Investment Fund

Share Class

Summary

Internal Prompt
A differentiated approach to emerging markets debt. Invests in both sovereign and corporate bonds, denominated in either U.S. dollar or local currency issues, which may serve as a source of favorable returns and potential diversification. As pioneers in emerging markets investing, this strategy leverages our 20-year track record of managing emerging markets bond portfolios.
Price at NAV $7.72 as of 5/13/2025 (updated daily)
Fund Assets (millions) $2,974.1
Portfolio Managers
3
Expense Ratio
(Gross/Net %)
0.94 / 0.94%
Prospectus
Internal Prompt

Returns at NAV

Returns with Sales Charge

Read important investment disclosures
3.65%
1-year return
3.47%
5-year return
2.93%
Lifetime return (4/22/16)
6.77%
30-Day SEC Yield
Returns as of 4/30/25 (updated monthly). Yield as of 4/30/25 (updated monthly).

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.1%
U.S. Bonds3.4%
Non-U.S. Bonds89.9%
Cash & Equivalents
6.6%
As of 4/30/2025 (updated monthly)

Growth of 10K

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High & Low Prices

Fund Statistics

5.9 years
Effective Duration
8.1%
Average Yield
to Worst
6%
Average Coupon
% of net assets as of 4/30/2025 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

Medium Quality
Moderate Interest-Rate Sensitivity
Morningstar data as of 3/31/25 (updated quarterly)

Description

Fund Objective
The fund's investment objective is to provide a high level of total return over the long term, of which current income is a large component.
Distinguishing Characteristics
This strategy takes a differentiated approach by investing in the full universe of emerging markets debt. It invests in both sovereign and corporate bonds, denominated in either U.S. dollar or local currency issues, which may serve as a source of favorable returns and potential diversification. As pioneers in emerging markets investing, this strategy leverages our 20-year track record of managing emerging markets bond portfolios.
Types of Investments
Government debt (nominal and inflation-linked), quasi-sovereigns and corporate bonds — including U.S. dollar-denominated and local-currency issues.
Holdings Outside the U.S.
Up to 100% of assets may be invested in securities denominated in currencies other than the U.S. dollar, mostly fixed-income securities of emerging markets governments, quasi-government entities and corporations.
Maturity
The bond maturities that the fund targets will vary depending on the current strategy being implemented.
Portfolio Restrictions
The fund generally invests at least 80% of its assets in bonds and other debt securities from emerging markets issuers (some of which may be represented by derivatives). The fund may invest in securities 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 bonds issued by developing country governments and corporates.

Fund Facts

Fund Inception 4/22/2016
Fund Assets (millions)
As of 4/30/2025
 $2,974.1
Companies/Issuers
Holdings are as of 4/30/2025 (updated monthly).
 175+
Shareholder Accounts
Shareholder accounts are as of 4/30/2025
 1,833
Regular Dividends Paid
Monthly
Minimum Initial Investment $250
Capital Gains Paid
Jun, Dec
Portfolio Turnover (2024) 43%
Fiscal Year-End Dec
Prospectus Date 03/01/2025
CUSIP 02631F 60 4
Fund Number 10114

Returns

Internal Prompt

Month-End Returns as of 4/30/25

Returns at NAV
| With Sales Charge
Read important investment disclosures
CBNAX
J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified
ANNUAL RETURNS CHART

Quarter-End Returns as of 3/31/25

Internal Prompt

Volatility & Return

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Volatility & Return chart is not available for funds less than 10 years old.

Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 7.07% N/A
Fund at MOP 6.82% 6.77%
As of 4/30/2025 (updated monthly)

Portfolio Management

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Robert Burgess 2 9 35
Luis Freitas de Oliveira 6 31 36
Kirstie Spence 9 29
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(221)
3-yr. Morningstar RatingTM
(221 funds rated)
5-yr. Morningstar RatingTM
(205 funds rated)
10-yr. Morningstar RatingTM
(-- funds rated) 		--
Overall Morningstar Risk Above Average
HIGH
LOW
Category
Emerging Markets Bond
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 4/30/2025 (updated monthly).

Risk Measures

Fund
Standard Deviation
10.34
Sharpe Ratio
0.18
For the 5 Years ending 4/30/25 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified
Bloomberg US Agg Bond TR USD
R-squared
65 55
Beta
1.07 1.22
Capture Ratio (Downside/Upside)
87/140 97/156
American Funds Benchmark for the 5 Years ending 4/30/25 (updated monthly).
Morningstar Benchmark for the 5 Years ending 4/30/25 (updated monthly).
U.S. Treasuries/Agencies
3.3%
AAA/Aaa
1.6%
AA/Aa
5.3%
A
17.8%
BBB/Baa
34.3%
BB/Ba
25.5%
B
5.8%
CCC & Below
1.7%
Unrated
0.5%
Cash & equivalents
4.3%
% of net assets as of 4/30/2025 (updated monthly)

Average Life Breakdown

0-4.9 Years
29.9%
5-9.9 Years
33.3%
10-19.9 Years
14.4%
20-29.9 Years
12.4%
30+ Years
1.4%
% of net assets as of 3/31/2025 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
 Non-U.S. government/agency securities 69.8%
U.S. Treasury bonds & notes 2.7%

% of net assets as of 3/31/2025 (updated quarterly)

Top Fixed-Income Issuers

Brazil, Federal Government of
8.3%
Mexico (United Mexican States) (Government)
5.9%
South Africa, Republic of
5.3%
Malaysia, Government of
5.3%
Poland, Republic of
4.9%
Indonesia, Government of the Republic of
4.6%
Colombia, Republic of
4.3%
India, Republic of
3.5%
U.S. Treasury
3.3%
Romania (Republic of)
3.3%

% of net assets as of 4/30/2025 (updated monthly)

Geographic Breakdown

Regions | Currency Weighting
| Top Countries
United States
3.4%
Europe
14.5%
Asia & Pacific Basin
24.8%
Other (Including Canada & Latin America)
50.7%
Cash & equivalents
6.6%
% of net assets as of 4/30/2025 (updated monthly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2025

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 05/13/25

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
Daily 01/31/25 02/03/25 $0.0455041 $0.00 $0.00 $0.00 $7.62
Daily 02/28/25 03/03/25 $0.0425632 $0.00 $0.00 $0.00 $7.65
Daily 03/31/25 04/01/25 $0.046276 $0.00 $0.00 $0.00 $7.65
Daily 04/30/25 05/01/25 $0.0412413 $0.00 $0.00 $0.00 $7.71
2025 Year-to-Date: Dividends Subtotal: $0.17558467 Cap Gains Subtotal: $0.00
Total Distributions: $0.17558467

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.46%
Other Expenses 0.26%
Service 12b-1 0.22%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

CBNAX 0.94%
Lipper Emerging Mrkts Hard Currency Debt Funds Average
1.13%
Fund as of most recent prospectus. Lipper Category as of 3/31/25 (updated quarterly).