American Funds Corporate Bond Fund®
Investment portfolio
February 28, 2023
Investment portfolio
February 28, 2023
unaudited
Bonds, notes & other debt instruments 92.39% Corporate bonds, notes & loans 84.09% Financials 19.57% | Principal amount (000) | Value (000) | |
ACE INA Holdings, Inc. 3.35% 5/3/2026 | USD675 | $643 | |
AerCap Ireland Capital DAC 2.45% 10/29/2026 | 6,913 | 6,098 | |
AerCap Ireland Capital DAC 3.00% 10/29/2028 | 2,852 | 2,431 | |
AerCap Ireland Capital DAC 3.30% 1/30/2032 | 3,440 | 2,755 | |
AerCap Ireland Capital DAC 3.40% 10/29/2033 | 1,239 | 965 | |
Allstate Corp. 0.75% 12/15/2025 | 440 | 391 | |
Allstate Corp. 1.45% 12/15/2030 | 1,000 | 768 | |
American Express Co. 4.90% 2/13/2026 | 2,156 | 2,140 | |
American Express Co. 1.65% 11/4/2026 | 1,050 | 929 | |
American Express Co. 5.85% 11/5/2027 | 1,050 | 1,082 | |
American Express Co. 4.05% 5/3/2029 | 1,350 | 1,280 | |
American International Group, Inc. 2.50% 6/30/2025 | 1,000 | 942 | |
American International Group, Inc. 3.90% 4/1/2026 | 150 | 144 | |
American International Group, Inc. 4.80% 7/10/2045 | 100 | 89 | |
American International Group, Inc. 4.375% 6/30/2050 | 1,000 | 845 | |
Aon Corp. 2.60% 12/2/2031 | 1,000 | 816 | |
Aon Corp. 5.00% 9/12/2032 | 1,500 | 1,468 | |
Aon Corp. 5.35% 2/28/2033 | 2,704 | 2,705 | |
Aon Corp. 3.90% 2/28/2052 | 500 | 385 | |
Australia & New Zealand Banking Group, Ltd. 6.742% 12/8/20321 | 956 | 989 | |
Banco Santander, SA 5.147% 8/18/2025 | 2,000 | 1,976 | |
Banco Santander, SA 5.294% 8/18/2027 | 1,400 | 1,373 | |
Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027)2 | 2,000 | 1,789 | |
Bank of America Corp. 6.204% 11/10/2028 (USD-SOFR + 1.99% on 11/10/2027)2 | 1,900 | 1,954 | |
Bank of America Corp. 1.898% 7/23/2031 (USD-SOFR + 1.53% on 7/23/2030)2 | 14,548 | 11,349 | |
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)2 | 1,751 | 1,358 | |
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)2 | 4,046 | 3,166 | |
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)2 | 7,930 | 7,633 | |
Bank of America Corp. 2.676% 6/19/2041 (USD-SOFR + 1.93% on 6/19/2040)2 | 2,500 | 1,715 | |
Bank of America Corp. 2.972% 7/21/2052 (USD-SOFR + 1.56% on 7/21/2051)2 | 1,290 | 847 | |
Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025)1,2 | 500 | 501 | |
Bank of Ireland Group PLC 2.029% 9/30/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on 9/30/2026)1,2 | 800 | 696 | |
Berkshire Hathaway Finance Corp. 4.20% 8/15/2048 | 313 | 277 | |
Berkshire Hathaway Finance Corp. 4.25% 1/15/2049 | 300 | 267 | |
Berkshire Hathaway, Inc. 2.30% 3/15/2027 | 358 | 331 | |
Berkshire Hathaway, Inc. 2.875% 3/15/2032 | 606 | 522 | |
Berkshire Hathaway, Inc. 4.50% 2/11/2043 | 125 | 116 | |
Berkshire Hathaway, Inc. 3.85% 3/15/2052 | 301 | 243 | |
BlackRock, Inc. 2.10% 2/25/2032 | 1,050 | 841 | |
Blackstone Holdings Finance Co., LLC 5.90% 11/3/20271 | 1,405 | 1,428 | |
Blackstone Holdings Finance Co., LLC 6.20% 4/22/20331 | 390 | 401 | |
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)1,2 | 325 | 269 | |
BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)1,2 | 2,054 | 1,658 |
American Funds Corporate Bond Fund — Page 1 of 20
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Financials (continued) | Principal amount (000) | Value (000) | |
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)1,2 | USD1,950 | $1,944 | |
Canadian Imperial Bank of Commerce (CIBC) 3.60% 4/7/2032 | 1,619 | 1,429 | |
Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028)2 | 607 | 596 | |
Capital One Financial Corp. 5.817% 2/1/2034 (USD-SOFR + 2.60% on 2/1/2033)2 | 200 | 194 | |
Charles Schwab Corp. 1.65% 3/11/2031 | 375 | 293 | |
China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031 | 203 | 160 | |
Chubb INA Holdings, Inc. 1.375% 9/15/2030 | 1,000 | 778 | |
Chubb INA Holdings, Inc. 2.85% 12/15/2051 | 607 | 414 | |
Chubb INA Holdings, Inc. 3.05% 12/15/2061 | 673 | 441 | |
Citigroup, Inc. 2.014% 1/25/2026 (USD-SOFR + 0.694% on 1/25/2025)2 | 2,500 | 2,333 | |
Citigroup, Inc. 2.572% 6/3/2031 (USD-SOFR + 2.107% on 6/3/2030)2 | 4,000 | 3,283 | |
Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032)2 | 2,615 | 2,275 | |
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)2 | 2,765 | 2,897 | |
Corebridge Financial, Inc. 3.65% 4/5/20271 | 806 | 753 | |
Corebridge Financial, Inc. 3.85% 4/5/20291 | 757 | 685 | |
Corebridge Financial, Inc. 3.90% 4/5/20321 | 4,893 | 4,286 | |
Corebridge Financial, Inc. 4.35% 4/5/20421 | 533 | 440 | |
Corebridge Financial, Inc. 4.40% 4/5/20521 | 341 | 272 | |
Credit Suisse Group AG 3.80% 6/9/2023 | 425 | 420 | |
Credit Suisse Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)1,2 | 1,562 | 1,263 | |
Credit Suisse Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)1,2 | 6,143 | 4,876 | |
Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)1,2 | 500 | 352 | |
Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)1,2 | 1,000 | 1,051 | |
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)1,2 | 3,050 | 2,876 | |
Deutsche Bank AG 1.447% 4/1/2025 (USD-SOFR + 1.131% on 4/1/2024)2 | 2,020 | 1,913 | |
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)2 | 835 | 749 | |
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)2 | 1,050 | 914 | |
Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)2 | 1,175 | 1,188 | |
Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)2 | 825 | 689 | |
Deutsche Bank AG 3.035% 5/28/2032 (USD-SOFR + 1.718% on 5/28/2031)2 | 1,127 | 889 | |
Deutsche Bank AG 7.079% 2/10/2034 (USD-SOFR + 3.65% on 2/10/2033)2 | 550 | 536 | |
Discover Financial Services 3.45% 7/27/2026 | 542 | 505 | |
Discover Financial Services 6.70% 11/29/2032 | 175 | 181 | |
DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)1,2 | 1,950 | 1,702 | |
Five Corners Funding Trust II 2.85% 5/15/20301 | 1,000 | 846 | |
GE Capital Funding, LLC 4.55% 5/15/2032 | 1,185 | 1,129 | |
Goldman Sachs Group, Inc. (3-month USD-LIBOR + 1.17%) 6.034% 5/15/20263 | 500 | 504 | |
Goldman Sachs Group, Inc. 1.093% 12/9/2026 (USD-SOFR + 0.789% on 12/9/2025)2 | 3,796 | 3,343 | |
Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)2 | 1,239 | 1,086 | |
Goldman Sachs Group, Inc. 1.992% 1/27/2032 (USD-SOFR + 1.09% on 1/27/2031)2 | 1,000 | 769 | |
Goldman Sachs Group, Inc. 2.383% 7/21/2032 (USD-SOFR + 1.248% on 7/21/2031)2 | 818 | 643 | |
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)2 | 1,660 | 1,369 | |
Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041)2 | 2,000 | 1,381 | |
Goldman Sachs Group, Inc. 3.436% 2/24/2043 (USD-SOFR + 1.632% on 2/24/2042)2 | 3,723 | 2,781 | |
Groupe BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)1,2 | 9,275 | 8,298 | |
Groupe BPCE SA 2.045% 10/19/2027 (USD-SOFR + 1.087% on 10/19/2026)1,2 | 1,500 | 1,309 | |
Groupe BPCE SA 2.277% 1/20/2032 (USD-SOFR + 1.312% on 1/20/2031)1,2 | 1,766 | 1,354 | |
Groupe BPCE SA 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)1,2 | 2,310 | 2,258 | |
HSBC Holdings PLC 2.251% 11/22/2027 (USD-SOFR + 1.10% on 11/22/2026)2 | 5,050 | 4,445 | |
HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027)2 | 2,630 | 2,528 | |
HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028)2 | 2,544 | 2,110 | |
HSBC Holdings PLC 2.357% 8/18/2031 (USD-SOFR + 1.947% on 8/18/2030)2 | 1,000 | 790 |
American Funds Corporate Bond Fund — Page 2 of 20
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Financials (continued) | Principal amount (000) | Value (000) | |
Intercontinental Exchange, Inc. 4.35% 6/15/2029 | USD1,725 | $1,673 | |
Intercontinental Exchange, Inc. 4.60% 3/15/2033 | 1,552 | 1,482 | |
Intercontinental Exchange, Inc. 2.65% 9/15/2040 | 375 | 263 | |
Intercontinental Exchange, Inc. 3.00% 6/15/2050 | 675 | 461 | |
Intercontinental Exchange, Inc. 4.95% 6/15/2052 | 913 | 866 | |
Intercontinental Exchange, Inc. 3.00% 9/15/2060 | 1,610 | 1,022 | |
Intesa Sanpaolo SpA 3.875% 1/12/20281 | 657 | 592 | |
Intesa Sanpaolo SpA 4.00% 9/23/20291 | 400 | 350 | |
Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032)1,2 | 375 | 395 | |
JPMorgan Chase & Co. 3.845% 6/14/2025 (USD-SOFR + 0.98% on 6/14/2024)2 | 2,000 | 1,953 | |
JPMorgan Chase & Co. 2.301% 10/15/2025 (USD-SOFR + 1.16% on 10/15/2024)2 | 2,265 | 2,143 | |
JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)2 | 8,538 | 7,940 | |
JPMorgan Chase & Co. 5.546% 12/15/2025 (USD-SOFR + 1.07% on 12/15/2024)2 | 7,500 | 7,494 | |
JPMorgan Chase & Co. 2.005% 3/13/2026 (USD-SOFR + 1.585% on 3/13/2025)2 | 2,500 | 2,326 | |
JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026)2 | 1,682 | 1,478 | |
JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)2 | 2,604 | 2,305 | |
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)2 | 1,740 | 1,700 | |
JPMorgan Chase & Co. 3.509% 1/23/2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)2 | 5,000 | 4,575 | |
JPMorgan Chase & Co. 2.58% 4/22/2032 (USD-SOFR + 1.25% on 4/22/2031)2 | 741 | 601 | |
JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031)2 | 3,760 | 3,009 | |
JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)2 | 1,357 | 1,119 | |
JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)2 | 3,073 | 2,866 | |
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)2 | 1,280 | 1,226 | |
JPMorgan Chase & Co. 3.109% 4/22/2051 (USD-SOFR + 3.109% on 4/22/2050)2 | 1,277 | 871 | |
JPMorgan Chase & Co. 3.328% 4/22/2052 (USD-SOFR + 1.58% on 4/22/2051)2 | 1,850 | 1,314 | |
KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028)1,2 | 875 | 864 | |
Lloyds Banking Group PLC 3.75% 1/11/2027 | 213 | 199 | |
Lloyds Banking Group PLC 4.375% 3/22/2028 | 590 | 558 | |
Marsh & McLennan Companies, Inc. 4.375% 3/15/2029 | 230 | 219 | |
Marsh & McLennan Companies, Inc. 2.375% 12/15/2031 | 548 | 440 | |
Marsh & McLennan Companies, Inc. 4.90% 3/15/2049 | 395 | 366 | |
Marsh & McLennan Companies, Inc. 2.90% 12/15/2051 | 1,010 | 668 | |
MetLife, Inc. 4.55% 3/23/2030 | 1,950 | 1,917 | |
MetLife, Inc. 4.60% 5/13/2046 | 100 | 90 | |
MetLife, Inc. 5.00% 7/15/2052 | 230 | 221 | |
Metropolitan Life Global Funding I 3.60% 1/11/20241 | 400 | 394 | |
Metropolitan Life Global Funding I 0.95% 7/2/20251 | 1,203 | 1,092 | |
Metropolitan Life Global Funding I 3.45% 12/18/20261 | 150 | 140 | |
Metropolitan Life Global Funding I 4.40% 6/30/20271 | 1,000 | 971 | |
Metropolitan Life Global Funding I 3.00% 9/19/20271 | 700 | 639 | |
Metropolitan Life Global Funding I 5.05% 1/6/20281 | 2,030 | 2,030 | |
Metropolitan Life Global Funding I 3.05% 6/17/20291 | 250 | 222 | |
Metropolitan Life Global Funding I 4.30% 8/25/20291 | 1,000 | 950 | |
Metropolitan Life Global Funding I 2.95% 4/9/20301 | 476 | 416 | |
Metropolitan Life Global Funding I 1.55% 1/7/20311 | 1,000 | 785 | |
Metropolitan Life Global Funding I 2.40% 1/11/20321 | 250 | 205 | |
Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032)2 | 1,871 | 1,808 | |
Morgan Stanley (USD-SOFR + 0.455%) 4.55% 1/25/20243 | 5,000 | 4,998 | |
Morgan Stanley 5.05% 1/28/2027 (USD-SOFR + 1.295% on 1/28/2026)2 | 1,975 | 1,953 | |
Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)2 | 3,000 | 2,650 | |
Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026)2 | 2,300 | 2,009 |
American Funds Corporate Bond Fund — Page 3 of 20
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Financials (continued) | Principal amount (000) | Value (000) | |
Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)2 | USD3,833 | $3,643 | |
Morgan Stanley 6.296% 10/18/2028 (USD-SOFR + 2.44% on 10/18/2027)2 | 945 | 971 | |
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)2 | 12,023 | 11,811 | |
Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031)2 | 3,000 | 2,285 | |
Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)2 | 5,897 | 4,590 | |
Morgan Stanley 6.342% 10/18/2033 (USD-SOFR + 2.565% on 10/18/2032)2 | 6,475 | 6,829 | |
Morgan Stanley 3.217% 4/22/2042 (USD-SOFR + 1.485% on 4/22/2041)2 | 667 | 496 | |
Muenchener Rueckversicherungs-Gesellschaft AG 5.875% 5/23/2042 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.982% on 5/23/2032)1,2 | 1,400 | 1,414 | |
National Australia Bank, Ltd. 4.944% 1/12/2028 | 5,453 | 5,443 | |
Nationwide Building Society 3.96% 7/18/2030 (3-month USD-LIBOR + 1.855% on 7/18/2029)1,2 | 400 | 358 | |
NatWest Group PLC 6.016% 3/2/2034 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 3/2/2033)2 | 800 | 802 | |
New York Life Global Funding 0.95% 6/24/20251 | 631 | 571 | |
New York Life Global Funding 3.00% 1/10/20281 | 100 | 92 | |
New York Life Global Funding 1.20% 8/7/20301 | 2,500 | 1,944 | |
New York Life Global Funding 1.85% 8/1/20311 | 250 | 199 | |
New York Life Global Funding 4.55% 1/28/20331 | 2,471 | 2,381 | |
Nordea Bank AB 3.60% 6/6/20251 | 980 | 942 | |
PNC Financial Services Group, Inc. 4.758% 1/26/2027 (USD-SOFR + 1.085% on 1/26/2026)2 | 3,000 | 2,956 | |
PNC Financial Services Group, Inc. 6.037% 10/28/2033 (USD-SOFR + 2.14% on 10/28/2032)2 | 1,057 | 1,099 | |
PNC Financial Services Group, Inc. 5.068% 1/24/2034 (USD-SOFR + 1.933% on 1/24/2033)2 | 3,046 | 2,947 | |
PRICOA Global Funding I 3.45% 9/1/20231 | 175 | 173 | |
Prudential Financial, Inc. 3.905% 12/7/2047 | 350 | 277 | |
Prudential Financial, Inc. 3.70% 3/13/2051 | 1,255 | 961 | |
Royal Bank of Canada 5.00% 2/1/2033 | 10,985 | 10,737 | |
Royal Bank of Scotland PLC 3.073% 5/22/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.55% on 5/22/2027)2 | 340 | 307 | |
Royal Bank of Scotland PLC 4.445% 5/8/2030 (3-month USD-LIBOR + 1.871% on 5/5/2029)2 | 370 | 342 | |
State Street Corp. 5.82% 11/4/2028 (USD-SOFR + 1.715% on 11/4/2027)2 | 721 | 739 | |
State Street Corp. 4.821% 1/26/2034 (USD-SOFR + 1.567% on 1/26/2033)2 | 1,575 | 1,520 | |
Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/2033 | 1,470 | 1,483 | |
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)2 | 2,279 | 1,582 | |
Toronto-Dominion Bank 5.156% 1/10/2028 | 10,358 | 10,314 | |
Travelers Companies, Inc. 4.00% 5/30/2047 | 105 | 88 | |
Travelers Companies, Inc. 4.05% 3/7/2048 | 100 | 84 | |
Travelers Companies, Inc. 4.10% 3/4/2049 | 380 | 322 | |
Travelers Companies, Inc. 2.55% 4/27/2050 | 452 | 289 | |
UBS Group AG 1.364% 1/30/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.08% on 1/30/2026)1,2 | 2,600 | 2,296 | |
Wells Fargo & Company 2.406% 10/30/2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)2 | 15,000 | 14,235 | |
Wells Fargo & Company 2.188% 4/30/2026 (USD-SOFR + 2.00% on 4/30/2025)2 | 3,000 | 2,791 | |
Wells Fargo & Company 3.196% 6/17/2027 (3-month USD-LIBOR + 1.17% on 6/17/2026)2 | 1,351 | 1,254 | |
Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)2 | 4,000 | 3,385 | |
Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)2 | 1,570 | 1,500 | |
Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)2 | 7,388 | 6,410 | |
Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)2 | 1,225 | 942 | |
Willis North America, Inc. 4.65% 6/15/2027 | 500 | 483 | |
340,210 |
American Funds Corporate Bond Fund — Page 4 of 20
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Utilities 15.21% | Principal amount (000) | Value (000) | |
AEP Transmission Co., LLC 3.65% 4/1/2050 | USD25 | $19 | |
AEP Transmission Co., LLC 2.75% 8/15/2051 | 476 | 306 | |
Alabama Power Co. 3.94% 9/1/2032 | 176 | 160 | |
American Electric Power Company, Inc. 1.00% 11/1/2025 | 1,100 | 980 | |
American Transmission Systems, Inc. 2.65% 1/15/20321 | 685 | 562 | |
CenterPoint Energy, Inc. 2.65% 6/1/2031 | 5,389 | 4,426 | |
CenterPoint Energy, Inc. 2.90% 7/1/2050 | 786 | 536 | |
Cleveland Electric Illuminating Co. 4.55% 11/15/20301 | 2,500 | 2,368 | |
Consumers Energy Co. 3.60% 8/15/2032 | 345 | 310 | |
Consumers Energy Co. 4.625% 5/15/2033 | 10,475 | 10,186 | |
Consumers Energy Co. 3.25% 8/15/2046 | 1,000 | 724 | |
Consumers Energy Co. 3.10% 8/15/2050 | 2,592 | 1,832 | |
Consumers Energy Co. 2.65% 8/15/2052 | 1,416 | 906 | |
DTE Electric Co. 2.625% 3/1/2031 | 706 | 597 | |
DTE Electric Co. 5.20% 4/1/2033 | 2,752 | 2,759 | |
DTE Electric Co. 3.65% 3/1/2052 | 704 | 546 | |
DTE Energy Company 1.90% 4/1/2028 | 1,910 | 1,646 | |
Duke Energy Carolinas, LLC 3.20% 8/15/2049 | 37 | 26 | |
Duke Energy Carolinas, LLC 5.35% 1/15/2053 | 3,492 | 3,447 | |
Duke Energy Corp. 5.00% 12/8/2027 | 1,850 | 1,837 | |
Duke Energy Corp. 3.50% 6/15/2051 | 2,240 | 1,569 | |
Duke Energy Florida, LLC 5.95% 11/15/2052 | 475 | 507 | |
Duke Energy Progress, LLC 2.50% 8/15/2050 | 1,044 | 626 | |
Edison International 5.75% 6/15/2027 | 468 | 471 | |
Edison International 4.125% 3/15/2028 | 12,224 | 11,408 | |
Edison International 6.95% 11/15/2029 | 2,815 | 2,958 | |
Emera US Finance, LP 2.639% 6/15/2031 | 7,975 | 6,277 | |
Entergy Corp. 1.60% 12/15/2030 | 475 | 365 | |
Entergy Corp. 2.40% 6/15/2031 | 2,250 | 1,781 | |
Entergy Louisiana, LLC 4.75% 9/15/2052 | 963 | 877 | |
Entergy Texas, Inc. 1.75% 3/15/2031 | 1,500 | 1,173 | |
FirstEnergy Corp. 2.05% 3/1/2025 | 275 | 258 | |
FirstEnergy Corp. 1.60% 1/15/2026 | 4,125 | 3,681 | |
FirstEnergy Corp. 3.50% 4/1/20281 | 1,000 | 916 | |
FirstEnergy Corp. 4.10% 5/15/20281 | 3,000 | 2,840 | |
FirstEnergy Corp. 2.65% 3/1/2030 | 11,742 | 9,748 | |
FirstEnergy Corp. 2.25% 9/1/2030 | 8,830 | 7,050 | |
FirstEnergy Corp., Series B, 4.15% 7/15/20272 | 5,786 | 5,404 | |
FirstEnergy Transmission, LLC 2.866% 9/15/20281 | 15,625 | 13,664 | |
Florida Power & Light Company 5.05% 4/1/2028 | 2,550 | 2,549 | |
Florida Power & Light Company 5.10% 4/1/2033 | 7,965 | 7,962 | |
Florida Power & Light Company 2.875% 12/4/2051 | 59 | 39 | |
Jersey Central Power & Light Co. 4.30% 1/15/20261 | 1,085 | 1,041 | |
Jersey Central Power & Light Co. 2.75% 3/1/20321 | 250 | 204 | |
Metropolitan Edison Co. 4.30% 1/15/20291 | 200 | 187 | |
Mississippi Power Co. 4.25% 3/15/2042 | 600 | 492 | |
NextEra Energy Capital Holdings, Inc. 0.65% 3/1/2023 | 3,475 | 3,475 | |
NextEra Energy Capital Holdings, Inc. 4.90% 2/28/2028 | 13,230 | 13,077 | |
NextEra Energy Capital Holdings, Inc. 2.75% 11/1/2029 | 2,500 | 2,132 | |
NextEra Energy Capital Holdings, Inc. 5.25% 2/28/2053 | 2,000 | 1,917 | |
Northern States Power Co. 2.25% 4/1/2031 | 1,000 | 826 | |
Northern States Power Co. 2.60% 6/1/2051 | 1,071 | 689 | |
Northern States Power Co. 4.50% 6/1/2052 | 600 | 543 | |
Oncor Electric Delivery Company, LLC 4.55% 9/15/2032 | 2,325 | 2,245 |
American Funds Corporate Bond Fund — Page 5 of 20
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Utilities (continued) | Principal amount (000) | Value (000) | |
Pacific Gas and Electric Co. 1.70% 11/15/2023 | USD5,418 | $5,261 | |
Pacific Gas and Electric Co. 3.50% 6/15/2025 | 2,697 | 2,559 | |
Pacific Gas and Electric Co. 3.15% 1/1/2026 | 2,215 | 2,056 | |
Pacific Gas and Electric Co. 2.95% 3/1/2026 | 343 | 315 | |
Pacific Gas and Electric Co. 3.30% 3/15/2027 | 449 | 410 | |
Pacific Gas and Electric Co. 5.45% 6/15/2027 | 3,642 | 3,560 | |
Pacific Gas and Electric Co. 2.10% 8/1/2027 | 5,000 | 4,263 | |
Pacific Gas and Electric Co. 3.30% 12/1/2027 | 3,483 | 3,108 | |
Pacific Gas and Electric Co. 3.00% 6/15/2028 | 9,648 | 8,425 | |
Pacific Gas and Electric Co. 3.75% 7/1/2028 | 5,183 | 4,662 | |
Pacific Gas and Electric Co. 4.65% 8/1/2028 | 1,442 | 1,340 | |
Pacific Gas and Electric Co. 4.55% 7/1/2030 | 7,760 | 7,015 | |
Pacific Gas and Electric Co. 2.50% 2/1/2031 | 27,080 | 21,130 | |
Pacific Gas and Electric Co. 3.25% 6/1/2031 | 2,684 | 2,192 | |
Pacific Gas and Electric Co. 3.30% 8/1/2040 | 50 | 34 | |
Pacific Gas and Electric Co. 3.50% 8/1/2050 | 450 | 283 | |
Progress Energy, Inc. 7.00% 10/30/2031 | 2,480 | 2,677 | |
Public Service Company of Colorado 1.90% 1/15/2031 | 160 | 129 | |
Public Service Electric and Gas Co. 3.10% 3/15/2032 | 400 | 349 | |
Public Service Electric and Gas Co. 3.00% 3/1/2051 | 770 | 535 | |
Southern California Edison Co. 0.70% 4/3/2023 | 3,844 | 3,829 | |
Southern California Edison Co. 1.20% 2/1/2026 | 4,000 | 3,548 | |
Southern California Edison Co. 5.85% 11/1/2027 | 2,460 | 2,520 | |
Southern California Edison Co. 3.65% 3/1/2028 | 1,285 | 1,201 | |
Southern California Edison Co. 4.20% 3/1/2029 | 1,704 | 1,608 | |
Southern California Edison Co. 2.85% 8/1/2029 | 5,000 | 4,320 | |
Southern California Edison Co. 2.25% 6/1/2030 | 3,460 | 2,849 | |
Southern California Edison Co. 2.50% 6/1/2031 | 5,000 | 4,112 | |
Southern California Edison Co. 3.65% 2/1/2050 | 88 | 65 | |
Southern California Edison Co. 2.95% 2/1/2051 | 8,160 | 5,260 | |
Southern California Edison Co., Series C, 3.60% 2/1/2045 | 3,133 | 2,287 | |
Southwestern Electric Power Co. 3.25% 11/1/2051 | 2,223 | 1,497 | |
Union Electric Co. 2.15% 3/15/2032 | 1,350 | 1,067 | |
Virginia Electric and Power Co. 2.875% 7/15/2029 | 2,300 | 2,016 | |
Virginia Electric and Power Co. 2.45% 12/15/2050 | 650 | 386 | |
WEC Energy Group, Inc. 5.15% 10/1/2027 | 3,475 | 3,459 | |
Wisconsin Power and Light Co. 1.95% 9/16/2031 | 775 | 607 | |
Wisconsin Power and Light Co. 3.95% 9/1/2032 | 299 | 273 | |
Xcel Energy, Inc. 3.35% 12/1/2026 | 2,490 | 2,327 | |
Xcel Energy, Inc. 2.60% 12/1/2029 | 2,950 | 2,498 | |
Xcel Energy, Inc. 2.35% 11/15/2031 | 5,204 | 4,150 | |
Xcel Energy, Inc. 3.50% 12/1/2049 | 1,632 | 1,189 | |
264,495 | |||
Health care 10.15% | |||
AbbVie, Inc. 3.20% 11/21/2029 | 4,870 | 4,309 | |
AbbVie, Inc. 4.05% 11/21/2039 | 1,500 | 1,267 | |
AbbVie, Inc. 4.25% 11/21/2049 | 25 | 21 | |
AmerisourceBergen Corp. 2.70% 3/15/2031 | 5,612 | 4,668 | |
Amgen, Inc. 5.15% 3/2/2028 | 4,976 | 4,958 | |
Amgen, Inc. 3.00% 2/22/2029 | 3,165 | 2,818 | |
Amgen, Inc. 4.05% 8/18/2029 | 3,660 | 3,414 | |
Amgen, Inc. 2.45% 2/21/2030 | 1,250 | 1,050 | |
Amgen, Inc. 5.25% 3/2/2030 | 3,256 | 3,241 |
American Funds Corporate Bond Fund — Page 6 of 20
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Health care (continued) | Principal amount (000) | Value (000) | |
Amgen, Inc. 2.30% 2/25/2031 | USD1,250 | $1,015 | |
Amgen, Inc. 2.00% 1/15/2032 | 223 | 173 | |
Amgen, Inc. 4.20% 3/1/2033 | 3,500 | 3,221 | |
Amgen, Inc. 5.25% 3/2/2033 | 10,053 | 9,987 | |
Amgen, Inc. 5.60% 3/2/2043 | 2,850 | 2,816 | |
Amgen, Inc. 3.375% 2/21/2050 | 125 | 88 | |
Amgen, Inc. 3.00% 1/15/2052 | 50 | 32 | |
Amgen, Inc. 4.875% 3/1/2053 | 2,699 | 2,407 | |
Amgen, Inc. 5.65% 3/2/2053 | 5,937 | 5,892 | |
Amgen, Inc. 4.40% 2/22/2062 | 174 | 139 | |
Amgen, Inc. 5.75% 3/2/2063 | 3,610 | 3,563 | |
Anthem, Inc. 4.10% 5/15/2032 | 1,716 | 1,577 | |
Anthem, Inc. 4.55% 5/15/2052 | 1,357 | 1,177 | |
AstraZeneca Finance, LLC 4.90% 3/3/2030 | 2,730 | 2,719 | |
AstraZeneca Finance, LLC 2.25% 5/28/2031 | 2,613 | 2,177 | |
AstraZeneca Finance, LLC 4.875% 3/3/2033 | 2,468 | 2,461 | |
AstraZeneca PLC 3.375% 11/16/2025 | 177 | 170 | |
AstraZeneca PLC 0.70% 4/8/2026 | 2,658 | 2,332 | |
AstraZeneca PLC 1.375% 8/6/2030 | 2,594 | 2,050 | |
Baxter International, Inc. 2.272% 12/1/2028 | 500 | 419 | |
Baxter International, Inc. 2.539% 2/1/2032 | 6,429 | 4,986 | |
Becton, Dickinson and Company 4.298% 8/22/2032 | 3,500 | 3,254 | |
Boston Scientific Corp. 3.45% 3/1/2024 | 125 | 123 | |
Boston Scientific Corp. 2.65% 6/1/2030 | 3,879 | 3,319 | |
Boston Scientific Corp. 4.70% 3/1/2049 | 36 | 33 | |
Centene Corp. 2.45% 7/15/2028 | 6,355 | 5,342 | |
Centene Corp. 4.625% 12/15/2029 | 2,470 | 2,261 | |
Centene Corp. 3.375% 2/15/2030 | 1,963 | 1,658 | |
Centene Corp. 3.00% 10/15/2030 | 4,185 | 3,423 | |
Centene Corp. 2.50% 3/1/2031 | 5,015 | 3,914 | |
Centene Corp. 2.625% 8/1/2031 | 1,530 | 1,194 | |
CVS Health Corp. 3.25% 8/15/2029 | 414 | 366 | |
CVS Health Corp. 5.125% 2/21/2030 | 1,700 | 1,670 | |
CVS Health Corp. 1.75% 8/21/2030 | 1,415 | 1,105 | |
CVS Health Corp. 1.875% 2/28/2031 | 3,295 | 2,561 | |
CVS Health Corp. 5.25% 2/21/2033 | 5,024 | 4,948 | |
CVS Health Corp. 5.05% 3/25/2048 | 65 | 58 | |
CVS Health Corp. 5.625% 2/21/2053 | 1,400 | 1,356 | |
Elevance Health, Inc. 4.75% 2/15/2033 | 2,571 | 2,472 | |
Elevance Health, Inc. 5.125% 2/15/2053 | 1,116 | 1,059 | |
Eli Lilly and Company 3.375% 3/15/2029 | 5,560 | 5,165 | |
Eli Lilly and Company 4.70% 2/27/2033 | 3,460 | 3,443 | |
Eli Lilly and Company 4.875% 2/27/2053 | 1,387 | 1,386 | |
Eli Lilly and Company 4.95% 2/27/2063 | 388 | 386 | |
GE Healthcare Holding, LLC 5.65% 11/15/20271 | 700 | 710 | |
GE Healthcare Holding, LLC 5.857% 3/15/20301 | 1,180 | 1,207 | |
GE Healthcare Holding, LLC 5.905% 11/22/20321 | 5,740 | 5,938 | |
GE Healthcare Holding, LLC 6.377% 11/22/20521 | 525 | 567 | |
Gilead Sciences, Inc. 2.60% 10/1/2040 | 622 | 434 | |
Gilead Sciences, Inc. 2.80% 10/1/2050 | 462 | 300 | |
HCA, Inc. 4.125% 6/15/2029 | 1,000 | 911 | |
HCA, Inc. 2.375% 7/15/2031 | 2,455 | 1,913 | |
HCA, Inc. 4.625% 3/15/20521 | 630 | 496 | |
Humana, Inc. 3.70% 3/23/2029 | 1,626 | 1,476 |
American Funds Corporate Bond Fund — Page 7 of 20
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Health care (continued) | Principal amount (000) | Value (000) | |
Johnson & Johnson 0.95% 9/1/2027 | USD675 | $578 | |
Johnson & Johnson 1.30% 9/1/2030 | 2,025 | 1,629 | |
Johnson & Johnson 2.10% 9/1/2040 | 625 | 429 | |
Johnson & Johnson 2.25% 9/1/2050 | 1,506 | 958 | |
Kaiser Foundation Hospitals 2.81% 6/1/2041 | 660 | 485 | |
Merck & Co., Inc. 2.15% 12/10/2031 | 2,000 | 1,631 | |
Partners HealthCare System, Inc. 3.192% 7/1/2049 | 1,000 | 713 | |
Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030 | 746 | 581 | |
Roche Holdings, Inc. 1.93% 12/13/20281 | 5,606 | 4,806 | |
Roche Holdings, Inc. 2.076% 12/13/20311 | 10,507 | 8,525 | |
Summa Health 3.511% 11/15/2051 | 665 | 471 | |
Thermo Fisher Scientific, Inc. 4.80% 11/21/2027 | 1,400 | 1,400 | |
Thermo Fisher Scientific, Inc. 4.95% 11/21/2032 | 1,213 | 1,209 | |
UnitedHealth Group, Inc. 3.75% 7/15/2025 | 380 | 369 | |
UnitedHealth Group, Inc. 2.875% 8/15/2029 | 348 | 306 | |
UnitedHealth Group, Inc. 2.00% 5/15/2030 | 704 | 578 | |
UnitedHealth Group, Inc. 4.20% 5/15/2032 | 2,484 | 2,340 | |
UnitedHealth Group, Inc. 5.35% 2/15/2033 | 8 | 8 | |
UnitedHealth Group, Inc. 3.05% 5/15/2041 | 2,000 | 1,504 | |
UnitedHealth Group, Inc. 4.25% 6/15/2048 | 468 | 406 | |
UnitedHealth Group, Inc. 4.45% 12/15/2048 | 285 | 254 | |
UnitedHealth Group, Inc. 3.25% 5/15/2051 | 2,390 | 1,714 | |
UnitedHealth Group, Inc. 4.75% 5/15/2052 | 2,486 | 2,285 | |
UnitedHealth Group, Inc. 4.95% 5/15/2062 | 530 | 500 | |
UnitedHealth Group, Inc. 6.05% 2/15/2063 | 414 | 454 | |
Zoetis, Inc. 5.60% 11/16/2032 | 2,702 | 2,801 | |
176,529 | |||
Industrials 8.10% | |||
Boeing Company 4.875% 5/1/2025 | 783 | 772 | |
Boeing Company 2.75% 2/1/2026 | 15,838 | 14,686 | |
Boeing Company 2.196% 2/4/2026 | 2,000 | 1,817 | |
Boeing Company 2.70% 2/1/2027 | 505 | 458 | |
Boeing Company 5.04% 5/1/2027 | 336 | 331 | |
Boeing Company 3.25% 2/1/2028 | 13,627 | 12,347 | |
Boeing Company 5.15% 5/1/2030 | 7,477 | 7,240 | |
Boeing Company 3.625% 2/1/2031 | 1,631 | 1,431 | |
Boeing Company 5.705% 5/1/2040 | 1,551 | 1,479 | |
Boeing Company 3.75% 2/1/2050 | 209 | 147 | |
Boeing Company 5.805% 5/1/2050 | 3,198 | 3,046 | |
Burlington Northern Santa Fe, LLC 3.00% 3/15/2023 | 1,000 | 999 | |
Burlington Northern Santa Fe, LLC 3.05% 2/15/2051 | 2,000 | 1,383 | |
Burlington Northern Santa Fe, LLC 3.30% 9/15/2051 | 1,062 | 774 | |
Canadian Pacific Railway, Ltd. 1.75% 12/2/2026 | 2,456 | 2,176 | |
Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 | 4,415 | 3,679 | |
Canadian Pacific Railway, Ltd. 3.00% 12/2/2041 | 5,050 | 3,829 | |
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 | 5,351 | 3,656 | |
Carrier Global Corp. 2.242% 2/15/2025 | 382 | 359 | |
Carrier Global Corp. 2.493% 2/15/2027 | 50 | 45 | |
Carrier Global Corp. 2.722% 2/15/2030 | 488 | 412 | |
Carrier Global Corp. 3.377% 4/5/2040 | 119 | 89 | |
Carrier Global Corp. 3.577% 4/5/2050 | 103 | 74 | |
CSX Corp. 3.80% 3/1/2028 | 1,559 | 1,482 | |
CSX Corp. 4.25% 3/15/2029 | 1,000 | 949 |
American Funds Corporate Bond Fund — Page 8 of 20
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Industrials (continued) | Principal amount (000) | Value (000) | |
CSX Corp. 4.10% 11/15/2032 | USD1,550 | $1,430 | |
CSX Corp. 3.35% 9/15/2049 | 1,015 | 733 | |
CSX Corp. 2.50% 5/15/2051 | 2,079 | 1,284 | |
CSX Corp. 4.50% 11/15/2052 | 350 | 304 | |
Eaton Corp. 4.15% 3/15/2033 | 1,366 | 1,260 | |
Eaton Corp. 4.70% 8/23/2052 | 675 | 615 | |
General Dynamics Corp. 1.15% 6/1/2026 | 1,140 | 1,010 | |
General Dynamics Corp. 3.75% 5/15/2028 | 703 | 669 | |
General Dynamics Corp. 3.625% 4/1/2030 | 969 | 904 | |
General Dynamics Corp. 2.25% 6/1/2031 | 203 | 169 | |
Honeywell International, Inc. 2.30% 8/15/2024 | 80 | 77 | |
Honeywell International, Inc. 1.35% 6/1/2025 | 124 | 115 | |
Honeywell International, Inc. 4.95% 2/15/2028 | 500 | 505 | |
Honeywell International, Inc. 2.70% 8/15/2029 | 1,522 | 1,339 | |
Honeywell International, Inc. 1.95% 6/1/2030 | 2,000 | 1,655 | |
Honeywell International, Inc. 5.00% 2/15/2033 | 1,500 | 1,517 | |
L3Harris Technologies, Inc. 1.80% 1/15/2031 | 925 | 722 | |
Lockheed Martin Corp. 5.10% 11/15/2027 | 856 | 868 | |
Lockheed Martin Corp. 1.85% 6/15/2030 | 176 | 144 | |
Lockheed Martin Corp. 5.25% 1/15/2033 | 3,916 | 4,016 | |
Lockheed Martin Corp. 5.70% 11/15/2054 | 1,212 | 1,314 | |
Lockheed Martin Corp. 5.90% 11/15/2063 | 886 | 980 | |
Masco Corp. 1.50% 2/15/2028 | 323 | 267 | |
Masco Corp. 2.00% 2/15/2031 | 1,086 | 841 | |
Norfolk Southern Corp. 4.45% 3/1/2033 | 1,099 | 1,033 | |
Norfolk Southern Corp. 3.05% 5/15/2050 | 1,356 | 905 | |
Northrop Grumman Corp. 3.25% 1/15/2028 | 1,210 | 1,118 | |
Northrop Grumman Corp. 4.70% 3/15/2033 | 9,727 | 9,386 | |
Northrop Grumman Corp. 4.95% 3/15/2053 | 3,793 | 3,579 | |
Raytheon Technologies Corp. 5.00% 2/27/2026 | 165 | 165 | |
Raytheon Technologies Corp. 1.90% 9/1/2031 | 1,274 | 997 | |
Raytheon Technologies Corp. 2.375% 3/15/2032 | 1,500 | 1,210 | |
Raytheon Technologies Corp. 5.15% 2/27/2033 | 4,264 | 4,245 | |
Raytheon Technologies Corp. 2.82% 9/1/2051 | 750 | 494 | |
Raytheon Technologies Corp. 3.03% 3/15/2052 | 3,000 | 2,073 | |
Raytheon Technologies Corp. 5.375% 2/27/2053 | 757 | 761 | |
Republic Services, Inc. 2.375% 3/15/2033 | 1,730 | 1,371 | |
Union Pacific Corp. 3.75% 7/15/2025 | 2,255 | 2,189 | |
Union Pacific Corp. 4.75% 2/21/2026 | 5,000 | 4,979 | |
Union Pacific Corp. 2.80% 2/14/2032 | 1,512 | 1,280 | |
Union Pacific Corp. 2.891% 4/6/2036 | 1,332 | 1,050 | |
Union Pacific Corp. 3.375% 2/14/2042 | 530 | 417 | |
Union Pacific Corp. 4.30% 3/1/2049 | 510 | 441 | |
Union Pacific Corp. 3.25% 2/5/2050 | 1,851 | 1,338 | |
Union Pacific Corp. 2.95% 3/10/2052 | 2,503 | 1,687 | |
Union Pacific Corp. 3.50% 2/14/2053 | 1,910 | 1,433 | |
Union Pacific Corp. 3.95% 8/15/2059 | 805 | 630 | |
United Technologies Corp. 3.65% 8/16/2023 | 23 | 23 | |
United Technologies Corp. 4.125% 11/16/2028 | 1,475 | 1,405 | |
Waste Management, Inc. 4.625% 2/15/2030 | 9,000 | 8,750 | |
Waste Management, Inc. 4.15% 4/15/2032 | 1,630 | 1,529 | |
140,886 |
American Funds Corporate Bond Fund — Page 9 of 20
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Communication services 7.55% | Principal amount (000) | Value (000) | |
AT&T, Inc. 2.30% 6/1/2027 | USD6,400 | $5,705 | |
AT&T, Inc. 1.65% 2/1/2028 | 4,392 | 3,733 | |
AT&T, Inc. 4.35% 3/1/2029 | 2,500 | 2,371 | |
AT&T, Inc. 2.75% 6/1/2031 | 9,964 | 8,238 | |
AT&T, Inc. 2.25% 2/1/2032 | 10,880 | 8,500 | |
AT&T, Inc. 2.55% 12/1/2033 | 3,831 | 2,935 | |
AT&T, Inc. 3.50% 9/15/2053 | 5,725 | 3,935 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 2/1/2024 | 1,500 | 1,482 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.05% 3/30/2029 | 1,000 | 935 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 4/1/2031 | 9,239 | 7,248 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.40% 4/1/2033 | 2,805 | 2,401 | |
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.25% 4/1/2053 | 1,975 | 1,546 | |
Charter Communications Operating, LLC 2.30% 2/1/2032 | 1,800 | 1,326 | |
Charter Communications Operating, LLC 5.125% 7/1/2049 | 612 | 471 | |
Charter Communications Operating, LLC 4.80% 3/1/2050 | 420 | 307 | |
Charter Communications Operating, LLC 3.70% 4/1/2051 | 6,790 | 4,159 | |
Charter Communications Operating, LLC 3.90% 6/1/2052 | 980 | 620 | |
Comcast Corp. 1.95% 1/15/2031 | 2,044 | 1,640 | |
Comcast Corp. 1.50% 2/15/2031 | 1,800 | 1,391 | |
Comcast Corp. 2.80% 1/15/2051 | 3,100 | 1,981 | |
Comcast Corp. 2.887% 11/1/2051 | 2,000 | 1,296 | |
Netflix, Inc. 4.875% 4/15/2028 | 6,991 | 6,784 | |
Netflix, Inc. 5.875% 11/15/2028 | 11,396 | 11,567 | |
Netflix, Inc. 6.375% 5/15/2029 | 50 | 52 | |
Netflix, Inc. 5.375% 11/15/20291 | 5,574 | 5,492 | |
Netflix, Inc. 4.875% 6/15/20301 | 5,606 | 5,387 | |
T-Mobile US, Inc. 1.50% 2/15/2026 | 1,200 | 1,075 | |
T-Mobile US, Inc. 2.625% 4/15/2026 | 125 | 115 | |
T-Mobile US, Inc. 3.75% 4/15/2027 | 1,200 | 1,129 | |
T-Mobile US, Inc. 2.05% 2/15/2028 | 3,510 | 3,014 | |
T-Mobile US, Inc. 4.95% 3/15/2028 | 2,892 | 2,840 | |
T-Mobile US, Inc. 2.55% 2/15/2031 | 3,779 | 3,086 | |
T-Mobile US, Inc. 2.25% 11/15/2031 | 3,956 | 3,104 | |
T-Mobile US, Inc. 2.70% 3/15/2032 | 517 | 419 | |
T-Mobile US, Inc. 3.00% 2/15/2041 | 823 | 573 | |
T-Mobile US, Inc. 3.30% 2/15/2051 | 2,556 | 1,716 | |
T-Mobile US, Inc. 3.40% 10/15/2052 | 5,864 | 3,994 | |
Verizon Communications, Inc. 3.875% 2/8/2029 | 125 | 116 | |
Verizon Communications, Inc. 1.68% 10/30/2030 | 900 | 697 | |
Verizon Communications, Inc. 1.75% 1/20/2031 | 2,848 | 2,199 | |
Verizon Communications, Inc. 2.55% 3/21/2031 | 925 | 757 | |
Verizon Communications, Inc. 2.355% 3/15/2032 | 1,710 | 1,345 | |
Verizon Communications, Inc. 2.65% 11/20/2040 | 11,835 | 8,026 | |
Verizon Communications, Inc. 3.40% 3/22/2041 | 700 | 528 | |
Verizon Communications, Inc. 2.85% 9/3/2041 | 18 | 13 | |
Verizon Communications, Inc. 3.85% 11/1/2042 | 206 | 163 | |
Verizon Communications, Inc. 2.875% 11/20/2050 | 1,229 | 775 | |
Verizon Communications, Inc. 3.55% 3/22/2051 | 900 | 650 | |
Vodafone Group PLC 4.25% 9/17/2050 | 1,000 | 786 | |
WarnerMedia Holdings, Inc. 5.05% 3/15/20421 | 660 | 535 | |
WarnerMedia Holdings, Inc. 5.141% 3/15/20521 | 2,148 | 1,685 | |
WarnerMedia Holdings, Inc. 5.391% 3/15/20621 | 551 | 430 | |
131,272 |
American Funds Corporate Bond Fund — Page 10 of 20
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer staples 6.03% | Principal amount (000) | Value (000) | |
7-Eleven, Inc. 0.95% 2/10/20261 | USD3,798 | $3,348 | |
7-Eleven, Inc. 1.30% 2/10/20281 | 2,162 | 1,795 | |
7-Eleven, Inc. 1.80% 2/10/20311 | 6,800 | 5,224 | |
7-Eleven, Inc. 2.80% 2/10/20511 | 762 | 474 | |
Altria Group, Inc. 4.40% 2/14/2026 | 22 | 22 | |
Altria Group, Inc. 3.40% 5/6/2030 | 1,226 | 1,057 | |
Altria Group, Inc. 2.45% 2/4/2032 | 2,000 | 1,511 | |
Altria Group, Inc. 5.95% 2/14/2049 | 1,399 | 1,254 | |
Altria Group, Inc. 3.70% 2/4/2051 | 3,780 | 2,400 | |
Anheuser-Busch Companies, LLC 4.90% 2/1/2046 | 4,005 | 3,676 | |
Anheuser-Busch InBev NV 4.00% 4/13/2028 | 200 | 191 | |
Anheuser-Busch InBev NV 4.75% 1/23/2029 | 3,031 | 2,981 | |
Anheuser-Busch InBev NV 3.50% 6/1/2030 | 2,216 | 2,020 | |
Anheuser-Busch InBev NV 4.90% 1/23/2031 | 250 | 250 | |
Anheuser-Busch InBev NV 4.439% 10/6/2048 | 280 | 242 | |
Anheuser-Busch InBev NV 5.55% 1/23/2049 | 889 | 896 | |
Anheuser-Busch InBev NV 4.50% 6/1/2050 | 1,207 | 1,065 | |
British American Tobacco International Finance PLC 1.668% 3/25/2026 | 986 | 876 | |
British American Tobacco PLC 2.789% 9/6/2024 | 600 | 575 | |
British American Tobacco PLC 3.215% 9/6/2026 | 470 | 434 | |
British American Tobacco PLC 3.557% 8/15/2027 | 74 | 67 | |
British American Tobacco PLC 4.448% 3/16/2028 | 475 | 444 | |
British American Tobacco PLC 2.259% 3/25/2028 | 6,141 | 5,149 | |
British American Tobacco PLC 2.726% 3/25/2031 | 4,000 | 3,125 | |
British American Tobacco PLC 3.734% 9/25/2040 | 860 | 590 | |
British American Tobacco PLC 4.54% 8/15/2047 | 1,867 | 1,342 | |
British American Tobacco PLC 5.65% 3/16/2052 | 947 | 800 | |
Coca-Cola Company 1.375% 3/15/2031 | 530 | 413 | |
Coca-Cola Company 2.50% 3/15/2051 | 253 | 166 | |
Conagra Brands, Inc. 4.30% 5/1/2024 | 900 | 888 | |
Conagra Brands, Inc. 4.60% 11/1/2025 | 720 | 705 | |
Conagra Brands, Inc. 1.375% 11/1/2027 | 2,710 | 2,257 | |
Conagra Brands, Inc. 5.30% 11/1/2038 | 10 | 9 | |
Conagra Brands, Inc. 5.40% 11/1/2048 | 617 | 563 | |
Constellation Brands, Inc. 4.35% 5/9/2027 | 1,000 | 967 | |
Constellation Brands, Inc. 3.60% 2/15/2028 | 200 | 185 | |
Constellation Brands, Inc. 2.875% 5/1/2030 | 2,262 | 1,923 | |
Constellation Brands, Inc. 2.25% 8/1/2031 | 3,745 | 2,950 | |
Constellation Brands, Inc. 4.75% 5/9/2032 | 1,780 | 1,694 | |
Constellation Brands, Inc. 4.10% 2/15/2048 | 200 | 158 | |
Imperial Tobacco Finance PLC 6.125% 7/27/20271 | 1,450 | 1,463 | |
Keurig Dr Pepper, Inc. 3.20% 5/1/2030 | 261 | 227 | |
Keurig Dr Pepper, Inc. 3.80% 5/1/2050 | 700 | 526 | |
Nestlé Holdings, Inc. 0.625% 1/15/20261 | 2,360 | 2,092 | |
Nestlé Holdings, Inc. 1.15% 1/14/20271 | 1,650 | 1,441 | |
Nestlé Holdings, Inc. 1.00% 9/15/20271 | 1,838 | 1,564 | |
PepsiCo, Inc. 4.45% 5/15/2028 | 13,790 | 13,689 | |
PepsiCo, Inc. 1.95% 10/21/2031 | 3,270 | 2,636 | |
PepsiCo, Inc. 3.625% 3/19/2050 | 140 | 115 | |
PepsiCo, Inc. 2.75% 10/21/2051 | 310 | 216 | |
Philip Morris International, Inc. 2.875% 5/1/2024 | 972 | 944 | |
Philip Morris International, Inc. 4.875% 2/13/2026 | 5,000 | 4,946 | |
Philip Morris International, Inc. 0.875% 5/1/2026 | 521 | 456 | |
Philip Morris International, Inc. 3.375% 8/15/2029 | 623 | 561 |
American Funds Corporate Bond Fund — Page 11 of 20
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer staples (continued) | Principal amount (000) | Value (000) | |
Philip Morris International, Inc. 5.625% 11/17/2029 | USD2,369 | $2,402 | |
Philip Morris International, Inc. 2.10% 5/1/2030 | 1,167 | 945 | |
Philip Morris International, Inc. 1.75% 11/1/2030 | 1,910 | 1,482 | |
Philip Morris International, Inc. 5.75% 11/17/2032 | 5,894 | 5,967 | |
Philip Morris International, Inc. 5.375% 2/15/2033 | 2,700 | 2,657 | |
Philip Morris International, Inc. 4.125% 3/4/2043 | 698 | 552 | |
Philip Morris International, Inc. 4.25% 11/10/2044 | 245 | 196 | |
Procter & Gamble Company 0.55% 10/29/2025 | 932 | 836 | |
Procter & Gamble Company 1.00% 4/23/2026 | 342 | 305 | |
Procter & Gamble Company 3.95% 1/26/2028 | 1,881 | 1,837 | |
Procter & Gamble Company 3.00% 3/25/2030 | 152 | 138 | |
Procter & Gamble Company 1.20% 10/29/2030 | 1,000 | 789 | |
Reynolds American, Inc. 4.45% 6/12/2025 | 225 | 219 | |
Wal-Mart Stores, Inc. 4.15% 9/9/2032 | 630 | 608 | |
Wal-Mart Stores, Inc. 4.50% 9/9/2052 | 310 | 292 | |
104,787 | |||
Information technology 4.72% | |||
Analog Devices, Inc. 2.95% 10/1/2051 | 596 | 410 | |
Apple, Inc. 3.35% 8/8/2032 | 11,550 | 10,420 | |
Apple, Inc. 3.95% 8/8/2052 | 8,233 | 7,020 | |
Broadcom Corp. 3.875% 1/15/2027 | 1,090 | 1,029 | |
Broadcom, Inc. 4.00% 4/15/20291 | 1,566 | 1,419 | |
Broadcom, Inc. 4.75% 4/15/2029 | 4,052 | 3,879 | |
Broadcom, Inc. 4.15% 11/15/2030 | 2,000 | 1,802 | |
Broadcom, Inc. 3.419% 4/15/20331 | 812 | 654 | |
Broadcom, Inc. 3.469% 4/15/20341 | 4,193 | 3,321 | |
Broadcom, Inc. 3.137% 11/15/20351 | 2,240 | 1,653 | |
Broadcom, Inc. 3.187% 11/15/20361 | 3,807 | 2,759 | |
Broadcom, Inc. 3.50% 2/15/20411 | 5,505 | 3,943 | |
Broadcom, Inc. 3.75% 2/15/20511 | 1,811 | 1,264 | |
Fidelity National Information Services, Inc. 2.25% 3/1/2031 | 2,700 | 2,126 | |
Fiserv, Inc. 3.50% 7/1/2029 | 775 | 694 | |
Fiserv, Inc. 2.65% 6/1/2030 | 1,107 | 928 | |
Global Payments, Inc. 2.90% 5/15/2030 | 665 | 548 | |
Intel Corp. 4.875% 2/10/2028 | 2,072 | 2,042 | |
Intel Corp. 5.20% 2/10/2033 | 7,607 | 7,468 | |
Intel Corp. 5.625% 2/10/2043 | 569 | 556 | |
Intel Corp. 5.70% 2/10/2053 | 1,718 | 1,680 | |
Intel Corp. 5.90% 2/10/2063 | 290 | 286 | |
Mastercard, Inc. 1.90% 3/15/2031 | 1,525 | 1,244 | |
Mastercard, Inc. 2.95% 3/15/2051 | 686 | 492 | |
Microsoft Corp. 3.30% 2/6/2027 | 2,575 | 2,461 | |
Oracle Corp. 3.60% 4/1/2050 | 3,020 | 2,049 | |
Oracle Corp. 3.95% 3/25/2051 | 1,841 | 1,324 | |
PayPal Holdings, Inc. 3.25% 6/1/2050 | 283 | 196 | |
PayPal Holdings, Inc. 5.05% 6/1/2052 | 1,235 | 1,126 | |
salesforce.com, inc. 1.95% 7/15/2031 | 600 | 481 | |
salesforce.com, inc. 2.70% 7/15/2041 | 250 | 177 | |
salesforce.com, inc. 2.90% 7/15/2051 | 275 | 185 | |
salesforce.com, inc. 3.05% 7/15/2061 | 1,200 | 770 | |
ServiceNow, Inc. 1.40% 9/1/2030 | 19,148 | 14,597 |
American Funds Corporate Bond Fund — Page 12 of 20
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Information technology (continued) | Principal amount (000) | Value (000) | |
VeriSign, Inc. 2.70% 6/15/2031 | USD781 | $631 | |
Visa, Inc. 2.00% 8/15/2050 | 625 | 372 | |
82,006 | |||
Consumer discretionary 3.89% | |||
Amazon.com, Inc. 4.60% 12/1/2025 | 1,305 | 1,296 | |
Amazon.com, Inc. 1.20% 6/3/2027 | 1,191 | 1,029 | |
Amazon.com, Inc. 3.45% 4/13/2029 | 213 | 198 | |
Amazon.com, Inc. 1.50% 6/3/2030 | 1,337 | 1,073 | |
Amazon.com, Inc. 4.70% 12/1/2032 | 9,630 | 9,524 | |
Amazon.com, Inc. 2.875% 5/12/2041 | 934 | 697 | |
American Honda Finance Corp. 1.20% 7/8/2025 | 3,818 | 3,482 | |
Bayerische Motoren Werke AG 3.90% 4/9/20251 | 257 | 250 | |
Bayerische Motoren Werke AG 2.55% 4/1/20311 | 534 | 447 | |
Daimler Trucks Finance North America, LLC 3.50% 4/7/20251 | 1,000 | 960 | |
Daimler Trucks Finance North America, LLC 5.15% 1/16/20261 | 1,159 | 1,147 | |
Daimler Trucks Finance North America, LLC 3.65% 4/7/20271 | 825 | 776 | |
Daimler Trucks Finance North America, LLC 5.125% 1/19/20281 | 711 | 701 | |
Daimler Trucks Finance North America, LLC 2.375% 12/14/20281 | 3,372 | 2,859 | |
Daimler Trucks Finance North America, LLC 2.50% 12/14/20311 | 4,685 | 3,761 | |
DaimlerChrysler North America Holding Corp. 0.75% 3/1/20241 | 667 | 637 | |
General Motors Company 5.40% 4/1/2048 | 500 | 418 | |
Home Depot, Inc. 1.375% 3/15/2031 | 2,326 | 1,789 | |
Home Depot, Inc. 3.125% 12/15/2049 | 684 | 486 | |
Home Depot, Inc. 2.375% 3/15/2051 | 4,795 | 2,877 | |
Hyundai Capital America 0.80% 4/3/20231 | 5,375 | 5,354 | |
Hyundai Capital America 1.80% 10/15/20251 | 774 | 702 | |
Hyundai Capital America 1.50% 6/15/20261 | 1,866 | 1,635 | |
Hyundai Capital America 2.00% 6/15/20281 | 1,701 | 1,418 | |
Lowe’s Companies, Inc. 4.05% 5/3/2047 | 37 | 29 | |
Marriott International, Inc. 2.85% 4/15/2031 | 2,260 | 1,865 | |
Marriott International, Inc. 2.75% 10/15/2033 | 2,040 | 1,596 | |
McDonald’s Corp. 3.60% 7/1/2030 | 752 | 687 | |
McDonald’s Corp. 4.60% 9/9/2032 | 1,888 | 1,820 | |
McDonald’s Corp. 5.15% 9/9/2052 | 1,100 | 1,056 | |
Mercedes-Benz Finance North America, LLC 5.50% 11/27/20241 | 333 | 334 | |
Mercedes-Benz Finance North America, LLC 5.375% 11/26/20251 | 225 | 226 | |
Morongo Band of Mission Indians 7.00% 10/1/20391 | 1,100 | 1,180 | |
Stellantis Finance US, Inc. 1.711% 1/29/20271 | 1,000 | 868 | |
Stellantis Finance US, Inc. 5.625% 1/12/20281 | 5,258 | 5,285 | |
Stellantis Finance US, Inc. 2.691% 9/15/20311 | 7,638 | 6,011 | |
Target Corp. 4.80% 1/15/2053 | 2,000 | 1,870 | |
Toyota Motor Credit Corp. 0.80% 1/9/2026 | 640 | 571 | |
VICI Properties, LP / VICI Note Co., Inc. 4.50% 1/15/20281 | 850 | 782 | |
67,696 | |||
Real estate 3.55% | |||
American Tower Corp. 1.60% 4/15/2026 | 1,574 | 1,401 | |
American Tower Corp. 1.45% 9/15/2026 | 854 | 743 | |
American Tower Corp. 3.65% 3/15/2027 | 1,035 | 964 | |
American Tower Corp. 5.50% 3/15/2028 | 819 | 816 | |
American Tower Corp. 2.70% 4/15/2031 | 955 | 775 | |
American Tower Corp. 5.65% 3/15/2033 | 706 | 703 | |
American Tower Corp. 2.95% 1/15/2051 | 285 | 172 |
American Funds Corporate Bond Fund — Page 13 of 20
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Real estate (continued) | Principal amount (000) | Value (000) | |
Corporate Office Properties, LP 2.00% 1/15/2029 | USD362 | $279 | |
Corporate Office Properties, LP 2.75% 4/15/2031 | 620 | 467 | |
Corporate Office Properties, LP 2.90% 12/1/2033 | 619 | 438 | |
Crown Castle, Inc. 5.00% 1/11/2028 | 4,690 | 4,621 | |
Equinix, Inc. 2.625% 11/18/2024 | 2,507 | 2,388 | |
Equinix, Inc. 1.25% 7/15/2025 | 3,123 | 2,826 | |
Equinix, Inc. 2.90% 11/18/2026 | 583 | 532 | |
Equinix, Inc. 1.80% 7/15/2027 | 470 | 404 | |
Equinix, Inc. 1.55% 3/15/2028 | 1,735 | 1,444 | |
Equinix, Inc. 3.20% 11/18/2029 | 3,314 | 2,891 | |
Equinix, Inc. 2.15% 7/15/2030 | 2,680 | 2,143 | |
Equinix, Inc. 2.50% 5/15/2031 | 2,896 | 2,320 | |
Equinix, Inc. 3.90% 4/15/2032 | 1,280 | 1,132 | |
Equinix, Inc. 3.00% 7/15/2050 | 1,274 | 815 | |
Equinix, Inc. 3.40% 2/15/2052 | 2,048 | 1,399 | |
Extra Space Storage, Inc. 2.35% 3/15/2032 | 607 | 465 | |
Invitation Homes Operating Partnership, LP 2.30% 11/15/2028 | 845 | 700 | |
Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 | 1,424 | 1,070 | |
Invitation Homes Operating Partnership, LP 2.70% 1/15/2034 | 606 | 454 | |
Public Storage 2.30% 5/1/2031 | 3,552 | 2,908 | |
Scentre Group 3.50% 2/12/20251 | 48 | 46 | |
Sun Communities Operating, LP 2.30% 11/1/2028 | 381 | 322 | |
Sun Communities Operating, LP 2.70% 7/15/2031 | 7,486 | 5,980 | |
Sun Communities Operating, LP 4.20% 4/15/2032 | 1,503 | 1,335 | |
VICI Properties, LP 4.375% 5/15/2025 | 770 | 742 | |
VICI Properties, LP 4.625% 6/15/20251 | 383 | 368 | |
VICI Properties, LP 4.75% 2/15/2028 | 6,733 | 6,358 | |
VICI Properties, LP 4.95% 2/15/2030 | 3,061 | 2,861 | |
VICI Properties, LP 5.125% 5/15/2032 | 8,813 | 8,185 | |
Westfield Corp., Ltd. 3.50% 6/15/20291 | 208 | 171 | |
61,638 | |||
Energy 3.43% | |||
BP Capital Markets America, Inc. 2.721% 1/12/2032 | 2,250 | 1,886 | |
Canadian Natural Resources, Ltd. 2.05% 7/15/2025 | 997 | 921 | |
Canadian Natural Resources, Ltd. 3.85% 6/1/2027 | 2,945 | 2,768 | |
Canadian Natural Resources, Ltd. 2.95% 7/15/2030 | 269 | 228 | |
Canadian Natural Resources, Ltd. 4.95% 6/1/2047 | 81 | 71 | |
Chevron Corp. 2.954% 5/16/2026 | 3,220 | 3,032 | |
Chevron Corp. 1.995% 5/11/2027 | 2,925 | 2,621 | |
Chevron Corp. 2.236% 5/11/2030 | 4,250 | 3,635 | |
Chevron USA, Inc. 1.018% 8/12/2027 | 7,000 | 5,979 | |
ConocoPhillips 3.80% 3/15/2052 | 1,468 | 1,167 | |
Continental Resources, Inc. 2.875% 4/1/20321 | 2,594 | 1,963 | |
Enterprise Products Operating, LLC 5.35% 1/31/2033 | 2,811 | 2,811 | |
EQT Corp. 5.70% 4/1/2028 | 1,535 | 1,510 | |
Equinor ASA 3.625% 9/10/2028 | 1,370 | 1,300 | |
Exxon Mobil Corp. 2.61% 10/15/2030 | 500 | 435 | |
Exxon Mobil Corp. 3.452% 4/15/2051 | 5,165 | 3,946 | |
Kinder Morgan, Inc. 5.20% 6/1/2033 | 3,815 | 3,635 | |
ONEOK, Inc. 5.85% 1/15/2026 | 281 | 283 | |
Petróleos Mexicanos 4.625% 9/21/2023 | 117 | 116 | |
Petróleos Mexicanos 6.875% 10/16/2025 | 1,468 | 1,463 | |
Petróleos Mexicanos 6.50% 3/13/2027 | 1,670 | 1,522 |
American Funds Corporate Bond Fund — Page 14 of 20
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Energy (continued) | Principal amount (000) | Value (000) | |
Petróleos Mexicanos 6.50% 1/23/2029 | USD521 | $453 | |
Petróleos Mexicanos 8.75% 6/2/2029 | 840 | 790 | |
Petróleos Mexicanos 6.84% 1/23/2030 | 643 | 538 | |
Petróleos Mexicanos 6.70% 2/16/2032 | 2,348 | 1,869 | |
Qatar Energy 2.25% 7/12/20311 | 4,140 | 3,410 | |
Qatar Energy 3.125% 7/12/20411 | 3,170 | 2,417 | |
Qatar Energy 3.30% 7/12/20511 | 785 | 574 | |
Shell International Finance BV 2.75% 4/6/2030 | 7,140 | 6,272 | |
Shell International Finance BV 3.00% 11/26/2051 | 870 | 603 | |
Total Capital International 3.455% 2/19/2029 | 1,120 | 1,036 | |
Total Capital International 2.829% 1/10/2030 | 470 | 415 | |
59,669 | |||
Materials 1.89% | |||
Anglo American Capital PLC 2.25% 3/17/20281 | 1,280 | 1,091 | |
Anglo American Capital PLC 5.625% 4/1/20301 | 1,200 | 1,188 | |
BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026 | 1,300 | 1,292 | |
BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028 | 3,250 | 3,212 | |
BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033 | 2,014 | 2,007 | |
Celanese US Holdings, LLC 6.165% 7/15/2027 | 250 | 248 | |
Celanese US Holdings, LLC 6.33% 7/15/2029 | 662 | 650 | |
Celanese US Holdings, LLC 6.379% 7/15/2032 | 714 | 693 | |
Dow Chemical Co. 4.55% 11/30/2025 | 14 | 14 | |
Dow Chemical Co. 4.80% 11/30/2028 | 500 | 491 | |
Dow Chemical Co. 4.625% 10/1/2044 | 600 | 518 | |
Dow Chemical Co. 4.80% 5/15/2049 | 1,518 | 1,302 | |
Dow Chemical Co. 3.60% 11/15/2050 | 809 | 584 | |
Glencore Funding, LLC 1.625% 4/27/20261 | 600 | 533 | |
Glencore Funding, LLC 2.625% 9/23/20311 | 1,100 | 877 | |
International Flavors & Fragrances, Inc. 1.23% 10/1/20251 | 1,000 | 886 | |
International Flavors & Fragrances, Inc. 1.832% 10/15/20271 | 3,048 | 2,554 | |
International Flavors & Fragrances, Inc. 2.30% 11/1/20301 | 3,680 | 2,844 | |
International Flavors & Fragrances, Inc. 3.268% 11/15/20401 | 500 | 343 | |
International Flavors & Fragrances, Inc. 3.468% 12/1/20501 | 1,500 | 988 | |
Linde, Inc. 4.70% 12/5/2025 | 2,000 | 1,994 | |
LYB International Finance BV 4.875% 3/15/2044 | 100 | 85 | |
LYB International Finance III, LLC 4.20% 10/15/2049 | 249 | 188 | |
LYB International Finance III, LLC 4.20% 5/1/2050 | 250 | 188 | |
LYB International Finance III, LLC 3.625% 4/1/2051 | 680 | 468 | |
Nutrien, Ltd. 1.90% 5/13/2023 | 111 | 110 | |
Nutrien, Ltd. 5.95% 11/7/2025 | 640 | 649 | |
Nutrien, Ltd. 5.00% 4/1/2049 | 300 | 271 | |
Praxair, Inc. 1.10% 8/10/2030 | 1,682 | 1,301 | |
Praxair, Inc. 2.00% 8/10/2050 | 866 | 495 | |
Sherwin-Williams Company 3.125% 6/1/2024 | 700 | 681 | |
Sherwin-Williams Company 3.45% 6/1/2027 | 400 | 375 | |
Sherwin-Williams Company 2.20% 3/15/2032 | 250 | 196 | |
Sherwin-Williams Company 3.80% 8/15/2049 | 550 | 412 | |
Sherwin-Williams Company 3.30% 5/15/2050 | 1,050 | 718 | |
Sherwin-Williams Company 2.90% 3/15/2052 | 250 | 154 | |
South32 Treasury, Ltd. 4.35% 4/14/20321 | 2,488 | 2,191 | |
32,791 | |||
Total corporate bonds, notes & loans | 1,461,979 |
American Funds Corporate Bond Fund — Page 15 of 20
unaudited
Bonds, notes & other debt instruments (continued) U.S. Treasury bonds & notes 6.67% U.S. Treasury 6.67% | Principal amount (000) | Value (000) | |
U.S. Treasury 0.25% 5/15/2024 | USD2,500 | $2,358 | |
U.S. Treasury 4.00% 2/15/2026 | 17,545 | 17,299 | |
U.S. Treasury 4.00% 2/29/2028 | 1,947 | 1,932 | |
U.S. Treasury 4.00% 2/28/2030 | 30 | 30 | |
U.S. Treasury 4.125% 11/15/2032 | 36 | 37 | |
U.S. Treasury 3.50% 2/15/2033 | 56,871 | 54,987 | |
U.S. Treasury 4.25% 5/15/20394 | 3,114 | 3,208 | |
U.S. Treasury 1.75% 8/15/20414 | 580 | 402 | |
U.S. Treasury 3.875% 2/15/20434 | 12,848 | 12,460 | |
U.S. Treasury 4.00% 11/15/20524 | 22,941 | 23,350 | |
116,063 | |||
Asset-backed obligations 1.19% | |||
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20371,5 | 1,962 | 1,664 | |
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20601,5 | 4,251 | 3,810 | |
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20601,5 | 291 | 245 | |
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20611,5 | 395 | 344 | |
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/20391,5 | 731 | 686 | |
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20611,5 | 16,290 | 13,974 | |
20,723 | |||
Municipals 0.32% California 0.09% | |||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 | 215 | 175 | |
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.316% 5/15/2027 | 965 | 842 | |
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.614% 5/15/2030 | 750 | 612 | |
1,629 | |||
Ohio 0.23% | |||
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031 | 4,595 | 3,894 | |
Total municipals | 5,523 | ||
Bonds & notes of governments & government agencies outside the U.S. 0.12% | |||
Panama (Republic of) 2.252% 9/29/2032 | 1,710 | 1,278 | |
United Mexican States 6.35% 2/9/2035 | 377 | 388 | |
United Mexican States 3.75% 4/19/2071 | 685 | 445 | |
2,111 | |||
Total bonds, notes & other debt instruments (cost: $1,784,880,000) | 1,606,399 | ||
Short-term securities 9.46% Money market investments 9.46% | Shares | ||
Capital Group Central Cash Fund 4.66%6,7 | 1,644,863 | 164,486 | |
Total short-term securities (cost: $164,475,000) | 164,486 | ||
Total investment securities 101.85% (cost: $1,949,355,000) | 1,770,885 | ||
Other assets less liabilities (1.85)% | (32,234) | ||
Net assets 100.00% | $1,738,651 |
American Funds Corporate Bond Fund — Page 16 of 20
unaudited
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 2/28/2023 (000) |
2 Year U.S. Treasury Note Futures | Long | 821 | June 2023 | USD167,260 | $(348) |
5 Year U.S. Treasury Note Futures | Short | 73 | June 2023 | (7,815) | (1) |
10 Year U.S. Treasury Note Futures | Short | 1,064 | June 2023 | (118,802) | 62 |
10 Year Ultra U.S. Treasury Note Futures | Short | 1,978 | June 2023 | (231,797) | (11) |
20 Year U.S. Treasury Bond Futures | Long | 1,296 | June 2023 | 162,283 | (572) |
30 Year Ultra U.S. Treasury Bond Futures | Long | 532 | June 2023 | 71,853 | (86) |
$(956) |
Swap contracts
Credit default swaps
Centrally cleared credit default swaps on credit indices — buy protection
Reference index | Financing rate paid | Payment frequency | Expiration date | Notional amount (000) | Value at 2/28/2023 (000) | Upfront premium received (000) | Unrealized depreciation at 2/28/2023 (000) |
CDX.NA.IG.39 | 1.00% | Quarterly | 12/20/2027 | USD158,093 | $(1,587) | $(169) | $(1,418) |
Investments in affiliates7
Value of affiliate at 6/1/2022 (000) | Additions (000) | Reductions (000) | Net realized gain (000) | Net unrealized appreciation (000) | Value of affiliate at 2/28/2023 (000) | Dividend income (000) | |
Short-term securities 9.46% | |||||||
Money market investments 9.46% | |||||||
Capital Group Central Cash Fund 4.66%6 | $59,157 | $909,859 | $804,553 | $12 | $11 | $164,486 | $2,326 |
1 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $229,396,000, which represented 13.19% of the net assets of the fund. |
2 | Step bond; coupon rate may change at a later date. |
3 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
4 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $7,287,000, which represented .42% of the net assets of the fund. |
5 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
6 | Rate represents the seven-day yield at 2/28/2023. |
7 | Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended. |
American Funds Corporate Bond Fund — Page 17 of 20
unaudited
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class | Examples of standard inputs |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |
The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. The average month-end notional amount of futures contracts while held was $851,895,000. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract. The average month-end notional amounts of credit default swaps while held were $128,282,000.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund’s investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
American Funds Corporate Bond Fund — Page 18 of 20
unaudited
Processes and structure — The fund’s board of trustees has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of February 28, 2023 (dollars in thousands):
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Bonds, notes & other debt instruments: | ||||
Corporate bonds, notes & loans | $— | $1,461,979 | $— | $1,461,979 |
U.S. Treasury bonds & notes | — | 116,063 | — | 116,063 |
Asset-backed obligations | — | 20,723 | — | 20,723 |
Municipals | — | 5,523 | — | 5,523 |
Bonds & notes of governments & government agencies outside the U.S. | — | 2,111 | — | 2,111 |
Short-term securities | 164,486 | — | — | 164,486 |
Total | $164,486 | $1,606,399 | $— | $1,770,885 |
Other investments* | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Unrealized appreciation on futures contracts | $62 | $— | $— | $62 |
Liabilities: | ||||
Unrealized depreciation on futures contracts | (1,018) | — | — | (1,018) |
Unrealized depreciation on centrally cleared credit default swaps | — | (1,418) | — | (1,418) |
Total | $(956) | $(1,418) | $— | $(2,374) |
*
Futures contracts and credit default swaps are not included in the fund’s investment portfolio.
Key to abbreviations |
Auth. = Authority |
DAC = Designated Activity Company |
LIBOR = London Interbank Offered Rate |
Rev. = Revenue |
SOFR = Secured Overnight Financing Rate |
USD = U.S. dollars |
American Funds Corporate Bond Fund — Page 19 of 20
unaudited
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 prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
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.
American Funds Distributors, Inc., member FINRA.
© 2023 Capital Group. All rights reserved.
MFGEFP3-032-0423O-S89795
American Funds Corporate Bond Fund — Page 20 of 20