presents information about significant unobservable inputs related to the Fund's Level 3 investments at October 31, 2022. Securities priced (i) by third party vendors, (ii) by brokers or (iii) using prior transaction prices, which approximates fair value, are excluded from the following table.

**Quantitative Information about Level 3 Fair Value Measurements** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair<br>Value at<br>10/31/22** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Input** |
|  Corporates – Non-Investment Grade | $903863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>20% |
|  | $– 0 | Qualitative<br>Assessment |  | $0.00 |
|  | $903863 |  |  |  |
|  Emerging Markets – Corporate Bonds. | $1304731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Expected Sale<br>Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>$60.02 |
|  | $1367 | Transaction<br>(Sale) Price | Trade Price | $0.01 |
|  | $1361 | Transaction<br>(Sale) Price | Trade Price | $0.01 |
|  | $250 | Transaction<br>(Sale) Price | Trade Price | $0.01 |
|  | $1307709 |  |  |  |

---

---

| | |
|:---|:---|
| **86 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair<br>Value at<br>10/31/22** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Input** |
|  Common Stocks | $2160157 | NAV Calculation | Catastrophe Claims | $839.00 |
|  | $505625 | Guideline Public<br>Company and<br>Optional Value | Volatility | 25% |
|  | $5 | Qualitative<br>Assessment |  | $0.00 |
|  | $– 0 | Qualitative<br>Assessment |  | $0.00 |
|  | $2665787 |  |  |  |
|  Warrants. | $4585073 | Options Model | Volatility | 40% |
|  Asset-Backed Securities. | $158281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Discounted<br>Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>10-13% |
|  Governments – Sovereign Bonds. | $– 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Qualitative<br>Assessment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>$0.00 |

---

*Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in Discount Rate, Expected Sale Price, Trade Price, Catastrophe Claims and Volatility in isolation would be expected to result in a significantly higher (lower) fair value measurement.* 

**3. Currency Translation** 

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at the rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 87** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**4. Taxes** 

It is the Fund's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund's financial statements.

**5. Investment Income and Investment Transactions** 

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

**6. Class Allocations** 

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each settled class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

**7. Dividends and Distributions** 

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital

---

| | |
|:---|:---|
| **88 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

**NOTE B** 

**Advisory Fee and Other Transactions with Affiliates** 

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .50% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the year ended October 31, 2022, the reimbursement for such services amounted to $83,738.

The Fund compensates AllianceBernstein Investor Services, Inc. ("ABIS"), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $859,303 for the year ended October 31, 2022.

AllianceBernstein Investments, Inc. (the "Distributor"), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund's shares. The Distributor has advised the Fund that it has retained front-end sales charges of $34,929 from the sale of Class A shares and received $5,791 and $19,506 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended October 31, 2022.

The Fund may invest in AB Government Money Market Portfolio (the "Government Money Market Portfolio") which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund's pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended October 31, 2022, such waiver amounted to $24,341.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 89** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

A summary of the Fund's transactions in affiliated issuers for the year ended October 31, 2022 is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market<br>Value<br>10/31/21<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Realized**<br>**Gain**<br>**(000)** | **Change in<br>Unrealized<br>Appr./**<br>**(Depr.)**<br>**(000)** | **Market<br>Value<br>10/31/22<br>(000)** | **Dividend<br>Income<br>(000)** |
|  Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;118010 | $&nbsp;&nbsp;&nbsp;&nbsp;1007861 | $&nbsp;&nbsp;&nbsp;&nbsp;1115774 | $– 0 – $| – 0 | $&nbsp;&nbsp;&nbsp;&nbsp;10097 | $117 |
|  Golden Energy Offshore Services AS | 324 | – 0 | – 0 | – 0 – | 240 | 564 | – 0 |
|  Total |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;240 | $10661 | $&nbsp;&nbsp;&nbsp;&nbsp;117 |

---

During the year ended October 31, 2022 and the year ended October 31, 2021, the Adviser reimbursed the Fund $1,542 and $228, respectively, for trading losses incurred due to trade entry errors.

**NOTE C** 

**Distribution Services Agreement** 

The Fund has adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to ..30% of the Fund's average daily net assets attributable to Class A shares, 1% of the Fund's average daily net assets attributable to Class C shares, .50% of the Fund's average daily net assets attributable to Class R shares and ..25% of the Fund's average daily net assets attributable to Class K shares. There are no distribution and servicing fees on Advisor Class, Class I and Class Z shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares' average daily net assets. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund's operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amounts of $19,909,651, $1,332,066 and $1,432,985 for Class C, Class R and Class K shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A

---

| | |
|:---|:---|
| **90 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund's shares.

**NOTE D** 

**Investment Transactions** 

Purchases and sales of investment securities (excluding short-term investments) for the year ended October 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999236277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564358986 |
|  U.S. government securities | 34817882 | 97053423 |

---

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3807364960 |
|  Gross unrealized appreciation | $78683395 |
|  Gross unrealized depreciation | (757846800) |
|  Net unrealized depreciation | $(679163405) |

---

**1. Derivative Financial Instruments** 

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, "investment purposes"), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Forward Currency Exchange Contracts** 

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under "Currency Transactions".

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 91** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the year ended October 31, 2022, the Fund held forward currency exchange contracts for hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Futures** 

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under "Currency Transactions".

At the time the Fund enters into futures, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/ counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day's settlement price, which could effectively prevent liquidation of unfavorable positions.

---

| | |
|:---|:---|
| **92 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the year ended October 31, 2022, the Fund held futures for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Option Transactions** 

For hedging and investment purposes, the Fund may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Fund may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under "Currency Transactions" and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call purchased option by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. Put and call purchased options are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option. The Fund's maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Fund on the expiration date as realized gains from written options. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 93** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

unfavorable change in the price of the security or currency underlying the written option. Exercise of a written option by the Fund could result in the Fund selling or buying a security or currency at a price different from the current market value.

The Fund may also invest in options on swap agreements, also called "swaptions". A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based "premium". A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return of a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties. The Fund's maximum payment for written put swaptions equates to the notional amount of the underlying swap. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract.

During the year ended October 31, 2022, the Fund held written swaptions for non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures including by making direct investments in foreign currencies, as described below under "Currency Transactions" or in order to take a "long" or "short" position with respect to an underlying referenced asset described below under "Total Return Swaps". A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk.

---

| | |
|:---|:---|
| **94 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/ depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants ("FCMs") that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 95** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

**Credit Default Swaps:** 

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection ("Buy Contract") or provide credit protection ("Sale Contract") on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the "Maximum Payout Amount") and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligation with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/ performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of

---

| | |
|:---|:---|
| **96 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation's credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced obligation.

During the year ended October 31, 2022, the Fund held credit default swaps for non-hedging purposes.

**Total Return Swaps:** 

The Fund may enter into total return swaps in order to take a "long" or "short" position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty.

During the year ended October 31, 2022, the Fund held total return swaps for non-hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreement") with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund's net liability, held by the defaulting party, may be delayed or denied.

The Fund's ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels ("net asset contingent features"). If these levels are triggered, the Fund's OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 97** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the year ended October 31, 2022, the Fund had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Receivable/<br>Payable for<br>variation margin<br>on futures | $17743586 <br>\* |
|  Foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Unrealized<br>appreciation on<br>forward<br>currency exchange<br>contracts | $2362703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Unrealized<br>depreciation on<br>forward currency<br>exchange<br>contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>3291875 |
|  Credit contracts | Market value of<br>credit default<br>swaps | 123736 | Market value of<br>credit default<br>swaps | 27770061 |
|  Credit contracts | Receivable/<br>Payable for<br>variation margin on<br>centrally cleared<br>swaps | 3576791 \* |  |  |
|  Credit contracts |  |  | Unrealized<br>depreciation on<br>total return swaps | 716171 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;6063230 |  | $&nbsp;&nbsp;&nbsp;&nbsp;49521693 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. 

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net realized gain/(loss) on futures; Net change in unrealized appreciation (depreciation) on futures | $(27609249) | $(15535273) |
|  Foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net realized gain/(loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) on forward currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>32543152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>(4677661) |

---

---

| | |
|:---|:---|
| **98 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Credit contracts | Net realized gain/(loss) on swaps; Net change in unrealized appreciation (depreciation) on swaps | $(42145951) | $45980494 |
|  Credit Contracts | Net realized gain/(loss) on written swaptions; Net change in unrealized appreciation (depreciation) on written swaptions | 2726295 | – 0 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;(34485753) | $&nbsp;&nbsp;&nbsp;&nbsp;25767560 |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the year ended October 31, 2022:

---

| | |
|:---|:---|
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $269103780 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $222805563 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $21054291 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190899352 |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $271580841 |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $35241930 |
|  Written Swaptions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $175890000 <sup>(b)</sup> |

---

(a) Positions were open for eleven months during the reporting period.

(b) Positions were open for three months during the reporting period.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Fund as of October 31, 2022. Exchange-traded derivatives

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 99** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Bank of America, NA. | $55147 | $(55147) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $– 0 |
|  Brown Brothers Harriman & Co. | 9584 | (9177) | – 0 | – 0 | 407 |
|  Goldman Sachs International | 123736 | (123736) | – 0 | – 0 | – 0 |
|  Morgan Stanley Capital Services LLC/Morgan Stanley & Co. International PLC | 1472964 | (1472964) | – 0 | – 0 | – 0 |
|  Royal Bank of Scotland PLC | 825008 | (4689) | – 0 | – 0 | 820319 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;2486439 | $&nbsp;&nbsp;&nbsp;&nbsp;(1665713 | $– 0 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;820726 |
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Bank of America, NA. | $3217898 | $(55147) | $– 0 | $– 0 | $3162751 |
|  BNP Paribas SA | 12598 | – 0 | – 0 | – 0 | 12598 |
|  Brown Brothers Harriman & Co. | 9177 | (9177) | – 0 | – 0 | – 0 |
|  Citibank, NA./Citigroup Global Markets, Inc | 12793457 | – 0 | (12793457) | – 0 | – 0 |
|  Credit Suisse International | 2513533 | – 0 | – 0 | (2513533) | – 0 |
|  Deutsche Bank AG | 379874 | – 0 | (379874) | – 0 | – 0 |
|  Goldman Sachs International | 5882322 | (123736) | (5758586) | – 0 | – 0 |
|  JPMorgan Chase Bank, NA/JPMorgan Securties, LLC. | 1031269 | – 0 | (180000) | (829019) | 22250 |
|  Morgan Stanley Capital Services LLC/Morgan Stanley & Co. International PLC | 5933290 | (1472964) | – 0 | (4460326) | – 0 |
|  Royal Bank of Scotland PLC | 4689 | (4689) | – 0 | – 0 | – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;31778107 | $&nbsp;&nbsp;&nbsp;&nbsp;(1665713 | $&nbsp;&nbsp;&nbsp;&nbsp;(19111917 | $&nbsp;&nbsp;&nbsp;&nbsp;(7802878 | $&nbsp;&nbsp;&nbsp;&nbsp;3197599 |

---

\* The actual collateral received/pledged may be more than the amount reported due to overcollateralization. 

---

| | |
|:---|:---|
| ^ | Net amount represents the net receivable/(payable) that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.  |

---

See Note D.3 for additional disclosure of netting arrangements regarding reverse repurchase agreements.

---

| | |
|:---|:---|
| **100 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**2. Currency Transactions** 

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

**3. Reverse Repurchase Agreements** 

The Fund may enter into reverse repurchase transactions ("RVP") in accordance with the terms of a Master Repurchase Agreement ("MRA"), under which the Fund sells securities and agrees to repurchase them at a mutually agreed upon date and price. At the time the Fund enters into a reverse repurchase agreement, it will establish a segregated account with the custodian containing liquid assets having a value comparable to the repurchase price. Under the MRA and other Master Agreements, the Fund is permitted to offset payables and/or receivables with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund in the event of a default. In the event of a default by a MRA counterparty, the Fund may be considered an unsecured creditor with respect to any excess collateral (collateral with a market value in excess of the repurchase price) held by and/or posted to the counterparty, and as such the return of such excess collateral may be delayed or denied. For the year ended October 31, 2022, the average amount of reverse repurchase agreements outstanding was $65,191,776 and the daily weighted average interest rate was 0.62%. At October 31, 2022, the Fund had reverse repurchase agreements outstanding in the amount of $72,112,651 as reported in the statement of assets and liabilities.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 101** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table presents the Fund's RVP liabilities by counterparty net of the related collateral pledged by the Fund as of October 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **RVP Liabilities**<br>**Subject to a MRA** | **Securities**<br>**Collateral**<br>**Pledged<sup>†\*</sup>** | **Net Amount of<br>RVP Liabilities** |
|  Barclays Capital, Inc. | $45582826 | $(45582826) | $– 0 |
|  Credit Suisse Securities (USA) LLC | 14605353 | (14605353) | – 0 |
|  HSBC Securities (USA), Inc. | 11924472 | (11404214) | 520258 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72112651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71592393) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520258 |

---

† Including accrued interest.

\* The actual collateral pledged may be more than the amount reported due to overcollateralization. 

**NOTE E** 

**Capital Stock** 

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Class A** |  |  |  |  |
|  Shares sold | 15905777 | 18378622 | $114246772 | $146928971 |
|  Shares issued in reinvestment of dividends | 5379949 | 5402802 | 38153605 | 43262233 |
|  Shares converted from Class C | 5949667 | 14465645 | 42847087 | 115910952 |
|  Shares redeemed | (39564398) | (45088455) | (287018195) | (359958589) |
|  **Net decrease** | **(12329005)** | **(6841386)** | $**(91770731)** | $**(53856433)** |
| **Class C** |  |  |  |  |
|  Shares sold | 2841916 | 3865703 | $20677368 | $31283319 |
|  Shares issued in reinvestment of dividends | 1046960 | 1398773 | 7544238 | 11325019 |
|  Shares converted to Class A | (5881400) | (14292365) | (42847087) | (115910952) |
|  Shares redeemed | (7531486) | (10688126) | (55218726) | (86352830) |
|  **Net decrease** | **(9524010)** | **(19716015)** | $**(69844207)** | $**(159655444)** |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 98562595 | 93983838 | $705569610 | $751166463 |
|  Shares issued in reinvestment of dividends | 10842418 | 12740099 | 77264645 | 102112074 |
|  Shares redeemed | (160045623) | (192337848) | (1148316821) | (1539966954) |
|  **Net decrease** | **(50640610)** | **(85613911)** | $**(365482566)** | $**(686688417)** |

---

---

| | |
|:---|:---|
| **102 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Class R** |  |  |  |  |
|  Shares sold | 596584 | 845835 | $4381283 | $6739791 |
|  Shares issued in reinvestment of dividends | 204455 | 257636 | 1453535 | 2062964 |
|  Shares redeemed | (1772955) | (2096689) | (13313101) | (16743367) |
|  **Net decrease** | **(971916)** | **(993218)** | $**(7478283)** | $**(7940612)** |
| **Class K** |  |  |  |  |
|  Shares sold | 547575 | 1014155 | $4111068 | $8098236 |
|  Shares issued in reinvestment of dividends | 135766 | 356051 | 1012782 | 2850350 |
|  Shares redeemed | (4593538) | (5625599) | (34469579) | (44991844) |
|  **Net decrease** | **(3910197)** | **(4255393)** | $**(29345729)** | $**(34043258)** |
| **Class I** |  |  |  |  |
|  Shares sold | 1857901 | 6181130 | $13752642 | $49571948 |
|  Shares issued in reinvestment of dividends | 717028 | 732679 | 5098333 | 5873862 |
|  Shares redeemed | (3437334) | (13002139) | (24866171) | (104269021) |
|  **Net decrease** | **(862405)** | **(6088330)** | $**(6015196)** | $**(48823211)** |
| **Class Z** |  |  |  |  |
|  Shares sold | 19078479 | 13779108 | $139258177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110601217 |
|  Shares issued in reinvestment of dividends | 1763658 | 2119379 | 12574282 | 16992545 |
|  Shares redeemed | (30083081) | (23482762) | (219821633) | (188304553) |
|  **Net decrease** | **(9240944)** | **(7584275)** | $**(67989174)** | $**(60710791)** |

---

**NOTE F** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The value of the Fund's assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

**Interest-Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 103** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**Credit Risk**—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

**Below Investment-Grade Securities Risk**—Investments in fixed-income securities with lower ratings (commonly known as "junk bonds") tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

**Duration Risk**—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

**Inflation Risk**—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions. This risk is significantly greater for fixed-income securities with longer maturities.

**Foreign (Non-U.S.) Risk**—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

**Emerging-Market Risk**—Investments in emerging market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

---

| | |
|:---|:---|
| **104 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**Currency Risk**—Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.

**Mortgage-Related and/or Other Asset-Backed Securities Risk**—Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include "extension risk", which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and "prepayment risk", which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

**Loan Participations and Assignments Risk**—When the Fund purchases loan participations and assignments, it is subject to the credit risk associated with the underlying corporate borrower. In addition, the lack of a liquid secondary market for loan participations and assignments may have an adverse impact on the value of such investments and the Fund's ability to dispose of particular assignments or participations when necessary to meet the Fund's liquidity needs or in response to a specific economic event such as a deterioration in the creditworthiness of the borrower.

**Leverage Risk**—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

**Derivatives Risk**—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Fund to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 105** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

**Illiquid Investments Risk**—Illiquid investments risk exists when certain investments become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to

---

| | |
|:---|:---|
| **106 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

**Indemnification Risk**—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

**Management Risk**—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

**NOTE G** 

**Joint Credit Facility** 

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the year ended October 31, 2022.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 107** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**NOTE H** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal years ended October 31, 2022 and October 31, 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $241489776 | $271920110 |
|  Total taxable distributions paid | 241489776 | 271920110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | – 0 | 25829922 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241489776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297750032 |

---

As of October 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $11173503 |
|  Accumulated capital and other losses | (536269027)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (704019746)<sup>(b)</sup> |
|  Total accumulated earnings/(deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1229115270)<sup>(c)</sup> |

---

(a) As of October 31, 2022, the Fund had a net capital loss carryforward of $536,269,027.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to
the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of hyperinflationary currency contracts, the tax treatment of swaps, the tax deferral of losses on wash sales, the tax treatment of
partnership investments, and the tax treatment of callable bonds.

(c) The differences between book-basis and tax-basis components of accumulated earnings/(deficit) are attributable primarily
to the accrual of foreign capital gains tax, the tax treatment of defaulted securities, and dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of October 31, 2022, the Fund had a net short-term capital loss carryforward of $186,457,515 and a net long-term capital loss carryforward of $349,811,512, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to contributions from the adviser and a prior year true-up resulted in a net decrease in accumulated loss and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

**NOTE I** 

**Recent Accounting Pronouncements** 

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, "Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on

---

| | |
|:---|:---|
| **108 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Financial Reporting." ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

**NOTE J** 

**Subsequent Events** 

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund's financial statements through this date.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 109** |

---

------

**FINANCIAL HIGHLIGHTS** 

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $7.98 | $7.53 | $8.19 | $8.14 | $8.91 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .41 | .40 | .41 | .47 | .50 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.48) | .53 | (.59 | .11 | (.71) |
|  Contributions from Affiliates | .00 | .00 | .00 | .00 <sup>(c)</sup> | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | (1.07) | .93 | (.18 | .58 | (.21) |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.47 | (.44 | (.48 | (.41) | (.49) |
|  Return of capital | – 0 | (.04 | – 0 | (.12) | (.07) |
|  Total dividends and distributions | (.47 | (.48 | (.48 | (.53) | (.56) |
|  Net asset value, end of period | **$6.44** | **$7.98** | **$7.53** | **$8.19** | **$8.14** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (13.83) | 12.52 | (2.02) | 7.33% | (2.51)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $854235 | $1157302 | $1143143 | $1329150 | $1350517 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>†</sup> | .90 | .84 | .86 | .87% | .84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)†</sup> | .90 | .84 | .86 | .88% | .85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.69 | 4.95 | 5.43 | 5.82% | 5.86% |
|  Portfolio turnover rate | 28 | 48 | 54 | 49% | 35% |
|  <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .00 | .00 | .01% | .00% |

---

See footnote summary on page 117.

---

| | |
|:---|:---|
| **110 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $8.07 | $7.62 | $8.29 | $8.24 | $9.01 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .35 | .33 | .35 | .41 | .44 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.50) | .54 | (.60 | .10 | (.72) |
|  Contributions from Affiliates | .00 | .00 | .00 | .00 <sup>(c)</sup> | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | (1.15) | .87 | (.25 | .51 | (.28) |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.41 | (.38 | (.42 | (.35) | (.43) |
|  Return of capital | – 0 | (.04 | – 0 | (.11) | (.06) |
|  Total dividends and distributions | (.41 | (.42 | (.42 | (.46) | (.49) |
|  Net asset value, end of period | **$6.51** | **$8.07** | **$7.62** | **$8.29** | **$8.24** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (14.69) | 11.65 | (2.86) | 6.43% | (3.21)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $199870 | $324644 | $456375 | $649108 | $842095 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>†</sup> | 1.64 | 1.58 | 1.61 | 1.62% | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>†</sup> | 1.64 | 1.59 | 1.61 | 1.62% | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 4.81 | 4.14 | 4.56 | 5.00% | 5.04% |
|  Portfolio turnover rate | 28 | 48 | 54 | 49% | 35% |
|  <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .00 | .00 | .01% | .00% |

---

See footnote summary on page 117.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 111** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $7.99 | $7.54 | $8.20 | $8.15 | $8.92 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .43 | .42 | .43 | .49 | .52 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.49) | .53 | (.59 | .11 | (.71) |
|  Contributions from Affiliates | .00 | .00 | .00 | .00 <sup>(c)</sup> | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | (1.06) | .95 | (.16 | .60 | (.19) |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.48 | (.46 | (.50 | (.42) | (.50) |
|  Return of capital | – 0 | (.04 | – 0 | (.13) | (.08) |
|  Total dividends and distributions | (.48 | (.50 | (.50 | (.55) | (.58) |
|  Net asset value, end of period | **$6.45** | **$7.99** | **$7.54** | **$8.20** | **$8.15** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (13.70) | 12.92 | (1.77) | 7.58% | (2.26)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $1754072 | $2579006 | $3077869 | $2976343 | $3185833 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>†</sup> | .64 | .59 | .61 | .62% | .59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>†</sup> | .65 | .59 | .61 | .63% | .60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.90 | 5.20 | 5.57 | 6.05% | 6.10% |
|  Portfolio turnover rate | 28 | 48 | 54 | 49% | 35% |
|  <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .00 | .00 | .01% | .00% |

---

See footnote summary on page 117.

---

| | |
|:---|:---|
| **112 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $7.98 | $7.53 | $8.19 | $8.14 | $8.90 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .38 | .36 | .38 | .44 | .47 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.48) | .54 | (.59 | .10 | (.71 |
|  Contributions from Affiliates | .00 | .00 | .00 | .00 <sup>(c)</sup> | .00 |
|  Net increase (decrease) in net asset value from operations | (1.10) | .90 | (.21 | .54 | (.24 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.44 | (.41 | (.45 | (.38) | (.45 |
|  Return of capital | – 0 | (.04 | – 0 | (.11) | (.07 |
|  Total dividends and distributions | (.44 | (.45 | (.45 | (.49) | (.52 |
|  Net asset value, end of period | **$6.44** | **$7.98** | **$7.53** | **$8.19** | **$8.14** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (14.30) | 12.17 | (2.49) | 6.89% | (2.80) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $20238 | $32847 | $38435 | $57226 | $69442 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>†</sup> | 1.31 | 1.27 | 1.32 | 1.28% | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>†</sup> | 1.31 | 1.27 | 1.33 | 1.28% | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.24 | 4.53 | 4.93 | 5.43% | 5.47 |
|  Portfolio turnover rate | 28 | 48 | 54 | 49% | 35 |
|  <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .00 | .00 | .01% | .00 |

---

See footnote summary on page 117.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 113** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $7.99 | $7.53 | $8.19 | $8.14 | $8.91 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .39 | .39 | .40 | .47 | .50 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.49) | .54 | (.59 | .10 | (.72) |
|  Contributions from Affiliates | .00 | .00 | .00 | .00 <sup>(c)</sup> | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | (1.10) | .93 | (.19 | .57 | (.22) |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.45 | (.43 | (.47 | (.40) | (.48) |
|  Return of capital | – 0 | (.04 | – 0 | (.12) | (.07) |
|  Total dividends and distributions | (.45 | (.47 | (.47 | (.52) | (.55) |
|  Net asset value, end of period | **$6.44** | **$7.99** | **$7.53** | **$8.19** | **$8.14** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (14.07) | 12.53 | (2.15) | 7.25% | (2.58)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $5792 | $38413 | $68253 | $110135 | $122030 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>†</sup> | .97 | .94 | .98 | .94% | .91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>†</sup> | .97 | .94 | .98 | .94% | .91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.15 | 4.87 | 5.27 | 5.76% | 5.83% |
|  Portfolio turnover rate | 28 | 48 | 54 | 49% | 35% |
|  <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .00 | .00 | .01% | .00% |

---

See footnote summary on page 117.

---

| | |
|:---|:---|
| **114 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $8.00 | $7.54 | $8.20 | $8.15 | $8.92 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .43 | .42 | .42 | .50 | .53 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.50) | .54 | (.58 | .10 | (.72) |
|  Contributions from Affiliates | .00 | .00 | .00 | .00 <sup>(c)</sup> | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | (1.07) | .96 | (.16 | .60 | (.19) |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.48 | (.46 | (.50 | (.42) | (.50) |
|  Return of capital | – 0 | (.04 | – 0 | (.13) | (.08) |
|  Total dividends and distributions | (.48 | (.50 | (.50 | (.55) | (.58) |
|  Net asset value, end of period | **$6.45** | **$8.00** | **$7.54** | **$8.20** | **$8.15** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (13.72) | 12.91 | (1.81) | 7.61% | (2.23)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $67757 | $90893 | $131550 | $167518 | $192941 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>†</sup> | .66 | .59 | .64 | .60% | .56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>†</sup> | .66 | .59 | .64 | .60% | .56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.91 | 5.21 | 5.57 | 6.09% | 6.15% |
|  Portfolio turnover rate | 28 | 48 | 54 | 49% | 35% |
|  <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .00 | .00 | .01% | .00% |

---

See footnote summary on page 117.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 115** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $8.00 | $7.54 | $8.20 | $8.15 | $8.92 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .43 | .42 | .43 | .50 | .54 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.49) | .55 | (.59 | .10 | (.73) |
|  Contributions from Affiliates | .00 | .00 | .00 | .00 <sup>(c)</sup> | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | (1.06) | .97 | (.16 | .60 | (.19) |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.49 | (.47 | (.50 | (.42) | (.50) |
|  Return of capital | – 0 | (.04 | – 0 | (.13) | (.08) |
|  Total dividends and distributions | (.49 | (.51 | (.50 | (.55) | (.58) |
|  Net asset value, end of period | **$6.45** | **$8.00** | **$7.54** | **$8.20** | **$8.15** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (13.64) | 12.99 | (1.76) | 7.68% | (2.18)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $155009 | $266052 | $307946 | $330538 | $359903 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>†</sup> | .57 | .53 | .59 | .54% | .52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>†</sup> | .57 | .53 | .59 | .54% | .52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.96 | 5.26 | 5.66 | 6.16% | 6.27% |
|  Portfolio turnover rate | 28 | 48 | 54 | 49% | 35% |
|  <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .00 | .00 | .01% | .00% |

---

See footnote summary on page 117.

---

| | |
|:---|:---|
| **116 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

**Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period** 

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $0.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the
period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charge or contingent deferred sales charge is not reflected in the calculation of total
investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return for a period of less than one year is not annualized.

(e) The expense ratios presented below exclude interest expense:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Class A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .87% | .84% | .86% | .85% | .82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .87% | .84% | .86% | .86% | .83% |
|  Class C |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.61% | 1.58% | 1.60% | 1.60% | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.61% | 1.59% | 1.60% | 1.60% | 1.57% |
|  Advisor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .62% | .59% | .60% | .60% | .57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .63% | .59% | .60% | .61% | .58% |
|  Class R |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.28% | 1.27% | 1.32% | 1.26% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.28% | 1.27% | 1.33% | 1.26% | 1.24% |
|  Class K |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .97% | .94% | .97% | .92% | .89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .97% | .94% | .97% | .92% | .89% |
|  Class I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .63% | .59% | .64% | .58% | .54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .63% | .59% | .64% | .58% | .54% |
|  Class Z |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .54% | .53% | .58% | .52% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .54% | .53% | .58% | .52% | .50% |

---

---

| | |
|:---|:---|
| ^ | The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.  |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 117** |

---

------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

**To the Board of Directors and Shareholders of** 

**AB High Income Fund, Inc.** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of AB High Income Fund, Inc. (the "Fund"), including the portfolio of investments, as of October 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included

---

| | |
|:---|:---|
| **118 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

confirmation of securities owned as of October 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g475757g91r55.jpg)

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

December 28, 2022

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 119** |

---

------

**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended October 31, 2022.

For corporate shareholders, 1.02% of dividends paid qualify for the dividends received deduction.

For individual shareholders, the Fund designates 1.02% of dividends paid as qualified dividend income.

For foreign shareholders, 47.01% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

---

| | |
|:---|:---|
| **120 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**BOARD OF DIRECTORS** 

---

| | |
|:---|:---|
| **Marshall C. Turner, Jr.**<sup>(1)</sup>**,**<br> Chairman<br> **Jorge A. Bermudez**<sup>(1)</sup><br> **Michael J. Downey**<sup>(1)</sup><br> **Onur Erzan,** President and Chief Executive Officer | **Nancy P. Jacklin**<sup>(1)</sup><br> **Jeanette W. Loeb**<sup>(1)</sup><br> **Carol C. McMullen**<sup>(1)</sup><br> **Garry L. Moody**<sup>(1)</sup> |

---

**OFFICERS** 

---

| | |
|:---|:---|
| **Christian DiClementi**<sup>(2)</sup>**,** Vice President<br> **Gershon M. Distenfeld**<sup>(2)</sup>**,** Vice President<br> **Fahd Malik**<sup>(2)</sup>**,** Vice President<br> **Matthew S. Sheridan**<sup>(2)</sup>**,** Vice President<br> **William Smith**<sup>(2)</sup>**,** Vice President<br> **Emilie D. Wrapp,** Secretary | **Michael B. Reyes,** Senior Vice President<br> **Joseph J. Mantineo,** Treasurer<br> and Chief Financial Officer<br> **Stephen M. Woetzel,** Controller<br> **Vincent S. Noto,** Chief<br> Compliance Officer |

---

---

| | |
|:---|:---|
| **Principal Underwriter**<br> AllianceBernstein Investments, Inc.<br> 501 Commerce Street<br> Nashville, TN 37203<br>**Custodian and Accounting Agent**<br> Brown Brothers Harriman & Co.<br> 50 Post Office Square<br> Boston, MA 02110<br>**Legal Counsel**<br> Seward & Kissel LLP<br> One Battery Park Plaza<br> New York, NY 10004 | **Transfer Agent**<br> AllianceBernstein<br> Investor Services, Inc.<br> P.O. Box 786003<br> San Antonio, TX 78278<br> Toll-Free (800) 221-5672<br>**Independent Registered Public Accounting Firm**<br> Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001 |

---

1 Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

---

| | |
|:---|:---|
| 2 | The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's Global High Income Investment Team. Messrs. DiClementi, Distenfeld, Malik, Sheridan, and Smith are the investment professionals with the most significant responsibility for the day-to-day management of the Fund's portfolio.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 121** |

---

------

**MANAGEMENT OF THE FUND** 

**Board of Directors Information** 

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund's Directors is set forth below.

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** |  |  |
| Onur Erzan,<sup>+</sup><br>1345 Avenue of the Americas<br>New York, NY 10105<br>46<br>(2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

---

---

| | |
|:---|:---|
| **122 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** |  |  |
| Marshall C. Turner, Jr.,<sup>++</sup><br> *Chairman of the Board*<br> 81<br>(2005) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment.) He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of the AB Funds since February 2014. | 75 |  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 123** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |  |  |
| Jorge A. Bermudez,<sup>++</sup><br> 71<br> (2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020. | 75 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>++</sup><br>78<br> (2005) | Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |

---

---

| | |
|:---|:---|
| **124 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |  |  |
| Nancy P. Jacklin,<sup>++</sup><br>74<br>(2006) | Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |
| Jeanette W. Loeb,<sup>++</sup><br> 70<br> (2020) | Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 125** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |  |  |
| Carol C. McMullen,<sup>++</sup><br>67<br> (2016) | Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

---

---

| | |
|:---|:---|
| **126 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |  |  |
| Garry L. Moody,<sup>++</sup><br>70<br>(2008) | Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 75 |  |

---

\* The address for each of the Fund's disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Fund's Directors.

\*\*\* The information above includes each Director's principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director's qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund. 

+ Mr. Erzan is an "interested director of the Fund", as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

++ Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 127** |

---

------

**MANAGEMENT OF THE FUND** (continued)

**Officers of the Fund** 

Certain information concerning the Fund's Officers is listed below.

---

| | | |
|:---|:---|:---|
| **NAME, ADDRESS\*<br>AGE** | **PRINCIPAL POSITION(S)<br>HELD WITH FUND** | **PRINCIPAL OCCUPATION<br>DURING PAST FIVE YEARS** |
| Onur Erzan, | President and Chief Executive Officer | See biography above. |
| Gershon M. Distenfeld,<br>47 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Co-Head of Fixed Income. |
| Christian DiClementi<br>41 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Fahd Malik,<br>38 | Vice President | Senior President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Matthew S. Sheridan,<br>47 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| William Smith,<br>35 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Director of US High Yield Credit. |
| Emilie D. Wrapp,<br>67 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes,<br> 46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo,<br>63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Stephen M. Woetzel,<br>51 | Controller | Senior Vice President of ABIS\*\*, with which he has been associated since prior to 2017. |
| Vincent S. Noto,<br>58 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

---

\* The address for each of the Fund's Officers is 1345 Avenue of the Americas, New York, NY 10105.

\*\* The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund's Statement of Additional Information ("SAI") has additional information about the Fund's Directors and Officers and is available without charge upon request. Contact your financial representative or AB at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

---

| | |
|:---|:---|
| **128 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**Operation and Effectiveness of the Funds' Liquidity Risk Management Program:** 

In October 2016, the Securities and Exchange Commission ("SEC") adopted the open-end fund liquidity rule (the "Liquidity Rule"). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program ("LRMP") in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund's Liquidity Risk Management Program. The Administrator of the Fund's LRMP is AllianceBernstein L.P., the Fund's investment adviser (the "Adviser"). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the "Committee").

Another requirement of the Liquidity Rule is for the Fund's Board of Directors/Trustees (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

The LRMP's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund's strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum ("HLIM"). The Committee also incorporated the following information when determining the Fund's reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund's concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Funds' LRMP is adequately designed, has been implemented as intended,

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 129** |

---

------

and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the Program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

---

| | |
|:---|:---|
| **130 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

**Information Regarding the Review and Approval of the Fund's Advisory Agreement** 

The disinterested directors (the "directors") of AB High Income Fund, Inc. (the "Fund") unanimously approved the continuance of the Fund's Advisory Agreement with the Adviser at a meeting held by video conference on November 2-4, 2021 (the "Meeting").

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser's integrity and competence they have gained from that experience, the Adviser's initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors' determinations included the following:

**Nature, Extent and Quality of Services Provided** 

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 131** |

---

------

investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund's investment strategies and from time to time proposes changes intended to improve the Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

**Costs of Services Provided and Profitability** 

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund, including those relating to its subsidiaries that provide transfer agency and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser's level of profitability from its relationship with the Fund was not unreasonable.

**Fall-Out Benefits** 

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised

---

| | |
|:---|:---|
| **132 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

by the Adviser in which the Fund invests, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Fund's principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund's shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser's profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

**Investment Results** 

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Class A Shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2021. Based on their review and their discussion with the Adviser of the reasons for the Fund's underperformance in the periods reviewed, the directors concluded that the Fund's investment performance was acceptable. The directors determined to continue to monitor the Fund's performance closely.

**Advisory Fees and Other Expenses** 

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund's contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser's fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser's Form ADV and in a report from the Fund's Senior Analyst and noted the differences between the Fund's fee schedule, on the one hand, and the Adviser's institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 133** |

---

------

Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund's latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund's category were lowered by waivers or reimbursements by those funds' investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund's expense ratio was acceptable.

**Economies of Scale** 

The directors noted that the advisory fee schedule for the Fund contains breakpoints and that the Fund's net assets were higher than a breakpoint level. Accordingly, the Fund's current effective advisory fee rate reflected a reduction due to the breakpoint and would be further reduced to the extent the net assets of the Fund increase. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations

---

| | |
|:---|:---|
| **134 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund's adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund's operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund's breakpoint arrangements were acceptable and provide a means for sharing any economies of scale.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH INCOME FUND <sup>\|</sup> 135** |

---

------

**This page is not part of the Shareholder Report or the Financial Statements.** 

------

**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

**Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.** 

---

| | |
|:---|:---|
| **136 <sup>\|</sup> AB HIGH INCOME FUND** | **abfunds.com** |

---

------

![LOGO](g475757g43p34.jpg)

AB HIGH INCOME FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

HI-0151-1022 ![LOGO](g475757g22c48.jpg)

------

**ITEM 2. CODE OF ETHICS.** 

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant's code of ethics is filed herewith as Exhibit 12(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.** 

The registrant's Board of Directors has determined that independent directors Garry L. Moody, Marshall C. Turner, Jr. and Jorge A. Bermudez qualify as audit committee financial experts.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.** 

(a) - (c) The following table sets forth the aggregate fees billed by the independent registered public accounting firm Ernst & Young LLP, for the Fund's last two fiscal years for professional services rendered for: (i) the audit of the Fund's annual financial statements included in the Fund's annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund's financial statements and are not reported under (i), which include advice and education related to accounting and auditing issues and quarterly press release review (for those Funds which issue press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Audit Fees | Audit-Related<br> Fees | Tax Fees |
|  AB High Income | 2021 | $161146 | $– $| 42567 |
|  | 2022 | $169203 | $– $| 31574 |

---

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund's Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund's independent registered public accounting firm. The Fund's Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a) – (c) are for services pre-approved by the Fund's Audit Committee.

------

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund's Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | | All Fees for<br> Non-Audit Services<br> Provided to the<br> Portfolio, the Adviser<br> and Service Affiliates | Total Amount of<br> Foregoing Column Pre-<br> approved by the Audit<br> Committee<br> (Portion Comprised of<br> Audit Related Fees)<br> (Portion Comprised of<br> Tax Fees) |
|  AB High Income | 2021 | $1103707 | $42567 |
|  |  |  | $— |
|  |  |  | $(42567) |
|  | 2022 | $1964032 | $31574 |
|  |  |  | $— |
|  |  |  | $(31574) |

---

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund's independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor's independence.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.** 

Not applicable to the registrant.

**ITEM 6. INVESTMENTS.** 

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

**ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.** 

Not applicable to the registrant.

------

**ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.** 

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board of Directors since the Fund last provided disclosure in response to this item.

**ITEM 11. CONTROLS AND PROCEDURES.** 

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant's internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 13. EXHIBITS.** 

The following exhibits are attached to this Form N-CSR:

---

| | |
|:---|:---|
| EXHIBIT NO. | DESCRIPTION OF EXHIBIT |
| 12 (a) (1) | [Code of Ethics that is subject to the disclosure of Item 2 hereof](d475757dex99codeeth.htm) |
| 12 (b) (1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d475757dex99cert.htm) |
| 12 (b) (2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d475757dex99cert.htm) |
| 12 (c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d475757dex99906cert.htm) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant): AB High Income Fund, Inc. | (Registrant): AB High Income Fund, Inc. |
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |

---

Date: March 3, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |

---

Date: March 3, 2023

---

| | |
|:---|:---|
| By: | /s/ Joseph J. Mantineo |
|  | Joseph J. Mantineo |
|  | Treasurer and Chief Financial Officer |

---

Date: March 3, 2023

## Ex-99.Code

Exhibit 12(a) (1)

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**I.** **Covered Officers/Purpose of the Code** 

The AllianceBernstein Mutual Fund Complex's code of ethics (this "Code") for the investment companies within the complex (collectively, the "Funds" and each, a "Company") applies to each Company's Principal Executive Officer, Principal Financial and Accounting Officer and Controller (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company. For the purposes of this Code, members of the Covered Officer's family include his or her spouse, children, stepchildren, financial dependents, parents and stepparents.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Directors or Trustees (the "Directors") that the Covered Officers may also be officers or employees of one or more of the other Funds or of other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

• not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Company;

• not use material non-public knowledge of portfolio transactions made or
contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

------

There are some conflict of interest situations, whether involving a Covered Officer directly or a member of his family, that should always be discussed with the General Counsel of Alliance Capital Management L.P. (the "General Counsel"), if material. Examples of these include:

• service as a director on the board of directors or trustees of any public or private company (other than a not-for-profit organization);

• the receipt of any non-nominal gifts;

• the receipt of any entertainment from any company with which the Company has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Company's service
providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

• Each Covered Officer should familiarize himself with the disclosure requirements and disclosure controls and
procedures generally applicable to the Company;

• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company
to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations;

• each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made
by the Funds; and

------

• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the General Counsel that he has received, read, and understands the Code;

• annually thereafter affirm to the General Counsel that he has complied with the requirements of the Code;

• complete at least annually a questionnaire relating to affiliations or other relationships that may give rise to
conflicts of interest;

• not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for
reports of potential violations that are made in good faith; and

• notify the General Counsel promptly if he knows of any violation of this Code. Failure to do so is itself a
violation of this Code.

The General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, waivers sought by a Covered Officer will be considered by the Company's Audit Committee (the "Committee").

The Company will follow these procedures in investigating and enforcing this Code:

• the General Counsel will take all appropriate action to investigate any potential violations reported to him;

• if, after such investigation, the General Counsel believes that no material violation has occurred, the General
Counsel is not required to take any further action;

• any matter that the General Counsel believes is a material violation will be reported to the Committee;

• if the Committee concurs that a material violation has occurred, it will inform and make a recommendation to the
Directors, who will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to
dismiss the Covered Officer;

• the Committee will be responsible for granting waivers, as appropriate; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

------

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, it is understood that this Code is in all respects separate and apart from, and operates independently of, any such policies and procedures. In particular, the Company's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-l under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Directors, including a majority of independent directors.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Directors, the investment adviser, their counsel, counsel to the Company and, if deemed appropriate by the Directors of the Company, to the Directors of the other Funds.

**VIII.** **Internal Use** 

The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Date: July 22, 2003, as amended March 17, 2004

------

Exhibit A

<u>Persons Covered by this Code of Ethics</u> 

Principal Executive Officer

Principal Financial and Accounting Officer

Controller

## Ex-99.Cert

**Exhibit 12(b)(1)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Onur Erzan, President of AB High Income Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB High Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 3, 2023 | |
|  | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |

---

------

**Exhibit 12(b)(2)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Joseph J. Mantineo, Treasurer and Chief Financial Officer of AB High Income Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB High Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information ; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 3, 2023 | |
|  | /s/ Joseph J. Mantineo |
|  | Joseph J. Mantineo |
|  | Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 12(c)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AB High Income Fund, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: March 3, 2023

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| By: | /s/ Joseph J. Mantineo |
|  | Joseph J. Mantineo |
|  | Treasurer and Chief Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.