The sub-fund invests in all types of U.S. Government securities and fixed-income securities, issued by U.S. corporations and by non-U.S. corporations and by governments other than that of the U.S. or their agencies and instrumentalities issuing securities denominated in USD and a variety of mortgage-backed securities and zero coupon securities.
Investment in the sub-fund may involve general investment risk, debt securities risk, risk associated with collateralized and/or securitized products, concentration risk, currency risk, illiquid assets risk and management risk. Exposure to debt securities rated below Investment Grade or unrated can subject the sub-fund to higher volatility and greater risk of loss of principal and interest than higher-rated securities. The value of the sub-fund can be volatile and can go down substantially within a short period of time. It is possible that the entire value of your investment in the sub-fund can be lost.
The sub-fund is entitled to use financial derivative instruments for hedging, risk management, efficient portfolio management and as an alternative to investing directly in underlying securities. This may involve counterparty / credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of a financial derivative instrument can result in a loss significantly greater than the amount invested in the financial derivative instrument by the sub-fund. Exposure to financial derivative instrument may lead to a high risk of significant loss by the sub-fund.
Dividends may be paid from capital or effectively out of the capital of the sub-fund, which may amount to a partial return or withdrawal of an investor’s original investment or from any capital gains attributable to that original investment and result in an immediate decrease of the net asset value of the relevant units. Distributions and net asset value of currency hedged unit classes may be adversely affected by differences in the interest rates of the class currency of the currency hedged unit classes and the sub-fund’s base currency, resulting in a greater amount of distribution being paid out of capital than other non-hedged unit classes.
Investors should not rely on this document alone to make investment decisions.

_{On 16 May 2025, AB (HK) American Income Portfolio has a conversion from a feeder fund into a direct investment fund. The performance before 16 May 2025 belongs to the AB (HK) American Income Portfolio as a feeder fund.}