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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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)
of the Americas, New York, New York 10105
(Address of principal executive offices) (Zip code)
Joseph J. Mantineo
1345 Avenue of the Americas
New York, New York 10105
(Name and address of agent for service)
Registrants telephone number, including area code: (800) 221-5672
Date of fiscal year end: October 31, 2021
Date of reporting period: April 30, 2021
ITEM 1. REPORTS TO STOCKHOLDERS.
AB HIGH INCOME FUND
As of January 1, 2021, as permitted by new
regulations adopted by the Securities and Exchange Commission, the Funds annual and semi-annual shareholder reports are no longer sent by mail, unless you specifically requested paper copies of the reports. Instead, the reports are made
available on a website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.
elect to receive all future reports in paper form free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you
invest directly with the Fund, you can call the Fund at (800) 221 5672. Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all AB Mutual Funds
|Investment Products Offered||
Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed
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
This shareholder report must be preceded or accompanied by the Funds prospectus for individuals who are not current
shareholders of the Fund.
You may obtain a description of the Funds 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 ABs website at www.abfunds.com, or go to the
Securities and Exchange Commissions (the Commission) website at www.sec.gov, or call AB at (800) 227 4618.
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 Funds Form N-PORT reports are available on the Commissions
website at www.sec.gov. The Funds Forms N-PORT may also be reviewed and copied at the Commissions Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling
(800) SEC 0330. 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® is a registered service mark
used by permission of the owner, AllianceBernstein L.P.
|FROM THE PRESIDENT|
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 Funds investment strategy.
At AB, were striving to help our clients achieve better outcomes by:
Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets
Applying differentiated investment insights through a connected global research network
Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions
Whether youre an individual investor or a multibillion-dollar institution, were putting our knowledge and experience to work for you every day.
For more information about ABs comprehensive range of products and shareholder resources, please log on to www.abfunds.com.
Thank you for your investment in AB mutual fundsand for placing your trust in our firm.
President and Chief
Executive Officer, AB Mutual Funds
AB HIGH INCOME FUND | 1
June 7, 2021
This report provides managements
discussion of fund performance for the AB High Income Fund for the semi-annual reporting period ended April 30, 2021.
The Funds investment objective is to seek to maximize total returns from price appreciation and income.
NAV RETURNS AS OF APRIL 30, 2021 (unaudited)
|6 Months||12 Months|
|AB HIGH INCOME FUND|
|Class A Shares||9.81%||24.93%|
|Class C Shares||9.28%||23.84%|
|Advisor Class Shares1||9.93%||25.22%|
|Class R Shares1||9.58%||24.34%|
|Class K Shares1||9.74%||24.72%|
|Class I Shares1||10.07%||25.31%|
|Class Z Shares1||9.96%||25.22%|
Bloomberg Barclays Global High Yield Index (USD hedged)
|Blended Benchmark: 33% JPM EMBI Global / 33% JPM GBI-EM / 33% Bloomberg Barclays US Corporate HY 2% Issuer Capped Index||5.47%||15.48%|
Please note that these share classes are for investors purchasing shares through accounts established under certain
Please keep in mind that high, double-digit returns are highly unusual and cannot be
sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.
The table above shows
the Funds performance compared to its primary benchmark, the Bloomberg Barclays 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 Barclays US Corporate High Yield (HY) 2%
Issuer Capped Index, for the six- and 12-month periods ended April 30, 2021.
During the six-month period, all share classes outperformed the primary benchmark, before sales charges. Security selection was the main
2 | AB HIGH
contributor, relative to the benchmark, as gains within energy, capital goods, services, automotive and sovereign bonds more than offset losses from financeother and airlines. Industry
allocation also contributed, mainly from exposure to high-yield credit default swaps, commercial mortgage-backed securities (CMBS) and crossover derivatives in the eurozone, while exposure to US Treasuries, energy and credit
risk-transfer securities detracted. Country allocation detracted due to off-benchmark positions in Colombia, Mexico, Russia and Brazil that were partially offset by a gain in Canada. Yield-curve positioning
was a minor detractor, while currency decisions did not have a meaningful impact on returns.
During the 12-month
period, all share classes outperformed the primary benchmark, before sales charges. Security selection contributed most, as selection within sovereign bonds, energy, capital goods, services and consumer noncyclical more than offset losses in
financeother and transportation services. Industry allocation also contributed, from exposure to high-yield credit…