Summary

Internal Prompt
A research-driven approach to corporate bonds. Total-return-focused fund that seeks to generate most of its returns through income and normally invests its assets in U.S. dollar-denominated, investment-grade securities. Our deep, time-tested research may add consistency of returns while helping maintain a low correlation to equity markets.
Price at NAV $9.44 as of 3/28/2025 (updated daily)
Fund Assets (millions) $1,961.3
Portfolio Managers
1
 3
Expense Ratio
(Gross/Net %)
2
 0.72 / 0.71%
Prospectus
Internal Prompt

Returns at NAV

Returns with Sales Charge

Read important investment disclosures
2.10%
1-year return
-0.76%
5-year return
2.11%
10-year return
4.30%
30-Day SEC Yield
Returns as of 2/28/25 (updated monthly). Yield as of 2/28/25 (updated monthly).

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds82.2%
Non-U.S. Bonds11.6%
Cash & Equivalents
3
6.2%
As of 2/28/2025 (updated monthly)

Growth of 10K
4

Read important investment disclosures
For Class A Shares, this chart tracks a hypothetical investment with dividends reinvested, over the last 20 years, or since inception date if the fund has been in existence under 20 years, through 12/31/2024.
BFCAX
Bloomberg U.S. Corporate Investment Grade Index
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High & Low Prices

Fund Statistics

6.9 years
Effective Duration
5%
Average Yield
to Worst
4.5%
Average Coupon
% of net assets as of 2/28/2025 (updated monthly)

Morningstar Style BoxTM— Fixed-Income
5

Medium Quality
Moderate Interest-Rate Sensitivity
Morningstar data as of 12/31/24 (updated quarterly)

Description

Fund Objective
The fund’s investment objective is to seek to provide maximum total return consistent with capital preservation and prudent risk management.
Distinguishing Characteristics
This total-return-focused fund, which seeks to generate most of its returns through income, normally invests its assets in U.S. dollar-denominated, investment-grade (Baa3/BBB- and above) debt instruments. The fund's primary exposure is to higher quality corporate bonds. Our deep, time-tested research may add consistency of returns while helping maintain a low correlation to equity markets. Leveraging our capabilities across fixed income and equity teams, we are able to deepen our credit research in an underanalyzed category of the bond market.
Types of Investments
Primarily invests in corporate bonds.
Holdings Outside the U.S.
The fund may invest significantly in debt securities tied economically to countries outside the United States, including developing countries. All securities held by the fund will be denominated in U.S. dollars.
Maturity
The fund invests in debt securities with a wide range of maturities.
Portfolio Restrictions
Normally, at least 80% of the fund’s assets will be invested in corporate debt securities. In addition, under normal market conditions the fund invests in debt securities, including money market instruments, cash and cash equivalents, rated Baa3 or better or BBB- or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or in debt securities that are unrated but determined to be of equivalent quality by the fund’s investment adviser at the time of purchase.

Fund Facts

Fund Inception 12/14/2012
Fund Assets (millions)
As of 2/28/2025
 $1,961.3
Companies/Issuers
Holdings are as of 2/28/2025 (updated monthly).
 187+
Shareholder Accounts
Shareholder accounts are as of 2/28/2025
 45,802
Regular Dividends Paid
6
 Monthly
Minimum Initial Investment $250
Capital Gains Paid
6
 Dec
Portfolio Turnover (2024) 191%
Fiscal Year-End May
Prospectus Date 08/01/2024
CUSIP 02629H 10 9
Fund Number 32

Returns

Internal Prompt

Month-End Returns as of 2/28/25

Returns at NAV
4,7
 | With Sales Charge
4,7
Read important investment disclosures
BFCAX
Bloomberg U.S. Corporate Investment Grade Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 12/31/24

Internal Prompt

Volatility & Return

Read important investment disclosures

Fixed-Income

For Class A Shares, this chart tracks the 10-year standard deviation
8
and 10-year annualized return of the fixed income funds
BFCAX
Bloomberg U.S. Corporate Investment Grade Index
Other AF Funds

Returns at net asset value (NAV) do not reflect a sales charge. If a sales charge had been deducted, the results would have been lower.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses.

© 2025 Morningstar, Inc. All Rights Reserved. Some of the information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, its content providers nor Capital Group are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Information is calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.

Use of this website is intended for U.S. residents only.

Terms and Definitions

Standard Deviation: Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility.

Standard Deviation as of 02/28/2025 (updated monthly) . Annualized return as of 02/28/2025 (updated monthly) .
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Internal Prompt

Yield

12-month
Distribution Rates
9
 30-day SEC Yield
Fund at NAV 4.03% N/A
Fund at MOP 3.88% 4.30%
As of 2/28/2025 (updated monthly)

Portfolio Management
1

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Robert G. Caldwell 0 24
Karen Choi 5 17 29
Scott Sykes 7 19 23
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
10


Overall Morningstar RatingTM
Funds rated(172)
3-yr. Morningstar RatingTM
(172 funds rated)
5-yr. Morningstar RatingTM
(157 funds rated)
10-yr. Morningstar RatingTM
(95 funds rated)
Overall Morningstar Risk Below Average
HIGH
LOW
Category
Corporate Bond
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 2/28/2025 (updated monthly).

Risk Measures

Fund
Standard Deviation
8
 6.63
Sharpe Ratio
8
 0.12
For the 10 Years ending 2/28/25 (updated monthly).
American Funds
Benchmark
11
 Morningstar
Benchmark
8
Bloomberg U.S. Corporate Investment Grade Index
Bloomberg US Agg Bond TR USD
R-squared
88 88
Beta
1.24 1.24
Capture Ratio (Downside/Upside)
126/134 126/134
American Funds Benchmark for the 10 Years ending 2/28/25 (updated monthly).
Morningstar Benchmark for the 10 Years ending 2/28/25 (updated monthly).
U.S. Treasuries/Agencies
5.5%
AAA/Aaa
1.9%
AA/Aa
15.5%
A
37.4%
BBB/Baa
33.0%
BB/Ba
0.1%
Unrated
0.3%
Cash & equivalents
3
6.3%
% of net assets as of 2/28/2025 (updated monthly)

Average Life Breakdown

0-4.9 Years
21.6%
5-9.9 Years
44.9%
10-19.9 Years
9.0%
20-29.9 Years
13.5%
30+ Years
2.0%
% of net assets as of 12/31/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
U.S. Treasury bonds & notes 9.0%
Asset-backed obligations 0.9%
Revenue bonds 0.2%
Non-U.S. government/agency securities 0.1%

% of net assets as of 12/31/2024 (updated quarterly)

Top Fixed-Income Issuers
12

U.S. Treasury
5.4%
PG&E
3.3%
JPMorgan Chase
2.7%
Edison International
2.6%
Amgen
2.4%
Boeing
2.0%
AbbVie
2.0%
Philip Morris International
1.9%
CVS Health
1.6%
Home Depot
1.6%

% of net assets as of 2/28/2025 (updated monthly)

Geographic Breakdown

Regions | Currency Weighting
| Top Countries
United States
82.2%
Europe
6.6%
Asia & Pacific Basin
0.5%
Other (Including Canada & Latin America)
4.4%
Cash & equivalents
3
6.2%
% of net assets as of 2/28/2025 (updated monthly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2025

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 03/28/25

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 $0.0338599 $0.00 $0.00 $0.00 $9.35
Daily 02/28/25 03/03/25 $0.0312368 $0.00 $0.00 $0.00 $9.51
2025 Year-to-Date: Dividends Subtotal: $0.06509671 Cap Gains Subtotal: $0.00
Total Distributions: $0.06509671

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.25%
Other Expenses 0.20%
Service 12b-1 0.27%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio
2

Gross Net
BFCAX 0.72% 0.71%
Lipper Corporate Debt BBB-Rated Funds Average
13
 0.97%
Fund as of most recent prospectus. Lipper Category as of 12/31/24 (updated quarterly).
Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Investing for short periods makes losses more likely. Prices and returns will vary, so investors may lose money. View mutual fund expense ratios and returns. View current mutual fund SEC yields.
Returns shown at maximum offering price (MOP) for Class A shares reflect deduction of the 3.75% maximum sales charge.
Returns at net asset value (NAV) do not reflect a sales charge. If a sales charge had been deducted, the results would have been lower.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.
Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch, as an indication of an issuer's creditworthiness. For most funds, unless otherwise noted below, if agency ratings differ, a security will be considered to have received the highest of those ratings, consistent with applicable investment policies. Securities in the Unrated category have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with applicable investment policies.
The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds.
Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.
The return of principal for bond portfolios and for portfolios with significant underlying bond holdings is not guaranteed. Investments are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings.
Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries.
There have been periods when the results lagged the index(es) and/or average(s). The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Portfolios are managed, so holdings will change. Certain fixed income and/or cash and equivalents holdings may be held through mutual funds managed by the investment adviser or its affiliates that are not offered to the public.
Totals may not reconcile due to rounding.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses.
Although American Funds Corporate Bond Fund® has plans of distribution for Class A shares, fees for distribution are not paid on amounts invested in the fund by the investment adviser and/or its affiliates. If fees for these services were charged on these assets, fund results would have been lower and expenses would have been higher. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower and net expenses higher. Read details about how waivers and/or reimbursements affect the results for each fund. View results and yields without fee waiver and/or expense reimbursement.
For the American Funds Corporate Bond Fund share class(es) listed below, the investment adviser has agreed to reimburse a portion of fund expenses through the date(s) listed below, without which results would have been lower and net expenses higher.
  • Class A shares (expiration: 8/1/2025)
The investment adviser may elect at its discretion to extend, modify or terminate the reimbursements as of any noted expiration date. Please refer to the fund's most recent prospectus for details.
Since American Funds Corporate Bond Fund's inception through July 29, 2016, certain fees, such as 12b-1 fees, were not charged on Class A shares. If these expenses had been deducted, results would have been lower.
  1. Reflects current team at the time of publication. Years of experience in investment industry and Capital Group are as of the most recent year end. Years of experience on the fund are as of the most recent prospectus.
  1. Expense ratios are as of each fund's prospectus/characteristics statement available at the time of publication.
  1. Includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
  1. When applicable, returns for less than one year are not annualized, but calculated as cumulative total returns.
  1. Read more information about Morningstar Style Box methodology. The model for the fixed-income style box is based on the two pillars of fixed-income performance: interest-rate sensitivity and credit quality. The three interest sensitivity groups are limited, moderate and extensive and the three credit quality groups are high, medium and low. These groupings display a portfolio's effective duration and third party credit ratings to provide an overall representation of the fund's risk orientation given the sensitivity to interest rate and credit rating of bonds in the portfolio.
  1. The months indicated for dividends and capital gains paid represent the anticipated current year ex-dividend date schedule for all share classes.
  1. YTD (year-to-date return): For the period from January 1 of the current year to the date shown or from inception date if first offered after January 1 of the current year.
  1. Calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.
  1. The distribution rate reflects the fund's past dividends paid to shareholders and may differ from the fund's SEC yield which reflects the rate at which the fund is earning income on its current portfolio of securities. The distribution rate reflects fee waivers and/or expense reimbursements in effect during the period. Without waivers and/or reimbursements, it would be reduced.
  1. The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past results are not a guarantee of results in future periods. The Morningstar Ratings are based on the share classes of each underlying fund held by the series; other underlying fund share classes may have different performance characteristics.
  1. Calculated by Capital Group. Due to differing calculation methods, the figures shown here may differ from those calculated by Morningstar.
  1. The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
  1. Source for Lipper expense ratio comparison: Lipper, based on front-end load funds, excluding funds of funds, for the most recent fiscal year-ends available as of 12/31/2024.
Use of this website is intended for U.S. residents only.
Capital Client Group, Inc.
This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.
© 2025 Morningstar, Inc. All Rights Reserved. Some of the information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, its content providers nor Capital Group are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Information is calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.