![](https://capedge.com/proxy/NPORT-P/0001145549-24-024285/imgbba3fb391.jpg)
American Funds Inflation Linked Bond Fund®
Investment portfolio
February 29, 2024unaudited
Bonds, notes & other debt instruments 96.91% U.S. Treasury bonds & notes 89.76% U.S. Treasury inflation-protected securities 89.71% | Principal amount (000) | Value (000) | |
U.S. Treasury Inflation-Protected Security 0.50% 4/15/20241,2 | USD159,308 | $159,647 | |
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20242 | 339,017 | 339,309 | |
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20241,2 | 307,097 | 304,880 | |
U.S. Treasury Inflation-Protected Security 0.25% 1/15/20252 | 191,360 | 188,085 | |
U.S. Treasury Inflation-Protected Security 2.375% 1/15/20252 | 38,162 | 38,204 | |
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20252 | 262,671 | 256,240 | |
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20251,2 | 416,182 | 407,290 | |
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20252 | 101,200 | 98,247 | |
U.S. Treasury Inflation-Protected Security 0.625% 1/15/20262 | 212,370 | 206,580 | |
U.S. Treasury Inflation-Protected Security 2.00% 1/15/20261,2 | 160,737 | 160,405 | |
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20262 | 1,075,804 | 1,031,056 | |
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20262 | 244,430 | 234,432 | |
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20262 | 323,474 | 308,730 | |
U.S. Treasury Inflation-Protected Security 0.375% 1/15/20272 | 380,462 | 363,218 | |
U.S. Treasury Inflation-Protected Security 2.375% 1/15/20271,2 | 231,514 | 233,801 | |
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20272 | 639,000 | 602,316 | |
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20272 | 103,888 | 98,869 | |
U.S. Treasury Inflation-Protected Security 1.625% 10/15/20272 | 652,707 | 646,869 | |
U.S. Treasury Inflation-Protected Security 0.50% 1/15/20282 | 285,284 | 269,974 | |
U.S. Treasury Inflation-Protected Security 1.75% 1/15/20282 | 89,320 | 88,653 | |
U.S. Treasury Inflation-Protected Security 2.375% 10/15/20282 | 80,121 | 81,977 | |
U.S. Treasury Inflation-Protected Security 0.875% 1/15/20292 | 83,097 | 79,172 | |
U.S. Treasury Inflation-Protected Security 2.50% 1/15/20292 | 2,858 | 2,938 | |
U.S. Treasury Inflation-Protected Security 0.25% 7/15/20291,2 | 264,070 | 242,885 | |
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20302 | 646,879 | 583,005 | |
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20301,2 | 806,401 | 723,563 | |
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20311,2 | 1,304,483 | 1,155,397 | |
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20312 | 228,904 | 201,806 | |
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20322 | 276,382 | 240,489 | |
U.S. Treasury Inflation-Protected Security 0.625% 7/15/20322 | 500,878 | 452,578 | |
U.S. Treasury Inflation-Protected Security 1.125% 1/15/20332 | 185,366 | 173,283 | |
U.S. Treasury Inflation-Protected Security 1.75% 1/15/20342 | 179,629 | 176,801 | |
U.S. Treasury Inflation-Protected Security 2.125% 2/15/20402 | 63,866 | 64,742 | |
U.S. Treasury Inflation-Protected Security 2.125% 2/15/20412 | 60,934 | 61,804 | |
U.S. Treasury Inflation-Protected Security 0.75% 2/15/20422 | 67,879 | 54,246 | |
U.S. Treasury Inflation-Protected Security 0.625% 2/15/20432 | 181,590 | 139,439 | |
U.S. Treasury Inflation-Protected Security 1.375% 2/15/20442 | 85,686 | 75,071 | |
U.S. Treasury Inflation-Protected Security 0.75% 2/15/20452 | 145,900 | 111,815 | |
U.S. Treasury Inflation-Protected Security 1.00% 2/15/20462 | 125,378 | 100,327 | |
U.S. Treasury Inflation-Protected Security 0.875% 2/15/20472 | 203,198 | 156,768 | |
U.S. Treasury Inflation-Protected Security 1.00% 2/15/20481,2 | 324,052 | 255,120 | |
U.S. Treasury Inflation-Protected Security 1.00% 2/15/20492 | 56,808 | 44,551 | |
U.S. Treasury Inflation-Protected Security 0.25% 2/15/20502 | 268,660 | 168,925 | |
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20511,2 | 470,123 | 280,375 |
American Funds Inflation Linked Bond Fund — Page 1 of 13
unaudited
Bonds, notes & other debt instruments (continued) U.S. Treasury bonds & notes (continued) U.S. Treasury inflation-protected securities (continued) | Principal amount (000) | Value (000) | |
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20521,2 | USD278,683 | $163,624 | |
U.S. Treasury Inflation-Protected Security 1.50% 2/15/20531,2 | 370,477 | 322,665 | |
12,150,171 | |||
U.S. Treasury 0.05% | |||
U.S. Treasury 4.125% 7/31/2028 | 1,732 | 1,720 | |
U.S. Treasury 2.00% 8/15/2051 | 1 | — 3 | |
U.S. Treasury 3.625% 5/15/2053 | 5,044 | 4,415 | |
6,135 | |||
Total U.S. Treasury bonds & notes | 12,156,306 | ||
Corporate bonds, notes & loans 3.72% Health care 0.79% | |||
AbbVie, Inc. 5.40% 3/15/2054 | 35,000 | 35,556 | |
Amgen, Inc. 3.00% 2/22/2029 | 450 | 413 | |
Amgen, Inc. 4.05% 8/18/2029 | 12,050 | 11,527 | |
Amgen, Inc. 4.20% 3/1/2033 | 13,350 | 12,356 | |
Amgen, Inc. 4.875% 3/1/2053 | 10,600 | 9,519 | |
Becton, Dickinson and Co. 3.70% 6/6/2027 | 7,700 | 7,384 | |
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 8,654 | 8,471 | |
Sharp HealthCare 2.68% 8/1/2050 | 17,500 | 11,035 | |
Summa Health 3.511% 11/15/2051 | 9,945 | 7,370 | |
Trinity Health Corp. 2.632% 12/1/2040 | 5,000 | 3,532 | |
107,163 | |||
Energy 0.75% | |||
Equinor ASA 3.625% 9/10/2028 | 13,165 | 12,607 | |
Kinder Morgan, Inc. 5.20% 6/1/2033 | 9,363 | 9,119 | |
MPLX, LP 4.00% 3/15/2028 | 2,430 | 2,331 | |
MPLX, LP 4.70% 4/15/2048 | 10,000 | 8,386 | |
ONEOK, Inc. 5.80% 11/1/2030 | 1,181 | 1,209 | |
ONEOK, Inc. 6.35% 1/15/2031 | 7,508 | 7,870 | |
ONEOK, Inc. 6.05% 9/1/2033 | 8,784 | 9,056 | |
ONEOK, Inc. 7.15% 1/15/2051 | 2,782 | 3,112 | |
Petroleos Mexicanos 7.47% 11/12/2026 | MXN30 | 2 | |
Qatar Energy 2.25% 7/12/20314 | USD17,300 | 14,406 | |
Qatar Energy 3.125% 7/12/20414 | 13,495 | 9,934 | |
Qatar Energy 3.30% 7/12/20514 | 12,200 | 8,466 | |
TransCanada Pipelines, Ltd. 4.10% 4/15/2030 | 6,315 | 5,914 | |
Williams Companies, Inc. 3.50% 11/15/2030 | 8,448 | 7,628 | |
Williams Companies, Inc. 2.60% 3/15/2031 | 1,450 | 1,223 | |
101,263 | |||
Consumer discretionary 0.75% | |||
Alibaba Group Holding, Ltd. 2.125% 2/9/2031 | 1,062 | 879 | |
Alibaba Group Holding, Ltd. 4.50% 11/28/2034 | 1,663 | 1,563 | |
Alibaba Group Holding, Ltd. 4.00% 12/6/2037 | 2,286 | 1,972 | |
Alibaba Group Holding, Ltd. 2.70% 2/9/2041 | 4,394 | 3,038 | |
Alibaba Group Holding, Ltd. 3.15% 2/9/2051 | 10,297 | 6,801 | |
Amazon.com, Inc. 3.10% 5/12/2051 | 40,000 | 28,273 | |
Board of Trustees of The Leland Stanford Junior University 1.289% 6/1/2027 | 4,950 | 4,445 | |
Boston University 4.061% 10/1/2048 | 2,075 | 1,770 | |
Duke University 2.832% 10/1/2055 | 5,000 | 3,452 |
American Funds Inflation Linked Bond Fund — Page 2 of 13
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Consumer discretionary (continued) | Principal amount (000) | Value (000) | |
Home Depot, Inc. 2.95% 6/15/2029 | USD8,408 | $7,680 | |
Home Depot, Inc. 4.50% 12/6/2048 | 1,240 | 1,095 | |
Massachusetts Institute of Technology 2.294% 7/1/2051 | 22,000 | 13,698 | |
Stellantis Finance US, Inc. 1.711% 1/29/20274 | 8,525 | 7,753 | |
Stellantis Finance US, Inc. 2.691% 9/15/20314 | 7,425 | 6,148 | |
Yale University 1.482% 4/15/2030 | 15,000 | 12,577 | |
101,144 | |||
Financials 0.37% | |||
American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)5 | 10,449 | 9,905 | |
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)5 | 7,018 | 6,843 | |
Global Payments, Inc. 2.90% 5/15/2030 | 6,972 | 6,013 | |
Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)5 | 14,149 | 11,403 | |
PayPal Holdings, Inc. 1.65% 6/1/2025 | 11,647 | 11,151 | |
PayPal Holdings, Inc. 3.25% 6/1/2050 | 6,210 | 4,329 | |
49,644 | |||
Communication services 0.30% | |||
SBA Tower Trust 1.631% 11/15/20264 | 22,469 | 20,193 | |
Tencent Holdings, Ltd. 2.39% 6/3/2030 | 11,207 | 9,587 | |
Tencent Holdings, Ltd. 3.68% 4/22/2041 | 2,857 | 2,271 | |
Tencent Holdings, Ltd. 3.84% 4/22/2051 | 11,480 | 8,639 | |
40,690 | |||
Utilities 0.27% | |||
Duke Energy Corp. 0.90% 9/15/2025 | 6,850 | 6,411 | |
Entergy Corp. 2.80% 6/15/2030 | 4,425 | 3,831 | |
Entergy Corp. 3.75% 6/15/2050 | 4,700 | 3,407 | |
Exelon Corp. 4.05% 4/15/2030 | 700 | 657 | |
Exelon Corp. 4.10% 3/15/2052 | 1,300 | 1,010 | |
Florida Power & Light Co. 5.30% 4/1/2053 | 1,380 | 1,366 | |
Mississippi Power Co. 4.25% 3/15/2042 | 1,660 | 1,385 | |
Public Service Electric and Gas Co. 3.20% 8/1/2049 | 8,250 | 5,852 | |
Public Service Electric and Gas Co. 2.05% 8/1/2050 | 5,365 | 3,003 | |
Tampa Electric Co. 4.45% 6/15/2049 | 8,070 | 6,860 | |
Virginia Electric & Power 2.875% 7/15/2029 | 1,178 | 1,067 | |
Wisconsin Electric Power Co. 4.30% 10/15/2048 | 2,600 | 2,185 | |
37,034 | |||
Information technology 0.20% | |||
Booz Allen Hamilton, Inc. 5.95% 8/4/2033 | 4,382 | 4,501 | |
Broadcom, Inc. 3.187% 11/15/20364 | 17,063 | 13,383 | |
Oracle Corp. 5.55% 2/6/2053 | 9,048 | 8,652 | |
26,536 | |||
Consumer staples 0.19% | |||
Anheuser-Busch InBev Worldwide, Inc. 3.50% 6/1/2030 | 7,500 | 6,941 | |
Anheuser-Busch InBev Worldwide, Inc. 4.60% 4/15/2048 | 1,647 | 1,481 | |
BAT Capital Corp. 5.65% 3/16/2052 | 11,876 | 10,444 | |
Conagra Brands, Inc. 1.375% 11/1/2027 | 1,156 | 1,006 | |
Conagra Brands, Inc. 4.85% 11/1/2028 | 5,499 | 5,405 | |
25,277 |
American Funds Inflation Linked Bond Fund — Page 3 of 13
unaudited
Bonds, notes & other debt instruments (continued) Corporate bonds, notes & loans (continued) Materials 0.06% | Principal amount (000) | Value (000) | |
Air Products and Chemicals, Inc. 1.50% 10/15/2025 | USD6,427 | $6,078 | |
Air Products and Chemicals, Inc. 2.05% 5/15/2030 | 3,284 | 2,796 | |
8,874 | |||
Real estate 0.02% | |||
Corp. Inmobiliaria Vesta, SAB de CV 3.625% 5/13/20314 | 4,080 | 3,457 | |
Industrials 0.02% | |||
RTX Corp. 4.125% 11/16/2028 | 3,265 | 3,135 | |
Total corporate bonds, notes & loans | 504,217 | ||
Bonds & notes of governments & government agencies outside the U.S. 1.51% | |||
Colombia (Republic of) 5.00% 6/15/2045 | 600 | 432 | |
Hungary (Republic of) 2.125% 9/22/20314 | 13,860 | 10,861 | |
Hungary (Republic of) 3.125% 9/21/20514 | 17,300 | 10,809 | |
Japan, Series 18, 0.10% 3/10/20242 | JPY2,399,400 | 16,045 | |
Japan, Series 20, 0.10% 3/10/20252 | 4,624,000 | 31,398 | |
Japan, Series 24, 0.10% 3/10/20292 | 112,613 | 792 | |
Peru (Republic of) 2.392% 1/23/2026 | USD2,730 | 2,589 | |
PETRONAS Capital, Ltd. 3.50% 4/21/20304 | 5,490 | 5,026 | |
PETRONAS Capital, Ltd. 4.55% 4/21/20504 | 5,775 | 5,063 | |
Philippines (Republic of) 1.648% 6/10/2031 | 18,830 | 14,955 | |
Philippines (Republic of) 2.65% 12/10/2045 | 18,235 | 11,906 | |
Spain (Kingdom of) 1.25% 10/31/2030 | EUR20,861 | 20,165 | |
United Kingdom 0.125% 8/10/20412 | GBP10,878 | 11,771 | |
United Mexican States, Series M20, 10.00% 12/5/2024 | MXN110,000 | 6,403 | |
United Mexican States, Series M, 5.75% 3/5/2026 | 521,500 | 28,272 | |
United Mexican States, Series M, 7.50% 6/3/2027 | 110,000 | 6,120 | |
United Mexican States, Series M, 8.00% 11/7/2047 | 418,544 | 21,521 | |
204,128 | |||
Asset-backed obligations 1.19% | |||
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD CME Term SOFR + 1.212%) 6.526% 1/15/20304,6,7 | USD1,069 | 1,070 | |
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD CME Term SOFR + 1.212%) 6.526% 10/16/20304,6,7 | 1,773 | 1,775 | |
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD CME Term SOFR + 1.182%) 6.499% 1/22/20284,6,7 | 1,333 | 1,333 | |
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class A, 2.56% 9/17/20314,6 | 152 | 152 | |
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD CME Term SOFR + 1.231%) 6.551% 7/27/20304,6,7 | 3,080 | 3,080 | |
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20604,6 | 4,673 | 4,349 | |
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20604,6 | 748 | 640 | |
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD CME Term SOFR + 1.242%) 6.556% 4/15/20284,6,7 | 3,354 | 3,356 | |
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/20374,6 | 6,353 | 5,923 | |
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/20404,6 | 18,816 | 17,252 | |
Global SC Finance V SRL, Series 2020-1A, Class B, 3.55% 10/17/20404,6 | 2,581 | 2,380 | |
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20404,6 | 15,619 | 14,335 | |
GoldenTree Loan Opportunities XI, Ltd., CLO, Series 2015-11A, Class AR2, (3-month USD CME Term SOFR + 1.332%) 6.63% 1/18/20314,6,7 | 2,037 | 2,041 | |
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 9.44% 6/25/20254,6,8 | 17,780 | 17,780 |
American Funds Inflation Linked Bond Fund — Page 4 of 13
unaudited
Bonds, notes & other debt instruments (continued) Asset-backed obligations (continued) | Principal amount (000) | Value (000) | |
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20254,6 | USD5,490 | $5,334 | |
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/20254,6 | 779 | 758 | |
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20274,6 | 8,811 | 8,003 | |
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20274,6 | 5,925 | 5,375 | |
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20274,6 | 826 | 752 | |
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD CME Term SOFR + 1.262%) 6.579% 7/21/20304,6,7 | 6,729 | 6,742 | |
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD CME Term SOFR + 1.412%) 6.726% 4/15/20294,6,7 | 790 | 791 | |
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20694,6 | 5,322 | 4,629 | |
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20624,6 | 7,176 | 6,502 | |
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 6.556% 7/25/20304,6,7 | 1,933 | 1,936 | |
OCP CLO, Ltd., Series 2018-15A, Class A1, (3-month USD CME Term SOFR + 1.362%) 6.679% 7/20/20314,6,7 | 3,326 | 3,331 | |
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD CME Term SOFR + 1.162%) 6.479% 4/20/20294,6,7 | 2,229 | 2,228 | |
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD CME Term SOFR + 1.202%) 6.516% 10/15/20304,6,7 | 4,874 | 4,875 | |
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class A, 5.38% 11/25/20304,6 | 6,174 | 6,138 | |
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD CME Term SOFR + 1.342%) 6.656% 4/15/20304,6,7 | 1,683 | 1,684 | |
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/20754,6 | 11,236 | 10,578 | |
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20454,6 | 6,679 | 6,058 | |
Textainer Marine Containers, Ltd., Series 2020-2A, Class B, 3.34% 9/20/20454,6 | 4,964 | 4,489 | |
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20454,6 | 2,455 | 2,177 | |
Triton Container Finance VIII, LLC, Series 2020-1, Class B, 3.74% 9/20/20454,6 | 4,403 | 3,960 | |
161,806 | |||
Municipals 0.52% California 0.12% | |||
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 0.883% 5/15/2025 | 7,500 | 7,143 | |
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.316% 5/15/2027 | 9,200 | 8,298 | |
15,441 | |||
Florida 0.11% | |||
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030 | 17,885 | 15,134 | |
Illinois 0.04% | |||
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2020-C, 3.955% 12/15/2026 | 5,000 | 4,788 | |
Ohio 0.15% | |||
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031 | 24,015 | 20,777 |
American Funds Inflation Linked Bond Fund — Page 5 of 13
unaudited
Bonds, notes & other debt instruments (continued) Municipals (continued) Wisconsin 0.10% | Principal amount (000) | Value (000) | |
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 | 14,580 | $13,581 | |
Total municipals | 69,721 | ||
Mortgage-backed obligations 0.21% Collateralized mortgage-backed obligations (privately originated) 0.21% | |||
Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026)4,5,6 | USD2,779 | 2,578 | |
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (3-month USD CME Term SOFR + 0.965%) 6.285% 11/25/20554,6,7 | 12,120 | 12,106 | |
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/20564,6,7 | 125 | 125 | |
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/20604,6 | 15,599 | 13,717 | |
Total mortgage-backed obligations | 28,526 | ||
Total bonds, notes & other debt instruments (cost: $14,691,675,000) | 13,124,704 | ||
Short-term securities 3.23% Money market investments 3.23% | Shares | ||
Capital Group Central Cash Fund 5.41%9,10 | 4,376,688 | 437,669 | |
Total short-term securities (cost: $437,675,000) | 437,669 | ||
Options purchased (equity style) 0.14% | |||
Options purchased (equity style)* | 19,041 | ||
Total options purchased (equity style) (cost: $27,738,000) | 19,041 | ||
Total investment securities 100.28% (cost: $15,157,088,000) | 13,581,414 | ||
Total options written (0.23)%† | (31,400 ) | ||
Other assets less liabilities (0.05)% | (6,697 ) | ||
Net assets 100.00% | $13,543,317 |
*Options purchased (equity style)
Options on futures
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 2/29/2024 (000) |
Call | |||||
3 Month SOFR Futures Option | 22,856 | USD5,714,000 | USD96.00 | 6/14/2024 | $18,142 |
3 Month SOFR Futures Option | 2,663 | 665,750 | 96.50 | 6/14/2024 | 899 |
$19,041 |
American Funds Inflation Linked Bond Fund — Page 6 of 13
unaudited
†Options written (equity style)
Options on futures
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 2/29/2024 (000) |
Call | |||||
3 Month SOFR Futures Option | 22,854 | USD(5,713,500 ) | USD96.00 | 6/14/2024 | $(26,710 ) |
3 Month SOFR Futures Option | 2,664 | (666,000 ) | 96.50 | 6/14/2024 | (1,299 ) |
10 Year U.S. Treasury Note Futures Option | 3,500 | (350,000 ) | 110.00 | 3/8/2024 | (2,461 ) |
$(30,470 ) | |||||
Put | |||||
10 Year U.S. Treasury Note Futures Option | 3,500 | USD(350,000 ) | USD110.00 | 3/8/2024 | $(930 ) |
$(31,400 ) |
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 2/29/2024 (000) |
30 Day Federal Funds Futures | Long | 11,345 | 3/1/2024 | USD4,475,488 | $(255 ) |
3 Month SOFR Futures | Short | 2,126 | 3/20/2024 | (503,051 ) | 24,593 |
3 Month SOFR Futures | Long | 8,713 | 9/18/2024 | 2,066,941 | (9,403 ) |
3 Month SOFR Futures | Short | 1,850 | 3/19/2025 | (441,687 ) | 14,480 |
2 Year U.S. Treasury Note Futures | Long | 18,086 | 7/3/2024 | 3,703,109 | 1,556 |
5 Year Euro-Bobl Futures | Short | 2,145 | 3/11/2024 | (269,435 ) | 3,336 |
5 Year U.S. Treasury Note Futures | Long | 146 | 7/3/2024 | 15,608 | 20 |
10 Year Euro-Bund Futures | Short | 594 | 3/11/2024 | (85,161 ) | 350 |
10 Year Italy Government Bond Futures | Short | 2,373 | 3/11/2024 | (302,177 ) | (6,249 ) |
10 Year Japanese Government Bond Futures | Short | 1,194 | 3/20/2024 | (1,164,851 ) | (492 ) |
10 Year U.S. Treasury Note Futures | Long | 4,208 | 6/28/2024 | 464,721 | 851 |
10 Year U.S. Treasury Note Futures | Short | 8,992 | 6/28/2024 | (1,026,634 ) | (4,220 ) |
20 Year U.S. Treasury Bond Futures | Long | 3,191 | 6/28/2024 | 380,527 | 877 |
30 Year Euro-Buxl Futures | Long | 61 | 3/11/2024 | 8,779 | 181 |
30 Year Ultra U.S. Treasury Bond Futures | Short | 4,407 | 6/28/2024 | (563,545 ) | (517 ) |
$25,108 |
Forward currency contracts
Contract amount | Counterparty | Settlement date | Unrealized appreciation (depreciation) at 2/29/2024 (000) | |||
Currency purchased (000) | Currency sold (000) | |||||
USD | 7,219 | JPY | 1,063,172 | HSBC Bank | 3/11/2024 | $115 |
JPY | 2,575,615 | USD | 17,487 | HSBC Bank | 3/11/2024 | (278 ) |
EUR | 46,432 | USD | 49,947 | Citibank | 3/13/2024 | 263 |
USD | 10,256 | GBP | 8,151 | Barclays Bank PLC | 3/14/2024 | (34 ) |
USD | 26,788 | MXN | 460,000 | Goldman Sachs | 3/14/2024 | (139 ) |
USD | 71,154 | EUR | 66,007 | Citibank | 3/14/2024 | (226 ) |
American Funds Inflation Linked Bond Fund — Page 7 of 13
unaudited
Forward currency contracts (continued)
Contract amount | Counterparty | Settlement date | Unrealized appreciation (depreciation) at 2/29/2024 (000) | |||
Currency purchased (000) | Currency sold (000) | |||||
USD | 59,292 | JPY | 8,839,490 | BNP Paribas | 3/25/2024 | $92 |
USD | 36,487 | MXN | 627,826 | Morgan Stanley | 3/26/2024 | (191 ) |
$(398 ) |
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive | Pay | Expiration date | Notional amount (000) | Value at 2/29/2024 (000) | Upfront premium paid (received) (000) | Unrealized appreciation (depreciation) at 2/29/2024 (000) | ||
Rate | Payment frequency | Rate | Payment frequency | |||||
U.S. EFFR | Annual | 0.11% | Annual | 5/18/2024 | USD978,900 | $11,224 | $— | $11,224 |
U.S. Urban CPI | At maturity | 3.3775% | At maturity | 8/5/2024 | 97,700 | 242 | — | 242 |
U.S. Urban CPI | At maturity | 3.04% | At maturity | 9/6/2024 | 98,643 | (42 ) | — | (42 ) |
U.S. Urban CPI | At maturity | 3.05% | At maturity | 9/6/2024 | 293,000 | (183 ) | — | (183 ) |
U.S. Urban CPI | At maturity | 3.02% | At maturity | 9/7/2024 | 48,833 | — 3 | — | — 3 |
U.S. Urban CPI | At maturity | 3.03% | At maturity | 9/7/2024 | 488,333 | (101 ) | — | (101 ) |
U.S. Urban CPI | At maturity | 2.9975% | At maturity | 9/8/2024 | 244,167 | 112 | — | 112 |
U.S. Urban CPI | At maturity | 2.91% | At maturity | 9/9/2024 | 244,167 | 544 | — | 544 |
U.S. Urban CPI | At maturity | 2.8471% | At maturity | 9/12/2024 | 564,357 | 1,994 | — | 1,994 |
U.S. Urban CPI | At maturity | 2.73% | At maturity | 9/29/2024 | 564,721 | 3,460 | — | 3,460 |
U.S. Urban CPI | At maturity | 3.127% | At maturity | 10/1/2024 | 976,700 | (1,724 ) | — | (1,724 ) |
U.S. Urban CPI | At maturity | 2.0233% | At maturity | 2/6/2025 | 394,800 | 1,798 | — | 1,798 |
U.S. EFFR | Annual | 0.126% | Annual | 6/25/2025 | 148,300 | 8,890 | — | 8,890 |
U.S. EFFR | Annual | 0.1275% | Annual | 6/25/2025 | 148,300 | 8,887 | — | 8,887 |
U.S. EFFR | Annual | 0.106% | Annual | 6/30/2025 | 165,539 | 10,046 | — | 10,046 |
SOFR | Annual | 3.916% | Annual | 7/11/2025 | 259,600 | 3,278 | — | 3,278 |
4.912% | Annual | SOFR | Annual | 8/24/2025 | 600,000 | 758 | — | 758 |
4.8189% | Annual | SOFR | Annual | 8/25/2025 | 600,000 | (28 ) | — | (28 ) |
4.8195% | Annual | SOFR | Annual | 9/1/2025 | 499,900 | 66 | — | 66 |
(0.445)% | Annual | 6-month EURIBOR | Semi-annual | 12/3/2025 | EUR311,900 | (21,429 ) | — | (21,429 ) |
(0.452)% | Annual | 6-month EURIBOR | Semi-annual | 12/3/2025 | 311,900 | (21,469 ) | — | (21,469 ) |
4.2045% | Annual | SOFR | Annual | 1/10/2026 | USD26,456 | (193 ) | — | (193 ) |
4.2035% | Annual | SOFR | Annual | 1/10/2026 | 479,772 | (3,509 ) | — | (3,509 ) |
4.184% | Annual | SOFR | Annual | 1/10/2026 | 479,772 | (3,674 ) | — | (3,674 ) |
4.265% | Annual | SOFR | Annual | 2/16/2026 | 121,528 | (688 ) | — | (688 ) |
4.27% | Annual | SOFR | Annual | 2/16/2026 | 244,880 | (1,363 ) | — | (1,363 ) |
4.3005% | Annual | SOFR | Annual | 2/17/2026 | 50,589 | (252 ) | — | (252 ) |
4.288% | Annual | SOFR | Annual | 2/17/2026 | 51,392 | (268 ) | — | (268 ) |
4.3035% | Annual | SOFR | Annual | 2/17/2026 | 72,950 | (359 ) | — | (359 ) |
4.2675% | Annual | SOFR | Annual | 2/17/2026 | 70,420 | (394 ) | — | (394 ) |
4.2515% | Annual | SOFR | Annual | 2/17/2026 | 72,242 | (425 ) | — | (425 ) |
4.568% | Annual | SOFR | Annual | 3/1/2026 | 700,600 | 209 | — | 209 |
4.56% | Annual | SOFR | Annual | 3/1/2026 | 713,000 | 105 | — | 105 |
TONAR | Annual | (0.01246731)% | Annual | 10/1/2026 | JPY3,447,100 | 202 | (7 ) | 209 |
3.53% | Annual | SOFR | Annual | 1/23/2027 | USD269,300 | (1,733 ) | — | (1,733 ) |
3.5405% | Annual | SOFR | Annual | 1/23/2027 | 445,800 | (2,782 ) | — | (2,782 ) |
3.535% | Annual | SOFR | Annual | 1/23/2027 | 483,000 | (3,063 ) | — | (3,063 ) |
American Funds Inflation Linked Bond Fund — Page 8 of 13
unaudited
Swap contracts (continued)
Interest rate swaps (continued)Centrally cleared interest rate swaps (continued)
Interest rate swaps (continued)Centrally cleared interest rate swaps (continued)
Receive | Pay | Expiration date | Notional amount (000) | Value at 2/29/2024 (000) | Upfront premium paid (received) (000) | Unrealized appreciation (depreciation) at 2/29/2024 (000) | ||
Rate | Payment frequency | Rate | Payment frequency | |||||
3.761% | Annual | SOFR | Annual | 2/20/2027 | USD310,800 | $(477 ) | $— | $(477 ) |
3.7645% | Annual | SOFR | Annual | 2/20/2027 | 620,900 | (913 ) | — | (913 ) |
SOFR | Annual | 3.232% | Annual | 3/30/2027 | 110,600 | 3,215 | — | 3,215 |
U.S. Urban CPI | At maturity | 2.87% | At maturity | 7/27/2027 | 1,000 | (2 ) | — | (2 ) |
2.5895% | Annual | SOFR | Annual | 7/27/2027 | 1,000 | (50 ) | — | (50 ) |
U.S. EFFR | Annual | 2.045% | Annual | 11/2/2027 | 33,700 | 2,361 | — | 2,361 |
3.45% | Annual | SOFR | Annual | 2/1/2028 | 192,300 | (4,601 ) | — | (4,601 ) |
3.47% | Annual | SOFR | Annual | 2/2/2028 | 50,700 | (1,177 ) | — | (1,177 ) |
3.624% | Annual | SOFR | Annual | 2/20/2028 | 550,200 | (38 ) | — | (38 ) |
3.616% | Annual | SOFR | Annual | 2/20/2028 | 264,500 | (55 ) | — | (55 ) |
3.6475% | Annual | SOFR | Annual | 2/27/2028 | 1,288,700 | 475 | — | 475 |
3.16% | Annual | SOFR | Annual | 6/20/2028 | 78,500 | (2,809 ) | — | (2,809 ) |
3.6023% | Annual | SONIA | Annual | 1/5/2029 | GBP135,000 | (3,157 ) | — | (3,157 ) |
3.611% | Annual | SONIA | Annual | 1/10/2029 | 81,200 | (1,857 ) | — | (1,857 ) |
3.609% | Annual | SONIA | Annual | 1/10/2029 | 81,250 | (1,867 ) | — | (1,867 ) |
SOFR | Annual | 3.529% | Annual | 1/29/2030 | USD176,500 | 1,466 | — | 1,466 |
SOFR | Annual | 3.5485% | Annual | 1/29/2030 | 191,700 | 1,430 | — | 1,430 |
SOFR | Annual | 3.528% | Annual | 1/29/2030 | 144,300 | 1,205 | — | 1,205 |
28-day MXN-TIIE | 28-day | 6.95% | 28-day | 3/22/2030 | MXN775,250 | 3,664 | — | 3,664 |
3.18% | Annual | SOFR | Annual | 4/17/2030 | USD66,800 | (2,775 ) | — | (2,775 ) |
3.275% | Annual | SOFR | Annual | 4/18/2030 | 66,800 | (2,434 ) | — | (2,434 ) |
3.353% | Annual | SOFR | Annual | 4/19/2030 | 66,800 | (2,154 ) | — | (2,154 ) |
3.342% | Annual | SOFR | Annual | 4/19/2030 | 66,800 | (2,194 ) | — | (2,194 ) |
3.344% | Annual | SOFR | Annual | 4/20/2030 | 66,800 | (2,189 ) | — | (2,189 ) |
3.128% | Annual | SOFR | Annual | 4/28/2030 | 66,700 | (2,968 ) | — | (2,968 ) |
3.285% | Annual | SOFR | Annual | 5/1/2030 | 66,700 | (2,403 ) | — | (2,403 ) |
3.259% | Annual | SOFR | Annual | 5/1/2030 | 66,800 | (2,501 ) | — | (2,501 ) |
3.186% | Annual | SOFR | Annual | 5/9/2030 | 66,800 | (2,771 ) | — | (2,771 ) |
3.215% | Annual | SOFR | Annual | 5/10/2030 | 66,700 | (2,663 ) | — | (2,663 ) |
3.29% | Annual | SOFR | Annual | 5/19/2030 | 80,000 | (2,876 ) | — | (2,876 ) |
U.S. EFFR | Annual | 0.666% | Annual | 11/19/2030 | 118,200 | 22,262 | — | 22,262 |
SOFR | Annual | 3.055% | Annual | 4/6/2031 | 54,100 | 2,864 | — | 2,864 |
SOFR | Annual | 3.2903% | Annual | 1/12/2033 | 235,000 | 10,387 | — | 10,387 |
SOFR | Annual | 3.4815% | Annual | 2/17/2033 | 284,000 | 8,554 | — | 8,554 |
SOFR | Annual | 3.501% | Annual | 2/17/2033 | 284,000 | 8,139 | — | 8,139 |
3.2545% | Annual | SOFR | Annual | 5/18/2033 | 346,000 | (16,663 ) | — | (16,663 ) |
SOFR | Annual | 3.10% | Annual | 6/20/2033 | 42,300 | 2,558 | — | 2,558 |
SOFR | Annual | 4.061% | Annual | 8/24/2033 | 140,000 | (1,969 ) | — | (1,969 ) |
SOFR | Annual | 3.9519% | Annual | 8/25/2033 | 140,000 | (771 ) | — | (771 ) |
SOFR | Annual | 3.8275% | Annual | 9/1/2033 | 114,700 | 488 | — | 488 |
SOFR | Annual | 3.175% | Annual | 2/1/2038 | 106,900 | 4,370 | — | 4,370 |
SOFR | Annual | 2.99% | Annual | 2/2/2038 | 32,000 | 1,728 | — | 1,728 |
U.S. EFFR | Annual | 0.6193% | Annual | 4/6/2050 | 30,300 | 15,214 | — | 15,214 |
U.S. EFFR | Annual | 0.60602% | Annual | 4/6/2050 | 13,870 | 6,995 | — | 6,995 |
U.S. EFFR | Annual | 0.616917% | Annual | 4/6/2050 | 12,500 | 6,281 | — | 6,281 |
6-month EURIBOR | Semi-annual | 0.0897% | Annual | 6/4/2050 | EUR22,000 | 10,834 | — | 10,834 |
2.92% | Annual | SOFR | Annual | 10/19/2050 | USD20,500 | (2,699 ) | — | (2,699 ) |
6-month EURIBOR | Semi-annual | 0.0175% | Annual | 12/3/2050 | EUR51,650 | 26,434 | — | 26,434 |
American Funds Inflation Linked Bond Fund — Page 9 of 13
unaudited
Swap contracts (continued)
Interest rate swaps (continued)Centrally cleared interest rate swaps (continued)
Interest rate swaps (continued)Centrally cleared interest rate swaps (continued)
Receive | Pay | Expiration date | Notional amount (000) | Value at 2/29/2024 (000) | Upfront premium paid (received) (000) | Unrealized appreciation (depreciation) at 2/29/2024 (000) | ||
Rate | Payment frequency | Rate | Payment frequency | |||||
6-month EURIBOR | Semi-annual | 0.071% | Annual | 1/14/2051 | EUR51,920 | $26,037 | $— | $26,037 |
6-month EURIBOR | Semi-annual | 0.068% | Annual | 1/15/2051 | 56,080 | 28,159 | — | 28,159 |
0.702% | Annual | 6-month EURIBOR | Semi-annual | 3/3/2052 | 27,500 | (10,357 ) | — | (10,357 ) |
0.672% | Annual | 6-month EURIBOR | Semi-annual | 3/3/2052 | 27,500 | (10,533 ) | — | (10,533 ) |
0.649% | Annual | 6-month EURIBOR | Semi-annual | 3/3/2052 | 32,325 | (12,540 ) | — | (12,540 ) |
SOFR | Annual | 3.01413% | Annual | 1/12/2053 | USD35,399 | 4,037 | — | 4,037 |
SOFR | Annual | 3.02% | Annual | 1/12/2053 | 35,400 | 4,000 | — | 4,000 |
SOFR | Annual | 2.974% | Annual | 4/17/2053 | 21,000 | 2,536 | — | 2,536 |
SOFR | Annual | 3.044% | Annual | 4/18/2053 | 21,100 | 2,289 | — | 2,289 |
SOFR | Annual | 3.0875% | Annual | 4/19/2053 | 21,100 | 2,128 | — | 2,128 |
SOFR | Annual | 3.1035% | Annual | 4/19/2053 | 21,200 | 2,078 | — | 2,078 |
SOFR | Annual | 3.0895% | Annual | 4/20/2053 | 21,100 | 2,120 | — | 2,120 |
SOFR | Annual | 2.9405% | Annual | 4/28/2053 | 21,200 | 2,685 | — | 2,685 |
SOFR | Annual | 3.0535% | Annual | 5/1/2053 | 42,300 | 4,517 | — | 4,517 |
SOFR | Annual | 3.085% | Annual | 5/9/2053 | 21,300 | 2,156 | — | 2,156 |
SOFR | Annual | 3.1135% | Annual | 5/10/2053 | 21,300 | 2,049 | — | 2,049 |
SOFR | Annual | 3.1605% | Annual | 5/19/2053 | 25,500 | 2,242 | — | 2,242 |
SOFR | Annual | 3.6765% | Annual | 2/20/2054 | 100,908 | (575 ) | — | (575 ) |
SOFR | Annual | 3.6815% | Annual | 2/20/2054 | 88,300 | (582 ) | — | (582 ) |
SOFR | Annual | 3.7205% | Annual | 2/21/2054 | 73,792 | (1,003 ) | — | (1,003 ) |
$113,470 | $(7 ) | $113,477 |
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 2/29/2024 (000) | Upfront premium paid (received) (000) | Unrealized appreciation (depreciation) at 2/29/2024 (000) |
CDX.NA.IG.41 | 1.00% | Quarterly | 12/20/2028 | USD4,215,512 | $(86,730 ) | $(62,274 ) | $(24,456 ) |
Investments in affiliates10
Value at 12/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 2/29/2024 (000) | Dividend or interest income (000) | |
Short-term securities 3.23% | |||||||
Money market investments 3.23% | |||||||
Capital Group Central Cash Fund 5.41%9 | $253,496 | $757,760 | $573,580 | $(1 ) | $(6 ) | $437,669 | $5,155 |
American Funds Inflation Linked Bond Fund — Page 10 of 13
unaudited
1 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $257,914,000, which represented 1.90% of the net assets of the fund. |
2 | Index-linked bond whose principal amount moves with a government price index. |
3 | Amount less than one thousand. |
4 | 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 $305,831,000, which represented 2.26% of the net assets of the fund. |
5 | Step bond; coupon rate may change at a later date. |
6 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
7 | 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. |
8 | Value determined using significant unobservable inputs. |
9 | Rate represents the seven-day yield at 2/29/2024. |
10 | Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended. |
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 options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. The average month-end notional amount of options on futures while held was $11,110,700,000. The average month-end notional amount of futures contracts while held was $29,194,403,000. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. The average month-end notional amount of open forward currency contracts while held was $1,033,056,000. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these
American Funds Inflation Linked Bond Fund — Page 11 of 13
unaudited
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, and terms of the contract. The average month-end notional amounts of interest rate swaps and credit default swaps while held were $16,284,790,000 and $4,685,705,000, respectively.
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, 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.
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 29, 2024 (dollars in thousands):
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Bonds, notes & other debt instruments: | ||||
U.S. Treasury bonds & notes | $— | $12,156,306 | $— | $12,156,306 |
Corporate bonds, notes & loans | — | 504,217 | — | 504,217 |
Bonds & notes of governments & government agencies outside the U.S. | — | 204,128 | — | 204,128 |
Asset-backed obligations | — | 144,026 | 17,780 | 161,806 |
Municipals | — | 69,721 | — | 69,721 |
Mortgage-backed obligations | — | 28,526 | — | 28,526 |
Short-term securities | 437,669 | — | — | 437,669 |
Options purchased on futures (equity style) | 19,041 | — | — | 19,041 |
Total | $456,710 | $13,106,924 | $17,780 | $13,581,414 |
American Funds Inflation Linked Bond Fund — Page 12 of 13
unaudited
Other investments* | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Unrealized appreciation on futures contracts | $46,244 | $— | $— | $46,244 |
Unrealized appreciation on open forward currency contracts | — | 470 | — | 470 |
Unrealized appreciation on centrally cleared interest rate swaps | — | 279,779 | — | 279,779 |
Liabilities: | ||||
Value of options written | (31,400 ) | — | — | (31,400 ) |
Unrealized depreciation on futures contracts | (21,136 ) | — | — | (21,136 ) |
Unrealized depreciation on open forward currency contracts | — | (868 ) | — | (868 ) |
Unrealized depreciation on centrally cleared interest rate swaps | — | (166,302 ) | — | (166,302 ) |
Unrealized depreciation on centrally cleared credit default swaps | — | (24,456 ) | — | (24,456 ) |
Total | $(6,292 ) | $88,623 | $— | $82,331 |
*
Options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.
Key to abbreviation(s) |
Auth. = Authority |
CLO = Collateralized Loan Obligations |
CME = CME Group |
CPI = Consumer Price Index |
EFFR = Effective Federal Funds Rate |
EUR = Euros |
EURIBOR = Euro Interbank Offered Rate |
Fin. = Finance |
Fncg. = Financing |
GBP = British pounds |
JPY = Japanese yen |
MXN = Mexican pesos |
Ref. = Refunding |
Rev. = Revenue |
SOFR = Secured Overnight Financing Rate |
SONIA = Sterling Overnight Interbank Average Rate |
TIIE = Equilibrium Interbank Interest Rate |
TONAR = Tokyo Overnight Average Rate |
USD = U.S. dollars |
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.
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MFGEFP1-060-0424O-S96420
American Funds Inflation Linked Bond Fund — Page 13 of 13