Investment Fund

Share Class
Purchase Restrictions: Class R-3 shares are available in certain employer-sponsored retirement plans. See the prospectus for details.

Summary

Internal Prompt
A broadly diversified approach to global bonds. Invests primarily in sovereign and corporate bonds in more than 60 developed and developing markets. It provides exposure to high-yielding bond markets and currencies outside the U.S., adding an extra layer of diversification from U.S. investment-grade (BBB/Baa and above) bonds. This approach supports the strategy’s managers with geographic flexibility and the ability to navigate different markets.
Price at NAV $16.32 as of 12/17/2025 (updated daily)
Fund Assets (millions) $9,935.5
Portfolio Managers
3
Expense Ratio
(Gross/Net %)
1.13 / 1.13%
Quarterly Fund Fact Sheet (PDF)
Prospectus
Internal Prompt

Returns at NAV

Returns at MOP

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds39.7%
Non-U.S. Bonds51.9%
Cash & Equivalents
8.3%
As of 11/30/2025 (updated monthly)
Internal Prompt

Volatility & Return

Read important investment disclosures

Fixed-Income

For Class R-3 Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the fixed income funds
RCWCX
Bloomberg Global Aggregate Index
Other AF Funds
Standard Deviation as of 11/30/2025 (updated monthly) . Annualized return as of 11/30/2025 (updated monthly) .
VIEW LARGER CHART

Fund Statistics

5.9 years
Effective Duration
3.8%
Average Yield
to Worst
3.7%
Average Coupon
% of net assets as of 11/30/2025 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

Medium Quality
Moderate Interest-Rate Sensitivity
Morningstar data as of 9/30/25 (updated quarterly)

Description

Objective
The fund's investment objective is to provide you, over the long term, with a high level of total return consistent with prudent investment management. Total return comprises the income generated by the fund and the changes in the market value of the fund's investments.
Distinguishing Characteristics
This broadly diversified global bond strategy invests primarily in sovereign and corporate bonds in more than 60 developed and developing markets. The strategy has a conservative investment philosophy, investing in a portfolio of global bonds with moderate exposure to emerging markets. It also provides exposure to high-yield bond markets and currencies outside the U.S., adding an extra layer of diversification from U.S. investment-grade (BBB/Baa and above) bonds. One of the earliest investors in the global bond markets and emerging markets debt, this is our most research-intensive bond strategy; with a team of more than 100 all over the world, it takes full advantage of our global presence and insights.
Types of Investments
Primarily government/agency, corporate and mortgage- and asset-backed bonds.
Portfolio Restrictions
The fund may invest up to 25% of assets in bonds rated below investment grade (BB/Ba and below, or unrated, but determined by the fund’s investment adviser to be of equivalent quality) at the time of purchase, including high-yield corporate bonds or those issued by developing country governments and companies.

Fund Facts

Fund Inception 8/04/1987
Fund Assets (millions)
As of 11/30/2025
 $9,935.5
Companies/Issuers
Holdings are as of 11/30/2025 (updated monthly).
 744+
Shareholder Accounts
Shareholder accounts are as of 11/30/2025
 4,519
Regular Dividends Paid
Mar, Jun, Sep, Dec
Minimum Initial Investment $0
Capital Gains Paid
Jun, Dec
Portfolio Turnover (2024) 251%
Fiscal Year-End Dec
Prospectus Date 03/01/2025
CUSIP 140541 85 5
Fund Number 2331

Returns

Internal Prompt

Month-End Returns as of 11/30/25

Returns at NAV
| at MOP
Read important investment disclosures
RCWCX
Bloomberg Global Aggregate Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 9/30/25

Growth of 10K

Read important investment disclosures

High & Low Prices

Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 3.31% 3.44%
Fund at MOP N/A N/A
As of 11/30/2025 (updated monthly)
Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Philip Chitty 6 21 30
Andrew Cormack 6 6 20
Tom Reithinger 2 11 14
A boldface number indicates that years of experience with Capital Group is equal to years of experience with investment industry.

Ratings & Risk

Morningstar Rating TM


Overall Morningstar RatingTM
Funds rated(147)
3-yr. Morningstar RatingTM
(147 funds rated)
5-yr. Morningstar RatingTM
(142 funds rated)
10-yr. Morningstar RatingTM
(121 funds rated)
Overall Morningstar Risk Average
HIGH
LOW
Category
Global Bond
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 11/30/2025 (updated monthly).

Lipper Leader Scorecard

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated
(191)
(191)
(177)
(143)
Expense Within Category
Funds Rated
(337)
(337)
(314)
(227)
Preservation Within Category
Funds Rated
(6012)
(6012)
(5604)
(4235)
Tax Efficiency Within Category
Funds Rated
(191)
(191)
(177)
(143)
Total Return Within Category
Funds Rated
(191)
(191)
(177)
(143)
Category Global Income Funds
KEY
HIGHEST LOWEST
As of 11/30/2025 (updated monthly)

Risk Measures

Fund
Standard Deviation
7.19
Sharpe Ratio
-0.16
For the 10 Years ending 11/30/25 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
Bloomberg Global Aggregate Index
Bloomberg US Agg Bond TR USD
R-squared
96 77
Beta
1.09 1.26
Capture Ratio (Downside/Upside)
111/104 141/115
American Funds Benchmark for the 10 Years ending 11/30/25 (updated monthly).
Morningstar Benchmark for the 10 Years ending 11/30/25 (updated monthly).
U.S. Treasuries/Agencies
11.4%
AAA/Aaa
12.5%
AA/Aa
20.1%
A
20.8%
BBB/Baa
19.3%
BB/Ba
5.6%
B
1.4%
CCC & Below
0.5%
Unrated
0.8%
Cash & equivalents
7.5%
% of net assets as of 11/30/2025 (updated monthly)

Average Life Breakdown

0-4.9 Years
37.8%
5-9.9 Years
32.5%
10-19.9 Years
9.5%
20-29.9 Years
9.2%
30+ Years
0.6%
% of net assets as of 9/30/2025 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
 Non-U.S. government/agency securities 38.3%
U.S. Treasury bonds & notes 9.3%
Asset-backed obligations 1.6%

% of net assets as of 9/30/2025 (updated quarterly)

Top Fixed-Income Issuers

U.S. Treasury
9.7%
Japan, Government of
7.3%
Fannie Mae
4.7%
Federal Home Loan Mortgage
3.6%
European Union
2.7%
UK Government
2.7%
Brazil, Federal Government of
2.5%
France, Republic of
2.3%
Germany, Federal Republic of
2.0%
Republic of Italy
2.0%

% of net assets as of 10/31/2025 (updated monthly)

Geographic Breakdown

Regions | Currency Weighting
| Top Countries
United States
39.8%
Europe
22.0%
Asia & Pacific Basin
16.3%
Other (Including Canada & Latin America)
13.7%
Cash & equivalents
8.3%
% of net assets as of 11/30/2025 (updated monthly)

Prices & Distributions

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Historical Prices Month-End

2025

Historical Prices Year-End

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Historical Distributions as of 12/17/25

FIND HISTORICAL DISTRIBUTIONS
2025
Record
Date		 Calculated
Date		 Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
03/14/25 03/14/25 03/17/25 $0.1348 $0.00 $0.00 $0.00 $15.93
06/13/25 06/13/25 06/16/25 $0.1438 $0.00 $0.00 $0.00 $16.31
09/19/25 09/19/25 09/22/25 $0.1426 $0.00 $0.00 $0.00 $16.52
12/17/25 12/17/25 12/18/25 $0.1432 $0.00 $0.00 $0.00 $16.32
2025 Year-to-Date: Dividends Subtotal: $0.5644 Cap Gains Subtotal: $0.00
Total Distributions: $0.5644

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.43%
Other Expenses 0.20%
Service 12b-1 0.50%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

RCWCX 1.13%
Lipper Global Income Funds Average
--%
Fund as of most recent prospectus. Lipper Category as of -- (updated quarterly).