# EDGAR Filing Document

**Accession Number:** 0000915845
**File Stem:** 0001193125-23-019279
**Filing Date:** 2023-1
**Character Count:** 25105
**Document Hash:** 9287d4b23766ef91e89fdde125cdb06c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-019279.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001193125-23-019279

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230130

**EFFECTIVENESS DATE**: 20230131

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-72460
- **FILM NUMBER:** 23569481

**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           |

---

| | |
|:---|:---|
| ![LOGO](g398541g67z55.jpg) | SUMMARY PROSPECTUS January 31, 2023 |

---

## AB High Income Fund
**Ticker:** Class A–AGDAX; Class C–AGDCX; Advisor Class–AGDYX; Class R–AGDRX;

Class K–AGDKX; Class I–AGDIX; Class Z–AGDZX

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information ("SAI"), both dated January 31, 2023, as may be amended or supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund's Prospectus, reports to shareholders and other information about the Fund, go to <u>www.abfunds.com/go/prospectus</u>, email a request to prorequest@alliancebernstein.com, call (800) 227-4618, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund. The Fund's reports to shareholders are also available at <u>www.abfunds.com/go/HIF</u>.

**PRO-0115-HI-0123** 

**INVESTMENT OBJECTIVE** 

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

**FEES AND EXPENSES OF THE FUND** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below.** You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AB Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Funds—Sales Charge Reduction Programs for Class A Shares on page 67 of the Fund's Prospectus, in Appendix C—Financial Intermediary Waivers of the Fund's Prospectus and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 134 of the Fund's SAI.

**Shareholder Fees** (fees paid directly from your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A<br>Shares** | **Class C<br>Shares** | **Advisor Class<br>Shares** | **Class<br>R, K, I and Z<br>Shares** |
|  Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price) | 4.25% |  |  |  |
|  Maximum Deferred Sales Charge (Load)<br> (as a percentage of offering price or redemption proceeds, whichever is lower) | None(a) | 1.00%(b) |  |  |
|  Exchange Fee |  |  |  |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Advisor Class** | **Class R** | **Class K** | **Class I** | **Class Z** |
|  Management Fees | .48% | .48% | .48% | .48% | .48% | .48% | .48% |
|  Distribution and/or Service (12b-1) Fees | .25% | 1.00% |  | .50% | .25% |  |  |
|  Other Expenses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent | .10% | .10% | .10% | .26% | .20% | .11% | .02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Expense | .03% | .03% | .03% | .03% | .03% (d) | .03% | .03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses(c) | .04% | .03% | .04% | .04% | .04% | .04% | .04% |
|  Total Other Expenses | .17% | .16% | .17% | .33% | .27% (d) | .18% | .09% |
|  Total Annual Fund Operating Expenses | .90% | 1.64% | .65% | 1.31% | 1.00% | .66% | .57% |
|  Fee Waiver and/or Expense Reimbursement(e) | (.00)% (f) | (.00)% (f) | (.01)% | (.00)% (f) | (.00)% (f) | (.00)% (f) | (.00)% (f) |
|  Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | .90% | 1.64% | .64% | 1.31% | 1.00% | .66% | .57% |

---

------

(a) Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to
a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b) For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A
shares after eight years.

(c) "Other Expenses" includes acquired fund fees and expenses totaling less than .01%.

(d) Restated to reflect current expenses.

(e) In connection with the Fund's investments in AB Government Money Market Portfolio (the "Money Market
Portfolio") (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the
Fund's pro rata share of the Money Market Portfolio's effective management fee. The agreement may only be terminated or changed with the consent of the Fund's Board of Directors.

(f) Amount is less than .005%.

**Examples** 

The Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund's operating expenses stay the same and that any fee waiver and/or expense limitation is in effect for only the first year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Advisor Class** | **Class R** | **Class K** | **Class I** | **Class Z** |
|  After 1 Year | $513 | $267 \* | $65 | $133 | $102 | $67 | $58 |
|  After 3 Years | $700 | $517 | $207 | $415 | $318 | $211 | $183 |
|  After 5 Years | $902 | $892 | $361 | $718 | $552 | $368 | $318 |
|  After 10 Years | $1486 | $1746 | $809 | $1579 | $1225 | $822 | $714 |

---

\* If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. 

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys or sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

**PRINCIPAL STRATEGIES** 

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 U.S. and non-U.S. corporate debt securities and sovereign debt securities. The Fund may invest, without limitation, in either U.S. Dollar-denominated or non-U.S. 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 in derivatives, such as options, futures contracts, forwards, or swap agreements.

**PRINCIPAL RISKS** 

• **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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effect of potential
central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions 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.

• **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:** To the extent the Fund uses leveraging techniques, its net asset value, or 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. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, 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 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.

• **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.

As with all investments, you may lose money by investing in the Fund.

**BAR CHART AND PERFORMANCE INFORMATION** 

The bar chart and performance information provide an indication of the historical risk of an investment in the Fund by showing:

• how the Fund's performance changed from year to year over ten years; and

• how the Fund's average annual returns for one, five and ten years compare to those of a broad-based
securities market index.

You may obtain updated performance information on the website at <u>www.abfunds.com</u> (click on "Investments—Mutual Funds").

The Fund's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.

**Bar Chart** 

The annual returns in the bar chart are for the Fund's Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown.

![LOGO](g398541g15g56.jpg)

During the period shown in the bar chart, the Fund's:

**Best Quarter was up 11.74%, 2nd quarter, 2020; and Worst Quarter was down -18.73%, 1st quarter, 2020.** 

------

**Performance Table** 

**Average Annual Total Returns** 

(For the periods ended December 31, 2022)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **1 Year** | **5 Years** | **10 Years** |
| Class A\* | Return Before Taxes | -15.55% | -0.47% | 2.52% |
|  | Return After Taxes on Distributions | -17.96% | -2.82% | -0.18% |
|  | Return After Taxes on Distributions and Sale of Fund Shares | -9.18% | -1.28% | 0.75% |
| Class C | Return Before Taxes | -13.31% | -0.44% | 2.13% |
| Advisor Class | Return Before Taxes | -11.59% | 0.64% | 3.23% |
| Class R | Return Before Taxes | -12.20% | -0.04% | 2.56% |
| Class K | Return Before Taxes | -12.08% | 0.28% | 2.90% |
| Class I | Return Before Taxes | -11.59% | 0.65% | 3.27% |
| Class Z\*\* | Return Before Taxes | -11.64% | 0.70% | 3.29% |
| Bloomberg Global High Yield Index (USD Hedged)<br> (reflects no deduction for fees, expenses, or taxes) | Bloomberg Global High Yield Index (USD Hedged)<br> (reflects no deduction for fees, expenses, or taxes) | -11.05% | 1.23% | 3.75% |
| JPMorgan Emerging Markets Bond Index Global ("EMBI Global") (U.S. Dollar-denominated)<br> (reflects no deduction for fees, expenses, or taxes) | JPMorgan Emerging Markets Bond Index Global ("EMBI Global") (U.S. Dollar-denominated)<br> (reflects no deduction for fees, expenses, or taxes) | -16.45% | -1.00% | 1.35% |
| JPMorgan Government Bond Index-Emerging Markets ("GBI-EM") (local currency-denominated)<br> (reflects no deduction for fees, expenses, or taxes) | JPMorgan Government Bond Index-Emerging Markets ("GBI-EM") (local currency-denominated)<br> (reflects no deduction for fees, expenses, or taxes) | -8.66% | -1.50% | -1.42% |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index ("BC High Yield")<br> (reflects no deduction for fees, expenses, or taxes) | Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index ("BC High Yield")<br> (reflects no deduction for fees, expenses, or taxes) | -11.18% | 2.30% | 4.03% |
| Composite Benchmark (equal weighted blend of EMBI Global, GBI-EM and BC High Yield)<sup>#</sup> | Composite Benchmark (equal weighted blend of EMBI Global, GBI-EM and BC High Yield)<sup>#</sup> | -12.05% | 0.01% | 1.39% |

---

\* After-tax returns:

– Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

– Are an estimate, which is based on the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor's tax situation and are likely to differ from those shown; and

– Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

\*\* Inception date for Class Z shares: 10/15/13. Performance information for periods prior to the inception of Class Z shares is the performance of the Fund's Class A shares adjusted to reflect the expenses of the Class Z shares.

<sup>#</sup> The information in the Composite Benchmark shows how the Fund's performance compares with the returns of an index of securities similar to those in which the Fund invests.

**INVESTMENT ADVISER** 

AllianceBernstein L.P. is the investment adviser for the Fund.

**PORTFOLIO MANAGERS** 

The following table lists the persons responsible for day-to-day management of the Fund's portfolio:

---

| | | |
|:---|:---|:---|
| **Employee** | **Length of Service** | **Title** |
| Christian DiClementi | Since 2021 | Senior Vice President of the Adviser |
| Gershon M. Distenfeld | Since 2008 | Senior Vice President of the Adviser |
| Fahd Malik | Since 2021 | Senior Vice President of the Adviser |
| Matthew S. Sheridan | Since 2005 | Senior Vice President of the Adviser |
| William Smith | Since 2022 | Senior Vice President of the Adviser |

---

------

**PURCHASE AND SALE OF FUND SHARES** 

**Purchase Minimums** 

The following table describes the initial and subsequent minimum purchase amounts for each class of shares, which are subject to waiver in certain circumstances.

---

| | | |
|:---|:---|:---|
| | **Initial** | **Subsequent** |
| Class A/Class C shares, including traditional IRAs and Roth IRAs | $2500 | $50 |
| Automatic Investment Program |  | $50<br> If initial minimum investment is<br>less than $2,500, then<br>$200 monthly until account<br>balance reaches $2,500 |
| Advisor Class shares (only available to fee-based programs or through other limited arrangements and certain commission-based brokerage arrangements) |  |  |
| Class A, Class R, Class K, Class I and Class Z shares are available at NAV, without an initial sales charge, to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, and non-qualified deferred compensation plans and, for Class Z shares, to persons participating in certain fee-based programs sponsored by a financial intermediary, where in each case plan level or omnibus accounts are held on the books of the Fund. |  |  |

---

You may sell (redeem) your shares each day the New York Stock Exchange is open. You may sell your shares through your financial intermediary or by mail (AllianceBernstein Investor Services, Inc., P.O. Box 786003, San Antonio, TX 78278-6003) or telephone (800) 221-5672.

**TAX INFORMATION** 

The Fund may pay income dividends or make capital gains distributions, which may be subject to federal income taxes and taxable as ordinary income or capital gains, and may also be subject to state and local taxes.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or a group retirement plan), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

---

| | |
|:---|:---|
| **PRO-0115-HI-0123** | ![LOGO](g398541g22c48.jpg) |

---