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 $7.67 as of 4/01/2025 (updated daily)
Fund Assets (millions) $2,890.6
Portfolio Managers
1
 3
Expense Ratio
(Gross/Net %)
2
 0.94 / 0.94%
Prospectus
Internal Prompt

Returns at NAV
3

Returns with Sales Charge
3,4

Read important investment disclosures
0.52%
1-year return
0.63%
5-year return
2.77%
Lifetime return (4/22/16)
7.10%
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. Equities0.1%
U.S. Bonds2.6%
Non-U.S. Bonds89.7%
Cash & Equivalents
5
7.6%
As of 2/28/2025 (updated monthly)

Growth of 10K
3

Read important investment disclosures

High & Low Prices

Fund Statistics

5.9 years
Effective Duration
8.4%
Average Yield
to Worst
6%
Average Coupon
% of net assets as of 2/28/2025 (updated monthly)

Morningstar Style BoxTM— Fixed-Income
6

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 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 2/28/2025
 $2,890.6
Companies/Issuers
Holdings are as of 2/28/2025 (updated monthly).
 173+
Shareholder Accounts
Shareholder accounts are as of 2/28/2025
 1,791
Regular Dividends Paid
7
 Monthly
Minimum Initial Investment $250
Capital Gains Paid
7
 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 2/28/25

Returns at NAV
3,8
 | With Sales Charge
3,4,8
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 12/31/24

Internal Prompt

Volatility & Return

Read important investment disclosures

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

Internal Prompt

Yield

12-month
Distribution Rates
9
 30-day SEC Yield
Fund at NAV 7.17% N/A
Fund at MOP 6.92% 7.10%
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 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
10


Overall Morningstar RatingTM
Funds rated(221)
3-yr. Morningstar RatingTM
(221 funds rated)
5-yr. Morningstar RatingTM
(208 funds rated)
10-yr. Morningstar RatingTM
(-- funds rated) 		--
Overall Morningstar Risk Average
HIGH
LOW
Category
Emerging Markets 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
11
 12.09
Sharpe Ratio
11
 -0.05
For the 5 Years ending 2/28/25 (updated monthly).
American Funds
Benchmark
12
 Morningstar
Benchmark
11
J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified
Bloomberg US Agg Bond TR USD
R-squared
93 43
Beta
1.01 1.24
Capture Ratio (Downside/Upside)
103/108 128/152
American Funds Benchmark for the 5 Years ending 2/28/25 (updated monthly).
Morningstar Benchmark for the 5 Years ending 2/28/25 (updated monthly).
U.S. Treasuries/Agencies
2.5%
AAA/Aaa
1.4%
AA/Aa
5.1%
A
15.8%
BBB/Baa
34.8%
BB/Ba
25.6%
B
8.6%
CCC & Below
1.8%
Unrated
0.5%
Cash & equivalents
5
3.8%
% of net assets as of 2/28/2025 (updated monthly)

Average Life Breakdown

0-4.9 Years
30.6%
5-9.9 Years
32.2%
10-19.9 Years
17.8%
20-29.9 Years
10.6%
30+ Years
1.5%
% of net assets as of 12/31/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
 Non-U.S. government/agency securities 70.8%
U.S. Treasury bonds & notes 2.7%

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

Top Fixed-Income Issuers
13

Brazil, Federal Government of
7.7%
Indonesia, Government of the Republic of
6.3%
Mexico (United Mexican States) (Government)
5.8%
South Africa, Republic of
5.7%
Poland, Republic of
4.2%
Egypt, Arab Republic of
3.9%
Malaysia, Government of
3.8%
Colombia, Republic of
3.6%
Romania (Republic of)
3.1%
Turkey, Republic of
3.0%

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

Geographic Breakdown

Regions | Currency Weighting
| Top Countries
United States
2.6%
Europe
15.1%
Asia & Pacific Basin
24.6%
Other (Including Canada & Latin America)
50.2%
Cash & equivalents
5
7.6%
% 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 04/01/25

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
2025 Year-to-Date: Dividends Subtotal: $0.13434338 Cap Gains Subtotal: $0.00
Total Distributions: $0.13434338

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
2

CBNAX 0.94%
Lipper Emerging Mrkts Hard Currency Debt Funds Average
14
 1.13%
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 529-A shares reflect deduction of the 3.50% 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. Similar information is contained in the CollegeAmerica Program Description, which can be obtained from a financial professional and should be read carefully before investing. CollegeAmerica is distributed by Capital Client Group, Inc., and sold through unaffiliated intermediaries.
Depending on your state of residence, there may be an in-state plan that provides state tax and other state benefits, such as financial aid, scholarship funds and protection from creditors, not available through CollegeAmerica. Before investing in any state's 529 plan, investors should consult a tax advisor. CollegeAmerica is a nationwide plan sponsored by Commonwealth Savers. 
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.
Nondiversified funds have the ability to invest a larger percentage of assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor results by a single issuer could adversely affect fund results more than if the fund invested in a larger number of issuers. See the applicable prospectus for details.
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.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2025, J.P. Morgan Chase & Co. All rights reserved. (J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified)
This report, and any product, index or fund referred to herein, is not sponsored, endorsed or promoted in any way by J.P. Morgan or any of its affiliates who provide no warranties whatsoever, express or implied, and shall have no liability to any prospective investor, in connection with this report. J.P. Morgan disclaimer: https://www.jpmm.com/research/disclosures
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.
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.
  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. When applicable, returns for less than one year are not annualized, but calculated as cumulative total returns.
  1. Data for the periods listed below reflect certain sales charge deductions.
    - Maximum of 3.75% (prior to 6/30/2020)
  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. 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. 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. A portion of the fund's distribution may be classified as a return of capital. Please refer to the fund's Annual Report for details.
  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 Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.
  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.
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© 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.