Investment Fund

Share Class
Purchase Restrictions: Class 529-E share funds are available only for employer-sponsored CollegeAmerica accounts.

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 $7.74 as of 11/01/2024 (updated daily)
Fund Assets (millions) $2,558.7
Portfolio Managers
3
Expense Ratio
(Gross/Net %)
1.18 / 1.18%
Prospectus
Internal Prompt

Returns at NAV

Returns with Sales Charge

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.1%
U.S. Bonds2.0%
Non-U.S. Bonds88.5%
Cash & Equivalents
9.5%
As of 9/30/2024 (updated monthly)

Growth of 10K

Read important investment disclosures

High & Low Prices

Fund Statistics

6.2 years
Effective Duration
8.1%
Average Yield
to Worst
5.6%
Average Coupon
% of net assets as of 9/30/2024 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

Medium Quality
Extensive Interest-Rate Sensitivity
Morningstar data as of 9/30/24 (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 9/30/2024
 $2,558.7
Companies/Issuers
Holdings are as of 9/30/2024 (updated monthly).
 170+
Shareholder Accounts
Shareholder accounts are as of 9/30/2024
 49
Regular Dividends Paid
Monthly
Minimum Initial Investment $250
Capital Gains Paid
Jun, Dec
Portfolio Turnover (2023) 56%
Fiscal Year-End Dec
Prospectus Date 03/01/2024
CUSIP 02631F 88 5
Fund Number 15114

Returns

Internal Prompt

Month-End Returns as of 9/30/24

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

Quarter-End Returns as of 9/30/24

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
30-day SEC Yield
Fund at NAV 6.39% 6.46%
Fund at MOP N/A N/A
As of 9/30/2024 (updated monthly)

Portfolio Management

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Robert Burgess 2 8 34
Luis Freitas de Oliveira 5 30 35
Kirstie Spence 8 28
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(229)
3-yr. Morningstar RatingTM
(229 funds rated)
5-yr. Morningstar RatingTM
(212 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 9/30/2024 (updated monthly).

Risk Measures

Fund
Standard Deviation
12.04
Sharpe Ratio
0.05
For the 5 Years ending 9/30/24 (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
94 39
Beta
1.00 1.20
Capture Ratio (Downside/Upside)
101/110 121/145
American Funds Benchmark for the 5 Years ending 9/30/24 (updated monthly).
Morningstar Benchmark for the 5 Years ending 9/30/24 (updated monthly).
U.S. Treasuries/Agencies
1.4%
AAA/Aaa
0.9%
AA/Aa
3.3%
A
19.8%
BBB/Baa
32.3%
BB/Ba
26.7%
B
7.1%
CCC & Below
2.2%
Unrated
0.2%
Cash & equivalents
5.9%
% of net assets as of 9/30/2024 (updated monthly)

Average Life Breakdown

0-4.9 Years
28.2%
5-9.9 Years
30.9%
10-19.9 Years
17.6%
20-29.9 Years
11.2%
30+ Years
2.5%
% of net assets as of 9/30/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
 Non-U.S. government/agency securities 70.7%
U.S. Treasury bonds & notes 1.4%

% of net assets as of 9/30/2024 (updated quarterly)

Top Fixed-Income Issuers

Brazil, Federal Government of
7.1%
Indonesia, Government of the Republic of
6.6%
South Africa, Republic of
6.5%
Mexico (United Mexican States) (Government)
5.6%
Poland, Republic of
4.6%
Malaysia, Government of
3.9%
Egypt, Arab Republic of
3.5%
Colombia, Republic of
2.9%
Romania (Republic of)
2.8%
Turkey, Republic of
2.3%

% of net assets as of 9/30/2024 (updated monthly)

Geographic Breakdown

Regions | Currency Weighting
| Top Countries
United States
2.0%
Europe
14.7%
Asia & Pacific Basin
21.9%
Other (Including Canada & Latin America)
52.0%
Cash & equivalents
9.5%
% of net assets as of 9/30/2024 (updated monthly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2024

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 11/01/24

FIND HISTORICAL DISTRIBUTIONS
2024
Record
Date		 Calculated
Date		 Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/31/24 02/01/24 $0.0420137 $0.00 $0.00 $0.00 $7.91
Daily 02/29/24 03/01/24 $0.0393048 $0.00 $0.00 $0.00 $7.88
Daily 03/28/24 04/01/24 $0.0441674 $0.00 $0.00 $0.00 $7.92
Daily 04/30/24 05/01/24 $0.0441269 $0.00 $0.00 $0.00 $7.70
Daily 05/31/24 06/03/24 $0.0452462 $0.00 $0.00 $0.00 $7.79
Daily 06/28/24 07/01/24 $0.0435292 $0.00 $0.00 $0.00 $7.71
Daily 07/31/24 08/01/24 $0.0456222 $0.00 $0.00 $0.00 $7.80
Daily 08/30/24 09/03/24 $0.0460048 $0.00 $0.00 $0.00 $7.93
Daily 09/30/24 10/01/24 $0.0436183 $0.00 $0.00 $0.00 $8.09
Daily 10/31/24 11/01/24 $0.0457922 $0.00 $0.00 $0.00 $7.78
2024 Year-to-Date: Dividends Subtotal: $0.43942558 Cap Gains Subtotal: $0.00
Total Distributions: $0.43942558

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.46%
Other Expenses 0.22%
Service 12b-1 0.50%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

CBNEX 1.18%
Lipper Emerging Mrkts Hard Currency Debt Funds Average
1.02%
Fund as of most recent prospectus. Lipper Category as of 9/30/24 (updated quarterly).