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RETIREMENT PLAN INVESTOR

Use your plan ID (available on your account statement) to determine which employer-sponsored retirement plan website to use:

IF YOUR PLAN ID BEGINS WITH IRK, BRK, 1 OR 2

Visit americanfunds.com/retire

IF YOUR PLAN ID BEGINS WITH 34 OR 135

Visit myretirement.americanfunds.com

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Investment Fund

®

Share Class
Purchase Restrictions: Class R-2 shares are available in certain employer-sponsored retirement plans. See the prospectus for details.

Summary

Internal Prompt
Balancing income and preservation. Limited-term bond strategy that seeks to reduce interest rate risk and diversify equity exposure by holding only investment-grade, dollar-denominated bonds in a portfolio with a dollar-weighted average effective maturity between three and five years.
Price at NAV $12.44 as of 6/06/2023 (updated daily)
Fund Assets (millions) $25,401.7
Portfolio Managers
5
Expense Ratio
1.30%
Prospectus (PDF)

Internal Prompt

Returns at NAV

Returns with Sales Charge

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds87.7%
Non-U.S. Bonds6.9%
Cash & Equivalents
5.5%
As of 4/30/2023 (updated monthly)

Growth of 10K

Read important investment disclosures

High & Low Prices

Fund Statistics

3.9 years
Effective Duration
4.9%
Average Yield
to Worst
3.4%
Average Coupon
% of net assets as of 3/31/2023 (updated quarterly)

Morningstar Style BoxTM— Fixed-Income

High Quality
Limited Interest-Rate Sensitivity
Morningstar data as of 3/31/23 (updated quarterly)

Description

Fund Objective
The fund's investment objective is to provide you with current income consistent with the maturity and quality standards described in this prospectus and preservation of capital.
Distinguishing Characteristics
Balancing income and preservation, this limited-term bond strategy seeks to reduce interest rate risk and diversify equity exposure by holding only investment-grade, dollar-denominated bonds in a portfolio with a dollar-weighted average effective maturity between three and five years.
Types of Investments
Primarily invests in corporate bonds, U.S. government bonds or notes, GNMA certificates and other mortgage-related securities, as well as cash.
Maturity
The fund's portfolio will have dollar-weighted average maturities of no less than three years and no greater than five years.
Portfolio Restrictions
The fund invests primarily in debt securities rated A or better and may invest up to 10% of its assets in debt securities rated BBB/Baa (or unrated, but determined by the fund’s investment adviser to be of equivalent quality).

Fund Facts

Fund Inception 2/19/1988
Fund Assets (millions)
As of 4/30/2023
 $25,401.7
Companies/Issuers
Holdings are as of 3/31/2023 (updated quarterly).
 822+
Shareholder Accounts
Shareholder accounts are as of 4/30/2023
 6,098
Regular Dividends Paid
Monthly
Minimum Initial Investment $0
Capital Gains Paid
Dec
Portfolio Turnover (2022) 263%
Fiscal Year-End Aug
Prospectus Date 11/01/2022
CUSIP 458809 86 0
Fund Number 2223

Returns

Internal Prompt

Month-End Returns as of 5/31/23

Returns at NAV
| With Sales Charge
Read important investment disclosures
RBOBX
Bloomberg U.S. Government/Credit (1-7 years, ex BBB) Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 3/31/23

Internal Prompt

Volatility & Return

Read important investment disclosures

Fixed-Income

For Class R-2 Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the fixed income funds
RBOBX
Bloomberg U.S. Government/Credit (1-7 years, ex BBB) Index
Other AF Funds
Standard Deviation as of 05/31/2023 (updated monthly) . Annualized return as of 05/31/2023 (updated monthly) .
VIEW LARGER CHART
Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 1.87% 2.49%
Fund at MOP N/A N/A
As of 4/30/2023 (updated monthly)

Portfolio Management

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
David J. Betanzos 4 21 22
Karen Choi 3 15 24
Vincent J. Gonzales 2 10 16
Fergus N. MacDonald 9 19 30
John R. Queen 2 20 33
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(532)
3-yr. Morningstar RatingTM
(532 funds rated)
5-yr. Morningstar RatingTM
(478 funds rated)
10-yr. Morningstar RatingTM
(354 funds rated)
Overall Morningstar Risk Above Average
HIGH
LOW
Category
Short-Term Bond
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 5/31/2023 (updated monthly).

Risk Measures

Fund
Standard Deviation
2.65
Sharpe Ratio
-0.28
For the 10 Years ending 5/31/23 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
Bloomberg U.S. Government/Credit (1-7 years, ex BBB) Index
Bloomberg US Agg Bond TR USD
R-squared
94 87
Beta
1.06 0.57
Capture Ratio (Downside/Upside)
118/90 58/48
American Funds Benchmark for the 10 Years ending 3/31/23 (updated quarterly).
Morningstar Benchmark for the 10 Years ending 5/31/23 (updated monthly).
U.S. Treasuries/Agencies
29.2%
AAA/Aaa
38.3%
AA/Aa
6.4%
A
10.3%
BBB/Baa
7.5%
Unrated
2.5%
Cash & equivalents
5.8%
% of net assets as of 3/31/2023 (updated quarterly)

Average Life Breakdown

0-4.9 Years
71.0%
5-9.9 Years
20.7%
10-19.9 Years
2.6%
20-29.9 Years
0.0%
30+ Years
--
% of net assets as of 3/31/2023 (updated quarterly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
U.S. Treasury bonds & notes 28.8%
Asset-backed obligations 11.9%
Other 3.4%
Federal agency bonds & notes 0.4%
Municipal securities 0.2%

% of net assets as of 3/31/2023 (updated quarterly)

Top Fixed-Income Issuers

U.S. Treasury
28.7%
UMBS
11.8%
Fannie Mae
3.6%
Federal Home Loan Mortgage
3.2%
Ginnie Mae II
1.5%
Bank of America
1.0%
JPMorgan Chase
0.8%
NEW ECONOMY ASSETS - PHASE I ISSUER LLC USRE_2 ...
0.6%
Morgan Stanley
0.6%
FirstEnergy
0.6%

% of net assets as of 3/31/2023 (updated quarterly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2023

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 06/06/23

FIND HISTORICAL DISTRIBUTIONS
2023
Record
Date		 Calculated
Date		 Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/31/23 02/01/23 $0.0158576 $0.00 $0.00 $0.00 $12.60
Daily 02/28/23 03/01/23 $0.0134393 $0.00 $0.00 $0.00 $12.36
Daily 03/31/23 04/03/23 $0.0315375 $0.00 $0.00 $0.00 $12.61
Daily 04/28/23 05/01/23 $0.0266202 $0.00 $0.00 $0.00 $12.63
Daily 05/31/23 06/01/23 $0.0289683 $0.00 $0.00 $0.00 $12.49
2023 Year-to-Date: Dividends Subtotal: $0.11642285 Cap Gains Subtotal: $0.00
Total Distributions: $0.11642285

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.19%
Other Expenses 0.36%
Service 12b-1 0.75%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

RBOBX 1.30%
Lipper Short-Intmdt Investment Grade Debt Funds Average
--%
Fund as of most recent prospectus. Lipper Category as of -- (updated quarterly).

Resources

Prospectuses & Reports for RBOBX