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Form N-CSRS AB HIGH INCOME FUND INC For: Apr 30

July 1, 2022 12:14 PM EDT

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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: April 30, 2022

 

 

 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


APR    04.30.22

LOGO

SEMI-ANNUAL REPORT

AB HIGH INCOME FUND

 

LOGO

 

As of January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, the Fund’s 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.

You may 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 you hold.


 

 

 
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 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® is a registered service mark used by permission of the owner, AllianceBernstein L.P.


 

FROM THE PRESIDENT    LOGO

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:

 

+   

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 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

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

 

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SEMI-ANNUAL REPORT

 

June 8, 2022

This report provides management’s discussion of fund performance for the AB High Income Fund for the semi-annual reporting period ended April 30, 2022.

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

NAV RETURNS AS OF APRIL 30, 2022 (unaudited)

 

     6 Months      12 Months  
AB HIGH INCOME FUND      
Class A Shares      -7.23%        -4.81%  
Class C Shares      -7.74%        -5.61%  
Advisor Class Shares1      -7.22%        -4.57%  
Class R Shares1      -7.55%        -5.23%  
Class K Shares1      -7.43%        -4.95%  
Class I Shares1      -7.23%        -4.71%  
Class Z Shares1      -7.19%        -4.51%  
Primary Benchmark:
Bloomberg Global High Yield Index (USD hedged)
     -8.34%        -7.39%  
Blended Benchmark: 33% JPM EMBI Global / 33% JPM GBI-EM / 33% Bloomberg US Corporate HY 2% Issuer Capped Index      -9.73%        -8.79%  

 

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 April 30, 2022.

During both periods, all share classes outperformed the primary benchmark, before sales charges. Over the six-month period, industry allocation was the main contributor, relative to the benchmark, mostly from off-benchmark exposures to commercial mortgage-backed securities

 

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(“CMBS”) and collateralized mortgage obligations (“CMOs”), and an underweight to real estate investment trusts (“REITs”) that more than offset allocation losses, including high-yield credit default swaps in the US and eurozone. Yield-curve positioning on the two- and 10- to 30-year parts of the US yield curve also contributed. Security selection added to results, as gains within the energy, telecommunications, finance, basic and insurance sectors were greater than losses from selection within electric, banking, consumer cyclical–other and sovereign bonds. Currency decisions were a minor contributor to performance. Country allocation detracted, the result of underweights to the UK and eurozone, along with an overweight to the US.

During the 12-month period, industry allocation contributed most to returns, primarily from positioning in CMBS, CMOs and an underweight to REITs, while an overweight to energy detracted. Security selection also contributed, mostly from selection within the energy, consumer noncyclical, finance, telecommunications and basic sectors, which were partially offset by losses within sovereign bonds, electric, banking and technology. Yield-curve positioning in the US added due to positioning on the two- and 10- to 20-year parts of the curve. Currency decisions were a minor contributor to results. Underweights to the eurozone and UK detracted at the country level during the period.

During both periods, the Fund utilized derivatives in the form of futures, interest rate swaps and interest rate swaptions to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure and to take active currency risk. Credit default swaps were also utilized to effectively gain exposure to specific sectors. Total return swaps were used to take active credit risk.

MARKET REVIEW AND INVESTMENT STRATEGY

During the six-month period ended April 30, 2022, fixed-income government bond market yields spiked in most markets, which led bond prices to fall on inflation concerns in all regions. Inflation remained elevated and worsened when Russia invaded Ukraine, causing energy and agricultural prices to jump. Major central banks started the process of raising interest rates and ending bond purchases. Relative government bond returns were led by global inflation-linked bonds. Global investment-grade corporate bonds, which typically have longer maturities and are more sensitive to changes in yields than high-yield corporates, trailed global treasuries by a wide margin, except in the eurozone. High-yield corporate bonds also underperformed treasuries, but by a smaller margin. However, high-yield euro-denominated corporates outperformed eurozone treasuries during the period due to ongoing support from the European Central Bank. Emerging-market bonds underperformed the most as the US dollar advanced against most developed- and emerging-market currencies. Securitized assets also underperformed treasuries, but by a lesser extent than investment-grade

 

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corporates, given their lower sensitivity to yield changes. Brent crude oil prices rose sharply from supply concerns and increased 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.

 

 

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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® 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 current historically low interest rate environment heightens the risks associated with rising interest rates.

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

 

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DISCLOSURES AND RISKS (continued)

 

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.

 

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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 principal, and

 

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DISCLOSURES AND RISKS (continued)

 

“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.

 

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HISTORICAL PERFORMANCE

 

AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2022 (unaudited)

 

    NAV Returns     SEC Returns
(reflects applicable
sales charges)
   

SEC

Yields1

 
CLASS A SHARES         6.83%  
1 Year     -4.81%       -8.90%    
5 Years     1.90%       1.02%    
10 Years     4.46%       4.01%    
CLASS C SHARES         6.28%  
1 Year     -5.61%       -6.51%    
5 Years     1.04%       1.04%    
10 Years2     3.62%       3.62%    
ADVISOR CLASS SHARES3         7.39%  
1 Year     -4.57%       -4.57%    
5 Years     2.16%       2.16%    
10 Years     4.73%       4.73%    
CLASS R SHARES3         6.73%  
1 Year     -5.23%       -5.23%    
5 Years     1.47%       1.47%    
10 Years     4.05%       4.05%    
CLASS K SHARES3         7.04%  
1 Year     -4.95%       -4.95%    
5 Years     1.80%       1.80%    
10 Years     4.39%       4.39%    
CLASS I SHARES3         7.37%  
1 Year     -4.71%       -4.71%    
5 Years     2.16%       2.16%    
10 Years     4.75%       4.75%    
CLASS Z SHARES3         7.46%  
1 Year     -4.51%       -4.51%    
5 Years     2.22%       2.22%    
Since Inception4     3.86%       3.86%    

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. 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.

 

1

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

 

2

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

(footnotes continued on next page)

 

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HISTORICAL PERFORMANCE (continued)

 

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.

 

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HISTORICAL PERFORMANCE (continued)

 

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2022 (unaudited)

 

     SEC Returns
(reflects applicable
sales charges)
 
CLASS A SHARES   
1 Year      -3.98%  
5 Years      1.99%  
10 Years      4.45%  
CLASS C SHARES   
1 Year      -1.45%  
5 Years      2.02%  
10 Years1      4.07%  
ADVISOR CLASS SHARES2   
1 Year      0.51%  
5 Years      3.13%  
10 Years      5.18%  
CLASS R SHARES2   
1 Year      -0.17%  
5 Years      2.44%  
10 Years      4.50%  
CLASS K SHARES2   
1 Year      0.12%  
5 Years      2.77%  
10 Years      4.85%  
CLASS I SHARES2   
1 Year      0.62%  
5 Years      3.16%  
10 Years      5.22%  
CLASS Z SHARES2   
1 Year      0.57%  
5 Years      3.19%  
Since Inception3      4.32%  

 

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.

 

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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
Account Value
11/1/2021
    Ending
Account Value
4/30/2022
    Expenses Paid
During Period*
    Annualized
Expense Ratio*
 
Class A        

Actual

  $     1,000     $ 927.70     $ 4.16       0.87

Hypothetical**

  $ 1,000     $     1,020.48     $     4.36       0.87
Class C        

Actual

  $ 1,000     $ 922.60     $ 7.67       1.61

Hypothetical**

  $ 1,000     $ 1,016.81     $ 8.05       1.61
Advisor Class        

Actual

  $ 1,000     $ 927.80     $ 2.92       0.61

Hypothetical**

  $ 1,000     $ 1,021.77     $ 3.06       0.61
Class R        

Actual

  $ 1,000     $ 924.50     $ 6.11       1.28

Hypothetical**

  $ 1,000     $ 1,018.45     $ 6.41       1.28

 

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EXPENSE EXAMPLE (continued)

 

    Beginning
Account Value
11/1/2021
    Ending
Account Value
4/30/2022
    Expenses Paid
During Period*
    Annualized
Expense Ratio*
 
Class K        

Actual

  $ 1,000     $ 925.70     $ 4.63       0.97

Hypothetical**

  $ 1,000     $ 1,019.98     $ 4.86       0.97
Class I        

Actual

  $ 1,000     $ 927.70     $ 3.06       0.64

Hypothetical**

  $ 1,000     $ 1,021.62     $ 3.21       0.64
Class Z        

Actual

  $ 1,000     $ 928.10     $ 2.58       0.54

Hypothetical**

  $     1,000     $     1,022.12     $     2.71       0.54

 

*

Expenses are equal to the classes’ annualized expense ratios multiplied by the average account value over the period, multiplied 181/365 (to reflect the one-half year period).

 

**

Assumes 5% annual return before expenses.

 

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PORTFOLIO SUMMARY

April 30, 2022 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($mil): $3,620.6

 

 

 

LOGO

 

1

All data are as of April 30, 2022. 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 0.4% or less in the following security types: Asset-Backed Securities, Governments–Sovereign Bonds, Inflation-Linked Securities, Rights and Warrants.

 

14    |    AB HIGH INCOME FUND

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PORTFOLIO SUMMARY (continued)

April 30, 2022 (unaudited)

 

 

 

LOGO

 

1

All data are as of April 30, 2022. 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, Australia, Bahrain, Bermuda, Chile, China, 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.

 

abfunds.com  

AB HIGH INCOME FUND    |    15


 

PORTFOLIO OF INVESTMENTS

April 30, 2022 (unaudited)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

CORPORATES - NON-INVESTMENT GRADE – 55.6%

      

Industrial – 48.4%

      

Basic – 3.4%

      

Ahlstrom-Munksjo Holding 3 Oy
3.625%, 02/04/2028(a)

    EUR       955      $ 902,919  

4.875%, 02/04/2028(a)

    U.S.$       4,788        4,271,339  

ASP Unifrax Holdings, Inc.
5.25%, 09/30/2028(a)

      703        619,974  

7.50%, 09/30/2029(a)(b)

      1,091        893,664  

Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV
4.75%, 06/15/2027(a)

      1,485        1,410,750  

CVR Partners LP/CVR Nitrogen Finance Corp.
6.125%, 06/15/2028(a)

      527        514,932  

Element Solutions, Inc.
3.875%, 09/01/2028(a)

      2,415        2,160,022  

ERP Iron Ore, LLC
9.039%, 12/31/2019(c)(d)(e)(f)(g)

      1,355        1,028,380  

FMG Resources (August 2006) Pty Ltd.
4.375%, 04/01/2031(a)

      12,055        10,704,279  

4.50%, 09/15/2027(a)

      1,475        1,412,094  

6.125%, 04/15/2032(a)

      8,381        8,335,589  

Glatfelter Corp.
4.75%, 11/15/2029(a)

      3,565        2,858,456  

Graphic Packaging International LLC
3.75%, 02/01/2030(a)

      6,296        5,530,081  

Guala Closures SpA
3.25%, 06/15/2028(a)

    EUR       1,803        1,659,879  

Illuminate Buyer LLC/Illuminate Holdings IV, Inc.
9.00%, 07/01/2028(a)

    U.S.$       5,122        4,931,588  

INEOS Quattro Finance 1 PLC
3.75%, 07/15/2026(a)

    EUR       108        104,092  

INEOS Styrolution Group GmbH
2.25%, 01/16/2027(a)

      5,634        5,231,171  

Ingevity Corp.
3.875%, 11/01/2028(a)

    U.S.$       4,788        4,321,892  

Intelligent Packaging Holdco Issuer LP
9.00% (9.00% Cash or 9.75% PIK), 01/15/2026(a)(g)

      3,201        3,109,638  

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC
6.00%, 09/15/2028(a)

      4,418        4,182,372  

Kleopatra Finco SARL
4.25%, 03/01/2026(a)(b)

    EUR       5,384        4,840,945  

 

16    |    AB HIGH INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Kobe US Midco 2, Inc.
9.25% (9.25% Cash or 10.00% PIK), 11/01/2026(a)(g)

    U.S.$       6,077      $ 5,955,566  

Magnetation LLC/Mag Finance Corp.
11.00%, 05/15/2018(c)(d)(e)(f)(h)

      16,121        – 0  – 

Mercer International, Inc.
5.125%, 02/01/2029

      2,306        2,145,331  

Olin Corp.
5.625%, 08/01/2029

      1,124        1,106,031  

PIC AU Holdings LLC/PIC AU Holdings Corp.
10.00%, 12/31/2024(a)

      500        516,250  

PMHC II, Inc.
9.00%, 02/15/2030(a)

      15,730        12,825,974  

Rimini Bidco SpA
5.25% (EURIBOR 3 Month + 5.25%), 12/14/2026(b)(i)

    EUR       6,497        5,937,405  

SCIL IV LLC/SCIL USA Holdings LLC
4.375%, 11/01/2026(a)

      1,267        1,244,233  

5.375%, 11/01/2026(a)

    U.S.$       4,506        4,112,213  

SPCM SA
3.125%, 03/15/2027(a)

      3,640        3,223,998  

3.375%, 03/15/2030(a)

      4,197        3,594,364  

Valvoline, Inc.
4.25%, 02/15/2030(a)

      10,847        9,427,928  

WR Grace Holdings LLC
4.875%, 06/15/2027(a)

      3,382        3,179,170  
      

 

 

 
         122,292,519  
      

 

 

 

Capital Goods – 2.8%

      

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.25%, 09/01/2028(a)

      6,594        5,817,886  

4.00%, 09/01/2029(a)

      5,355        4,575,633  

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.125%, 08/15/2026(a)

      2,072        1,921,979  

5.25%, 04/30/2025(a)

      2,000        1,981,300  

Bombardier, Inc.
7.50%, 12/01/2024-03/15/2025(a)

      8,052        7,853,493  

7.875%, 04/15/2027(a)

      2,481        2,311,817  

Castle UK Finco PLC
5.25% (EURIBOR 3 Month + 5.25%), 05/15/2028(i)

    EUR       2,233        2,285,032  

7.00%, 05/15/2029

    GBP       2,900        3,407,752  

Cleaver-Brooks, Inc.
7.875%, 03/01/2023(a)

    U.S.$       3,893        3,707,587  

 

abfunds.com  

AB HIGH INCOME FUND    |    17


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Eco Material Technologies, Inc.
7.875%, 01/31/2027(a)

    U.S.$       5,828      $ 5,639,407  

EnerSys
4.375%, 12/15/2027(a)

      5,050        4,707,067  

F-Brasile SpA/F-Brasile US LLC
Series XR
7.375%, 08/15/2026(a)

      5,660        5,006,540  

GFL Environmental, Inc.
4.25%, 06/01/2025(a)

      333        323,281  

Granite US Holdings Corp.
11.00%, 10/01/2027(a)

      2,757        2,843,165  

Griffon Corp.
5.75%, 03/01/2028

      1,264        1,128,488  

JELD-WEN, Inc.
4.625%, 12/15/2025(a)

      1,036        979,832  

Madison IAQ LLC
5.875%, 06/30/2029(a)

      2,757        2,247,596  

Mueller Water Products, Inc.
4.00%, 06/15/2029(a)

      1,183        1,074,889  

Renk AG/Frankfurt am Main
5.75%, 07/15/2025(a)

    EUR       7,486        7,821,885  

SPX FLOW, Inc.
8.75%, 04/01/2030(a)

    U.S.$       6,760        6,085,765  

Tervita Corp.
11.00%, 12/01/2025(a)

      5,242        5,844,035  

Titan Holdings II BV
5.125%, 07/15/2029(a)

    EUR       2,767        2,614,191  

TransDigm, Inc.
4.625%, 01/15/2029

    U.S.$       3,591        3,102,876  

4.875%, 05/01/2029

      5,750        5,035,703  

8.00%, 12/15/2025(a)

      3,335        3,472,239  

Triumph Group, Inc.
7.75%, 08/15/2025

      2,289        2,226,870  

8.875%, 06/01/2024(a)

      3,221        3,331,454  

Trivium Packaging Finance BV
3.75%, 08/15/2026(a)

    EUR       132        133,667  

WESCO Distribution, Inc.
7.25%, 06/15/2028(a)

    U.S.$       2,462        2,558,560  
      

 

 

 
         100,039,989  
      

 

 

 

Communications - Media – 7.1%

      

Advantage Sales & Marketing, Inc.
6.50%, 11/15/2028(a)

      7,124        6,515,418  

Altice Financing SA
5.75%, 08/15/2029(a)

      25,958        21,936,390  

AMC Networks, Inc.
4.25%, 02/15/2029

      8,644        7,542,448  

 

18    |    AB HIGH INCOME FUND

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PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Arches Buyer, Inc.
6.125%, 12/01/2028(a)

  U.S.$     1,056      $ 918,777  

Banijay Entertainment SASU
3.50%, 03/01/2025(a)

  EUR     815        822,193  

5.375%, 03/01/2025(a)

  U.S.$     8,793        8,656,062  

CCO Holdings LLC/CCO Holdings Capital Corp.
4.50%, 08/15/2030-06/01/2033(a)

      36,644        31,283,818  

4.75%, 02/01/2032(a)

      25,422        22,011,786  

Clear Channel Outdoor Holdings, Inc.
5.125%, 08/15/2027(a)

      583        548,263  

CSC Holdings LLC
4.50%, 11/15/2031(a)

      6,832        5,620,815  

5.00%, 11/15/2031(a)

      7,553        5,835,771  

5.375%, 02/01/2028(a)

      4,139        3,828,575  

5.75%, 01/15/2030(a)

      20,595        17,091,018  

7.50%, 04/01/2028(a)

      2,326        2,145,615  

DISH DBS Corp.
5.00%, 03/15/2023

      1,148        1,144,042  

5.125%, 06/01/2029

      10,639        8,308,040  

5.25%, 12/01/2026(a)

      9,108        8,377,313  

5.75%, 12/01/2028(a)

      9,476        8,499,638  

5.875%, 11/15/2024

      1,199        1,168,103  

7.375%, 07/01/2028

      6,580        5,798,076  

7.75%, 07/01/2026

      3,040        2,902,472  

DISH Network Corp.
3.375%, 08/15/2026(j)

      4,275        3,672,304  

Gray Escrow II, Inc.
5.375%, 11/15/2031(a)

      8,103        7,097,542  

iHeartCommunications, Inc.
6.375%, 05/01/2026

      758        760,181  

8.375%, 05/01/2027

      1,375        1,360,834  

LCPR Senior Secured Financing DAC
6.75%, 10/15/2027(a)

      4,636        4,654,464  

Liberty Interactive LLC
3.75%, 02/15/2030(j)

      2,208        1,412,975  

McGraw-Hill Education, Inc.
5.75%, 08/01/2028(a)

      4,714        4,207,245  

8.00%, 08/01/2029(a)

      2,114        1,892,030  

National CineMedia LLC
5.875%, 04/15/2028(a)

      3,387        2,914,595  

Outfront Media Capital LLC/Outfront Media Capital Corp.
4.625%, 03/15/2030(a)

      403        359,752  

Sinclair Television Group, Inc.
4.125%, 12/01/2030(a)

      8,939        7,425,108  

5.50%, 03/01/2030(a)

      4,371        3,603,830  

 

abfunds.com  

AB HIGH INCOME FUND    |    19


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Sirius XM Radio, Inc.
4.00%, 07/15/2028(a)

    U.S.$       30,900      $ 27,940,744  

5.50%, 07/01/2029(a)

      110        106,022  

TEGNA, Inc.
5.00%, 09/15/2029

      803        779,563  

Univision Communications, Inc.
4.50%, 05/01/2029(a)

      2,116        1,899,581  

6.625%, 06/01/2027(a)

      1,134        1,140,869  

Urban One, Inc.
7.375%, 02/01/2028(a)

      12,257        11,881,705  

Virgin Media Secured Finance PLC
4.50%, 08/15/2030(a)

      3,734        3,236,905  

5.50%, 05/15/2029(a)

      333        311,806  

Ziggo Bond Co. BV
5.125%, 02/28/2030(a)

      985        861,140  
      

 

 

 
         258,473,828  
      

 

 

 

Communications - Telecommunications – 2.9%

      

Altice France SA/France
5.125%, 07/15/2029(a)

      17,362        14,699,231  

Connect Finco SARL/Connect US Finco LLC
6.75%, 10/01/2026(a)

      7,696        7,503,600  

Consolidated Communications, Inc.
5.00%, 10/01/2028(a)

      987        807,347  

6.50%, 10/01/2028(a)

      10,220        8,878,856  

DKT Finance ApS
7.00%, 06/17/2023(a)

    EUR       3,874        4,071,553  

9.375%, 06/17/2023(a)

    U.S.$       3,093        3,072,490  

Embarq Corp.
7.995%, 06/01/2036

      8,721        7,852,854  

ESC GCB In Jacks 5.5
5.50%, 08/01/2023(c)(d)(f)

      7,915        – 0  – 

Iliad Holding SASU
6.50%, 10/15/2026(a)

      1,449        1,392,317  

7.00%, 10/15/2028(a)

      1,668        1,590,815  

Intelsat Ja 9.75 07
9.75%, 07/15/2025(c)(d)(f)(h)

      1,446        – 0  – 

Kaixo Bondco Telecom SA
5.125%, 09/30/2029(a)

    EUR       3,977        3,703,373  

Level 3 Financing, Inc.
4.25%, 07/01/2028(a)

    U.S.$       4,459        3,772,527  

4.625%, 09/15/2027(a)

      3,050        2,747,882  

Lumen Technologies, Inc.
Series Y
7.50%, 04/01/2024

      262        269,113  

 

20    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Lumen Technologies, Inc.
4.50%, 01/15/2029(a)

    U.S.$       3,556      $ 2,814,995  

Sprint Capital Corp.
8.75%, 03/15/2032

      3,300        4,194,254  

Sprint Corp.
7.625%, 03/01/2026

      137        149,143  

Telecom Italia Capital SA
7.20%, 07/18/2036

      5,713        5,152,300  

7.721%, 06/04/2038

      6,995        6,620,832  

United Group BV
4.875% (EURIBOR 3 Month + 4.88%), 02/01/2029(i)

    EUR       5,496        5,535,629  

Vmed O2 UK Financing I PLC
4.75%, 07/15/2031(a)

    U.S.$       19,380        16,595,894  

Zayo Group Holdings, Inc.
6.125%, 03/01/2028(a)

      3,088        2,589,580  
      

 

 

 
         104,014,585  
      

 

 

 

Consumer Cyclical - Automotive – 2.8%

      

Aston Martin Capital Holdings Ltd.
10.50%, 11/30/2025(a)

      5,401        5,452,831  

15.00% (8.89% Cash and 6.11% PIK), 11/30/2026(a)(g)

      8,693        9,285,006  

Clarios Global LP/Clarios US Finance Co.
4.375%, 05/15/2026(a)

    EUR       1,055        1,062,256  

Dana, Inc.
4.25%, 09/01/2030

    U.S.$       3,854        3,312,298  

Dealer Tire LLC/DT Issuer LLC
8.00%, 02/01/2028(a)

      5,841        5,747,820  

Exide Technologies
(Exchange Priority)
11.00%, 10/31/2024(c)(d)(f)(h)

      18,493        – 0  – 

(First Lien)
11.00%, 10/31/2024(c)(d)(f)(h)

      7,590        – 0  – 

Ford Motor Co.
3.25%, 02/12/2032

      9,212        7,479,930  

Ford Motor Credit Co. LLC
2.70%, 08/10/2026

      388        346,135  

4.95%, 05/28/2027

      6,465        6,285,286  

5.125%, 06/16/2025

      538        536,047  

Goodyear Tire & Rubber Co. (The)
5.00%, 07/15/2029

      1,697        1,503,620  

5.25%, 07/15/2031

      2,963        2,583,886  

IHO Verwaltungs GmbH
6.00% (6.00% Cash or 6.75 % PIK), 05/15/2027(a)(g)

      2,107        1,989,569  

 

abfunds.com  

AB HIGH INCOME FUND    |    21


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Jaguar Land Rover Automotive PLC
5.50%, 07/15/2029(a)

    U.S.$       6,351      $ 5,370,858  

5.875%, 11/15/2024(a)

    EUR       667        689,934  

5.875%, 01/15/2028(a)

    U.S.$       6,393        5,571,446  

7.75%, 10/15/2025(a)

      6,597        6,736,387  

Mclaren Finance PLC
7.50%, 08/01/2026(a)

      9,232        8,924,188  

Meritor, Inc.
6.25%, 06/01/2025(a)

      1,349        1,396,702  

PM General Purchaser LLC
9.50%, 10/01/2028(a)

      6,681        6,380,493  

Tenneco, Inc.
5.00%, 07/15/2026

      2,571        2,464,998  

7.875%, 01/15/2029(a)

      2,477        2,501,583  

Titan International, Inc.
7.00%, 04/30/2028

      7,168        7,028,330  

ZF Europe Finance BV
2.00%, 02/23/2026(a)

    EUR       1,200        1,136,140  

ZF North America Capital, Inc.
4.75%, 04/29/2025(a)

    U.S.$       9,312        9,108,722  
      

 

 

 
         102,894,465  
      

 

 

 

Consumer Cyclical - Entertainment – 3.1%

      

Carnival Corp.
4.00%, 08/01/2028(a)

      8,433        7,570,641  

5.75%, 03/01/2027(a)

      6,463        5,838,997  

7.625%, 03/01/2026(a)

    EUR       1,630        1,717,548  

9.875%, 08/01/2027(a)

    U.S.$       3,689        3,969,180  

10.125%, 02/01/2026(a)

    EUR       1,630        1,868,977  

Carnival PLC
1.00%, 10/28/2029

      737        541,277  

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.50%, 05/01/2025(a)

    U.S.$       12,465        12,530,300  

Cinemark USA, Inc.
5.25%, 07/15/2028(a)

      2,584        2,286,643  

Lindblad Expeditions LLC
6.75%, 02/15/2027(a)

      1,512        1,485,913  

Mattel, Inc.
3.75%, 04/01/2029(a)

      7,792        7,422,121  

Motion Bondco DAC
4.50%, 11/15/2027(a)

    EUR       2,973        2,806,136  

NCL Corp. Ltd.
5.875%, 03/15/2026(a)

    U.S.$       9,466        8,701,534  

Royal Caribbean Cruises Ltd.
5.375%, 07/15/2027(a)

      6,220        5,701,128  

 

22    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

5.50%, 08/31/2026-04/01/2028(a)

    U.S.$       25,270      $ 23,144,980  

10.875%, 06/01/2023(a)

      3,534        3,697,447  

11.50%, 06/01/2025(a)

      7,586        8,252,051  

Six Flags Theme Parks, Inc.
7.00%, 07/01/2025(a)

      1,901        1,974,138  

Viking Cruises Ltd.
5.875%, 09/15/2027(a)

      4,065        3,451,496  

7.00%, 02/15/2029(a)

      5,016        4,464,094  

13.00%, 05/15/2025(a)

      2,788        3,054,084  

VOC Escrow Ltd.
5.00%, 02/15/2028(a)

      1,018        919,155  
      

 

 

 
         111,397,840  
      

 

 

 

Consumer Cyclical - Other – 2.2%

      

Adams Homes, Inc.
7.50%, 02/15/2025(a)

      4,216        4,127,113  

Brookfield Residential Properties, Inc./Brookfield Residential US LLC
4.875%, 02/15/2030(a)

      5,889        4,913,408  

6.25%, 09/15/2027(a)

      7,295        6,841,183  

Churchill Downs, Inc.
4.75%, 01/15/2028(a)

      1,528        1,430,873  

CP Atlas Buyer, Inc.
7.00%, 12/01/2028(a)

      1,842        1,538,100  

Empire Communities Corp.
7.00%, 12/15/2025(a)

      1,563        1,481,221  

Everi Holdings, Inc.
5.00%, 07/15/2029(a)

      140        126,957  

Five Point Operating Co. LP/Five Point Capital Corp.
7.875%, 11/15/2025(a)

      6,001        5,966,468  

Forestar Group, Inc.
3.85%, 05/15/2026(a)

      2,881        2,591,138  

Hilton Domestic Operating Co., Inc.
3.625%, 02/15/2032(a)

      2,459        2,085,325  

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.875%, 07/01/2031(a)

      3,307        2,893,903  

5.00%, 06/01/2029(a)

      3,417        3,080,497  

Installed Building Products, Inc.
5.75%, 02/01/2028(a)

      838        794,583  

International Game Technology PLC
3.50%, 06/15/2026(a)

    EUR       1,026        1,054,824  

Mattamy Group Corp.
4.625%, 03/01/2030(a)

    U.S.$       4,691        4,003,125  

 

abfunds.com  

AB HIGH INCOME FUND    |    23


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.625%, 09/01/2029(a)

    U.S.$       2,350      $ 1,875,640  

5.875%, 09/01/2031(a)

      2,350        1,823,514  

Shea Homes LP/Shea Homes Funding Corp.
4.75%, 02/15/2028-04/01/2029(a)

      7,822        6,882,629  

Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.
5.875%, 05/15/2025(a)

      4,781        4,685,702  

Taylor Morrison Communities, Inc.
5.75%, 01/15/2028(a)

      1,782        1,749,356  

5.875%, 06/15/2027(a)

      493        489,458  

Travel + Leisure Co.
4.50%, 12/01/2029(a)

      3,509        3,111,208  

4.625%, 03/01/2030(a)

      10,068        9,003,536  

6.625%, 07/31/2026(a)

      3,533        3,613,382  

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/2023(a)

      333        326,556  

5.50%, 03/01/2025(a)

      2,020        1,954,350  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.125%, 10/01/2029(a)

      3,075        2,694,463  
      

 

 

 
         81,138,512  
      

 

 

 

Consumer Cyclical - Restaurants – 0.8%

      

1011778 BC ULC/New Red Finance, Inc.
3.875%, 01/15/2028(a)

      6,965        6,407,800  

4.00%, 10/15/2030(a)

      8,721        7,459,819  

4.375%, 01/15/2028(a)

      83        76,113  

Stonegate Pub Co. Financing PLC
8.00%, 07/13/2025(a)

    GBP       963        1,218,038  

8.25%, 07/31/2025(a)

      6,836        8,708,739  

Yum! Brands, Inc.
4.625%, 01/31/2032

    U.S.$       3,367        3,072,913  
      

 

 

 
         26,943,422  
      

 

 

 

Consumer Cyclical - Retailers – 2.6%

      

Arko Corp.
5.125%, 11/15/2029(a)

      4,612        4,088,362  

Asbury Automotive Group, Inc.
4.625%, 11/15/2029(a)

      3,368        3,034,317  

5.00%, 02/15/2032(a)

      1,444        1,287,426  

Bath & Body Works, Inc.
5.25%, 02/01/2028

      531        513,934  

6.625%, 10/01/2030(a)

      3,212        3,198,622  

 

24    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

6.75%, 07/01/2036

    U.S.$       1,479      $ 1,426,841  

6.875%, 11/01/2035

      7,429        7,258,357  

7.50%, 06/15/2029

      492        508,229  

BCPE Ulysses Intermediate, Inc.
7.75% (7.75% Cash or 8.50% PIK), 04/01/2027(a)(g)

      2,653        2,269,140  

Carvana Co.
5.50%, 04/15/2027(a)

      1,469        1,202,951  

5.875%, 10/01/2028(a)(b)

      4,527        3,601,559  

FirstCash, Inc.
5.625%, 01/01/2030(a)

      9,711        9,034,347  

Foundation Building Materials, Inc.
6.00%, 03/01/2029(a)

      1,246        1,021,721  

Gap, Inc. (The)
3.625%, 10/01/2029(a)

      2,335        1,900,706  

3.875%, 10/01/2031(a)

      2,335        1,868,367  

Kontoor Brands, Inc.
4.125%, 11/15/2029(a)

      4,313        3,769,711  

LBM Acquisition LLC
6.25%, 01/15/2029(a)

      303        248,912  

Levi Strauss & Co.
3.50%, 03/01/2031(a)

      2,970        2,584,591  

Michaels Cos, Inc. (The)
5.25%, 05/01/2028(a)

      7,693        6,614,757  

7.875%, 05/01/2029(a)

      6,100        4,842,384  

NMG Holding Co., Inc./Neiman Marcus Group LLC
7.125%, 04/01/2026(a)

      139        138,751  

PetSmart, Inc./PetSmart Finance Corp.
7.75%, 02/15/2029(a)

      1,997        1,987,017  

Rite Aid Corp.
7.50%, 07/01/2025(a)

      6,326        5,425,846  

Specialty Building Products Holdings LLC/SBP Finance Corp.
6.375%, 09/30/2026(a)

      4,261        4,186,118  

SRS Distribution, Inc.
6.125%, 07/01/2029(a)

      1,110        979,079  

Staples, Inc.
7.50%, 04/15/2026(a)

      2,855        2,725,878  

10.75%, 04/15/2027(a)

      6,383        5,648,217  

TPro Acquisition Corp.
11.00%, 10/15/2024(a)

      3,220        3,364,540  

White Cap Buyer LLC
6.875%, 10/15/2028(a)

      4,257        3,923,168  

Wolverine World Wide, Inc.
4.00%, 08/15/2029(a)

      5,859        4,982,692  
      

 

 

 
         93,636,540  
      

 

 

 

 

abfunds.com  

AB HIGH INCOME FUND    |    25


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Consumer Non-Cyclical – 6.2%

      

180 Medical, Inc.
3.875%, 10/15/2029(a)

    U.S.$       4,968      $ 4,453,471  

AdaptHealth LLC
4.625%, 08/01/2029(a)

      5,234        4,459,194  

6.125%, 08/01/2028(a)

      1,532        1,453,988  

AHP Health Partners, Inc.
5.75%, 07/15/2029(a)

      4,713        4,272,605  

Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
4.625%, 01/15/2027(a)

      3,290        3,081,660  

4.875%, 02/15/2030(a)

      2,263        2,049,651  

7.50%, 03/15/2026(a)

      333        350,412  

Bausch Health Cos., Inc.
4.875%, 06/01/2028(a)

      10,910        9,681,689  

6.25%, 02/15/2029(a)

      900        656,077  

CD&R Smokey Buyer, Inc.
6.75%, 07/15/2025(a)

      419        426,552  

Charles River Laboratories International, Inc.
3.75%, 03/15/2029(a)

      3,048        2,767,367  

4.00%, 03/15/2031(a)

      5,304        4,740,061  

CHS/Community Health Systems, Inc.
4.75%, 02/15/2031(a)

      1,291        1,092,458  

5.625%, 03/15/2027(a)

      697        664,921  

6.125%, 04/01/2030(a)

      17,171        14,118,069  

6.875%, 04/01/2028-04/15/2029(a)

      14,378        12,349,152  

Cidron Aida Finco SARL
5.00%, 04/01/2028(a)

    EUR       949        901,379  

DaVita, Inc.
3.75%, 02/15/2031(a)

    U.S.$       1,823        1,485,300  

4.625%, 06/01/2030(a)

      5,297        4,617,879  

Emergent BioSolutions, Inc.
3.875%, 08/15/2028(a)

      7,410        6,288,283  

Endo Luxembourg Finance Co. I SARL/Endo US, Inc.
6.125%, 04/01/2029(a)

      1,302        1,136,118  

Global Medical Response, Inc.
6.50%, 10/01/2025(a)

      2,750        2,654,859  

Grifols Escrow Issuer SA
3.875%, 10/15/2028(a)

    EUR       6,477        6,137,132  

Gruenenthal GmbH
4.125%, 05/15/2028(a)

      738        721,375  

IQVIA, Inc.
2.25%, 03/15/2029(a)

      3,948        3,645,481  

Jazz Securities DAC
4.375%, 01/15/2029(a)

    U.S.$       2,382        2,211,531  

 

26    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.
7.00%, 12/31/2027(a)

  U.S.$     10,638      $ 8,464,275  

Lamb Weston Holdings, Inc.
4.125%, 01/31/2030(a)

      5,418        4,832,454  

4.375%, 01/31/2032(a)

      5,802        5,209,061  

Legacy LifePoint Health LLC
6.75%, 04/15/2025(a)

      333        339,781  

Mallinckrodt International Finance SA/Mallinckrodt CB LLC
5.50%, 04/15/2025(a)(d)(k)

      2,552        1,373,870  

ModivCare Escrow Issuer, Inc.
5.00%, 10/01/2029(a)

      643        562,850  

ModivCare, Inc.
5.875%, 11/15/2025(a)

      249        244,184  

Mozart Debt Merger Sub, Inc.
3.875%, 04/01/2029(a)

      6,982        6,104,398  

5.25%, 10/01/2029(a)

      14,103        12,268,057  

Option Care Health, Inc.
4.375%, 10/31/2029(a)

      349        313,392  

Organon & Co./Organon Foreign Debt Co-Issuer BV
5.125%, 04/30/2031(a)

      3,867        3,497,439  

Par Pharmaceutical, Inc.
7.50%, 04/01/2027(a)

      5,068        4,627,285  

Paysafe Finance PLC/Paysafe Holdings US Corp.
4.00%, 06/15/2029(a)

      5,267        4,289,313  

Performance Food Group, Inc.
4.25%, 08/01/2029(a)

      5,952        5,295,120  

Post Holdings, Inc.
4.50%, 09/15/2031(a)

      7,969        6,646,137  

4.625%, 04/15/2030(a)

      6,624        5,665,050  

5.50%, 12/15/2029(a)

      5,372        4,882,681  

Primo Water Holdings, Inc.
4.375%, 04/30/2029(a)

      7,622        6,636,911  

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.
9.75%, 12/01/2026(a)

      11,464        11,775,095  

RP Escrow Issuer LLC
5.25%, 12/15/2025(a)

      2,030        1,907,624  

Spectrum Brands, Inc.
3.875%, 03/15/2031(a)

      3,322        2,795,510  

Tempur Sealy International, Inc.
3.875%, 10/15/2031(a)

      6,415        5,325,785  

Tenet Healthcare Corp.
4.375%, 01/15/2030(a)

      6,811        6,197,956  

 

abfunds.com  

AB HIGH INCOME FUND    |    27


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Triton Water Holdings, Inc.
6.25%, 04/01/2029(a)

    U.S.$       3,458      $ 2,866,192  

US Acute Care Solutions LLC
6.375%, 03/01/2026(a)

      4,195        4,084,533  

US Foods, Inc.
4.75%, 02/15/2029(a)

      10,363        9,566,847  

US Renal Care, Inc.
10.625%, 07/15/2027(a)

      2,233        1,941,711  
      

 

 

 
         224,130,175  
      

 

 

 

Energy – 6.5%

      

Athabasca Oil Corp.
9.75%, 11/01/2026(a)

      5,996        6,363,255  

Berry Petroleum Co. LLC
7.00%, 02/15/2026(a)

      2,415        2,364,777  

Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.625%, 12/15/2025(a)

      2,450        2,523,509  

Callon Petroleum Co.
8.25%, 07/15/2025

      253        253,835  

Callon Petroleum, Co.
9.00%, 04/01/2025(a)

      1,542        1,634,520  

Cheniere Energy Partners LP
4.50%, 10/01/2029

      2,089        2,000,802  

Citgo Holding, Inc.
9.25%, 08/01/2024(a)

      2,595        2,578,411  

CITGO Petroleum Corp.
6.375%, 06/15/2026(a)

      2,387        2,373,279  

7.00%, 06/15/2025(a)

      9,430        9,370,754  

Civitas Resources, Inc.
5.00%, 10/15/2026(a)

      6,059        5,774,636  

7.50%, 04/30/2026

      264        264,028  

CNX Resources Corp.
6.00%, 01/15/2029(a)

      2,061        2,035,867  

7.25%, 03/14/2027(a)

      876        895,020  

Comstock Resources, Inc.
6.75%, 03/01/2029(a)

      2,289        2,313,345  

7.50%, 05/15/2025(a)

      991        1,011,528  

CQP Holdco LP/BIP-V Chinook Holdco LLC
5.50%, 06/15/2031(a)

      1,684        1,555,040  

Crescent Energy Finance LLC
7.25%, 05/01/2026(a)

      5,383        5,302,189  

Diamond Foreign Asset Co./Diamond Finance LLC
9.00% (9.00% Cash or 13.00% PIK), 04/22/2027(a)(g)

      568        555,390  

 

28    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

9.00% (9.00% Cash or 13.00% PIK), 04/22/2027(g)

  U.S.$     494      $ 490,076  

Encino Acquisition Partners Holdings LLC
8.50%, 05/01/2028(a)

      8,923        8,942,864  

EnLink Midstream LLC
5.625%, 01/15/2028(a)

      940        931,562  

EnLink Midstream Partners LP
4.15%, 06/01/2025

      8,682        8,425,580  

4.40%, 04/01/2024

      333        328,611  

Series C
6.00%, 12/15/2022(l)

      12,323        9,057,405  

EQM Midstream Partners LP
4.50%, 01/15/2029(a)

      3,683        3,314,388  

4.75%, 01/15/2031(a)

      1,913        1,709,896  

Genesis Energy LP/Genesis Energy Finance Corp.
6.25%, 05/15/2026

      2,898        2,717,470  

7.75%, 02/01/2028

      8,431        8,110,081  

8.00%, 01/15/2027

      4,649        4,567,498  

Global Partners LP/GLP Finance Corp.
6.875%, 01/15/2029

      2,289        2,216,794  

7.00%, 08/01/2027

      2,652        2,602,776  

Gulfport Energy Corp.
6.00%, 10/15/2024(d)

      2,508        251  

6.375%, 05/15/2025-01/15/2026(d)

      18,821        1,882  

6.625%, 05/01/2023(d)

      619        62  

8.00%, 05/17/2026

      286        294,272  

8.00%, 05/17/2026(a)

      6,422        6,616,422  

Harbour Energy PLC
5.50%, 10/15/2026(a)

      3,674        3,557,413  

Hess Midstream Operations LP
4.25%, 02/15/2030(a)

      499        456,834  

Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/2029(a)

      1,910        1,872,983  

6.00%, 02/01/2031(a)

      1,909        1,843,215  

Ithaca Energy North Sea PLC
9.00%, 07/15/2026(a)

      8,277        8,442,508  

ITT Holdings LLC
6.50%, 08/01/2029(a)

      12,224        10,818,577  

Moss Creek Resources Holdings, Inc.
7.50%, 01/15/2026(a)

      9,387        8,622,823  

Nabors Industries Ltd.
7.25%, 01/15/2026(a)

      2,551        2,496,378  

7.50%, 01/15/2028(a)

      7,663        7,373,327  

Nabors Industries, Inc.
7.375%, 05/15/2027(a)

      4,450        4,545,413  

New Fortress Energy, Inc.
6.75%, 09/15/2025(a)

      8,081        7,947,603  

 

abfunds.com  

AB HIGH INCOME FUND    |    29


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

NGL Energy Operating LLC/NGL Energy Finance Corp.
7.50%, 02/01/2026(a)

    U.S.$       9,973      $ 9,399,482  

Occidental Petroleum Corp.
5.875%, 09/01/2025

      1,346        1,382,701  

6.125%, 01/01/2031

      736        774,677  

8.875%, 07/15/2030

      558        670,298  

PBF Holding Co. LLC/PBF Finance Corp.
9.25%, 05/15/2025(a)

      4,196        4,348,206  

PDC Energy, Inc.
5.75%, 05/15/2026

      8,038        7,824,404  

6.125%, 09/15/2024

      3,611        3,620,671  

Southwestern Energy Co.
5.375%, 02/01/2029

      1,844        1,822,124  

8.375%, 09/15/2028

      343        371,282  

Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
8.50%, 10/15/2026(a)

      4,596        4,298,944  

Sunnova Energy Corp.
5.875%, 09/01/2026(a)

      3,054        2,807,709  

Sunoco LP/Sunoco Finance Corp.
5.875%, 03/15/2028

      1,917        1,899,008  

Talos Production, Inc.
12.00%, 01/15/2026

      7,783        8,377,800  

Transocean Phoenix 2 Ltd.
7.75%, 10/15/2024(a)

      3,781        3,806,765  

Transocean Pontus Ltd.
6.125%, 08/01/2025(a)

      985        969,391  

Transocean Poseidon Ltd.
6.875%, 02/01/2027(a)

      1,798        1,728,479  

Transocean, Inc.
7.25%, 11/01/2025(a)

      2,072        1,719,648  

7.50%, 01/15/2026(a)

      4,613        3,787,153  

11.50%, 01/30/2027(a)

      2,001        1,992,446  

Vantage Drilling International
7.125%, 04/01/2023(c)(d)(f)

      8,325        – 0  – 

7.50%, 11/01/2019(c)(d)(e)(f)

      8,860        – 0  – 

W&T Offshore, Inc.
9.75%, 11/01/2023(a)

      5,273        5,241,473  
      

 

 

 
         234,317,810  
      

 

 

 

Other Industrial – 0.0%

      

Interface, Inc.
5.50%, 12/01/2028(a)

      1,364        1,235,298  
      

 

 

 

Services – 3.8%

      

ADT Security Corp. (The)
4.125%, 08/01/2029(a)

      8,240        7,008,924  

 

30    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/2029(a)

  U.S.$     1,397      $ 1,156,028  

6.625%, 07/15/2026(a)

      1,699        1,642,099  

9.75%, 07/15/2027(a)

      7,999        7,769,625  

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
3.625%, 06/01/2028(a)

  EUR     1,105        1,008,348  

4.625%, 06/01/2028(a)

  U.S.$     2,325        2,038,365  

4.875%, 06/01/2028(a)

  GBP     3,580        3,908,201  

ANGI Group LLC
3.875%, 08/15/2028(a)

  U.S.$     12,814        10,176,481  

Aptim Corp.
7.75%, 06/15/2025(a)

      11,051        8,668,810  

APX Group, Inc.
5.75%, 07/15/2029(a)

      9,301        7,629,802  

6.75%, 02/15/2027(a)

      2,701        2,676,558  

Block, Inc.
2.75%, 06/01/2026(a)

      7,220        6,593,658  

3.50%, 06/01/2031(a)

      7,394        6,190,197  

Cars.com, Inc.
6.375%, 11/01/2028(a)

      4,403        4,132,385  

CWT Travel Group, Inc.
8.50%, 11/19/2026(a)

      4,184        4,137,103  

Elis SA
1.625%, 04/03/2028(a)

  EUR     900        837,776  

Garda World Security Corp.
9.50%, 11/01/2027(a)

  U.S.$     495        488,956  

ION Trading Technologies SARL
5.75%, 05/15/2028(a)

      5,678        5,335,180  

Korn Ferry
4.625%, 12/15/2027(a)

      2,404        2,277,790  

Millennium Escrow Corp.
6.625%, 08/01/2026(a)

      8,204        7,604,423  

MoneyGram International, Inc.
5.375%, 08/01/2026(a)

      4,855        4,950,853  

Monitronics International, Inc.
0.00%, 01/04/2020(c)(d)(e)(f)

      6,914        – 0  – 

MPH Acquisition Holdings LLC
5.50%, 09/01/2028(a)

      4,164        3,853,214  

5.75%, 11/01/2028(a)(b)

      17,454        15,190,221  

Prime Security Services Borrower LLC/Prime Finance, Inc.
5.25%, 04/15/2024(a)

      135        134,776  

6.25%, 01/15/2028(a)

      13,331        11,964,770  

Sabre GLBL, Inc.
7.375%, 09/01/2025(a)

      1,580        1,599,382  

 

abfunds.com  

AB HIGH INCOME FUND    |    31


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

9.25%, 04/15/2025(a)

    U.S.$       673      $ 718,987  

Service Corp. International/US
3.375%, 08/15/2030

      997        861,875  

TripAdvisor, Inc.
7.00%, 07/15/2025(a)

      2,089        2,144,642  

Verisure Midholding AB
5.25%, 02/15/2029(a)

    EUR       4,130        3,820,079  

WASH Multifamily Acquisition, Inc.
5.75%, 04/15/2026(a)

    U.S.$       1,265        1,231,906  
      

 

 

 
         137,751,414  
      

 

 

 

Technology – 2.9%

      

Ahead DB Holdings LLC
6.625%, 05/01/2028(a)

      3,518        3,119,966  

Avaya, Inc.
6.125%, 09/15/2028(a)

      10,982        10,151,743  

Cablevision Lightpath LLC
5.625%, 09/15/2028(a)

      4,374        3,755,550  

Clarivate Science Holdings Corp.
4.875%, 07/01/2029(a)

      723        638,708  

CommScope, Inc.
4.75%, 09/01/2029(a)

      7,430        6,227,158  

Imola Merger Corp.
4.75%, 05/15/2029(a)

      4,868        4,544,160  

Minerva Merger Sub, Inc.
6.50%, 02/15/2030(a)

      12,687        11,671,490  

NCR Corp.
5.125%, 04/15/2029(a)

      12,758        12,071,376  

5.75%, 09/01/2027(a)

      1,558        1,505,048  

6.125%, 09/01/2029(a)

      1,207        1,156,024  

Pitney Bowes, Inc.
6.875%, 03/15/2027(a)

      2,627        2,427,605  

Playtech PLC
4.25%, 03/07/2026(a)

    EUR       776        812,354  

Playtika Holding Corp.
4.25%, 03/15/2029(a)

    U.S.$       5,044        4,542,940  

Presidio Holdings, Inc.
8.25%, 02/01/2028(a)

      7,521        7,329,539  

Rackspace Technology Global, Inc.
3.50%, 02/15/2028(a)

      12,300        10,644,604  

Sensata Technologies BV
4.00%, 04/15/2029(a)

      5,327        4,777,945  

Sensata Technologies, Inc.
3.75%, 02/15/2031(a)

      530        448,585  

TTM Technologies, Inc.
4.00%, 03/01/2029(a)

      2,513        2,201,307  

Veritas US, Inc./Veritas Bermuda Ltd.
7.50%, 09/01/2025(a)

      17,204        15,227,566  

 

32    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Virtusa Corp.
7.125%, 12/15/2028(a)

    U.S.$       3,521      $ 3,179,594  
      

 

 

 
         106,433,262  
      

 

 

 

Transportation - Airlines – 0.6%

      

American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/2026(a)

      5,556        5,506,597  

5.75%, 04/20/2029(a)

      6,083        5,868,842  

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.
5.75%, 01/20/2026(a)

      2,171        2,119,202  

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
8.00%, 09/20/2025(a)

      2,444        2,579,515  

United Airlines, Inc.
4.625%, 04/15/2029(a)

      5,794        5,323,433  
      

 

 

 
         21,397,589  
      

 

 

 

Transportation - Services – 0.7%

      

AerCap Global Aviation Trust
6.50%, 06/15/2045(a)

      2,629        2,578,015  

Albion Financing 1 SARL/Aggreko Holdings, Inc.
5.25%, 10/15/2026(a)

    EUR       2,713        2,717,411  

6.125%, 10/15/2026(a)

    U.S.$       2,243        2,116,382  

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.375%, 03/01/2029(a)

      1,387        1,318,443  

5.75%, 07/15/2027(a)

      1,477        1,458,539  

BCP V Modular Services
6.75%, 11/30/2029

    EUR       5,428        4,956,085  

BCP V Modular Services Finance II PLC
4.75%, 11/30/2028(a)

      538        513,519  

EC Finance PLC
3.00%, 10/15/2026

      1,905        1,937,136  

Loxam SAS
2.875%, 04/15/2026(a)

      934        917,891  

PROG Holdings, Inc.
6.00%, 11/15/2029(a)

    U.S.$       7,617        6,743,286  
      

 

 

 
         25,256,707  
      

 

 

 
         1,751,353,955  
      

 

 

 

Financial Institutions – 6.1%

      

Banking – 1.7%

      

Ally Financial, Inc.
Series B
4.70%, 05/15/2026(l)

      14,614        12,621,717  

 

abfunds.com  

AB HIGH INCOME FUND    |    33


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Series C
4.70%, 05/15/2028(l)

    U.S.$       993      $ 858,945  

Bread Financial Holdings, Inc.
4.75%, 12/15/2024(a)

      6,719        6,534,917  

7.00%, 01/15/2026(a)

      3,175        3,214,052  

Credit Suisse Group AG
6.25%, 12/18/2024(a)(l)

      7,786        7,565,109  

6.375%, 08/21/2026(a)(l)

      8,766        8,293,199  

Discover Financial Services
Series D
6.125%, 06/23/2025(l)

      19,736        20,126,010  

Intesa Sanpaolo SpA
5.017%, 06/26/2024(a)

      3,198        3,147,746  

5.71%, 01/15/2026(a)

      860        855,989  
      

 

 

 
         63,217,684  
      

 

 

 

Brokerage – 0.5%

      

Advisor Group Holdings, Inc.
10.75%, 08/01/2027(a)

      6,141        6,478,766  

Lehman Brothers Holdings, Inc.
6.875%, 02/05/2018(d)(e)

      1,600        6,400  

Series G
4.80%, 03/13/2014(d)(e)

      1,800        7,200  

NFP Corp.
6.875%, 08/15/2028(a)

      13,298        11,766,787  
      

 

 

 
         18,259,153  
      

 

 

 

Finance – 1.2%

      

Air Lease Corp.
Series B
4.65%, 06/15/2026(l)

      5,818        5,255,337  

Aircastle Ltd.
5.25%, 06/15/2026(a)(l)

      2,836        2,523,254  

Castlelake Aviation Finance DAC
5.00%, 04/15/2027(a)

      4,612        4,152,249  

CNG Holdings, Inc.
12.50%, 06/15/2024(a)

      4,791        4,484,642  

Curo Group Holdings Corp.
7.50%, 08/01/2028(a)

      10,659        8,980,992  

Enova International, Inc.
8.50%, 09/01/2024-09/15/2025(a)

      9,287        9,243,176  

goeasy Ltd.
4.375%, 05/01/2026(a)

      734        686,234  

ILFC E-Capital Trust II
4.30%, (LIBOR 3 Month + 1.80%), 12/21/2065(a)(i)

      1,500        1,211,367  

Jefferies Finance LLC/JFIN Co-Issuer Corp.
5.00%, 08/15/2028(a)

      3,418        3,114,594  

 

34    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Navient Corp.
4.875%, 03/15/2028

    U.S.$       5,136      $ 4,509,986  
      

 

 

 
         44,161,831  
      

 

 

 

Insurance – 0.7%

      

Acrisure LLC/Acrisure Finance, Inc.
10.125%, 08/01/2026(a)

      3,473        3,651,178  

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
6.75%, 10/15/2027(a)

      2,416        2,286,763  

Ardonagh Midco 2 PLC
11.50% (11.50% Cash or 12.75% PIK), 01/15/2027(a)(b)(g)

      10,629        11,459,006  

AssuredPartners, Inc.
5.625%, 01/15/2029(a)

      8,002        7,043,092  
      

 

 

 
         24,440,039  
      

 

 

 

Other Finance – 0.6%

      

Altice France Holding SA
10.50%, 05/15/2027(a)

      4,599        4,678,865  

Armor Holdco, Inc.
8.50%, 11/15/2029(a)

      8,586        8,163,216  

Coinbase Global, Inc.
3.375%, 10/01/2028(a)

      3,638        2,902,949  

Intrum AB
4.875%, 08/15/2025

    EUR       4,189        4,351,417  
      

 

 

 
         20,096,447  
      

 

 

 

REITs – 1.4%

      

ADLER Group SA
2.75%, 11/13/2026(a)

      1,200        870,969  

Aedas Homes Opco Sl
4.00%, 08/15/2026

      8,929        8,931,413  

Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL
4.50%, 04/01/2027(a)

    U.S.$       8,411        7,623,375  

5.75%, 05/15/2026(a)

      2,813        2,730,284  

Diversified Healthcare Trust
9.75%, 06/15/2025

      5,638        5,908,319  

Iron Mountain, Inc.
5.25%, 03/15/2028(a)

      1,551        1,482,107  

Neinor Homes SA
4.50%, 10/15/2026(a)

    EUR       5,519        5,448,766  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.875%, 05/15/2029(a)

    U.S.$       5,143        4,715,094  

 

abfunds.com  

AB HIGH INCOME FUND    |    35


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Via Celere Desarrollos
5.25%, 04/01/2026

    EUR       5,665      $ 5,738,343  

Vivion Investments SARL
3.00%, 08/08/2024(a)

      4,600        4,444,380  

3.50%, 11/01/2025(a)

      2,400        2,261,135  
      

 

 

 
         50,154,185  
      

 

 

 
         220,329,339  
      

 

 

 

Utility – 1.1%

      

Electric – 1.0%

      

Calpine Corp.
3.75%, 03/01/2031(a)

    U.S.$       14,216        12,014,606  

5.125%, 03/15/2028(a)

      1,557        1,414,385  

ContourGlobal Power Holdings SA
3.125%, 01/01/2028(a)

    EUR       813        770,390  

Vistra Corp.
7.00%, 12/15/2026(a)(l)

    U.S.$       3,713        3,613,965  

8.00%, 10/15/2026(a)(l)

      4,495        4,522,740  

Vistra Operations Co. LLC
4.375%, 05/01/2029(a)

      14,740        13,415,885  
      

 

 

 
         35,751,971  
      

 

 

 

Other Utility – 0.1%

      

Solaris Midstream Holdings LLC
7.625%, 04/01/2026(a)

      5,820        5,978,166  
      

 

 

 
         41,730,137  
      

 

 

 

Total Corporates - Non-Investment Grade
(cost $2,214,799,574)

         2,013,413,431  
      

 

 

 
      

CORPORATES - INVESTMENT GRADE – 9.7%

      

Financial Institutions – 5.0%

      

Banking – 2.6%

      

Banco Santander SA
4.175%, 03/24/2028

      3,000        2,914,390  

Bank of America Corp.
Series AA
6.10%, 03/17/2025(l)

      1,000        1,007,500  

Series B
8.05%, 06/15/2027

      11,735        13,438,630  

Series Z
6.50%, 10/23/2024(l)

      4,009        4,109,443  

Barclays Bank PLC
6.86%, 06/15/2032(a)(l)

      838        1,048,693  

Barclays PLC
7.25%, 03/15/2023(a)(l)

    GBP       3,808        4,837,525  

Citigroup, Inc.
5.95%, 01/30/2023(l)

    U.S.$       14,778        14,792,718  

 

36    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Credit Agricole SA
8.125%, 12/23/2025(a)(l)

    U.S.$       1,767      $ 1,898,182  

8.125%, 03/23/2171(l)

      4,862        5,245,089  

Dresdner Funding Trust I
8.151%, 06/30/2031(a)

      816        981,231  

Goldman Sachs Group, Inc. (The)
Series P
5.00%, 11/10/2022(b)(l)

      13,633        12,904,270  

HSBC Holdings PLC
4.762%, 03/29/2033

      3,458        3,283,424  

6.375%, 03/30/2025(l)

      2,076        2,091,570  

Lloyds Banking Group PLC
3.369%, 12/14/2046

      7,344        5,487,335  

Regions Bank/Birmingham AL
6.45%, 06/26/2037

      5,300        6,145,455  

Standard Chartered PLC
2.749% (LIBOR 3 Month + 1.51%), 01/30/2027(a)(i)(l)

      3,500        3,003,568  

7.75%, 04/02/2023(a)(l)

      1,988        2,033,738  

UBS Group AG
7.00%, 02/19/2025(a)(l)

      6,302        6,421,654  
      

 

 

 
         91,644,415  
      

 

 

 

Finance – 0.8%

 

AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.30%, 01/30/2032

      4,899        4,103,623  

Aircastle Ltd.
2.85%, 01/26/2028(a)

      1,274        1,114,794  

4.25%, 06/15/2026

      162        156,432  

5.25%, 08/11/2025(a)(b)

      11,719        11,696,279  

Aviation Capital Group LLC
4.125%, 08/01/2025(a)

      2,077        2,026,114  

4.875%, 10/01/2025(a)

      1,585        1,577,124  

Huarong Finance Co., Ltd.
3.25%, 11/13/2024(a)

      708        669,060  

3.75%, 05/29/2024(a)

      412        397,065  

4.75%, 04/27/2027(a)

      751        709,695  

Huarong Finance II Co., Ltd.
4.625%, 06/03/2026(a)

      1,899        1,799,302  

4.875%, 11/22/2026(a)

      1,016        967,740  

5.50%, 01/16/2025(a)

      4,811        4,762,890  
      

 

 

 
         29,980,118  
      

 

 

 

Insurance – 1.2%

 

Centene Corp.
2.625%, 08/01/2031

      12,222        10,194,003  

 

abfunds.com  

AB HIGH INCOME FUND    |    37


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Liberty Mutual Group, Inc.
7.80%, 03/15/2037(a)

    U.S.$       12,697      $ 16,217,499  

MetLife Capital Trust IV
7.875%, 12/15/2037(a)

      9,269        10,679,914  

MetLife, Inc.
10.75%, 08/01/2039

      1,745        2,428,702  

Nationwide Mutual Insurance Co.
3.116% (LIBOR 3 Month + 2.29%), 12/15/2024(a)(i)

      5,000        4,988,902  
      

 

 

 
         44,509,020  
      

 

 

 

REITs – 0.4%

      

Country Garden Holdings Co., Ltd.
3.125%, 10/22/2025(a)

      400        277,500  

MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
4.625%, 06/15/2025(a)

      1,279        1,255,812  

5.625%, 05/01/2024

      2,333        2,351,384  

5.75%, 02/01/2027

      4,572        4,572,137  

Office Properties Income Trust
3.45%, 10/15/2031

      7,024        5,444,153  
      

 

 

 
         13,900,986  
      

 

 

 
         180,034,539  
      

 

 

 

Industrial – 4.7%

      

Basic – 0.8%

      

ArcelorMittal SA
6.75%, 03/01/2041

      4,782        5,105,811  

7.00%, 10/15/2039

      1,241        1,358,417  

Arconic Corp.
6.00%, 05/15/2025(a)

      3,466        3,483,273  

Braskem Netherlands Finance BV
4.50%, 01/31/2030(a)

      8,224        7,441,692  

Freeport Indonesia PT
4.763%, 04/14/2027(a)

      696        691,740  

Freeport-McMoRan, Inc.
5.40%, 11/14/2034

      33        33,761  

5.45%, 03/15/2043

      5,095        5,077,517  

INEOS Finance PLC
2.875%, 05/01/2026(a)

    EUR       835        812,318  

Nexa Resources SA
6.50%, 01/18/2028(a)

    U.S.$       5,519        5,505,202  
      

 

 

 
         29,509,731  
      

 

 

 

Capital Goods – 0.4%

      

General Electric Co.
Series D
4.156% (LIBOR 3 Month + 3.33%), 06/15/2022(i)(l)

      12,108        11,475,753  

 

38    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Howmet Aerospace, Inc.
5.90%, 02/01/2027

    U.S.$       805      $ 826,851  

Textron Financial Corp.
2.241% (LIBOR 3 Month + 1.74%), 02/15/2042(a)(i)

      125        104,675  
      

 

 

 
         12,407,279  
      

 

 

 

Communications - Media – 0.2%

      

Magallanes, Inc.
3.755%, 03/15/2027(a)

      3,059        2,953,439  

4.054%, 03/15/2029(a)

      736        702,949  

4.279%, 03/15/2032(a)

      4,249        3,955,512  

Prosus NV
4.027%, 08/03/2050(a)

      1,341        925,290  
      

 

 

 
         8,537,190  
      

 

 

 

Communications - Telecommunications – 0.7%

      

T-Mobile USA, Inc.
2.625%, 02/15/2029

      5,005        4,330,113  

3.375%, 04/15/2029(a)

      9,331        8,446,564  

3.50%, 04/15/2031(a)

      15,230        13,499,566  
      

 

 

 
         26,276,243  
      

 

 

 

Consumer Cyclical - Other – 0.4%

      

MDC Holdings, Inc.
6.00%, 01/15/2043

      9,963        9,401,449  

Resorts World Las Vegas LLC/RWLV Capital, Inc.
4.625%, 04/06/2031(a)

      5,800        4,930,902  

Sands China Ltd.
3.25%, 08/08/2031(a)

      675        517,278  
      

 

 

 
         14,849,629  
      

 

 

 

Consumer Cyclical - Retailers – 0.1%

      

Macy’s Retail Holdings LLC
5.875%, 03/15/2030(a)

      2,423        2,275,809  

6.125%, 03/15/2032(a)

      2,121        1,966,886  
      

 

 

 
         4,242,695  
      

 

 

 

Consumer Non-Cyclical – 0.2%

      

Newell Brands, Inc.
4.45%, 04/01/2026

      3,038        3,004,442  

4.875%, 06/01/2025

      748        756,624  

Pilgrim’s Pride Corp.
3.50%, 03/01/2032(a)

      5,244        4,444,758  
      

 

 

 
         8,205,824  
      

 

 

 

Energy – 1.0%

      

Cenovus Energy, Inc.
6.75%, 11/15/2039

      706        799,215  

 

abfunds.com  

AB HIGH INCOME FUND    |    39


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Continental Resources, Inc./OK
5.75%, 01/15/2031(a)

    U.S.$       1,103      $ 1,131,481  

Ecopetrol SA
4.625%, 11/02/2031

      2,197        1,835,594  

5.875%, 11/02/2051

      5,917        4,482,128  

Energy Transfer LP
4.40%, 03/15/2027

      7,547        7,460,118  

4.95%, 05/15/2028

      1,214        1,216,190  

Hunt Oil Co. of Peru LLC Sucursal Del Peru
6.375%, 06/01/2028(a)

      238        227,680  

Oleoducto Central SA
4.00%, 07/14/2027(a)

      610        553,689  

Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.00%, 01/15/2032

      7,821        7,106,303  

TransCanada PipeLines Ltd.
2.716% (LIBOR 3 Month + 2.21%), 05/15/2067(i)

      2,500        2,119,968  

Western Midstream Operating LP
3.95%, 06/01/2025

      1,219        1,184,092  

4.50%, 03/01/2028

      1,652        1,582,739  

4.55%, 02/01/2030

      2,516        2,318,000  

4.75%, 08/15/2028

      1,563        1,521,727  

5.45%, 04/01/2044

      916        840,647  
      

 

 

 
         34,379,571  
      

 

 

 

Technology – 0.2%

      

Broadcom, Inc.
4.00%, 04/15/2029(a)

      906        864,737  

4.15%, 04/15/2032(a)

      3,245        3,011,625  

Dell International LLC/EMC Corp.
8.35%, 07/15/2046

      690        918,466  

Microchip Technology, Inc.
4.25%, 09/01/2025

      3,341        3,319,905  
      

 

 

 
         8,114,733  
      

 

 

 

Transportation - Airlines – 0.7%

      

Delta Air Lines, Inc.
7.00%, 05/01/2025(a)

      7,534        8,062,056  

Delta Air Lines, Inc./SkyMiles IP Ltd.
4.75%, 10/20/2028(a)

      2,971        2,929,257  

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
6.50%, 06/20/2027(a)

      14,434        14,842,782  
      

 

 

 
         25,834,095  
      

 

 

 
         172,356,990  
      

 

 

 

Total Corporates - Investment Grade
(cost $354,960,681)

         352,391,529  
      

 

 

 
      

 

40    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

BANK LOANS – 6.9%

      

Industrial – 6.3%

      

Basic – 0.1%

      

Nouryon Finance B.V.
4.006% (LIBOR 3 Month + 3.00%), 10/01/2025(m)

    U.S.$       2,234      $ 2,199,827  
      

 

 

 

Capital Goods – 0.8%

      

ACProducts Holdings, Inc.
4.75% (LIBOR 3 Month + 4.25%), 05/17/2028(m)

      10,408        8,638,928  

Apex Tool Group, LLC
5.75% (SOFR 1 Month + 5.25%), 02/08/2029(m)

      12,459        11,898,262  

Granite US Holdings Corporation
5.063% (LIBOR 3 Month + 4.00%), 09/30/2026(m)

      8,266        8,187,226  
      

 

 

 
         28,724,416  
      

 

 

 

Communications - Media – 0.2%

      

Advantage Sales & Marketing, Inc.
5.264% (LIBOR 1 Month + 4.50%), 10/28/2027(m)

      9,381        9,226,459  
      

 

 

 

Communications - Telecommunications – 1.2%

      

Crown Subsea Communications Holding, Inc.
5.50% (LIBOR 1 Month + 4.75%), 04/27/2027(m)

      7,268        7,235,135  

DIRECTV Financing, LLC
5.764% (LIBOR 1 Month + 5.00%), 08/02/2027(m)

      2,951        2,935,900  

Intrado Corporation
5.00% (LIBOR 1 Month + 4.00%), 10/10/2024(m)

      7,177        6,708,690  

Proofpoint, Inc.
6.758% (LIBOR 3 Month + 6.25%), 08/31/2029(m)

      12,450        12,438,297  

Zacapa SARL
4.766% (SOFR 3 Month + 4.25%), 03/22/2029(m)

      12,722        12,615,667  
      

 

 

 
         41,933,689  
      

 

 

 

Consumer Cyclical - Automotive – 0.1%

      

Clarios Global LP
4.014% (LIBOR 1 Month + 3.25%), 04/30/2026(m)

      2,493        2,450,777  
      

 

 

 

 

abfunds.com  

AB HIGH INCOME FUND    |    41


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Consumer Cyclical - Other – 0.3%

      

Caesars Resort Collection, LLC
3.514% (LIBOR 1 Month + 2.75%), 12/23/2024(m)

    U.S.$       10,195      $ 10,142,160  

Golden Nugget Online Gaming, LLC
13.00% (LIBOR 1 Month + 12.00%), 10/04/2023(c)(m)

      132        140,054  
      

 

 

 
         10,282,214  
      

 

 

 

Consumer Cyclical - Retailers – 0.2%

      

PetSmart LLC
4.50% (LIBOR 3 Month + 3.75%), 02/11/2028(m)

      5,794        5,732,854  
      

 

 

 

Consumer Non-Cyclical – 1.1%

      

Gainwell Acquisition Corp.
5.006% (LIBOR 3 Month + 4.00%), 10/01/2027(m)

      6,883        6,852,797  

Global Medical Response, Inc.
5.25% (LIBOR 3 Month + 4.25%), 03/14/2025(m)

      5,180        5,134,980  

Kronos Acquisition Holdings, Inc.
4.25% (LIBOR 3 Month + 3.75%), 12/22/2026(m)

      4,651        4,314,663  

Mallinckrodt International Finance S.A.
6.00% (LIBOR 3 Month + 5.25%), 09/24/2024(m)

      4,715        4,373,332  

Padagis LLC
5.719% (LIBOR 3 Month + 4.75%), 07/06/2028(c)(m)

      1,995        1,990,306  

U.S. Renal Care, Inc.
5.50% (LIBOR 1 Month + 5.00%), 06/26/2026(c)(m)

      8,200        7,236,279  

US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.)
6.313% (LIBOR 3 Month + 5.25%), 12/15/2027(m)

      10,940        10,890,478  
      

 

 

 
         40,792,835  
      

 

 

 

Energy – 0.6%

 

CITGO Petroleum Corporation
7.014% (LIBOR 1 Month + 6.25%), 03/28/2024(m)

      2,782        2,770,636  

GIP II Blue Holding, L.P.
5.506% (LIBOR 3 Month + 4.50%), 09/29/2028(m)

      13,695        13,641,046  

 

42    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Parkway Generation, LLC
5.51% (LIBOR 1 Month + 4.75%), 02/18/2029(m)

    U.S.$       5,708      $ 5,680,427  
      

 

 

 
         22,092,109  
      

 

 

 

Other Industrial – 0.4%

      

American Tire Distributors, Inc.
6.918% (LIBOR 3 Month + 6.25%), 10/20/2028(m)

      10,239        10,138,446  

Dealer Tire, LLC
5.014% (LIBOR 1 Month + 4.25%), 12/12/2025(m)

      1,603        1,599,894  

FCG Acquisitions, Inc.
7.514% (LIBOR 1 Month + 6.75%), 03/30/2029(c)(m)

      3,390        3,322,200  

Rockwood Service Corporation
5.014% (LIBOR 1 Month + 4.25%), 01/23/2027(m)

      499        497,130  
      

 

 

 
         15,557,670  
      

 

 

 

Services – 0.3%

      

Team Health Holdings, Inc.
3.75% (LIBOR 1 Month + 2.75%), 02/06/2024(m)

      4,817        4,475,924  

Verscend Holding Corp.
4.764% (LIBOR 1 Month + 4.00%), 08/27/2025(m)

      7,707        7,673,719  
      

 

 

 
         12,149,643  
      

 

 

 

Technology – 1.0%

      

Ascend Learning, LLC
6.514% (LIBOR 1 Month + 5.75%), 12/10/2029(m)

      2,940        2,899,575  

Banff Guarantor, Inc.
6.264% (LIBOR 1 Month + 5.50%), 02/27/2026(m)

      2,470        2,435,420  

Boxer Parent Company, Inc.
4.514% (LIBOR 1 Month + 3.75%), 10/02/2025(m)

      8,644        8,528,285  

Endurance International Group Holdings, Inc.
4.25% (LIBOR 3 Month + 3.50%), 02/10/2028(m)

      10,241        9,771,406  

FINThrive Software Intermediate Holdings, Inc.
7.25% (LIBOR 6 Month + 6.75%), 12/17/2029(m)

      2,810        2,749,585  

 

abfunds.com  

AB HIGH INCOME FUND    |    43


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Loyalty Ventures, Inc.
5.264% (LIBOR 1 Month + 4.50%), 11/03/2027(m)

    U.S.$       6,642      $ 6,463,696  

Veritas US, Inc.
6.00% (LIBOR 3 Month + 5.00%), 09/01/2025(m)

      3,578        3,267,826  
      

 

 

 
         36,115,793  
      

 

 

 
         227,258,286  
      

 

 

 
      

Financial Institutions – 0.4%

      

Finance – 0.0%

      

Orbit Private Holdings I Ltd.
5.203% (LIBOR 3 Month + 4.50%), 12/11/2028(m)

      898        893,638  
      

 

 

 

Insurance – 0.4%

      

Jones DesLauriers Insurance Management, Inc.
9.31% (CDOR 3 Month + 7.50%), 03/26/2029(c)(m)

    CAD       7,531        5,715,664  

Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)
4.514% (LIBOR 1 Month + 3.75%), 09/03/2026(m)

    U.S.$       7,472        7,426,988  
      

 

 

 
         13,142,652  
      

 

 

 
         14,036,290  
      

 

 

 
      

Utility – 0.2%

      

Electric – 0.2%

      

Granite Generation LLC
4.750% (LIBOR 1 Month + 3.75%), 09/11/2026(m)

      6,376        6,252,319  

4.756% (LIBOR 1 Month + 3.75%), 09/11/2026(m)

      1,270        1,245,482  
      

 

 

 
         7,497,801  
      

 

 

 

Total Bank Loans
(cost $252,724,536)

         248,792,377  
      

 

 

 
      

EMERGING MARKETS - CORPORATE BONDS – 6.1%

      

Industrial – 5.1%

      

Basic – 1.4%

      

Braskem Idesa SAPI
6.99%, 02/20/2032(a)

      2,258        2,009,620  

 

44    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

7.45%, 11/15/2029(a)

    U.S.$       5,151      $ 4,854,817  

Cia de Minas Buenaventura SAA
5.50%, 07/23/2026(a)

      2,922        2,668,699  

CSN Inova Ventures
6.75%, 01/28/2028(a)

      10,898        10,825,120  

Eldorado Gold Corp.
6.25%, 09/01/2029(a)

      4,648        4,462,080  

First Quantum Minerals Ltd.
6.875%, 10/15/2027(a)

      8,370        8,334,951  

Indika Energy Capital IV Pte Ltd.
8.25%, 10/22/2025(a)

      6,367        6,343,124  

OCP SA
3.75%, 06/23/2031(a)

      1,450        1,225,105  

Stillwater Mining Co.
4.00%, 11/16/2026(a)

      2,031        1,853,287  

4.50%, 11/16/2029(a)

      1,878        1,657,335  

Vedanta Resources Finance II PLC
13.875%, 01/21/2024(a)

      6,866        7,163,384  

Volcan Cia Minera SAA
4.375%, 02/11/2026(a)

      1,044        934,902  
      

 

 

 
         52,332,424  
      

 

 

 

Capital Goods – 0.6%

      

Cemex SAB de CV
3.875%, 07/11/2031(a)

      4,563        3,878,550  

5.125%, 06/08/2026(a)(l)

      1,885        1,711,173  

7.375%, 06/05/2027(a)

      1,733        1,817,830  

Embraer Netherlands Finance BV
5.40%, 02/01/2027

      8,145        7,885,378  

6.95%, 01/17/2028(a)

      2,712        2,716,204  

IHS Holding Ltd.
5.625%, 11/29/2026(a)

      1,729        1,642,550  

6.25%, 11/29/2028(a)

      537        504,780  

Klabin Austria GmbH
7.00%, 04/03/2049(a)

      1,310        1,262,683  

Odebrecht Holdco Finance Ltd.
Zero Coupon, 09/10/2058(a)

      8,626        43,131  

Zero Coupon, 09/10/2058(h)

      8,966        44,828  
      

 

 

 
         21,507,107  
      

 

 

 

Communications - Media – 0.1%

      

Globo Comunicacao e Participacoes SA
4.875%, 01/22/2030(a)

      4,541        3,925,978  

VTR Finance NV
6.375%, 07/15/2028(a)

      632        571,960  
      

 

 

 
         4,497,938  
      

 

 

 

 

abfunds.com  

AB HIGH INCOME FUND    |    45


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Communications - Telecommunications – 0.4%

      

CT Trust
5.125%, 02/03/2032(a)

    U.S.$       707      $ 655,955  

Digicel Group Holdings Ltd.
7.00%, 05/16/2022(g)(h)(l)

      669        492,506  

10.00% (8.00% Cash and 2.00% PIK), 04/01/2024(g)

      6,469        6,400,375  

Digicel International Finance Ltd./Digicel international Holdings Ltd.
8.75%, 05/25/2024(a)

      1,816        1,773,114  

HTA Group Ltd/.Mauritius
7.00%, 12/18/2025(a)

      4,000        3,925,750  

MTN Mauritius Investments Ltd.
6.50%, 10/13/2026(a)

      1,282        1,323,104  
      

 

 

 
         14,570,804  
      

 

 

 

Consumer Cyclical - Other – 0.6%

      

Allwyn Entertainment Fin
4.125% (EURIBOR 3 Month + 4.12%), 02/15/2028(i)

    EUR       3,827        3,878,892  

Melco Resorts Finance Ltd.
5.375%, 12/04/2029(a)

    U.S.$       2,124        1,667,340  

5.625%, 07/17/2027(a)

      3,599        3,072,646  

MGM China Holdings Ltd.
5.25%, 06/18/2025(a)

      437        391,880  

5.375%, 05/15/2024(a)

      2,104        1,959,350  

Sazka Group AS
3.875%, 02/15/2027(a)

    EUR       744        710,319  

Studio City Co., Ltd.
7.00%, 02/15/2027(a)

    U.S.$       1,338        1,250,194  

Studio City Finance Ltd.
5.00%, 01/15/2029(a)

      2,502        1,705,738  

6.00%, 07/15/2025(a)

      1,011        855,559  

6.50%, 01/15/2028(a)

      224        171,360  

Wynn Macau Ltd.
5.125%, 12/15/2029(a)

      2,333        1,843,070  

5.50%, 01/15/2026-10/01/2027(a)

      1,925        1,588,125  

5.625%, 08/26/2028(a)

      2,442        1,962,757  
      

 

 

 
         21,057,230  
      

 

 

 

Consumer Cyclical - Retailers – 0.0%

      

K201640219 South Africa Ltd.
Zero Coupon, 06/25/2023(c)(f)

    ZAR       336        – 0  – 

K2016470219 South Africa Ltd.
3.00%, 12/31/2022(c)(f)(g)(h)

    U.S.$       5,539        – 0  – 

K2016470260 South Africa Ltd.
25.00%, 12/31/2022(c)(f)(g)(h)

      3,504        – 0  – 
      

 

 

 
         – 0  – 
      

 

 

 

 

46    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Consumer Non-Cyclical – 0.7%

      

Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL
5.25%, 04/27/2029(a)

    U.S.$       673      $ 635,985  

MARB BondCo PLC
3.95%, 01/29/2031(a)

      8,907        7,394,966  

Natura &Co Luxembourg Holdings SARL
6.00%, 04/19/2029(a)

      3,267        3,186,282  

Teva Pharmaceutical Finance Netherlands II BV
3.75%, 05/09/2027

    EUR       2,758        2,623,689  

Teva Pharmaceutical Finance Netherlands III BV
4.75%, 05/09/2027

    U.S.$       2,251        2,059,665  

5.125%, 05/09/2029

      2,251        2,043,908  

7.125%, 01/31/2025

      5,610        5,673,112  

Tonon Luxembourg SA
6.50% (0.50% Cash and 6.00% PIK), 10/31/2024(d)(f)(g)(h)(k)

      2,437        244  

Ulker Biskuvi Sanayi AS
6.95%, 10/30/2025(a)

      1,248        1,066,104  

USJ-Acucar e Alcool S/A
9.875%, 11/09/2023(a)(d)(k)

      1,866        970,566  

Virgolino de Oliveira Finance SA
10.50%, 01/28/2018(c)(d)(e)(f)(h)

      13,674        1,367  

10.875%, 01/13/2020(c)(d)(e)(f)(h)

      2,500        250  

11.75%, 02/09/2022(c)(d)(e)(f)(h)

      13,613        1,361  
      

 

 

 
         25,657,499  
      

 

 

 

Energy – 0.9%

      

Cosan SA
5.50%, 09/20/2029(a)

      2,027        1,969,104  

Investment Energy Resources Ltd.
6.25%, 04/26/2029(a)

      1,321        1,303,167  

Kosmos Energy Ltd.
7.50%, 03/01/2028(a)

      2,896        2,787,400  

Leviathan Bond Ltd.
5.75%, 06/30/2023(a)

      452        448,554  

6.125%, 06/30/2025(a)

      2,565        2,536,647  

6.50%, 06/30/2027(a)

      3,495        3,429,448  

Medco Oak Tree Pte Ltd.
7.375%, 05/14/2026(a)

      559        553,410  

Medco Platinum Road Pte Ltd.
6.75%, 01/30/2025(a)

      3,365        3,337,239  

MV24 Capital BV
6.748%, 06/01/2034(a)

      2,866        2,723,027  

Peru LNG Srl
5.375%, 03/22/2030(a)

      6,667        5,733,620  

 

abfunds.com  

AB HIGH INCOME FUND    |    47


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

SEPLAT Energy PLC
7.75%, 04/01/2026(a)

    U.S.$       4,308      $ 4,094,323  

SierraCol Energy Andina LLC
6.00%, 06/15/2028(a)

      2,354        2,070,343  
      

 

 

 
         30,986,282  
      

 

 

 

Services – 0.1%

      

Bidvest Group UK PLC (The)
3.625%, 09/23/2026(a)

      1,631        1,492,365  

StoneCo Ltd.
3.95%, 06/16/2028(a)

      1,046        862,492  
      

 

 

 
         2,354,857  
      

 

 

 

Technology – 0.2%

      

CA Magnum Holdings
5.375%, 10/31/2026(a)

      8,243        7,913,280  
      

 

 

 

Transportation - Services – 0.1%

      

Acu Petroleo Luxembourg SARL
7.50%, 01/13/2032(a)

      2,144        1,933,727  

JSW Infrastructure Ltd.
4.95%, 01/21/2029(a)

      564        504,710  
      

 

 

 
         2,438,437  
      

 

 

 
         183,315,858  
      

 

 

 
      

Utility – 0.7%

      

Electric – 0.7%

      

Adani Green Energy Ltd.
4.375%, 09/08/2024(a)

      899        854,050  

AES Andes SA
6.35%, 10/07/2079(a)

      2,632        2,528,365  

AES El Salvador Trust II
6.75%, 03/28/2023(a)

      1,220        1,079,929  

Cemig Geracao e Transmissao SA
9.25%, 12/05/2024(a)

      9,085        9,773,098  

Greenko Wind Projects Mauritius Ltd.
5.50%, 04/06/2025(a)

      3,868        3,775,129  

India Clean Energy Holdings
4.50%, 04/18/2027(a)

      2,606        2,202,070  

JSW Hydro Energy Ltd.
4.125%, 05/18/2031(a)

      772        671,640  

Light Servicos de Eletricidade SA/Light Energia SA
4.375%, 06/18/2026(a)

      3,986        3,687,249  
      

 

 

 
         24,571,530  
      

 

 

 

 

48    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Financial Institutions – 0.3%

      

Insurance – 0.1%

      

Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc.
7.625% (7.625% Cash or 8.375% PIK), 10/15/2025(a)(g)

    U.S.$       2,227      $ 2,258,029  
      

 

 

 

Other Finance – 0.0%

      

OEC Finance Ltd.
4.375%, 10/25/2029(a)(g)

      309        10,807  

5.25%, 12/27/2033(a)(g)

      5,123        178,326  

7.125%, 12/26/2046(a)(g)

      10,308        358,603  
      

 

 

 
         547,736  
      

 

 

 

REITs – 0.2%

      

Agile Group Holdings Ltd.
5.50%, 05/17/2026(a)

      917        302,610  

6.05%, 10/13/2025(a)

      353        118,255  

Central China Real Estate Ltd.
7.25%, 04/24/2023-08/13/2024(a)

      1,686        603,863  

7.50%, 07/14/2025(a)

      522        172,521  

7.75%, 05/24/2024(a)

      703        236,955  

7.90%, 11/07/2023(a)

      207        79,669  

China Aoyuan Group Ltd.
5.88%, 03/01/2027(a)(d)(k)

      1,894        407,565  

5.98%, 08/18/2025(a)(d)(k)

      380        83,434  

7.95%, 02/19/2023(a)(d)(k)

      579        127,127  

China Evergrande Group
7.50%, 06/28/2023(a)(d)(k)

      636        73,259  

11.50%, 01/22/2023(a)(d)(k)

      2,906        330,194  

12.00%, 01/22/2024(a)(d)(k)

      477        54,199  

China SCE Group Holdings Ltd.
5.95%, 09/29/2024(a)

      878        561,920  

6.00%, 02/04/2026(a)

      1,449        854,910  

7.00%, 05/02/2025(a)

      200        122,000  

CIFI Holdings Group Co., Ltd.
4.80%, 05/17/2028(a)

      200        145,975  

Kaisa Group Holdings Ltd.
9.95%, 07/23/2025(a)(d)(k)

      2,585        544,142  

11.65%, 06/01/2026(a)(d)(k)

      200        41,975  

KWG Group Holdings Ltd.
5.95%, 08/10/2025(a)

      1,120        403,200  

6.00%, 08/14/2026(a)

      400        142,000  

7.40%, 01/13/2027(a)

      370        129,500  

Logan Group Co., Ltd.
4.50%, 01/13/2028(a)

      200        51,000  

Powerlong Real Estate Holdings Ltd.
4.90%, 05/13/2026(a)

      700        255,500  

5.95%, 04/30/2025(a)

      433        168,870  

 

abfunds.com  

AB HIGH INCOME FUND    |    49


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Ronshine China Holdings Ltd.
6.75%, 08/05/2024(a)

    U.S.$       536      $ 88,440  

7.10%, 01/25/2025(a)

      1,706        264,430  

8.10%, 06/09/2023(a)

      687        140,835  

Scenery Journey Ltd.
11.50%, 10/24/2022(a)(d)(k)

      1,997        220,669  

12.00%, 10/24/2023(a)(d)(k)

      1,325        145,170  

Seazen Group Ltd.
4.45%, 07/13/2025(a)

      1,259        818,350  

Shimao Group Holdings Ltd.
5.20%, 01/16/2027(a)

      400        88,000  

Sunac China Holdings Ltd.
5.95%, 04/26/2024(a)

      702        164,970  

6.50%, 01/10/2025-01/26/2026(a)

      1,127        251,480  

6.65%, 08/03/2024(a)

      230        51,750  

7.00%, 07/09/2025(a)

      214        47,080  

Times China Holdings Ltd.
5.55%, 06/04/2024(a)

      563        289,945  

5.75%, 01/14/2027(a)

      992        401,760  

6.20%, 03/22/2026(a)

      200        83,000  

6.60%, 03/02/2023(a)

      200        119,000  

6.75%, 07/08/2025(a)

      590        262,550  

Yango Justice International Ltd.
7.50%, 04/15/2024-02/17/2025(a)(d)(k)

      1,513        105,910  

7.875%, 09/04/2024(a)(d)(k)

      790        55,300  

8.25%, 11/25/2023(a)(d)(k)

      400        28,000  

10.25%, 09/15/2022(d)(k)

      264        21,665  

Yuzhou Group Holdings Co., Ltd.
6.35%, 01/13/2027(a)(d)(k)

      1,429        185,770  

7.70%, 02/20/2025(a)(d)(k)

      200        27,000  

7.85%, 08/12/2026(a)(d)(k)

      605        78,650  

8.375%, 10/30/2024(a)(d)(k)

      291        39,285  

Zhenro Properties Group Ltd.
6.63%, 01/07/2026(a)(d)(k)

      1,540        138,600  

6.70%, 08/04/2026(a)(d)(k)

      600        54,000  

7.10%, 09/10/2024(a)(d)(k)

      351        31,590  

7.35%, 02/05/2025(a)(d)(k)

      200        18,000  
      

 

 

 
         10,231,842  
      

 

 

 
         13,037,607  
      

 

 

 

Total Emerging Markets - Corporate Bonds
(cost $307,621,204)

         220,924,995  
      

 

 

 
      

 

50    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

COLLATERALIZED MORTGAGE OBLIGATIONS – 4.6%

      

Risk Share Floating Rate – 4.1%

      

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2015-DN1, Class B
12.168% (LIBOR 1 Month + 11.50%), 01/25/2025(i)

    U.S.$       11,138      $ 11,273,206  

Series 2015-DNA1, Class B
9.868% (LIBOR 1 Month + 9.20%), 10/25/2027(i)

      897        935,642  

Series 2015-DNA2, Class B
8.218% (LIBOR 1 Month + 7.55%), 12/25/2027(i)

      16,048        16,049,882  

Series 2015-DNA3, Class B
10.018% (LIBOR 1 Month + 9.35%), 04/25/2028(i)

      7,469        7,840,362  

Series 2015-HQ2, Class B
8.618% (LIBOR 1 Month + 7.95%), 05/25/2025(i)

      284        287,912  

Series 2015-HQA1, Class B
9.468% (LIBOR 1 Month + 8.80%), 03/25/2028(i)

      12,410        12,720,449  

Series 2015-HQA2, Class B
11.168% (LIBOR 1 Month + 10.50%), 05/25/2028(i)

      6,957        7,506,105  

Series 2016-DNA2, Class B
11.168% (LIBOR 1 Month + 10.50%), 10/25/2028(i)

      5,019        5,465,623  

Series 2016-DNA3, Class B
11.918% (LIBOR 1 Month + 11.25%), 12/25/2028(i)

      4,449        4,975,748  

Series 2016-DNA4, Class B
9.268% (LIBOR 1 Month + 8.60%), 03/25/2029(i)

      1,818        1,856,479  

Series 2016-HQA1, Class B
13.418% (LIBOR 1 Month + 12.75%), 09/25/2028(i)

      2,985        3,489,760  

Series 2016-HQA2, Class B
12.168% (LIBOR 1 Month + 11.50%), 11/25/2028(i)

      3,913        4,425,313  

Federal National Mortgage Association Connecticut Avenue Securities
Series 2016-C01, Class 1B
12.418% (LIBOR 1 Month + 11.75%), 08/25/2028(i)

      4,011        4,488,617  

 

abfunds.com  

AB HIGH INCOME FUND    |    51


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Series 2016-C02, Class 1B
12.918% (LIBOR 1 Month + 12.25%), 09/25/2028(i)

    U.S.$       2,879      $ 3,282,120  

Series 2016-C03, Class 1B
12.418% (LIBOR 1 Month + 11.75%), 10/25/2028(i)

      7,099        7,968,428  

Series 2016-C03, Class 2B
13.418% (LIBOR 1 Month + 12.75%), 10/25/2028(i)

      3,932        4,534,999  

Series 2016-C04, Class 1B
10.918% (LIBOR 1 Month + 10.25%), 01/25/2029(i)

      13,249        14,185,115  

Series 2016-C05, Class 2B
11.244% (LIBOR 1 Month + 10.75%), 01/25/2029(i)

      11,988        13,030,173  

Series 2016-C06, Class 1B
9.918% (LIBOR 1 Month + 9.25%), 04/25/2029(i)

      8,454        8,816,027  

Series 2016-C07, Class 2B
10.168% (LIBOR 1 Month + 9.50%), 05/25/2029(i)

      10,241        10,770,239  

JPMorgan Madison Avenue Securities Trust
Series 2015-CH1, Class M2
6.168% (LIBOR 1 Month + 5.50%), 10/25/2025(h)(i)

      2,517        2,543,364  

Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
5.918% (LIBOR 1 Month + 5.25%), 11/25/2025(h)(i)

      1,669        1,527,265  

Series 2015-WF1, Class 2M2
6.168% (LIBOR 1 Month + 5.50%), 11/25/2025(h)(i)

      843        781,693  
      

 

 

 
         148,754,521  
      

 

 

 

Non-Agency Fixed Rate – 0.4%

      

Alternative Loan Trust
Series 2006-24CB, Class A15
5.75%, 08/25/2036

      2,096        1,460,408  

Series 2006-24CB, Class A16
5.75%, 08/25/2036

      401        279,220  

Series 2006-26CB, Class A6
6.25%, 09/25/2036

      194        121,816  

Series 2006-26CB, Class A8
6.25%, 09/25/2036

      734        460,332  

Series 2006-42, Class 1A6
6.00%, 01/25/2047

      871        611,698  

 

52    |    AB HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Series 2006-HY12, Class A5
3.074%, 08/25/2036

  U.S.$     2,390      $ 2,346,180  

Series 2006-J1, Class 1A10
5.50%, 02/25/2036

      750        610,256  

Series 2006-J5, Class 1A1
6.50%, 09/25/2036

      678        463,501  

Series 2007-15CB, Class A19
5.75%, 07/25/2037

      398        290,829  

Series 2007-16CB, Class 1A7
6.00%, 08/25/2037

      403        349,874  

Bear Stearns ARM Trust
Series 2007-3, Class 1A1
3.153%, 05/25/2047

      394        382,399  

Series 2007-4, Class 22A1
3.292%, 06/25/2047

      1,586        1,546,405  

ChaseFlex Trust
Series 2007-1, Class 1A3
6.50%, 02/25/2037

      483        217,196  

CHL Mortgage Pass-Through Trust
Series 2007-HY4, Class 1A1
2.888%, 09/25/2047

      401        375,998  

Citigroup Mortgage Loan Trust
Series 2007-AR4, Class 1A1A
3.241%, 03/25/2037

      236        226,912  

CitiMortgage Alternative Loan Trust
Series 2007-A3, Class 1A4
5.75%, 03/25/2037

      649        607,157  

CSMC Mortgage-Backed Trust
Series 2006-7, Class 3A12
6.25%, 08/25/2036

      783        412,060  

First Horizon Alternative Mortgage Securities Trust
Series 2006-AA3, Class A1
2.569%, 06/25/2036

      371        327,318  

RALI Trust
Series 2005-QA10, Class A31
3.819%, 09/25/2035

      1,385        1,136,132  

Series 2005-QS14, Class 3A1
6.00%, 09/25/2035

      893        842,508  

Residential Asset Securitization Trust
Series 2006-A8, Class 3A4
6.00%, 08/25/2036

      500        305,699  

Series 2007-A1, Class A8
6.00%, 03/25/2037

      862        394,570  

Series 2007-A5, Class 2A3
6.00%, 05/25/2037

      225        157,171  

 

abfunds.com  

AB HIGH INCOME FUND    |    53


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Washington Mutual Mortgage Pass-Through Certificates Trust
Series 2006-9, Class A4
4.311%, 10/25/2036

    U.S.$       1,613      $ 533,682  

Wells Fargo Mortgage Backed Securities Trust
Series 2007-AR7, Class A1
2.759%, 12/28/2037

      1,416        1,382,632  
      

 

 

 
         15,841,953  
      

 

 

 

Non-Agency Floating Rate – 0.1%

      

Alternative Loan Trust
Series 2007-7T2, Class A3
1.268% (LIBOR 1 Month + 0.60%), 04/25/2037(i)

      2,122        754,496  

Countrywide Home Loan Mortgage Pass-Through Trust
Series 2007-13, Class A7
1.268% (LIBOR 1 Month + 0.60%), 08/25/2037(i)

      319        125,823  

First Horizon Alternative Mortgage Securities Trust
Series 2007-FA2, Class 1A10
0.918% (LIBOR 1 Month + 0.25%), 04/25/2037(i)

      955        234,128  

Lehman Mortgage Trust
Series 2007-1, Class 3A1
0.918% (LIBOR 1 Month + 0.25%), 02/25/2037(i)

      2,861        253,089  

Series 2007-1, Class 3A2
6.582% (7.25% - LIBOR 1 Month), 02/25/2037(i)(n)

      2,861        429,904  

Lehman XS Trust
Series 2007-16N, Class 2A2
2.368% (LIBOR 1 Month + 1.70%), 09/25/2047(i)

      404        403,452  

PHH Alternative Mortgage Trust
Series 2007-1, Class 1A1
0.988% (LIBOR 1 Month + 0.32%), 02/25/2037(i)

      455        347,377  

Series 2007-2, Class 1A3
1.328% (LIBOR 1 Month + 0.66%), 05/25/2037(i)

      330        321,111  
      

 

 

 
         2,869,380  
      

 

 

 

Total Collateralized Mortgage Obligations
(cost $165,456,580)