American Funds Emerging Markets Bond Fund Class F-1 (EBNEX)
Filed: 27 Nov 19, 1:03pm
American Funds Emerging Markets Bond Fund®
Investment portfolio
September 30, 2019
unaudited
| Bonds, notes & other debt instruments 94.44% Bonds & notes of governments & government agencies outside the U.S. 83.90% | Principal amount (000) | Value (000) |
| Abu Dhabi (Emirate of) 3.125% 2027 | $1,600 | $1,684 |
| Argentine Republic 2.25% 20201 | ARS31,075 | 194 |
| Argentine Republic 4.00% 20201 | 62,871 | 363 |
| Argentine Republic (Argentina Central Bank 7D Repo Reference Rate) 67.42% 20202 | 15,105 | 112 |
| Argentine Republic 2.50% 20211 | 78,658 | 455 |
| Argentine Republic 6.875% 2021 | $8,300 | 4,119 |
| Argentine Republic 5.625% 2022 | 1,900 | 827 |
| Argentine Republic (Badlar Private Banks ARS Index + 2.00%) 52.006% 20222 | ARS63,953 | 497 |
| Argentine Republic 7.50% 2026 | $11,300 | 5,043 |
| Argentine Republic 6.875% 2027 | 3,400 | 1,437 |
| Argentine Republic 5.875% 2028 | 2,000 | 818 |
| Argentine Republic 7.82% 20333 | €1,238 | 652 |
| Argentine Republic 0% 2035 | $600 | 14 |
| Argentine Republic 3.75% 2038 (5.25% on 3/31/2029)3 | 2,984 | 1,197 |
| Argentine Republic 6.875% 2048 | 380 | 161 |
| Argentine Republic Inflation-Protected Security 5.83% 20331 | ARS33,292 | 215 |
| Bahrain (Kingdom of) 5.50% 2020 | $2,860 | 2,886 |
| Bahrain (Kingdom of) 5.875% 2021 | 650 | 667 |
| Bahrain (Kingdom of) 6.125% 2023 | 1,980 | 2,141 |
| Bahrain (Kingdom of) 6.75% 20294 | 520 | 578 |
| Banque Centrale de Tunisie 6.75% 2023 | €4,070 | 4,492 |
| Banque Centrale de Tunisie 6.75% 2023 | 110 | 121 |
| Banque Centrale de Tunisie 5.625% 2024 | 800 | 848 |
| Banque Centrale de Tunisie 5.75% 2025 | $425 | 382 |
| Banque Centrale de Tunisie 6.375% 2026 | €6,200 | 6,563 |
| Benin (Republic of) 5.75% 2026 | 1,230 | 1,378 |
| Brazil (Federative Republic of) 10.00% 2023 | BRL2,000 | 535 |
| Brazil (Federative Republic of) 10.00% 2025 | 124,648 | 34,399 |
| Brazil (Federative Republic of) 10.00% 2027 | 22,000 | 6,212 |
| Brazil (Federative Republic of) 6.00% 20281 | 3,945 | 1,149 |
| Brazil (Federative Republic of) 10.00% 2029 | 6,500 | 1,867 |
| Brazil (Federative Republic of) 6.00% 20551 | 6,473 | 2,284 |
| Buenos Aires (City of) (Badlar Private Banks ARS Index + 3.25%) 56.503% 20242 | ARS39,040 | 367 |
| Buenos Aires (City of) (Badlar Private Banks ARS Index + 3.75%) 53.348% 20282 | 57,063 | 494 |
| Cameroon (Republic of) 9.50% 2025 | $3,000 | 3,293 |
| Chile (Banco Central de) 4.50% 2026 | CLP645,000 | 989 |
| Chile (Banco Central de) 4.70% 2030 | 545,000 | 882 |
| China (People’s Republic of), Series 1910, 3.86% 2049 | CNY94,820 | 13,540 |
| China Development Bank Corp., Series 1905, 3.48% 2029 | 54,300 | 7,480 |
| Colombia (Republic of), Series UVL, 3.50% 20211 | COP1,682,323 | 559 |
| Colombia (Republic of), Series B, 7.00% 2022 | 2,333,200 | 707 |
| Colombia (Republic of), Series B, 6.25% 2025 | 34,521,400 | 10,365 |
| Colombia (Republic of), Series B, 7.50% 2026 | 15,462,800 | 4,947 |
| Colombia (Republic of), Series B, 6.00% 2028 | 21,410,000 | 6,234 |
| Colombia (Republic of), Series B, 7.75% 2030 | 490,000 | 160 |
| Costa Rica (Republic of) 4.375% 2025 | $785 | 753 |
| Costa Rica (Republic of) 7.00% 2044 | 3,047 | 3,032 |
American Funds Emerging Markets Bond Fund — Page 1 of 11
unaudited
| Bonds, notes & other debt instruments (continued) Bonds & notes of governments & government agencies outside the U.S. (continued) | Principal amount (000) | Value (000) |
| Cote d’Ivoire (Republic of) 5.375% 20244 | $900 | $924 |
| Cote d’Ivoire (Republic of) 5.25% 2030 | €4,400 | 4,830 |
| Dominican Republic 10.50% 2023 | DOP39,300 | 799 |
| Dominican Republic 5.50% 2025 | $2,244 | 2,373 |
| Dominican Republic 6.875% 2026 | 1,635 | 1,850 |
| Dominican Republic 6.875% 20264 | 1,200 | 1,358 |
| Dominican Republic 9.75% 2026 | DOP281,750 | 5,564 |
| Dominican Republic 10.375% 2026 | 9,600 | 193 |
| Dominican Republic 11.00% 2026 | 54,400 | 1,129 |
| Dominican Republic 5.95% 20274 | $3,600 | 3,906 |
| Dominican Republic 5.95% 2027 | 3,087 | 3,349 |
| Dominican Republic 11.25% 2027 | DOP62,600 | 1,313 |
| Dominican Republic 11.375% 2029 | 35,000 | 736 |
| Dominican Republic 7.45% 2044 | $2,500 | 2,972 |
| Dominican Republic 6.85% 20454 | 600 | 670 |
| Dominican Republic 6.50% 2048 | 692 | 746 |
| Dominican Republic 6.40% 20494 | 2,360 | 2,519 |
| Egypt (Arab Republic of) 5.577% 20234 | 1,575 | 1,612 |
| Egypt (Arab Republic of) 14.80% 2023 | EGP34,900 | 2,187 |
| Egypt (Arab Republic of) 17.20% 2023 | 13,000 | 859 |
| Egypt (Arab Republic of) 18.35% 2023 | 33,000 | 2,286 |
| Egypt (Arab Republic of) 15.90% 2024 | 29,600 | 1,925 |
| Egypt (Arab Republic of) 5.875% 2025 | $1,800 | 1,847 |
| Egypt (Arab Republic of) 4.75% 2026 | €1,900 | 2,129 |
| Egypt (Arab Republic of) 7.50% 20274 | $900 | 969 |
| Egypt (Arab Republic of) 15.70% 2027 | EGP22,200 | 1,471 |
| Egypt (Arab Republic of) 6.588% 20284 | $2,100 | 2,125 |
| Egypt (Arab Republic of) 5.625% 2030 | €1,465 | 1,603 |
| Egypt (Arab Republic of) 8.50% 20474 | $200 | 212 |
| Ethiopia (Federal Democratic Republic of) 6.625% 2024 | 3,500 | 3,653 |
| Gabonese Republic 6.375% 2024 | 3,080 | 3,041 |
| Ghana (Republic of) 21.00% 2020 | GHS2,340 | 445 |
| Ghana (Republic of) 24.50% 2021 | 1,000 | 202 |
| Ghana (Republic of) 24.75% 2021 | 9,871 | 2,000 |
| Ghana (Republic of) 19.75% 2024 | 487 | 92 |
| Ghana (Republic of) 19.00% 2026 | 9,830 | 1,787 |
| Greece (Hellenic Republic of) 3.375% 2025 | €1,740 | 2,147 |
| Greece (Hellenic Republic of) 3.75% 2028 | 3,350 | 4,362 |
| Greece (Hellenic Republic of) 3.875% 2029 | 320 | 427 |
| Guatemala (Republic of) 4.375% 2027 | $3,125 | 3,195 |
| Honduras (Republic of) 6.25% 2027 | 6,900 | 7,495 |
| Honduras (Republic of) 6.25% 20274 | 2,975 | 3,232 |
| India (Republic of) 6.84% 2022 | INR40,000 | 577 |
| India (Republic of) 7.32% 2024 | 150,000 | 2,193 |
| India (Republic of) 8.24% 2027 | 954,100 | 14,547 |
| India (Republic of) 7.17% 2028 | 325,000 | 4,699 |
| India (Republic of) 7.59% 2029 | 303,100 | 4,493 |
| India (Republic of) 7.61% 2030 | 72,350 | 1,071 |
| Indonesia (Republic of), Series 77, 8.125% 2024 | IDR59,381,000 | 4,428 |
| Indonesia (Republic of), Series 59, 7.00% 2027 | 89,289,000 | 6,260 |
| Indonesia (Republic of), Series 64, 6.125% 2028 | 145,446,000 | 9,513 |
| Indonesia (Republic of), Series 73, 8.75% 2031 | 42,600,000 | 3,285 |
| Indonesia (Republic of), Series 65, 6.625% 2033 | 190,830,000 | 12,276 |
| Indonesia (Republic of), Series 68, 8.375% 2034 | 24,000,000 | 1,792 |
| Indonesia (Republic of), Series 72, 8.25% 2036 | 57,999,000 | 4,269 |
American Funds Emerging Markets Bond Fund — Page 2 of 11
unaudited
| Bonds, notes & other debt instruments (continued) Bonds & notes of governments & government agencies outside the U.S. (continued) | Principal amount (000) | Value (000) |
| Iraq (Republic of) 6.752% 20234 | $2,905 | $2,979 |
| Iraq (Republic of) 5.80% 2028 | 250 | 244 |
| Jordan (Hashemite Kingdom of) 5.75% 20274 | 4,800 | 4,935 |
| Kazakhstan (Republic of) 6.50% 2045 | 1,500 | 2,185 |
| Kenya (Republic of) 6.875% 2024 | 4,725 | 4,995 |
| Kenya (Republic of) 7.25% 2028 | 2,400 | 2,495 |
| Kenya (Republic of) 7.25% 20284 | 1,725 | 1,793 |
| Kenya (Republic of) 8.00% 20324 | 700 | 735 |
| Kenya (Republic of) 8.25% 2048 | 800 | 819 |
| Kenya (Republic of) 8.25% 20484 | 660 | 676 |
| Maharashtra (State of) 8.12% 2025 | INR20,210 | 302 |
| Maharashtra (State of) 7.25% 2026 | 100,000 | 1,430 |
| Maharashtra (State of) 8.51% 2026 | 14,000 | 212 |
| Malaysia (Federation of), Series 0316, 3.90% 2026 | MYR5,400 | 1,324 |
| Malaysia (Federation of), Series 0212, 3.892% 2027 | 11,033 | 2,704 |
| Malaysia (Federation of), Series 0419, 3.828% 2034 | 19,800 | 4,851 |
| Malaysia (Federation of), Series 0415, 4.254% 2035 | 5,600 | 1,430 |
| Malaysia (Federation of), Series 0615, 4.786% 2035 | 2,425 | 655 |
| Malaysia (Federation of), Series 0418, 4.893% 2038 | 63,800 | 17,629 |
| Malaysia (Federation of), Series 0219, 4.467% 2039 | 6,000 | 1,585 |
| Malaysia (Federation of), Series 0518, 4.921% 2048 | 4,200 | 1,179 |
| Morocco (Kingdom of) 4.25% 2022 | $3,650 | 3,825 |
| Morocco (Kingdom of) 5.50% 2042 | 370 | 443 |
| National Highways Authority of India 7.17% 2021 | INR30,000 | 427 |
| Nigeria (Republic of) 6.75% 2021 | $1,650 | 1,712 |
| Nigeria (Republic of) 6.75% 20214 | 1,000 | 1,037 |
| Nigeria (Republic of) 16.39% 2022 | NGN250,000 | 722 |
| Nigeria (Republic of) 14.2% 2024 | 485,000 | 1,349 |
| Nigeria (Republic of) 16.288% 2027 | 547,300 | 1,648 |
| Nigeria (Republic of) 8.747% 2031 | $1,100 | 1,237 |
| Nigeria (Republic of) 12.40% 2036 | NGN260,000 | 629 |
| Nigeria (Republic of) 7.625% 2047 | $2,600 | 2,573 |
| Nigeria (Republic of) 9.248% 2049 | 1,710 | 1,914 |
| Oman (Sultanate of) 5.375% 2027 | 1,500 | 1,478 |
| Oman (Sultanate of) 5.625% 2028 | 500 | 494 |
| Pakistan (Islamic Republic of) 5.50% 20214 | 700 | 704 |
| Pakistan (Islamic Republic of) 8.25% 2024 | 2,100 | 2,272 |
| Pakistan (Islamic Republic of) 8.25% 2025 | 1,500 | 1,624 |
| Pakistan (Islamic Republic of) 6.875% 20274 | 1,900 | 1,878 |
| Pakistan (Islamic Republic of) 6.875% 2027 | 200 | 198 |
| Panama (Republic of) 3.75% 20264 | 3,585 | 3,791 |
| Panama (Republic of) 4.50% 2047 | 1,750 | 2,078 |
| Panama (Republic of) 4.50% 2050 | 1,170 | 1,389 |
| Paraguay (Republic of) 5.00% 20264 | 2,400 | 2,622 |
| Paraguay (Republic of) 5.00% 2026 | 720 | 787 |
| Paraguay (Republic of) 5.60% 20484 | 3,555 | 4,124 |
| Peru (Republic of) 5.70% 2024 | PEN3,160 | 1,045 |
| Peru (Republic of) 4.125% 2027 | $1,965 | 2,199 |
| Peru (Republic of) 6.35% 2028 | PEN3,200 | 1,107 |
| Peru (Republic of) 6.15% 2032 | 10,375 | 3,529 |
| Peru (Republic of) 8.75% 2033 | $820 | 1,356 |
| Peru (Republic of) 5.40% 2034 | PEN17,289 | 5,481 |
| Poland (Republic of) 4.00% 2024 | $2,800 | 3,037 |
| Poland (Republic of), Series 0420, 1.50% 2020 | PLN26,314 | 6,575 |
| Poland (Republic of), Series 0922, 5.75% 2022 | 6,200 | 1,731 |
American Funds Emerging Markets Bond Fund — Page 3 of 11
unaudited
| Bonds, notes & other debt instruments (continued) Bonds & notes of governments & government agencies outside the U.S. (continued) | Principal amount (000) | Value (000) |
| Poland (Republic of), Series 0726, 2.50% 2026 | PLN23,777 | $6,153 |
| PT Indonesia Asahan Aluminium Tbk 6.53% 20284 | $350 | 429 |
| Qatar (State of) 3.875% 20234 | 800 | 847 |
| Qatar (State of) 4.50% 20284 | 3,600 | 4,110 |
| Qatar (State of) 5.103% 20484 | 2,200 | 2,817 |
| Romania 3.50% 2022 | RON9,000 | 2,068 |
| Romania 4.75% 2025 | 1,560 | 373 |
| Romania 2.375% 2027 | €830 | 993 |
| Romania 2.875% 2029 | 1,050 | 1,295 |
| Romania 3.50% 2034 | 2,010 | 2,543 |
| Romania 3.375% 2038 | 2,325 | 2,920 |
| Romania 4.625% 2049 | 3,200 | 4,536 |
| Romania 4.625% 2049 | 840 | 1,191 |
| Russian Federation 7.50% 2021 | RUB393,000 | 6,168 |
| Russian Federation 7.00% 2023 | 1,142,990 | 17,848 |
| Russian Federation 4.75% 2026 | $1,000 | 1,094 |
| Russian Federation 8.15% 2027 | RUB779,690 | 12,948 |
| Russian Federation 4.375% 20294 | $9,400 | 10,074 |
| Russian Federation 4.375% 2029 | 200 | 214 |
| Russian Federation 8.50% 2031 | RUB501,366 | 8,647 |
| Russian Federation 7.70% 2033 | 46,360 | 750 |
| Russian Federation 7.25% 2034 | 247,480 | 3,854 |
| Russian Federation 5.10% 20354 | $800 | 907 |
| Russian Federation 5.25% 2047 | 4,000 | 4,760 |
| Senegal (Republic of) 8.75% 2021 | 839 | 912 |
| Senegal (Republic of) 6.25% 2024 | 1,500 | 1,631 |
| Senegal (Republic of) 4.75% 2028 | €5,300 | 6,015 |
| Senegal (Republic of) 4.75% 2028 | 740 | 840 |
| Serbia (Republic of) 1.50% 2029 | 722 | 821 |
| South Africa (Republic of) 4.665% 2024 | $1,500 | 1,574 |
| South Africa (Republic of) 8.00% 2030 | ZAR44,800 | 2,764 |
| South Africa (Republic of) 8.25% 2032 | 42,000 | 2,559 |
| South Africa (Republic of) 8.50% 2037 | 35,900 | 2,130 |
| South Africa (Republic of), Series R-186, 10.50% 2026 | 38,370 | 2,829 |
| South Africa (Republic of), Series R-214, 6.50% 2041 | 223,495 | 10,384 |
| South Africa (Republic of), Series R-2048, 8.75% 2048 | 337,360 | 19,705 |
| Sri Lanka (Democratic Socialist Republic of) 6.125% 2025 | $2,500 | 2,430 |
| Sri Lanka (Democratic Socialist Republic of) 6.85% 2025 | 900 | 904 |
| Sri Lanka (Democratic Socialist Republic of) 6.825% 2026 | 2,000 | 1,981 |
| Sri Lanka (Democratic Socialist Republic of) 6.20% 2027 | 2,900 | 2,712 |
| Sri Lanka (Democratic Socialist Republic of) 6.20% 20274 | 2,800 | 2,618 |
| Sri Lanka (Democratic Socialist Republic of) 6.75% 20284 | 2,045 | 1,955 |
| Sri Lanka (Democratic Socialist Republic of) 6.25% 2021 | 1,620 | 1,647 |
| Sri Lanka (Democratic Socialist Republic of) 6.825% 20264 | 1,350 | 1,337 |
| Sri Lanka (Democratic Socialist Republic of) 7.85% 20294 | 875 | 882 |
| Thailand (Kingdom of) 2.125% 2026 | THB97,850 | 3,350 |
| Thailand (Kingdom of) 2.875% 2028 | 97,200 | 3,558 |
| Turkey (Republic of) 10.50% 2020 | TRY3,500 | 615 |
| Turkey (Republic of) 3.00% 20211 | 7,917 | 1,394 |
| Turkey (Republic of) 9.20% 2021 | 10,600 | 1,750 |
| Turkey (Republic of) 10.70% 2021 | 71,200 | 12,224 |
| Turkey (Republic of) 8.50% 2022 | 10,900 | 1,717 |
| Turkey (Republic of) 7.25% 2023 | $2,560 | 2,712 |
| Turkey (Republic of) 12.20% 2023 | TRY9,600 | 1,658 |
| Turkey (Republic of) 2.00% 20241 | 14,999 | 2,452 |
American Funds Emerging Markets Bond Fund — Page 4 of 11
unaudited
| Bonds, notes & other debt instruments (continued) Bonds & notes of governments & government agencies outside the U.S. (continued) | Principal amount (000) | Value (000) |
| Turkey (Republic of) 4.10% 20241 | TRY8,896 | $1,651 |
| Turkey (Republic of) 5.75% 2024 | $800 | 799 |
| Turkey (Republic of) 9.00% 2024 | TRY8,125 | 1,229 |
| Turkey (Republic of) 7.375% 2025 | $800 | 851 |
| Turkey (Republic of) 2.70% 20261 | TRY9,469 | 1,563 |
| Turkey (Republic of) 4.25% 2026 | $2,950 | 2,667 |
| Turkey (Republic of) 4.875% 2026 | 3,400 | 3,153 |
| Turkey (Republic of) 6.125% 2028 | 3,420 | 3,348 |
| Turkey (Republic of) 7.625% 2029 | 1,400 | 1,491 |
| Turkey (Republic of) 4.875% 2043 | 915 | 736 |
| Turkey (Republic of) 5.75% 2047 | 6,135 | 5,364 |
| Ukraine Government 14.64% 2020 | UAH31,318 | 1,297 |
| Ukraine Government 15.70% 2020 | 125,271 | 5,202 |
| Ukraine Government 17.25% 2020 | 49,282 | 2,073 |
| Ukraine Government 7.75% 2021 | $3,800 | 3,963 |
| Ukraine Government 16.00% 2021 | UAH40,000 | 1,667 |
| Ukraine Government 14.91% 2022 | 30,000 | 1,208 |
| Ukraine Government 17.00% 2022 | 30,400 | 1,304 |
| Ukraine Government 8.994% 2024 | $4,670 | 5,135 |
| Ukraine Government 7.75% 2025 | 1,200 | 1,262 |
| Ukraine Government 15.84% 2025 | UAH8,900 | 388 |
| Ukraine Government 6.75% 2026 | €6,358 | 7,490 |
| United Mexican States 4.15% 2027 | $1,030 | 1,093 |
| United Mexican States 4.00% 20461 | MXN74,463 | 4,205 |
| United Mexican States 5.75% 2110 | $2,848 | 3,284 |
| United Mexican States, Series M, 6.50% 2022 | MXN65,000 | 3,280 |
| United Mexican States, Series M, 8.00% 2023 | 89,300 | 4,741 |
| United Mexican States, Series M, 5.75% 2026 | 185,800 | 8,921 |
| United Mexican States, Series M20, 8.50% 2029 | 231,000 | 13,040 |
| United Mexican States, Series M, 7.75% 2034 | 60,000 | 3,215 |
| Uruguay (Oriental Republic of) 9.875% 2022 | UYU29,576 | 797 |
| Uruguay (Oriental Republic of) 4.375% 20281 | 47,219 | 1,364 |
| Uruguay (Oriental Republic of) 8.50% 2028 | 68,920 | 1,579 |
| Venezuela (Bolivarian Republic of) 7.00% 20185 | $225 | 25 |
| Venezuela (Bolivarian Republic of) 7.75% 20195 | 4,983 | 561 |
| Venezuela (Bolivarian Republic of) 6.00% 20205 | 3,353 | 377 |
| Venezuela (Bolivarian Republic of) 12.75% 20225 | 300 | 34 |
| Venezuela (Bolivarian Republic of) 9.00% 20235 | 4,895 | 551 |
| Venezuela (Bolivarian Republic of) 8.25% 20245 | 2,276 | 256 |
| Venezuela (Bolivarian Republic of) 7.65% 20255 | 450 | 51 |
| Venezuela (Bolivarian Republic of) 11.75% 20265 | 225 | 25 |
| Venezuela (Bolivarian Republic of) 9.25% 20275 | 3,060 | 344 |
| Venezuela (Bolivarian Republic of) 9.25% 20285 | 1,129 | 127 |
| Venezuela (Bolivarian Republic of) 11.95% 20315 | 377 | 42 |
| Venezuela (Bolivarian Republic of) 7.00% 20385 | 377 | 42 |
| 715,595 | ||
| Corporate bonds & notes 9.49% Energy 3.77% | ||
| MV24 Capital BV 6.748% 20344 | 3,660 | 3,785 |
| Petrobras Global Finance Co. 8.75% 2026 | 2,950 | 3,783 |
| Petrobras Global Finance Co. 7.25% 2044 | 1,246 | 1,494 |
| Petróleos Mexicanos 7.19% 2024 | MXN123,770 | 5,504 |
| Petróleos Mexicanos 6.875% 2026 | $950 | 1,024 |
| Petróleos Mexicanos 7.47% 2026 | MXN237,870 | 10,065 |
American Funds Emerging Markets Bond Fund — Page 5 of 11
unaudited
| Bonds, notes & other debt instruments (continued) Corporate bonds & notes (continued) Energy (continued) | Principal amount (000) | Value (000) |
| Petróleos Mexicanos 6.49% 20274 | $1,234 | $1,288 |
| Petróleos Mexicanos 6.50% 2029 | 2,863 | 2,916 |
| Petróleos Mexicanos 6.84% 20304 | 941 | 975 |
| Petróleos Mexicanos 6.75% 2047 | 1,190 | 1,145 |
| Petróleos Mexicanos 6.35% 2048 | 208 | 192 |
| 32,171 | ||
| Industrials 2.23% | ||
| Autoridad del Canal de Panama 4.95% 2035 | 400 | 461 |
| Dianjian Haiyu Ltd. 3.50% (UST Yield Curve Rate T Note Constant Maturity 5-year + 6.773% on 6/14/2022)3 | 800 | 798 |
| DP World Crescent 4.848% 20284 | 4,700 | 5,171 |
| ENA Norte Trust 4.95% 2028 | 1,650 | 1,707 |
| Lima Metro Line 2 Finance Ltd. 4.35% 20364 | 3,370 | 3,602 |
| Mexican Government 5.50% 2046 | 2,088 | 2,085 |
| Mexican Government 5.50% 2047 | 5,212 | 5,196 |
| 19,020 | ||
| Utilities 1.78% | ||
| Cemig Geração e Transmissão SA 9.25% 2024 | 1,085 | 1,259 |
| Cemig Geração e Transmissão SA 9.25% 20244 | 835 | 969 |
| Empresas Publicas de Medellin E.S.P. 8.375% 2027 | COP10,000,000 | 3,080 |
| Empresas Publicas de Medellin E.S.P. 4.25% 20294 | $3,230 | 3,404 |
| Enel Chile SA 4.875% 2028 | 3,035 | 3,424 |
| Enersis Américas SA 4.00% 2026 | 615 | 648 |
| State Grid Overseas Investment Ltd. 3.50% 20274 | 2,260 | 2,388 |
| 15,172 | ||
| Financials 0.89% | ||
| Bangkok Bank PCL 4.05% 20244 | 1,750 | 1,866 |
| Bangkok Bank PCL 4.45% 20284 | 900 | 1,013 |
| HDFC Bank Ltd. 8.10% 2025 | INR30,000 | 421 |
| Industrial and Commercial Bank of China Ltd. 3.538% 2027 | $2,900 | 3,044 |
| Leader Goal International Ltd. 4.250%3 | 1,200 | 1,221 |
| 7,565 | ||
| Materials 0.34% | ||
| Cydsa, SAB de CV 6.25% 2027 | 900 | 921 |
| Suzano Austria GmbH 5.00% 2030 | 2,000 | 2,009 |
| 2,930 | ||
| Consumer staples 0.28% | ||
| JBS Investments GmbH II 7.00% 2026 | 1,200 | 1,298 |
| JBS Investments GmbH II 5.75% 20284 | 1,010 | 1,054 |
| 2,352 | ||
| Consumer discretionary 0.20% | ||
| Alibaba Group Holding Ltd. 2.50% 2019 | 1,700 | 1,700 |
| Total corporate bonds & notes | 80,910 |
American Funds Emerging Markets Bond Fund — Page 6 of 11
unaudited
| Bonds, notes & other debt instruments (continued) U.S. Treasury bonds & notes 1.05% U.S. Treasury 1.05% | Principal amount (000) | Value (000) |
| U.S. Treasury 1.625% 20296 | $9,000 | $8,962 |
| Total bonds, notes & other debt instruments (cost: $829,993,000) | 805,467 | |
| Short-term securities 2.95% Other short-term securities 1.96% | ||
| Argentinian Treasury Bills (3.88%)-2.81% due 7/30/2020-7/31/2020 | ARS231,787 | 1,769 |
| Egyptian Treasury Bills 14.91%-15.43% due 11/5/2019-12/17/2019 | EGP129,300 | 7,815 |
| Nigerian Treasury Bills 12.14%-14.31% due 10/3/2019-2/27/2020 | NGN2,627,000 | 7,132 |
| 16,716 | ||
| Money market investments 0.99% | Shares | |
| Capital Group Central Cash Fund 2.07%7 | 84,939 | 8,493 |
| Total short-term securities (cost: $30,589,000) | 25,209 | |
| Total investment securities97.39% (cost: $860,582,000) | 830,676 | |
| Other assets less liabilities 2.61% | 22,234 | |
| Net assets100.00% | $852,910 |
Futures contracts
| Contracts | Type | Number of contracts | Expiration | Notional amount8 (000) | Value at 9/30/20199 (000) | Unrealized appreciation (depreciation) at 9/30/2019 (000) |
| 2 Year U.S. Treasury Note Futures | Long | 351 | January 2020 | $70,200 | $75,641 | $48 |
| 5 Year U.S. Treasury Note Futures | Long | 292 | January 2020 | 29,200 | 34,791 | 72 |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 226 | December 2019 | 22,600 | 32,184 | (281) |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 43 | December 2019 | (4,300) | (8,252) | (138) |
| $(299) |
Forward currency contracts
| Contract amount | Counterparty | Settlement date | Unrealized appreciation (depreciation) at 9/30/2019 (000) | |
| Purchases (000) | Sales (000) | |||
| USD3,008 | EUR2,705 | Goldman Sachs | 10/3/2019 | $59 |
| EUR620 | USD686 | Standard Chartered Bank | 10/3/2019 | (10) |
| USD8,390 | EUR7,548 | Citibank | 10/4/2019 | 161 |
| USD2,077 | THB64,000 | Standard Chartered Bank | 10/4/2019 | (16) |
| EUR933 | USD1,033 | Standard Chartered Bank | 10/4/2019 | (16) |
| USD1,094 | EUR981 | Bank of America, N.A. | 10/7/2019 | 24 |
| USD2,198 | EUR2,000 | Citibank | 10/7/2019 | 17 |
| USD1,749 | MXN35,000 | Goldman Sachs | 10/7/2019 | (22) |
| USD4,857 | EUR4,363 | JPMorgan Chase | 10/8/2019 | 99 |
| USD21,144 | EUR19,223 | Citibank | 10/9/2019 | 177 |
| CZK115,258 | EUR4,450 | UBS AG | 10/9/2019 | 17 |
| USD386 | ZAR5,850 | HSBC Bank | 10/9/2019 | —10 |
American Funds Emerging Markets Bond Fund — Page 7 of 11
unaudited
Forward currency contracts (continued)
| Contract amount | Counterparty | Settlement date | Unrealized appreciation (depreciation) at 9/30/2019 (000) | |
| Purchases (000) | Sales (000) | |||
| PLN27,178 | EUR6,220 | UBS AG | 10/9/2019 | $(6) |
| EUR1,780 | USD1,972 | Standard Chartered Bank | 10/9/2019 | (30) |
| USD7,751 | CNH53,390 | HSBC Bank | 10/11/2019 | 276 |
| USD479 | CNH3,366 | Morgan Stanley | 10/11/2019 | 8 |
| USD475 | CNH3,340 | Morgan Stanley | 10/11/2019 | 7 |
| USD475 | CNH3,350 | Citibank | 10/11/2019 | 6 |
| CNH5,890 | USD870 | HSBC Bank | 10/11/2019 | (45) |
| EUR890 | USD987 | UBS AG | 10/18/2019 | (16) |
| USD7,698 | EUR6,955 | Morgan Stanley | 10/21/2019 | 104 |
| USD1,462 | ZAR21,700 | JPMorgan Chase | 10/21/2019 | 33 |
| USD1,579 | CNH11,200 | HSBC Bank | 10/21/2019 | 12 |
| USD852 | EUR770 | JPMorgan Chase | 10/21/2019 | 11 |
| USD6,238 | EUR5,629 | Standard Chartered Bank | 10/22/2019 | 92 |
| USD1,078 | THB32,900 | UBS AG | 10/22/2019 | 2 |
| MXN35,000 | USD1,798 | HSBC Bank | 10/22/2019 | (31) |
| USD3,145 | CNH22,400 | Citibank | 10/25/2019 | 10 |
| USD453 | EUR410 | HSBC Bank | 10/25/2019 | 5 |
| EUR115 | USD127 | HSBC Bank | 10/25/2019 | (1) |
| USD2,425 | EUR2,200 | Citibank | 10/28/2019 | 21 |
| USD1,079 | CZK25,295 | UBS AG | 10/29/2019 | 10 |
| CZK2,945 | USD131 | JPMorgan Chase | 10/29/2019 | (7) |
| CZK22,350 | USD1,000 | UBS AG | 10/29/2019 | (55) |
| USD1,612 | BRL6,500 | JPMorgan Chase | 11/14/2019 | 52 |
| MXN106,000 | USD5,287 | Goldman Sachs | 11/14/2019 | 43 |
| USD15,316 | MXN306,000 | Morgan Stanley | 11/14/2019 | (71) |
| USD2,261 | MXN45,100 | Citibank | 11/15/2019 | (7) |
| USD1,811 | INR130,000 | JPMorgan Chase | 3/13/2020 | 11 |
| INR129,680 | USD1,803 | HSBC Bank | 3/13/2020 | (8) |
| USD4,339 | EUR3,755 | Bank of America, N.A. | 3/26/2020 | 192 |
| $1,108 | ||||
Swap contracts
Interest rate swaps
| Receive | Pay | Expiration date | Notional (000) | Value at 9/30/2019 (000) | Upfront payments/ receipts (000) | Unrealized appreciation (depreciation) at 9/30/2019 (000) |
| 2.655% | 3-month USD-LIBOR | 12/30/2024 | $36,300 | $2,061 | $— | $2,061 |
| 6.95% | 28-day MXN-TIIE | 8/8/2029 | MXN182,100 | 102 | — | 102 |
| 3-month USD-LIBOR | 2.795% | 12/30/2029 | $19,300 | (2,216) | — | (2,216) |
| $— | $(53) |
American Funds Emerging Markets Bond Fund — Page 8 of 11
unaudited
| 1 | Index-linked bond whose principal amount moves with a government price index. |
| 2 | Coupon rate may change periodically. |
| 3 | Step bond; coupon rate may change at a later date. |
| 4 | Acquired in a transaction exempt from registration under Rule 144A 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 $94,870,000, which represented 11.12% of the net assets of the fund. |
| 5 | Scheduled interest and/or principal payment was not received. |
| 6 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $226,000, which represented .03% of the net assets of the fund. |
| 7 | Rate represents the seven-day yield at 9/30/2019. |
| 8 | Notional amount is calculated based on the number of contracts and notional contract size. |
| 9 | Value is calculated based on the notional amount and current market price. |
| 10 | Amount less than one thousand. |
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 of each share class of the fund is generally determined as of approximately 4:00 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 prices obtained from one or more 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; 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 |
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. 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.
American Funds Emerging Markets Bond Fund — Page 9 of 11
unaudited
The average month-end notional amount of futures contracts while held was $46,718,000. Forward currency contracts are valued at the mean of representative quoted bid and ask prices, generally based on prices supplied by one or more pricing vendors. The average month-end notional amount of open forward currency contracts while held was $105,707,000. Interest rate swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency. The average month-end notional amount of interest rate swaps while held was $57,431,000.
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 authority of the fund’s 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; 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 and 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 delegated authority to 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 “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any 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.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
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 September 30, 2019 (dollars in thousands):
| Investment securities | ||||
| Level 1 | Level 2 | Level 3 | Total | |
| Assets: | ||||
| Bonds, notes & other debt instruments: | ||||
| Bonds & notes of governments & government agencies outside the U.S. | $— | $715,595 | $— | $715,595 |
| Corporate bonds & notes | — | 80,910 | — | 80,910 |
| U.S. Treasury bonds & notes | — | 8,962 | — | 8,962 |
| Short-term securities | 8,493 | 16,716 | — | 25,209 |
| Total | $8,493 | $822,183 | $— | $830,676 |
American Funds Emerging Markets Bond Fund — Page 10 of 11
unaudited
| Other investments* | ||||
| Level 1 | Level 2 | Level 3 | Total | |
| Assets: | ||||
| Unrealized appreciation on futures contracts | $120 | $— | $— | $120 |
| Unrealized appreciation on open forward currency contracts | — | 1,449 | — | 1,449 |
| Unrealized appreciation on interest rate swaps | — | 2,163 | — | 2,163 |
| Liabilities: | ||||
| Unrealized depreciation on futures contracts | (419) | — | — | (419) |
| Unrealized depreciation on open forward currency contracts | — | (341) | — | (341) |
| Unrealized depreciation on interest rate swaps | — | (2,216) | — | (2,216) |
| Total | $(299) | $1,055 | $— | $756 |
| * | Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio. |
| Key to abbreviations and symbols | |
| ARS = Argentine pesos | MYR = Malaysian ringgits |
| BRL = Brazilian reais | NGN = Nigerian naira |
| CLP = Chilean pesos | PEN = Peruvian nuevos soles |
| CNH/CNY = Chinese yuan renminbi | PLN = Polish zloty |
| COP = Colombian pesos | RON = Romanian leu |
| CZK = Czech korunas | RUB = Russian rubles |
| DOP = Dominican pesos | THB = Thai baht |
| EGP = Egyptian pounds | TIIE = Equilibrium Interbank Interest Rate |
| EUR/€ = Euros | TRY = Turkish lira |
| GHS = Ghanaian cedi | UAH = Ukrainian hryvnia |
| IDR = Indonesian rupiah | USD/$ = U.S. dollars |
| INR = Indian rupees | UYU = Uruguayan pesos |
| LIBOR = London Interbank Offered Rate | ZAR = South African rand |
| MXN = Mexican pesos |
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.
© 2019 Capital Group. All rights reserved.
| MFGEFPX-114-1119O-S73068 | American Funds Emerging Markets Bond Fund — Page 11 of 11 |