# EDGAR Filing Document

**Accession Number:** 0001553195
**File Stem:** 0000051931-23-000104
**Filing Date:** 2023-1
**Character Count:** 180510
**Document Hash:** 678f1fe6d3bd307eb97e457031c3ca03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000051931-23-000104.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0000051931-23-000104

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN FUNDS CORPORATE BOND FUND
- **CENTRAL INDEX KEY:** 0001553195
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22744
- **FILM NUMBER:** 23571225

**BUSINESS ADDRESS:**
- **STREET 1:** 333 SOUTH HOPE STREET, 55TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-486-9200

**MAIL ADDRESS:**
- **STREET 1:** 333 SOUTH HOPE STREET, 55TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

## Series and Classes Contracts Data

### AMERICAN FUNDS CORPORATE BOND FUND (Series ID: S000039110)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000120242 | Class A       | BFCAX           |
| C000120243 | Class 529-F-1 | COBFX           |
| C000120244 | Class R-1     | RCBAX           |
| C000120245 | Class R-2     | RCBBX           |
| C000120246 | Class R-3     | RCBCX           |
| C000120247 | Class R-4     | RCBDX           |
| C000120248 | Class R-5     | RCBEX           |
| C000120249 | Class R-6     | RCBFX           |
| C000120251 | Class C       | BFCCX           |
| C000120252 | Class F-1     | BFCFX           |
| C000120253 | Class F-2     | BFCGX           |
| C000120254 | Class 529-A   | COBAX           |
| C000120256 | Class 529-C   | COBCX           |
| C000120257 | Class 529-E   | COBEX           |
| C000148464 | Class R-2E    | RCBGX           |
| C000164799 | Class R-5E    | RCBHX           |
| C000179949 | Class F-3     | CFBFX           |
| C000189420 | Class 529-T   | TABBX           |
| C000189421 | Class T       | TFBBX           |
| C000222346 | Class 529-F-2 | FFBBX           |
| C000222347 | Class 529-F-3 | FBCDX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-22744

**American Funds Corporate Bond Fund**

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (949) 975-5000

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

***Brian C. Janssen***

***American Funds Corporate Bond Fund***

*6455 Irvine Center Drive*

*Irvine, California 92618*

*(Name and Address of Agent for Service)*

ITEM 1 – Reports to Stockholders

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**American Funds<br> Corporate Bond Fund**<sup>®</sup><br>Semi-annual report<br> for the six months ended<br> November 30, 2022 | ![](x1_c105271x1x1.jpg) |

---

![](x1_c105271x1x2.jpg)

**A research-driven <br> fund of high-quality <br> corporate bonds**

American Funds Corporate Bond Fund seeks to provide maximum total return consistent with capital preservation and prudent risk management.

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation's largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

**Fund results shown in this report, unless otherwise indicated, are for Class F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge (maximum 3.75%) had been deducted from Class A shares, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.**

Here are total returns on a $1,000 investment for periods ended December 31, 2022 (the most recent calendar quarter-end):

---

| | | | |
|:---|:---|:---|:---|
|  | Cumulative<br> total return | Average annual total return | Average annual total return |
|  | 1 year | 5 years | Lifetime<br> (since 12/14/12) |
| Class F-2 shares | –15.77% | 0.82% | 2.35% |
| Class A shares *Reflecting 3.75% maximum sales charge* | –19.14 | –0.21 | 1.85 |

---

Class F-2 shares were first offered on July 29, 2016. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Please visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

For other share class results, visit capitalgroup.com and americanfundsretirement.com.

The total annual fund operating expense ratios are 0.43% for Class F-2 shares and 0.71% for Class A shares as of the prospectus dated August 1, 2022. The expense ratios are restated to reflect current fees. The net expense ratios are 0.42% for Class F-2 shares and 0.70% for Class A shares.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently reimbursing a portion of other expenses. This reimbursement will be in effect through at least August 1, 2023. After that time, the adviser may elect at its discretion to extend, modify or terminate the reimbursement. Investment results and the net expense ratio shown reflect fee waivers, and or expense reimbursements, without which the results would have been lower and the expenses would have been higher. Refer to the fund's most recent prospectus for details. Visit capitalgroup.com for more information.

*The fund's 30-day yield as of November 30, 2022, was 4.70% (4.68% without the reimbursement) for Class F-2 shares and 4.29% (4.27% without the reimbursement) for Class A shares, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The Class A share results reflect the 3.75% maximum sales charge.*

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Investing in bonds issued outside the U.S. may be subject to additional risks. They include currency fluctuations, political and social instability, differing securities regulations and accounting standards, higher transaction costs, possible changes in taxation, illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

**Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.**

Fellow investors:

Results for American Funds Corporate Bond Fund for the periods ended November 30, 2022, are shown in the table below, as well as results of the fund's primary benchmark and its Lipper peer groups.

For additional information about the fund, its investment results, holdings and portfolio managers, visit capitalgroup.com/individual/investments/fund/BFCAX. You can also access information about Capital Group's American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at **capitalgroup.com.**

Contents

---

| | |
|:---|:---|
| 1 | [Results at a glance](#x1_c105271a001) |
| 2 | [Investment portfolio](#x1_c105271a002) |
| 16 | [Financial statements](#x1_c105271a003) |
| 19 | [Notes to financial statements](#x1_c105271a004) |
| 31 | [Financial highlights](#x1_c105271a005) |

---

**Results at a glance**

For periods ended November 30, 2022, with all distributions reinvested

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Cumulative total returns | Cumulative total returns | Average annual total returns | Average annual total returns | Average annual total returns |
|  | 6 months | 1 year | 3 years | 5 years | Lifetime<br> (since Class A<br> inception on<br> 12/14/12)<sup>1</sup> |
| American Funds Corporate Bond Fund (Class F-2 shares) | –3.97% | –15.40% | –1.89% | 1.07% | 2.43% |
| American Funds Corporate Bond Fund (Class A shares) | –4.08 | –15.61 | –2.16 | 0.79 | 2.32 |
| Bloomberg U.S. Corporate Investment Grade Index<sup>2</sup> | –3.94 | –15.46 | –2.64 | 0.72 | 2.02 |
| Lipper Corporate Debt Funds BBB-Rated Average<sup>3</sup> | –4.36 | –15.21 | –2.58 | 0.47 | 1.71 |
| Lipper Corporate Debt Funds A-Rated Average<sup>3</sup> | –4.96 | –15.89 | –2.93 | 0.25 | 1.57 |

---

Past results are not predictive of results in future periods.

<sup>1</sup> Lifetime since Class A inception on December 14, 2012.

<sup>2</sup> Source: Bloomberg Index Services Ltd. The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

<sup>3</sup> Source: Refinitiv Lipper. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category.

Since the fund's inception through July 29, 2016, certain fees, such as 12b-1 fees, were not charged on Class A shares. If these expenses had been deducted, results would have been lower.

Class F-2 shares were first offered on July 29, 2016. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Please visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

American Funds Corporate Bond Fund 1

---

| | |
|:---|:---|
| Investment portfolio November 30, 2022 | **unaudited** |

---

---

| | |
|:---|:---|
| **Sector diversification** | Percent of net assets |

---

![](x1_c105271x4x1.jpg)

---

| | |
|:---|:---|
| **Portfolio quality summary\*** | Percent of<br> net assets |
| U.S. Treasury and agency<sup>†</sup> | 11.83% |
| AAA/Aaa | 1.24 |
| AA/Aa | 11.96 |
| A/A | 27.04 |
| BBB/Baa | 42.52 |
| Short-term securities & other assets less liabilities | 5.41 |

---

---

| | |
|:---|:---|
| \* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch as an indication of an issuer's creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor's, Moody's and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund's investment policies. |
| <sup>†</sup> | These securities are guaranteed by the full faith and credit of the U.S. government. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments 94.59%** | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans 81.00%** |  |  |  |
| **Financials 20.12%** |  |  |  |
| ACE INA Holdings, Inc. 3.35% 5/3/2026 | USD | 675 | $653 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 |  | 6913 | 6082 |
| AerCap Ireland Capital DAC 3.00% 10/29/2028 |  | 6856 | 5798 |
| AerCap Ireland Capital DAC 3.30% 1/30/2032 |  | 8889 | 7090 |
| AerCap Ireland Capital DAC 3.40% 10/29/2033 |  | 1239 | 962 |
| Allstate Corp. 0.75% 12/15/2025 |  | 440 | 389 |
| Allstate Corp. 1.45% 12/15/2030 |  | 1000 | 769 |
| Allstate Corp. 3.85% 8/10/2049 |  | 500 | 392 |
| American Express Co. 1.65% 11/4/2026 |  | 1050 | 934 |
| American Express Co. 5.85% 11/5/2027 |  | 1050 | 1091 |
| American Express Co. 4.05% 5/3/2029 |  | 1400 | 1337 |
| American International Group, Inc. 2.50% 6/30/2025 |  | 1000 | 945 |
| American International Group, Inc. 3.90% 4/1/2026 |  | 150 | 146 |
| American International Group, Inc. 4.80% 7/10/2045 |  | 100 | 90 |
| American International Group, Inc. 4.375% 6/30/2050 |  | 1000 | 867 |
| Aon Corp. 2.60% 12/2/2031 |  | 1000 | 820 |
| Aon Corp. 5.00% 9/12/2032 |  | 1500 | 1488 |
| Aon Corp. 3.90% 2/28/2052 |  | 500 | 390 |
| Australia & New Zealand Banking Group, Ltd. 5.088% 12/8/2025 |  | 1664 | 1679 |
| Australia & New Zealand Banking Group, Ltd. 6.742% 12/8/2032<sup>1</sup> |  | 5704 | 5778 |
| Banco Santander, SA 5.147% 8/18/2025 |  | 2000 | 1989 |
| Banco Santander, SA 5.294% 8/18/2027 |  | 1400 | 1360 |
| Bank of America Corp. 1.898% 7/23/2031 (USD-SOFR + 1.53% on 7/23/2030)<sup>2</sup> |  | 11819 | 9228 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)<sup>2</sup> |  | 1751 | 1358 |
| Bank of America Corp. 2.651% 3/11/2032 (USD-SOFR + 1.22% on 3/11/2031)<sup>2</sup> |  | 5555 | 4513 |
| Bank of America Corp. 2.687% 4/22/2032 (USD-SOFR + 1.32% on 4/22/2031)<sup>2</sup> |  | 8081 | 6556 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)<sup>2</sup> |  | 4046 | 3173 |
| Bank of America Corp. 2.572% 10/20/2032 (USD-SOFR + 1.21% on 10/20/2031)<sup>2</sup> |  | 112 | 89 |
| Bank of America Corp. 4.571% 4/27/2033 (USD-SOFR + 1.83% on 4/27/2032)<sup>2</sup> |  | 1150 | 1073 |

---

2 American Funds Corporate Bond Fund

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| | | |
|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| **Financials (continued)** |  |  |
| Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)<sup>2</sup> | 3930 | $3797 |
| Bank of America Corp. 2.676% 6/19/2041 (USD-SOFR + 1.93% on 6/19/2040)<sup>2</sup> | 2500 | 1747 |
| Bank of America Corp. 2.972% 7/21/2052 (USD-SOFR + 1.56% on 7/21/2051)<sup>2</sup> | 1290 | 850 |
| 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)<sup>1,2</sup> | 500 | 490 |
| 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)<sup>1,2</sup> | 800 | 665 |
| Berkshire Hathaway Finance Corp. 4.20% 8/15/2048 | 313 | 282 |
| Berkshire Hathaway Finance Corp. 4.25% 1/15/2049 | 300 | 269 |
| Berkshire Hathaway, Inc. 2.30% 3/15/2027 | 358 | 334 |
| Berkshire Hathaway, Inc. 2.875% 3/15/2032 | 606 | 535 |
| Berkshire Hathaway, Inc. 4.50% 2/11/2043 | 125 | 119 |
| Berkshire Hathaway, Inc. 3.85% 3/15/2052 | 301 | 246 |
| Blackstone Holdings Finance Co., LLC 5.90% 11/3/2027<sup>1</sup> | 1405 | 1429 |
| Blackstone Holdings Finance Co., LLC 6.20% 4/22/2033<sup>1</sup> | 390 | 404 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)<sup>1,2</sup> | 325 | 264 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)<sup>1,2</sup> | 2054 | 1624 |
| Canadian Imperial Bank of Commerce (CIBC) 3.60% 4/7/2032 | 2948 | 2628 |
| Charles Schwab Corp. 1.65% 3/11/2031 | 375 | 295 |
| China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031 | 203 | 138 |
| Chubb INA Holdings, Inc. 1.375% 9/15/2030 | 1000 | 789 |
| Chubb INA Holdings, Inc. 2.85% 12/15/2051 | 607 | 410 |
| Chubb INA Holdings, Inc. 3.05% 12/15/2061 | 673 | 449 |
| Citigroup, Inc. 2.572% 6/3/2031 (USD-SOFR + 2.107% on 6/3/2030)<sup>2</sup> | 4000 | 3283 |
| Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032)<sup>2</sup> | 3885 | 3395 |
| Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)<sup>2</sup> | 1813 | 1728 |
| Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)<sup>2</sup> | 2765 | 2917 |
| Commonwealth Bank of Australia 3.784% 3/14/2032<sup>1</sup> | 1135 | 934 |
| Commonwealth Bank of Australia 3.61% 9/12/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.05% on 9/12/2029)<sup>2</sup> | 1000 | 823 |
| Corebridge Financial, Inc. 3.65% 4/5/2027<sup>1</sup> | 806 | 755 |
| Corebridge Financial, Inc. 3.85% 4/5/2029<sup>1</sup> | 757 | 690 |
| Corebridge Financial, Inc. 3.90% 4/5/2032<sup>1</sup> | 4893 | 4319 |
| Corebridge Financial, Inc. 4.35% 4/5/2042<sup>1</sup> | 533 | 438 |
| Corebridge Financial, Inc. 4.40% 4/5/2052<sup>1</sup> | 341 | 275 |
| Credit Suisse Group AG 3.80% 6/9/2023 | 425 | 407 |
| Credit Suisse Group AG 2.997% 12/14/2023 (3-month USD-LIBOR + 1.20% on 12/14/2022)<sup>1,2</sup> | 650 | 643 |
| Credit Suisse Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)<sup>1,2</sup> | 1562 | 1235 |
| Credit Suisse Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)<sup>1,2</sup> | 7143 | 5422 |
| Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)<sup>1,2</sup> | 2925 | 1995 |
| Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)<sup>1,2</sup> | 1700 | 1727 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)<sup>1,2</sup> | 3050 | 2793 |
| Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)<sup>2</sup> | 3754 | 3287 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)<sup>2</sup> | 1050 | 882 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)<sup>2</sup> | 1575 | 1253 |
| Deutsche Bank AG 3.035% 5/28/2032 (USD-SOFR + 1.718% on 5/28/2031)<sup>2</sup> | 402 | 303 |
| Discover Financial Services 3.45% 7/27/2026 | 1142 | 1053 |
| Discover Financial Services 6.70% 11/29/2032 | 175 | 178 |
| DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)<sup>1,2</sup> | 1950 | 1702 |
| Five Corners Funding Trust II 2.85% 5/15/2030<sup>1</sup> | 1000 | 850 |
| GE Capital Funding, LLC 4.55% 5/15/2032 | 2210 | 2152 |
| Goldman Sachs Group, Inc. (3-month USD-LIBOR + 1.17%) 5.776% 5/15/2026<sup>3</sup> | 500 | 494 |
| Goldman Sachs Group, Inc. 1.093% 12/9/2026 (USD-SOFR + 0.789% on 12/9/2025)<sup>2</sup> | 3796 | 3346 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)<sup>2</sup> | 1239 | 1085 |
| Goldman Sachs Group, Inc. 2.383% 7/21/2032 (USD-SOFR + 1.248% on 7/21/2031)<sup>2</sup> | 818 | 647 |
| Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)<sup>2</sup> | 2145 | 1783 |
| Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041)<sup>2</sup> | 2000 | 1418 |
| Goldman Sachs Group, Inc. 3.436% 2/24/2043 (USD-SOFR + 1.632% on 2/24/2042)<sup>2</sup> | 3723 | 2828 |
| Groupe BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)<sup>1,2</sup> | 9275 | 8167 |
| Groupe BPCE SA 2.045% 10/19/2027 (USD-SOFR + 1.087% on 10/19/2026)<sup>1,2</sup> | 1500 | 1287 |
| Groupe BPCE SA 2.277% 1/20/2032 (USD-SOFR + 1.312% on 1/20/2031)<sup>1,2</sup> | 3699 | 2763 |
| Groupe BPCE SA 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)<sup>1,2</sup> | 2310 | 2227 |
| HSBC Holdings PLC 2.251% 11/22/2027 (USD-SOFR + 1.10% on 11/22/2026)<sup>2</sup> | 5050 | 4356 |
| HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027)<sup>2</sup> | 2630 | 2496 |

---

American Funds Corporate Bond Fund 3

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| | | |
|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| **Financials (continued)** |  |  |
| HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028)<sup>2</sup> | 3050 | $2467 |
| HSBC Holdings PLC 2.357% 8/18/2031 (USD-SOFR + 1.947% on 8/18/2030)<sup>2</sup> | 2000 | 1529 |
| HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)<sup>2</sup> | 553 | 430 |
| HSBC Holdings PLC 5.402% 8/11/2033 (USD-SOFR + 2.87% on 8/11/2032)<sup>2</sup> | 1454 | 1363 |
| Intercontinental Exchange, Inc. 4.35% 6/15/2029 | 1725 | 1697 |
| Intercontinental Exchange, Inc. 4.60% 3/15/2033 | 1552 | 1509 |
| Intercontinental Exchange, Inc. 2.65% 9/15/2040 | 375 | 269 |
| Intercontinental Exchange, Inc. 3.00% 6/15/2050 | 675 | 471 |
| Intercontinental Exchange, Inc. 4.95% 6/15/2052 | 913 | 878 |
| Intercontinental Exchange, Inc. 3.00% 9/15/2060 | 1610 | 1059 |
| Intesa Sanpaolo SpA 3.875% 1/12/2028<sup>1</sup> | 657 | 577 |
| Intesa Sanpaolo SpA 4.00% 9/23/2029<sup>1</sup> | 400 | 347 |
| Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032)<sup>1,2</sup> | 375 | 385 |
| JPMorgan Chase & Co. 2.301% 10/15/2025 (USD-SOFR + 1.16% on 10/15/2024)<sup>2</sup> | 2265 | 2139 |
| JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)<sup>2</sup> | 8538 | 7889 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026)<sup>2</sup> | 1682 | 1467 |
| JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)<sup>2</sup> | 2604 | 2300 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)<sup>2</sup> | 1740 | 1705 |
| JPMorgan Chase & Co. 2.58% 4/22/2032 (USD-SOFR + 1.25% on 4/22/2031)<sup>2</sup> | 741 | 601 |
| JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031)<sup>2</sup> | 3760 | 3012 |
| JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)<sup>2</sup> | 1357 | 1120 |
| JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)<sup>2</sup> | 3073 | 2889 |
| JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>2</sup> | 4465 | 4309 |
| JPMorgan Chase & Co. 3.109% 4/22/2051 (USD-SOFR + 3.109% on 4/22/2050)<sup>2</sup> | 1277 | 887 |
| JPMorgan Chase & Co. 3.328% 4/22/2052 (USD-SOFR + 1.58% on 4/22/2051)<sup>2</sup> | 1850 | 1341 |
| Lloyds Banking Group PLC 3.75% 1/11/2027 | 213 | 198 |
| Lloyds Banking Group PLC 4.375% 3/22/2028 | 590 | 555 |
| Marsh & McLennan Companies, Inc. 4.375% 3/15/2029 | 230 | 224 |
| Marsh & McLennan Companies, Inc. 2.375% 12/15/2031 | 548 | 445 |
| Marsh & McLennan Companies, Inc. 4.90% 3/15/2049 | 395 | 370 |
| Marsh & McLennan Companies, Inc. 2.90% 12/15/2051 | 1010 | 658 |
| MetLife, Inc. 4.55% 3/23/2030 | 1950 | 1947 |
| MetLife, Inc. 4.60% 5/13/2046 | 100 | 92 |
| MetLife, Inc. 5.00% 7/15/2052 | 230 | 223 |
| Metropolitan Life Global Funding I 3.60% 1/11/2024<sup>1</sup> | 400 | 394 |
| Metropolitan Life Global Funding I 0.95% 7/2/2025<sup>1</sup> | 1203 | 1088 |
| Metropolitan Life Global Funding I 3.45% 12/18/2026<sup>1</sup> | 150 | 141 |
| Metropolitan Life Global Funding I 4.40% 6/30/2027<sup>1</sup> | 1000 | 978 |
| Metropolitan Life Global Funding I 3.00% 9/19/2027<sup>1</sup> | 700 | 641 |
| Metropolitan Life Global Funding I 3.05% 6/17/2029<sup>1</sup> | 250 | 224 |
| Metropolitan Life Global Funding I 4.30% 8/25/2029<sup>1</sup> | 1000 | 960 |
| Metropolitan Life Global Funding I 2.95% 4/9/2030<sup>1</sup> | 476 | 417 |
| Metropolitan Life Global Funding I 1.55% 1/7/2031<sup>1</sup> | 1000 | 772 |
| Metropolitan Life Global Funding I 2.40% 1/11/2032<sup>1</sup> | 250 | 203 |
| 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)<sup>2</sup> | 2935 | 2858 |
| Morgan Stanley 0.529% 1/25/2024 (USD-SOFR + 0.455% on 1/25/2023)<sup>2</sup> | 5000 | 4952 |
| Morgan Stanley 2.188% 4/28/2026 (USD-SOFR + 1.99% on 4/28/2025)<sup>2</sup> | 3000 | 2792 |
| Morgan Stanley 0.985% 12/10/2026 (USD-SOFR + 0.72% on 12/10/2025)<sup>2</sup> | 4304 | 3777 |
| Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)<sup>2</sup> | 2843 | 2506 |
| Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026)<sup>2</sup> | 2300 | 2003 |
| Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)<sup>2</sup> | 3833 | 3654 |
| Morgan Stanley 6.296% 10/18/2028 (USD-SOFR + 2.44% on 10/18/2027)<sup>2</sup> | 945 | 979 |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031)<sup>2</sup> | 3000 | 2286 |
| Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)<sup>2</sup> | 5897 | 4603 |
| Morgan Stanley 2.511% 10/20/2032 (USD-SOFR + 1.20% on 10/20/2031)<sup>2</sup> | 2715 | 2161 |
| Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)<sup>2</sup> | 525 | 501 |
| Morgan Stanley 5.297% 4/20/2037 (USD-SOFR + 2.62% on 4/20/2032)<sup>2</sup> | 2074 | 1933 |
| Morgan Stanley 3.217% 4/22/2042 (USD-SOFR + 1.485% on 4/22/2041)<sup>2</sup> | 667 | 503 |
| 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)<sup>1,2</sup> | 1400 | 1380 |
| National Australia Bank, Ltd. 2.332% 8/21/2030<sup>1</sup> | 1100 | 837 |
| Nationwide Building Society 3.96% 7/18/2030 (3-month USD-LIBOR + 1.855% on 7/18/2029)<sup>1,2</sup> | 400 | 348 |
| New York Life Global Funding 0.95% 6/24/2025<sup>1</sup> | 631 | 572 |
| New York Life Global Funding 3.00% 1/10/2028<sup>1</sup> | 100 | 93 |

---

4 American Funds Corporate Bond Fund

---

| | | |
|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| **Financials (continued)** |  |  |
| New York Life Global Funding 1.20% 8/7/2030<sup>1</sup> | 3000 | $2320 |
| New York Life Global Funding 1.85% 8/1/2031<sup>1</sup> | 250 | 199 |
| Nordea Bank AB 3.60% 6/6/2025<sup>1</sup> | 980 | 950 |
| Northern Trust Corp. 6.125% 11/2/2032 | 2713 | 2862 |
| PNC Financial Services Group, Inc. 6.037% 10/28/2033 (USD-SOFR + 2.14% on 10/28/2032)<sup>2</sup> | 6898 | 7252 |
| PRICOA Global Funding I 3.45% 9/1/2023<sup>1</sup> | 175 | 173 |
| Prudential Financial, Inc. 3.905% 12/7/2047 | 350 | 281 |
| Prudential Financial, Inc. 3.70% 3/13/2051 | 1255 | 973 |
| Royal Bank of Canada 6.00% 11/1/2027 | 1892 | 1970 |
| 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)<sup>2</sup> | 340 | 301 |
| Royal Bank of Scotland PLC 4.445% 5/8/2030 (3-month USD-LIBOR + 1.871% on 5/5/2029)<sup>2</sup> | 370 | 334 |
| State Street Corp. 5.82% 11/4/2028 (USD-SOFR + 1.715% on 11/4/2027)<sup>2</sup> | 1361 | 1408 |
| 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)<sup>2</sup> | 2279 | 1492 |
| Travelers Companies, Inc. 4.00% 5/30/2047 | 105 | 86 |
| Travelers Companies, Inc. 4.05% 3/7/2048 | 100 | 83 |
| Travelers Companies, Inc. 4.10% 3/4/2049 | 380 | 315 |
| Travelers Companies, Inc. 2.55% 4/27/2050 | 603 | 376 |
| UBS Group AG 1.364% 1/30/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.08% on 1/30/2026)<sup>1,2</sup> | 2600 | 2261 |
| Wells Fargo & Company 2.406% 10/30/2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)<sup>2</sup> | 15000 | 14143 |
| Wells Fargo & Company 3.196% 6/17/2027 (3-month USD-LIBOR + 1.17% on 6/17/2026)<sup>2</sup> | 1351 | 1258 |
| Wells Fargo & Company 2.572% 2/11/2031 (3-month USD-LIBOR + 1.00% on 2/11/2030)<sup>2</sup> | 1380 | 1156 |
| Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)<sup>2</sup> | 12685 | 10861 |
| Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)<sup>2</sup> | 1570 | 1514 |
| Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)<sup>2</sup> | 8331 | 7415 |
| Westpac Banking Corp. 4.11% 7/24/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.00% on 7/24/2029)<sup>2</sup> | 2128 | 1818 |
| Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)<sup>2</sup> | 1225 | 903 |
| Willis North America, Inc. 4.65% 6/15/2027 | 500 | 486 |
|  |  | **318237** |
| **Utilities 12.93%** |  |  |
| AEP Transmission Co., LLC 3.65% 4/1/2050 | 25 | 19 |
| AEP Transmission Co., LLC 2.75% 8/15/2051 | 536 | 344 |
| Alabama Power Co. 3.94% 9/1/2032 | 176 | 164 |
| American Electric Power Company, Inc. 1.00% 11/1/2025 | 1100 | 987 |
| American Transmission Systems, Inc. 2.65% 1/15/2032<sup>1</sup> | 685 | 560 |
| CenterPoint Energy, Inc. 2.65% 6/1/2031 | 5389 | 4458 |
| Cleveland Electric Illuminating Co. 4.55% 11/15/2030<sup>1</sup> | 2500 | 2371 |
| Consumers Energy Co. 3.60% 8/15/2032 | 345 | 319 |
| Consumers Energy Co. 3.25% 8/15/2046 | 1000 | 730 |
| Consumers Energy Co. 3.10% 8/15/2050 | 2592 | 1834 |
| Consumers Energy Co. 2.65% 8/15/2052 | 1416 | 910 |
| Dominion Resources, Inc., junior subordinated, 3.071% 8/15/2024<sup>2</sup> | 1000 | 967 |
| DTE Electric Co. 2.625% 3/1/2031 | 706 | 604 |
| DTE Energy Company 1.90% 4/1/2028 | 1910 | 1660 |
| DTE Energy Company 3.00% 3/1/2032 | 1000 | 870 |
| Duke Energy Carolinas, LLC 3.20% 8/15/2049 | 37 | 27 |
| Duke Energy Corp. 4.50% 8/15/2032 | 2600 | 2469 |
| Duke Energy Corp. 3.50% 6/15/2051 | 1000 | 714 |
| Duke Energy Corp. 5.00% 8/15/2052 | 1227 | 1118 |
| Duke Energy Florida, LLC 5.95% 11/15/2052 | 475 | 524 |
| Duke Energy Progress, LLC 2.50% 8/15/2050 | 1044 | 644 |
| Edison International 5.75% 6/15/2027 | 468 | 473 |
| Edison International 4.125% 3/15/2028 | 12224 | 11304 |
| Edison International 6.95% 11/15/2029 | 3025 | 3172 |

---

American Funds Corporate Bond Fund 5

---

| | | |
|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| **Utilities (continued)** |  |  |
| Emera US Finance, LP 2.639% 6/15/2031 | 7975 | $6303 |
| Entergy Corp. 1.60% 12/15/2030 | 475 | 369 |
| Entergy Corp. 2.40% 6/15/2031 | 2250 | 1794 |
| Entergy Louisiana, LLC 4.75% 9/15/2052 | 963 | 872 |
| Entergy Texas, Inc. 1.75% 3/15/2031 | 1500 | 1174 |
| FirstEnergy Corp. 2.05% 3/1/2025 | 275 | 254 |
| FirstEnergy Corp. 1.60% 1/15/2026 | 4125 | 3654 |
| FirstEnergy Corp. 3.50% 4/1/2028<sup>1</sup> | 1000 | 917 |
| FirstEnergy Corp. 4.10% 5/15/2028<sup>1</sup> | 3000 | 2833 |
| FirstEnergy Corp. 2.65% 3/1/2030 | 11742 | 9729 |
| FirstEnergy Corp. 2.25% 9/1/2030 | 8830 | 7034 |
| FirstEnergy Corp., Series B, 4.40% 7/15/2027 (4.15% on 1/15/2023)<sup>2</sup> | 5786 | 5463 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028<sup>1</sup> | 15625 | 13654 |
| Florida Power & Light Company 2.45% 2/3/2032 | 959 | 806 |
| ITC Holdings Corp. 3.35% 11/15/2027 | 1855 | 1711 |
| Jersey Central Power & Light Co. 4.30% 1/15/2026<sup>1</sup> | 1085 | 1050 |
| Jersey Central Power & Light Co. 2.75% 3/1/2032<sup>1</sup> | 250 | 204 |
| Metropolitan Edison Co. 4.30% 1/15/2029<sup>1</sup> | 200 | 189 |
| Mississippi Power Co. 4.25% 3/15/2042 | 600 | 498 |
| Northern States Power Co. 2.60% 6/1/2051 | 1046 | 679 |
| Northern States Power Co. 4.50% 6/1/2052 | 600 | 554 |
| Oncor Electric Delivery Company, LLC 2.75% 5/15/2030 | 285 | 249 |
| Oncor Electric Delivery Company, LLC 4.55% 9/15/2032<sup>1</sup> | 2325 | 2294 |
| Pacific Gas and Electric Co. 3.50% 6/15/2025 | 2697 | 2550 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026 | 2215 | 2053 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026 | 796 | 729 |
| Pacific Gas and Electric Co. 3.30% 3/15/2027 | 3992 | 3531 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 | 9295 | 7915 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027 | 4226 | 3724 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028 | 9648 | 8317 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028 | 5183 | 4574 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 | 1442 | 1314 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030 | 6964 | 6361 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 | 23398 | 18374 |
| Pacific Gas and Electric Co. 3.25% 6/1/2031 | 4036 | 3325 |
| Pacific Gas and Electric Co. 3.75% 8/15/2042 | 500 | 343 |
| Progress Energy, Inc. 7.00% 10/30/2031 | 2480 | 2722 |
| Public Service Company of Colorado 1.90% 1/15/2031 | 160 | 130 |
| Public Service Electric and Gas Co. 3.10% 3/15/2032 | 400 | 354 |
| Public Service Electric and Gas Co. 2.05% 8/1/2050 | 190 | 108 |
| Southern California Edison Co. 3.65% 3/1/2028 | 1283 | 1200 |
| Southern California Edison Co. 4.20% 3/1/2029 | 1704 | 1622 |
| Southern California Edison Co. 2.85% 8/1/2029 | 4142 | 3628 |
| Southern California Edison Co. 2.25% 6/1/2030 | 3968 | 3307 |
| Southern California Edison Co. 2.50% 6/1/2031 | 5000 | 4127 |
| Southern California Edison Co. 2.75% 2/1/2032 | 863 | 724 |
| Southern California Edison Co. 5.95% 11/1/2032 | 600 | 636 |
| Southern California Edison Co. 2.95% 2/1/2051 | 5037 | 3322 |
| Southern California Edison Co. 3.65% 6/1/2051 | 85 | 64 |
| Southern California Edison Co., Series C, 3.60% 2/1/2045 | 1230 | 898 |
| Southwestern Electric Power Co. 3.25% 11/1/2051 | 2223 | 1498 |
| Union Electric Co. 2.15% 3/15/2032 | 1350 | 1076 |
| Virginia Electric and Power Co. 2.875% 7/15/2029 | 2300 | 2047 |
| Virginia Electric and Power Co. 2.30% 11/15/2031 | 2797 | 2287 |
| Virginia Electric and Power Co. 2.40% 3/30/2032 | 550 | 450 |
| Virginia Electric and Power Co. 2.45% 12/15/2050 | 650 | 395 |
| WEC Energy Group, Inc. 5.15% 10/1/2027 | 3475 | 3526 |
| Wisconsin Power and Light Co. 1.95% 9/16/2031 | 775 | 620 |
| Wisconsin Power and Light Co. 3.95% 9/1/2032 | 1100 | 1018 |
| Xcel Energy, Inc. 2.35% 11/15/2031 | 6040 | 4867 |
| Xcel Energy, Inc. 3.50% 12/1/2049 | 1632 | 1210 |
|  |  | **204472** |

---

6 American Funds Corporate Bond Fund

---

| | | |
|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| **Communication services 8.73%** |  |  |
| Alphabet, Inc. 1.10% 8/15/2030 | 1260 | $1004 |
| AT&T, Inc. 2.30% 6/1/2027 | 6400 | 5765 |
| AT&T, Inc. 1.65% 2/1/2028 | 4392 | 3774 |
| AT&T, Inc. 4.35% 3/1/2029 | 2500 | 2401 |
| AT&T, Inc. 2.75% 6/1/2031 | 11579 | 9748 |
| AT&T, Inc. 2.25% 2/1/2032 | 4305 | 3415 |
| AT&T, Inc. 2.55% 12/1/2033 | 8831 | 6946 |
| AT&T, Inc. 3.50% 9/15/2053 | 5725 | 4051 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 2/1/2024 | 1500 | 1483 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 5.05% 3/30/2029 | 1000 | 952 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 4/1/2031 | 9239 | 7320 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 4.40% 4/1/2033 | 2805 | 2461 |
| CCO Holdings, LLC and CCO Holdings Capital Corp. 5.25% 4/1/2053 | 1975 | 1590 |
| Charter Communications Operating, LLC 2.30% 2/1/2032 | 1800 | 1351 |
| Charter Communications Operating, LLC 5.125% 7/1/2049 | 612 | 486 |
| Charter Communications Operating, LLC 4.80% 3/1/2050 | 420 | 316 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 | 6790 | 4346 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 | 980 | 652 |
| Comcast Corp. 1.95% 1/15/2031 | 2044 | 1669 |
| Comcast Corp. 1.50% 2/15/2031 | 1800 | 1423 |
| Comcast Corp. 2.80% 1/15/2051 | 3100 | 2030 |
| Comcast Corp. 2.887% 11/1/2051 | 2000 | 1337 |
| Netflix, Inc. 4.875% 4/15/2028 | 6991 | 6800 |
| Netflix, Inc. 5.875% 11/15/2028 | 11396 | 11541 |
| Netflix, Inc. 6.375% 5/15/2029 | 50 | 52 |
| Netflix, Inc. 5.375% 11/15/2029<sup>1</sup> | 5574 | 5479 |
| Netflix, Inc. 4.875% 6/15/2030<sup>1</sup> | 5606 | 5303 |
| T-Mobile US, Inc. 1.50% 2/15/2026 | 1200 | 1076 |
| T-Mobile US, Inc. 2.625% 4/15/2026 | 125 | 115 |
| T-Mobile US, Inc. 3.75% 4/15/2027 | 1200 | 1137 |
| T-Mobile US, Inc. 2.05% 2/15/2028 | 3510 | 3033 |
| T-Mobile US, Inc. 2.55% 2/15/2031 | 3779 | 3137 |
| T-Mobile US, Inc. 2.25% 11/15/2031 | 3956 | 3153 |
| T-Mobile US, Inc. 2.70% 3/15/2032 | 517 | 425 |
| T-Mobile US, Inc. 3.00% 2/15/2041 | 823 | 600 |
| T-Mobile US, Inc. 3.30% 2/15/2051 | 2556 | 1778 |
| T-Mobile US, Inc. 3.40% 10/15/2052 | 5864 | 4105 |
| Verizon Communications, Inc. 3.875% 2/8/2029 | 125 | 118 |
| Verizon Communications, Inc. 1.68% 10/30/2030 | 900 | 707 |
| Verizon Communications, Inc. 1.75% 1/20/2031 | 2848 | 2234 |
| Verizon Communications, Inc. 2.55% 3/21/2031 | 925 | 772 |
| Verizon Communications, Inc. 2.355% 3/15/2032 | 1710 | 1374 |
| Verizon Communications, Inc. 2.65% 11/20/2040 | 11835 | 8206 |
| Verizon Communications, Inc. 3.40% 3/22/2041 | 1297 | 997 |
| Verizon Communications, Inc. 2.85% 9/3/2041 | 18 | 13 |
| Verizon Communications, Inc. 3.85% 11/1/2042 | 206 | 167 |
| Verizon Communications, Inc. 2.875% 11/20/2050 | 1229 | 793 |
| Verizon Communications, Inc. 3.55% 3/22/2051 | 900 | 667 |
| Vodafone Group PLC 4.25% 9/17/2050 | 1500 | 1187 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>1</sup> | 1560 | 1251 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052<sup>1</sup> | 8024 | 6227 |
| WarnerMedia Holdings, Inc. 5.391% 3/15/2062<sup>1</sup> | 1401 | 1086 |
|  |  | **138053** |
| **Industrials 7.44%** |  |  |
| Boeing Company 4.875% 5/1/2025 | 783 | 776 |
| Boeing Company 2.75% 2/1/2026 | 15838 | 14667 |
| Boeing Company 2.196% 2/4/2026 | 2000 | 1819 |
| Boeing Company 2.70% 2/1/2027 | 505 | 457 |
| Boeing Company 5.04% 5/1/2027 | 336 | 333 |
| Boeing Company 3.25% 2/1/2028 | 13627 | 12418 |
| Boeing Company 5.15% 5/1/2030 | 7976 | 7792 |
| Boeing Company 3.625% 2/1/2031 | 1140 | 1006 |
| Boeing Company 5.705% 5/1/2040 | 1551 | 1480 |
| Boeing Company 3.75% 2/1/2050 | 209 | 147 |
| Boeing Company 5.805% 5/1/2050 | 3198 | 3022 |
| Burlington Northern Santa Fe, LLC 3.00% 3/15/2023 | 1000 | 995 |

---

American Funds Corporate Bond Fund 7

---

| | | |
|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| **Industrials (continued)** |  |  |
| Burlington Northern Santa Fe, LLC 3.05% 2/15/2051 | 2000 | $1433 |
| Burlington Northern Santa Fe, LLC 3.30% 9/15/2051 | 1062 | 797 |
| Canadian Pacific Railway, Ltd. 1.75% 12/2/2026 | 2456 | 2196 |
| Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 | 4415 | 3684 |
| Canadian Pacific Railway, Ltd. 3.00% 12/2/2041 | 5050 | 3809 |
| Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 | 5351 | 3772 |
| Carrier Global Corp. 2.242% 2/15/2025 | 382 | 361 |
| Carrier Global Corp. 2.493% 2/15/2027 | 50 | 45 |
| Carrier Global Corp. 2.722% 2/15/2030 | 488 | 417 |
| Carrier Global Corp. 3.377% 4/5/2040 | 119 | 93 |
| Carrier Global Corp. 3.577% 4/5/2050 | 103 | 76 |
| CSX Corp. 3.80% 3/1/2028 | 1559 | 1499 |
| CSX Corp. 4.25% 3/15/2029 | 1000 | 967 |
| CSX Corp. 4.10% 11/15/2032 | 1550 | 1474 |
| CSX Corp. 3.35% 9/15/2049 | 1015 | 751 |
| CSX Corp. 2.50% 5/15/2051 | 2079 | 1302 |
| CSX Corp. 4.50% 11/15/2052 | 350 | 314 |
| Eaton Corp. 4.15% 3/15/2033 | 1366 | 1291 |
| Eaton Corp. 4.70% 8/23/2052 | 675 | 629 |
| General Dynamics Corp. 1.15% 6/1/2026 | 1140 | 1017 |
| General Dynamics Corp. 3.625% 4/1/2030 | 1690 | 1599 |
| General Dynamics Corp. 2.25% 6/1/2031 | 203 | 173 |
| General Electric Capital Corp. 4.418% 11/15/2035 | 6832 | 6461 |
| General Electric Capital Corp., Series A, 6.75% 3/15/2032 | 1850 | 2103 |
| 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 | 510 |
| Honeywell International, Inc. 2.70% 8/15/2029 | 1522 | 1365 |
| Honeywell International, Inc. 1.95% 6/1/2030 | 2000 | 1674 |
| Honeywell International, Inc. 5.00% 2/15/2033 | 1000 | 1030 |
| L3Harris Technologies, Inc. 1.80% 1/15/2031 | 925 | 720 |
| Lockheed Martin Corp. 5.10% 11/15/2027 | 856 | 881 |
| Lockheed Martin Corp. 5.25% 1/15/2033 | 2993 | 3116 |
| Lockheed Martin Corp. 5.70% 11/15/2054 | 1061 | 1152 |
| Lockheed Martin Corp. 5.90% 11/15/2063 | 886 | 982 |
| Masco Corp. 1.50% 2/15/2028 | 1273 | 1059 |
| Masco Corp. 2.00% 2/15/2031 | 1086 | 843 |
| Masco Corp. 3.125% 2/15/2051 | 207 | 130 |
| Norfolk Southern Corp. 3.05% 5/15/2050 | 1356 | 935 |
| Northrop Grumman Corp. 3.25% 1/15/2028 | 1210 | 1123 |
| Raytheon Technologies Corp. 1.90% 9/1/2031 | 1274 | 1015 |
| Raytheon Technologies Corp. 2.375% 3/15/2032 | 1500 | 1232 |
| Raytheon Technologies Corp. 2.82% 9/1/2051 | 750 | 516 |
| Raytheon Technologies Corp. 3.03% 3/15/2052 | 3000 | 2109 |
| Republic Services, Inc. 2.375% 3/15/2033 | 1730 | 1402 |
| Union Pacific Corp. 3.75% 7/15/2025 | 2255 | 2218 |
| Union Pacific Corp. 2.80% 2/14/2032 | 1512 | 1318 |
| Union Pacific Corp. 2.891% 4/6/2036 | 1332 | 1078 |
| Union Pacific Corp. 3.375% 2/14/2042 | 530 | 430 |
| Union Pacific Corp. 4.30% 3/1/2049 | 510 | 446 |
| Union Pacific Corp. 3.25% 2/5/2050 | 1851 | 1386 |
| Union Pacific Corp. 2.95% 3/10/2052 | 2503 | 1754 |
| Union Pacific Corp. 3.50% 2/14/2053 | 1910 | 1493 |
| Union Pacific Corp. 3.95% 8/15/2059 | 805 | 647 |
| United Technologies Corp. 3.65% 8/16/2023 | 23 | 23 |
| United Technologies Corp. 4.125% 11/16/2028 | 1475 | 1431 |
| Waste Management, Inc. 4.15% 4/15/2032 | 2340 | 2257 |
|  |  | **117642** |
| **Health care 7.05%** |  |  |
| AbbVie, Inc. 3.20% 11/21/2029 | 4870 | 4451 |
| AbbVie, Inc. 4.05% 11/21/2039 | 1500 | 1312 |
| AbbVie, Inc. 4.25% 11/21/2049 | 25 | 22 |
| AmerisourceBergen Corp. 2.70% 3/15/2031 | 7102 | 5886 |
| Amgen, Inc. 3.00% 2/22/2029 | 3165 | 2865 |
| Amgen, Inc. 4.05% 8/18/2029 | 3660 | 3492 |
| Amgen, Inc. 2.45% 2/21/2030 | 1250 | 1068 |

---

8 American Funds Corporate Bond Fund

---

| | | |
|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| **Health care (continued)** |  |  |
| Amgen, Inc. 2.30% 2/25/2031 | 1250 | $1040 |
| Amgen, Inc. 2.00% 1/15/2032 | 223 | 178 |
| Amgen, Inc. 4.20% 3/1/2033 | 3500 | 3312 |
| Amgen, Inc. 3.375% 2/21/2050 | 125 | 91 |
| Amgen, Inc. 3.00% 1/15/2052 | 50 | 33 |
| Amgen, Inc. 4.875% 3/1/2053 | 2200 | 2012 |
| Amgen, Inc. 4.40% 2/22/2062 | 174 | 143 |
| Anthem, Inc. 4.10% 5/15/2032 | 1716 | 1618 |
| Anthem, Inc. 4.55% 5/15/2052 | 1357 | 1210 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031 | 467 | 393 |
| AstraZeneca PLC 3.375% 11/16/2025 | 177 | 172 |
| AstraZeneca PLC 0.70% 4/8/2026 | 2658 | 2354 |
| AstraZeneca PLC 1.375% 8/6/2030 | 2594 | 2077 |
| Baxter International, Inc. 2.272% 12/1/2028 | 500 | 432 |
| Baxter International, Inc. 2.539% 2/1/2032 | 3400 | 2746 |
| Becton, Dickinson and Company 4.298% 8/22/2032 | 3500 | 3336 |
| Boston Scientific Corp. 3.45% 3/1/2024 | 125 | 123 |
| Boston Scientific Corp. 2.65% 6/1/2030 | 3879 | 3352 |
| Boston Scientific Corp. 4.70% 3/1/2049 | 36 | 33 |
| Centene Corp. 2.45% 7/15/2028 | 6355 | 5351 |
| Centene Corp. 4.625% 12/15/2029 | 2470 | 2300 |
| Centene Corp. 3.375% 2/15/2030 | 1963 | 1675 |
| Centene Corp. 3.00% 10/15/2030 | 4185 | 3458 |
| Centene Corp. 2.50% 3/1/2031 | 5015 | 3970 |
| Centene Corp. 2.625% 8/1/2031 | 1530 | 1205 |
| CVS Health Corp. 3.25% 8/15/2029 | 414 | 374 |
| CVS Health Corp. 1.75% 8/21/2030 | 1415 | 1128 |
| CVS Health Corp. 1.875% 2/28/2031 | 3295 | 2628 |
| CVS Health Corp. 5.05% 3/25/2048 | 65 | 60 |
| GE Healthcare Holding, LLC 5.65% 11/15/2027<sup>1</sup> | 700 | 714 |
| GE Healthcare Holding, LLC 5.857% 3/15/2030<sup>1</sup> | 1180 | 1224 |
| GE Healthcare Holding, LLC 5.905% 11/22/2032<sup>1</sup> | 5740 | 6033 |
| GE Healthcare Holding, LLC 6.377% 11/22/2052<sup>1</sup> | 525 | 585 |
| Gilead Sciences, Inc. 2.60% 10/1/2040 | 622 | 446 |
| Gilead Sciences, Inc. 2.80% 10/1/2050 | 462 | 307 |
| HCA, Inc. 4.125% 6/15/2029 | 1000 | 915 |
| HCA, Inc. 2.375% 7/15/2031 | 2455 | 1919 |
| HCA, Inc. 4.625% 3/15/2052<sup>1</sup> | 630 | 509 |
| Humana, Inc. 3.70% 3/23/2029 | 1626 | 1499 |
| Johnson & Johnson 0.95% 9/1/2027 | 675 | 588 |
| Johnson & Johnson 1.30% 9/1/2030 | 2025 | 1661 |
| Johnson & Johnson 2.10% 9/1/2040 | 625 | 441 |
| Johnson & Johnson 2.25% 9/1/2050 | 1506 | 982 |
| Kaiser Foundation Hospitals 2.81% 6/1/2041 | 660 | 487 |
| Partners HealthCare System, Inc. 3.192% 7/1/2049 | 1000 | 720 |
| Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030 | 746 | 587 |
| Roche Holdings, Inc. 1.93% 12/13/2028<sup>1</sup> | 5606 | 4849 |
| Roche Holdings, Inc. 2.076% 12/13/2031<sup>1</sup> | 4700 | 3885 |
| Summa Health 3.511% 11/15/2051 | 665 | 457 |
| Thermo Fisher Scientific, Inc. 4.80% 11/21/2027 | 1400 | 1414 |
| Thermo Fisher Scientific, Inc. 4.95% 11/21/2032 | 1213 | 1244 |
| UnitedHealth Group, Inc. 3.75% 7/15/2025 | 380 | 373 |
| UnitedHealth Group, Inc. 2.875% 8/15/2029 | 348 | 314 |
| UnitedHealth Group, Inc. 2.00% 5/15/2030 | 704 | 587 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032 | 2484 | 2395 |
| UnitedHealth Group, Inc. 5.35% 2/15/2033 | 8 | 8 |
| UnitedHealth Group, Inc. 3.05% 5/15/2041 | 2000 | 1534 |
| UnitedHealth Group, Inc. 4.25% 6/15/2048 | 468 | 412 |
| UnitedHealth Group, Inc. 4.45% 12/15/2048 | 285 | 256 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051 | 2390 | 1757 |
| UnitedHealth Group, Inc. 4.75% 5/15/2052 | 2486 | 2356 |
| UnitedHealth Group, Inc. 4.95% 5/15/2062 | 990 | 953 |
| Zoetis, Inc. 5.60% 11/16/2032 | 2975 | 3121 |
|  |  | **111432** |

---

American Funds Corporate Bond Fund 9

---

| | | |
|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| **Consumer staples 5.91%** |  |  |
| 7-Eleven, Inc. 0.95% 2/10/2026<sup>1</sup> | 3798 | $3335 |
| 7-Eleven, Inc. 1.30% 2/10/2028<sup>1</sup> | 3960 | 3317 |
| 7-Eleven, Inc. 1.80% 2/10/2031<sup>1</sup> | 7800 | 6031 |
| 7-Eleven, Inc. 2.80% 2/10/2051<sup>1</sup> | 762 | 477 |
| Altria Group, Inc. 4.40% 2/14/2026 | 22 | 22 |
| Altria Group, Inc. 3.40% 5/6/2030 | 1629 | 1402 |
| Altria Group, Inc. 2.45% 2/4/2032 | 2000 | 1519 |
| Altria Group, Inc. 5.95% 2/14/2049 | 1399 | 1245 |
| Altria Group, Inc. 3.70% 2/4/2051 | 5546 | 3603 |
| Anheuser-Busch Companies, LLC 4.90% 2/1/2046 | 4005 | 3753 |
| Anheuser-Busch InBev NV 4.00% 4/13/2028 | 200 | 194 |
| Anheuser-Busch InBev NV 4.75% 1/23/2029 | 3031 | 3032 |
| Anheuser-Busch InBev NV 3.50% 6/1/2030 | 2216 | 2049 |
| Anheuser-Busch InBev NV 4.90% 1/23/2031 | 250 | 253 |
| Anheuser-Busch InBev NV 4.439% 10/6/2048 | 280 | 247 |
| Anheuser-Busch InBev NV 5.55% 1/23/2049 | 889 | 912 |
| Anheuser-Busch InBev NV 4.50% 6/1/2050 | 1207 | 1094 |
| British American Tobacco International Finance PLC 1.668% 3/25/2026 | 986 | 874 |
| British American Tobacco PLC 2.789% 9/6/2024 | 600 | 574 |
| British American Tobacco PLC 3.215% 9/6/2026 | 470 | 437 |
| British American Tobacco PLC 3.557% 8/15/2027 | 2746 | 2507 |
| British American Tobacco PLC 4.448% 3/16/2028 | 475 | 443 |
| British American Tobacco PLC 2.259% 3/25/2028 | 6141 | 5152 |
| British American Tobacco PLC 2.726% 3/25/2031 | 4769 | 3760 |
| British American Tobacco PLC 3.734% 9/25/2040 | 860 | 607 |
| British American Tobacco PLC 4.54% 8/15/2047 | 2301 | 1672 |
| British American Tobacco PLC 5.65% 3/16/2052 | 947 | 794 |
| Coca-Cola Company 1.375% 3/15/2031 | 530 | 419 |
| Coca-Cola Company 2.50% 3/15/2051 | 253 | 170 |
| Conagra Brands, Inc. 4.30% 5/1/2024 | 900 | 889 |
| Conagra Brands, Inc. 4.60% 11/1/2025 | 720 | 713 |
| Conagra Brands, Inc. 1.375% 11/1/2027 | 2710 | 2256 |
| Conagra Brands, Inc. 5.30% 11/1/2038 | 10 | 10 |
| Conagra Brands, Inc. 5.40% 11/1/2048 | 617 | 585 |
| Constellation Brands, Inc. 4.35% 5/9/2027 | 1000 | 978 |
| Constellation Brands, Inc. 3.60% 2/15/2028 | 200 | 187 |
| Constellation Brands, Inc. 2.875% 5/1/2030 | 2262 | 1949 |
| Constellation Brands, Inc. 2.25% 8/1/2031 | 3745 | 3000 |
| Constellation Brands, Inc. 4.75% 5/9/2032 | 1780 | 1724 |
| Constellation Brands, Inc. 4.10% 2/15/2048 | 200 | 163 |
| Imperial Tobacco Finance PLC 6.125% 7/27/2027<sup>1</sup> | 1450 | 1452 |
| Keurig Dr Pepper, Inc. 3.20% 5/1/2030 | 261 | 230 |
| Keurig Dr Pepper, Inc. 3.80% 5/1/2050 | 700 | 536 |
| Nestlé Holdings, Inc. 0.625% 1/15/2026<sup>1</sup> | 2360 | 2093 |
| Nestlé Holdings, Inc. 1.15% 1/14/2027<sup>1</sup> | 1650 | 1443 |
| Nestlé Holdings, Inc. 1.00% 9/15/2027<sup>1</sup> | 1838 | 1567 |
| PepsiCo, Inc. 1.95% 10/21/2031 | 3270 | 2689 |
| PepsiCo, Inc. 3.625% 3/19/2050 | 140 | 119 |
| PepsiCo, Inc. 2.75% 10/21/2051 | 310 | 223 |
| Philip Morris International, Inc. 2.875% 5/1/2024 | 972 | 943 |
| Philip Morris International, Inc. 0.875% 5/1/2026 | 521 | 459 |
| Philip Morris International, Inc. 3.375% 8/15/2029 | 623 | 560 |
| Philip Morris International, Inc. 5.625% 11/17/2029 | 3969 | 4039 |
| Philip Morris International, Inc. 2.10% 5/1/2030 | 1167 | 946 |
| Philip Morris International, Inc. 1.75% 11/1/2030 | 1910 | 1497 |
| Philip Morris International, Inc. 5.75% 11/17/2032 | 8194 | 8444 |
| Philip Morris International, Inc. 4.125% 3/4/2043 | 698 | 546 |
| Philip Morris International, Inc. 4.25% 11/10/2044 | 245 | 194 |
| Procter & Gamble Company 0.55% 10/29/2025 | 932 | 838 |
| Procter & Gamble Company 1.00% 4/23/2026 | 342 | 307 |
| Procter & Gamble Company 3.00% 3/25/2030 | 152 | 140 |
| Procter & Gamble Company 1.20% 10/29/2030 | 1000 | 796 |
| Reynolds American, Inc. 4.45% 6/12/2025 | 225 | 221 |
| Wal-Mart Stores, Inc. 4.15% 9/9/2032 | 630 | 624 |
| Wal-Mart Stores, Inc. 4.50% 9/9/2052 | 310 | 303 |
|  |  | **93557** |

---

10 American Funds Corporate Bond Fund

---

| | | |
|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| **Information technology 4.83%** |  |  |
| Analog Devices, Inc. 2.95% 10/1/2051 | 596 | $426 |
| Apple, Inc. 3.35% 8/8/2032 | 6000 | 5545 |
| Apple, Inc. 3.95% 8/8/2052 | 5311 | 4662 |
| Broadcom Corp. 3.875% 1/15/2027 | 1090 | 1033 |
| Broadcom, Inc. 4.00% 4/15/2029<sup>1</sup> | 1566 | 1430 |
| Broadcom, Inc. 4.75% 4/15/2029 | 4052 | 3885 |
| Broadcom, Inc. 4.15% 11/15/2030 | 2000 | 1798 |
| Broadcom, Inc. 3.419% 4/15/2033<sup>1</sup> | 812 | 661 |
| Broadcom, Inc. 3.469% 4/15/2034<sup>1</sup> | 4193 | 3333 |
| Broadcom, Inc. 3.137% 11/15/2035<sup>1</sup> | 2240 | 1662 |
| Broadcom, Inc. 3.187% 11/15/2036<sup>1</sup> | 3807 | 2777 |
| Broadcom, Inc. 3.50% 2/15/2041<sup>1</sup> | 5505 | 3988 |
| Broadcom, Inc. 3.75% 2/15/2051<sup>1</sup> | 1811 | 1281 |
| Fidelity National Information Services, Inc. 2.25% 3/1/2031 | 2700 | 2155 |
| Fiserv, Inc. 3.50% 7/1/2029 | 775 | 700 |
| Fiserv, Inc. 2.65% 6/1/2030 | 1107 | 938 |
| Global Payments, Inc. 2.90% 5/15/2030 | 1306 | 1078 |
| Mastercard, Inc. 1.90% 3/15/2031 | 1725 | 1428 |
| Mastercard, Inc. 2.95% 3/15/2051 | 686 | 507 |
| Microsoft Corp. 3.30% 2/6/2027 | 2575 | 2492 |
| Oracle Corp. 2.875% 3/25/2031 | 12453 | 10429 |
| Oracle Corp. 3.60% 4/1/2050 | 3020 | 2106 |
| Oracle Corp. 3.95% 3/25/2051 | 1841 | 1350 |
| PayPal Holdings, Inc. 3.25% 6/1/2050 | 283 | 200 |
| PayPal Holdings, Inc. 5.05% 6/1/2052 | 1235 | 1147 |
| salesforce.com, inc. 1.95% 7/15/2031 | 600 | 489 |
| salesforce.com, inc. 2.70% 7/15/2041 | 250 | 185 |
| salesforce.com, inc. 2.90% 7/15/2051 | 275 | 191 |
| salesforce.com, inc. 3.05% 7/15/2061 | 1200 | 808 |
| ServiceNow, Inc. 1.40% 9/1/2030 | 19148 | 14932 |
| VeriSign, Inc. 2.70% 6/15/2031 | 781 | 641 |
| Visa, Inc. 1.10% 2/15/2031 | 2200 | 1728 |
| Visa, Inc. 2.00% 8/15/2050 | 625 | 392 |
|  |  | **76377** |
| **Energy 4.21%** |  |  |
| BP Capital Markets America, Inc. 2.721% 1/12/2032 | 2250 | 1908 |
| Canadian Natural Resources, Ltd. 2.95% 1/15/2023 | 997 | 996 |
| Canadian Natural Resources, Ltd. 2.05% 7/15/2025 | 997 | 931 |
| Canadian Natural Resources, Ltd. 3.85% 6/1/2027 | 2945 | 2793 |
| Canadian Natural Resources, Ltd. 2.95% 7/15/2030 | 269 | 230 |
| Canadian Natural Resources, Ltd. 4.95% 6/1/2047 | 81 | 73 |
| Chevron Corp. 2.954% 5/16/2026 | 3220 | 3071 |
| Chevron Corp. 1.995% 5/11/2027 | 2925 | 2651 |
| Chevron Corp. 2.236% 5/11/2030 | 4250 | 3671 |
| Chevron USA, Inc. 1.018% 8/12/2027 | 7000 | 6064 |
| ConocoPhillips 3.80% 3/15/2052 | 1468 | 1194 |
| Continental Resources, Inc. 2.875% 4/1/2032<sup>1</sup> | 2594 | 1959 |
| EQT Corp. 5.70% 4/1/2028 | 1535 | 1535 |
| Equinor ASA 3.625% 9/10/2028 | 1370 | 1310 |
| Exxon Mobil Corp. 2.019% 8/16/2024 | 3660 | 3513 |
| Exxon Mobil Corp. 2.44% 8/16/2029 | 2323 | 2057 |
| Exxon Mobil Corp. 2.61% 10/15/2030 | 2810 | 2486 |
| Exxon Mobil Corp. 3.452% 4/15/2051 | 3390 | 2632 |
| ONEOK, Inc. 5.85% 1/15/2026 | 281 | 285 |
| ONEOK, Inc. 4.45% 9/1/2049 | 1039 | 795 |
| Petróleos Mexicanos 3.50% 1/30/2023 | 2160 | 2145 |
| Petróleos Mexicanos 4.625% 9/21/2023 | 117 | 115 |
| Petróleos Mexicanos 6.875% 10/16/2025 | 1468 | 1429 |
| Petróleos Mexicanos 6.50% 3/13/2027 | 1670 | 1515 |
| Petróleos Mexicanos 6.50% 1/23/2029 | 591 | 498 |
| Petróleos Mexicanos 8.75% 6/2/2029 | 1930 | 1793 |
| Petróleos Mexicanos 6.84% 1/23/2030 | 643 | 529 |
| Petróleos Mexicanos 6.70% 2/16/2032 | 2348 | 1820 |
| Qatar Petroleum 2.25% 7/12/2031<sup>1</sup> | 2270 | 1896 |
| Qatar Petroleum 3.125% 7/12/2041<sup>1</sup> | 3170 | 2411 |
| Qatar Petroleum 3.30% 7/12/2051<sup>1</sup> | 785 | 573 |

---

American Funds Corporate Bond Fund 11

---

| | | |
|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| **Energy (continued)** |  |  |
| Shell International Finance BV 3.875% 11/13/2028 | 1650 | $1609 |
| Shell International Finance BV 2.375% 11/7/2029 | 2680 | 2353 |
| Shell International Finance BV 2.75% 4/6/2030 | 7140 | 6344 |
| Total Capital International 3.455% 2/19/2029 | 1120 | 1055 |
| Total Capital International 2.829% 1/10/2030 | 470 | 420 |
|  |  | **66659** |
| **Real estate 4.02%** |  |  |
| American Tower Corp. 1.60% 4/15/2026 | 1574 | 1398 |
| American Tower Corp. 1.45% 9/15/2026 | 854 | 744 |
| American Tower Corp. 3.65% 3/15/2027 | 4060 | 3796 |
| American Tower Corp. 2.70% 4/15/2031 | 3277 | 2708 |
| American Tower Corp. 2.30% 9/15/2031 | 2399 | 1902 |
| American Tower Corp. 4.05% 3/15/2032 | 1561 | 1421 |
| American Tower Corp. 2.95% 1/15/2051 | 285 | 183 |
| Corporate Office Properties, LP 2.00% 1/15/2029 | 362 | 281 |
| Corporate Office Properties, LP 2.75% 4/15/2031 | 620 | 469 |
| Corporate Office Properties, LP 2.90% 12/1/2033 | 619 | 443 |
| Equinix, Inc. 2.625% 11/18/2024 | 2507 | 2388 |
| Equinix, Inc. 1.25% 7/15/2025 | 3123 | 2823 |
| Equinix, Inc. 2.90% 11/18/2026 | 583 | 533 |
| Equinix, Inc. 1.80% 7/15/2027 | 470 | 404 |
| Equinix, Inc. 1.55% 3/15/2028 | 1735 | 1444 |
| Equinix, Inc. 3.20% 11/18/2029 | 3314 | 2909 |
| Equinix, Inc. 2.15% 7/15/2030 | 2680 | 2149 |
| Equinix, Inc. 2.50% 5/15/2031 | 2896 | 2335 |
| Equinix, Inc. 3.90% 4/15/2032 | 1280 | 1142 |
| Equinix, Inc. 3.00% 7/15/2050 | 1274 | 827 |
| Equinix, Inc. 3.40% 2/15/2052 | 2048 | 1444 |
| Extra Space Storage, Inc. 2.35% 3/15/2032 | 607 | 462 |
| Invitation Homes Operating Partnership, LP 2.30% 11/15/2028 | 845 | 700 |
| Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 | 1424 | 1055 |
| Invitation Homes Operating Partnership, LP 2.70% 1/15/2034 | 606 | 447 |
| Public Storage 2.30% 5/1/2031 | 3552 | 2943 |
| Scentre Group 3.50% 2/12/2025<sup>1</sup> | 48 | 46 |
| Sun Communities Operating, LP 2.30% 11/1/2028 | 381 | 314 |
| Sun Communities Operating, LP 2.70% 7/15/2031 | 7486 | 5831 |
| Sun Communities Operating, LP 4.20% 4/15/2032 | 1503 | 1298 |
| VICI Properties, LP 4.375% 5/15/2025 | 770 | 742 |
| VICI Properties, LP 4.625% 6/15/2025<sup>1</sup> | 383 | 367 |
| VICI Properties, LP 4.75% 2/15/2028 | 6733 | 6354 |
| VICI Properties, LP 4.95% 2/15/2030 | 3061 | 2898 |
| VICI Properties, LP 5.125% 5/15/2032 | 8813 | 8278 |
| Westfield Corp., Ltd. 3.50% 6/15/2029<sup>1</sup> | 208 | 172 |
|  |  | **63650** |
| **Consumer discretionary 3.86%** |  |  |
| Amazon.com, Inc. 4.60% 12/1/2025 | 1305 | 1310 |
| Amazon.com, Inc. 1.20% 6/3/2027 | 1191 | 1041 |
| Amazon.com, Inc. 3.45% 4/13/2029 | 213 | 201 |
| Amazon.com, Inc. 1.50% 6/3/2030 | 1337 | 1088 |
| Amazon.com, Inc. 4.70% 12/1/2032 | 9630 | 9723 |
| Amazon.com, Inc. 2.875% 5/12/2041 | 934 | 715 |
| American Honda Finance Corp. 1.20% 7/8/2025 | 3818 | 3489 |
| Bayerische Motoren Werke AG 3.90% 4/9/2025<sup>1</sup> | 257 | 252 |
| Bayerische Motoren Werke AG 2.55% 4/1/2031<sup>1</sup> | 534 | 448 |
| Daimler Trucks Finance North America, LLC 3.50% 4/7/2025<sup>1</sup> | 2000 | 1924 |
| Daimler Trucks Finance North America, LLC 3.65% 4/7/2027<sup>1</sup> | 825 | 768 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028<sup>1</sup> | 3372 | 2828 |
| Daimler Trucks Finance North America, LLC 2.50% 12/14/2031<sup>1</sup> | 4685 | 3641 |
| General Motors Company 5.40% 4/1/2048 | 500 | 432 |
| Home Depot, Inc. 1.375% 3/15/2031 | 2326 | 1827 |
| Home Depot, Inc. 3.125% 12/15/2049 | 91 | 67 |
| Home Depot, Inc. 3.35% 4/15/2050 | 570 | 434 |
| Home Depot, Inc. 2.375% 3/15/2051 | 4795 | 3000 |
| Hyundai Capital America 1.80% 10/15/2025<sup>1</sup> | 774 | 692 |
| Hyundai Capital America 1.50% 6/15/2026<sup>1</sup> | 1866 | 1611 |

---

12 American Funds Corporate Bond Fund

---

| | | |
|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds, notes & loans (continued)** |  |  |
| **Consumer discretionary (continued)** |  |  |
| Hyundai Capital America 2.00% 6/15/2028<sup>1</sup> | 1701 | $1378 |
| Lowe's Companies, Inc. 4.05% 5/3/2047 | 37 | 30 |
| Lowe's Companies, Inc. 3.00% 10/15/2050 | 615 | 414 |
| Lowe's Companies, Inc. 5.625% 4/15/2053 | 1015 | 1018 |
| Marriott International, Inc. 2.85% 4/15/2031 | 2260 | 1848 |
| Marriott International, Inc. 2.75% 10/15/2033 | 2040 | 1573 |
| McDonald's Corp. 4.60% 9/9/2032 | 2485 | 2473 |
| McDonald's Corp. 5.15% 9/9/2052 | 1100 | 1089 |
| Mercedes-Benz Finance North America, LLC 5.50% 11/27/2024<sup>1</sup> | 1000 | 1007 |
| Mercedes-Benz Finance North America, LLC 5.375% 11/26/2025<sup>1</sup> | 225 | 227 |
| Morongo Band of Mission Indians 7.00% 10/1/2039<sup>1</sup> | 1100 | 1178 |
| Stellantis Finance US, Inc. 1.711% 1/29/2027<sup>1</sup> | 1000 | 864 |
| Stellantis Finance US, Inc. 5.625% 1/12/2028<sup>1</sup> | 5258 | 5241 |
| Stellantis Finance US, Inc. 2.691% 9/15/2031<sup>1</sup> | 7638 | 5905 |
| Toyota Motor Credit Corp. 0.80% 1/9/2026 | 640 | 572 |
| VICI Properties, LP / VICI Note Co., Inc. 4.50% 1/15/2028<sup>1</sup> | 850 | 779 |
|  |  | **61087** |
| **Materials 1.90%** |  |  |
| Anglo American Capital PLC 2.25% 3/17/2028<sup>1</sup> | 1280 | 1076 |
| Anglo American Capital PLC 5.625% 4/1/2030<sup>1</sup> | 1200 | 1195 |
| Celanese US Holdings, LLC 6.165% 7/15/2027 | 250 | 245 |
| Celanese US Holdings, LLC 6.33% 7/15/2029 | 750 | 722 |
| Celanese US Holdings, LLC 6.379% 7/15/2032 | 714 | 681 |
| Dow Chemical Co. 4.55% 11/30/2025 | 14 | 14 |
| Dow Chemical Co. 4.80% 11/30/2028 | 500 | 494 |
| Dow Chemical Co. 4.625% 10/1/2044 | 600 | 501 |
| Dow Chemical Co. 4.80% 5/15/2049 | 380 | 323 |
| Dow Chemical Co. 3.60% 11/15/2050 | 2000 | 1433 |
| Ecolab, Inc. 2.125% 8/15/2050 | 250 | 146 |
| Ecolab, Inc. 2.70% 12/15/2051 | 500 | 324 |
| Glencore Funding, LLC 1.625% 4/27/2026<sup>1</sup> | 600 | 534 |
| Glencore Funding, LLC 2.625% 9/23/2031<sup>1</sup> | 1100 | 877 |
| Glencore Funding, LLC 3.375% 9/23/2051<sup>1</sup> | 300 | 196 |
| International Flavors & Fragrances, Inc. 1.23% 10/1/2025<sup>1</sup> | 1000 | 885 |
| International Flavors & Fragrances, Inc. 1.832% 10/15/2027<sup>1</sup> | 3048 | 2549 |
| International Flavors & Fragrances, Inc. 2.30% 11/1/2030<sup>1</sup> | 5609 | 4413 |
| International Flavors & Fragrances, Inc. 3.268% 11/15/2040<sup>1</sup> | 500 | 364 |
| International Flavors & Fragrances, Inc. 3.468% 12/1/2050<sup>1</sup> | 1500 | 1034 |
| Linde, Inc. 4.70% 12/5/2025 | 2000 | 2007 |
| LYB International Finance BV 4.875% 3/15/2044 | 100 | 84 |
| LYB International Finance III, LLC 4.20% 10/15/2049 | 249 | 187 |
| LYB International Finance III, LLC 4.20% 5/1/2050 | 250 | 188 |
| LYB International Finance III, LLC 3.625% 4/1/2051 | 680 | 465 |
| Nutrien, Ltd. 1.90% 5/13/2023 | 111 | 109 |
| Nutrien, Ltd. 5.95% 11/7/2025 | 640 | 654 |
| Nutrien, Ltd. 5.00% 4/1/2049 | 300 | 276 |
| Praxair, Inc. 1.10% 8/10/2030 | 1682 | 1302 |
| Praxair, Inc. 2.00% 8/10/2050 | 866 | 499 |
| Rio Tinto Finance (USA), Ltd. 2.75% 11/2/2051 | 2062 | 1401 |
| Sherwin-Williams Company 3.125% 6/1/2024 | 700 | 681 |
| Sherwin-Williams Company 3.45% 6/1/2027 | 400 | 376 |
| Sherwin-Williams Company 2.20% 3/15/2032 | 250 | 198 |
| Sherwin-Williams Company 3.80% 8/15/2049 | 550 | 419 |
| Sherwin-Williams Company 3.30% 5/15/2050 | 1050 | 740 |
| Sherwin-Williams Company 2.90% 3/15/2052 | 250 | 162 |
| South32 Treasury (USA), Ltd. 4.35% 4/14/2032<sup>1</sup> | 2488 | 2162 |
| Westlake Chemical Corp. 5.00% 8/15/2046 | 130 | 112 |
|  |  | **30028** |
| **Total corporate bonds, notes & loans** |  | **1281194** |
| **U.S. Treasury bonds & notes 11.83%** |  |  |
| **U.S. Treasury 11.83%** |  |  |
| U.S. Treasury 3.25% 8/31/2024 | 11958 | 11720 |
| U.S. Treasury 0.375% 9/15/2024 | 3221 | 2999 |
| U.S. Treasury 0.625% 10/15/2024 | 1850 | 1726 |
| U.S. Treasury 4.50% 11/30/2024 | 2833 | 2842 |

---

American Funds Corporate Bond Fund 13

---

| | | |
|:---|:---|:---|
| **Bonds, notes & other debt instruments** (continued) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |
| **U.S. Treasury (continued)** |  |  |
| U.S. Treasury 4.50% 11/15/2025 | 33343 | $33730 |
| U.S. Treasury 3.875% 11/30/2027 | 51986 | 52221 |
| U.S. Treasury 1.25% 6/30/2028<sup>4</sup> | 1356 | 1184 |
| U.S. Treasury 1.125% 8/31/2028 | 723 | 624 |
| U.S. Treasury 1.25% 9/30/2028 | 1055 | 916 |
| U.S. Treasury 4.125% 11/15/2032<sup>4</sup> | 66504 | 69189 |
| U.S. Treasury 4.25% 5/15/2039<sup>4</sup> | 4614 | 4874 |
| U.S. Treasury 4.00% 11/15/2042 | 570 | 573 |
| U.S. Treasury 3.00% 8/15/2052<sup>4</sup> | 5197 | 4459 |
|  |  | **187057** |
| **Asset-backed obligations 1.30%** |  |  |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037<sup>1,5</sup> | 1988 | 1691 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060<sup>1,5</sup> | 4307 | 3817 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060<sup>1,5</sup> | 295 | 246 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061<sup>1,5</sup> | 400 | 346 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039<sup>1,5</sup> | 759 | 712 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061<sup>1,5</sup> | 16290 | 13804 |
|  |  | **20616** |
| **Municipals 0.35%** |  |  |
| **California 0.10%** |  |  |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 | 215 | 172 |
| Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.614% 5/15/2030 | 750 | 597 |
| Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.316% 5/15/2027 | 965 | 839 |
|  |  | **1608** |
| **Ohio 0.25%** |  |  |
| Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031 | 4605 | **3917** |
| **Total municipals** |  | **5525** |
| **Bonds & notes of governments & government agencies outside the U.S. 0.11%** |  |  |
| Panama (Republic of) 2.252% 9/29/2032 | 1710 | 1291 |
| United Mexican States 3.75% 4/19/2071 | 685 | 453 |
|  |  | **1744** |
| **Total bonds, notes & other debt instruments** (cost: $1,686,490,000) |  | **1496136** |
| **Short-term securities 5.96%** | Shares |  |
| **Money market investments 5.96%** |  |  |
| Capital Group Central Cash Fund 3.94%<sup>6,7</sup> | 943590 | **94349** |
| **Total short-term securities** (cost: $94,341,000) |  | **94349** |
| **Total investment securities 100.55%** (cost: $1,780,831,000) |  | **1590485** |
| Other assets less liabilities (0.55)% |  | (8693) |
| **Net assets 100.00%** |  | $**1581792** |

---

14 American Funds Corporate Bond Fund

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts** | **Type** | **Number of<br> contracts** | **Expiration** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 11/30/2022<br> (000)** |
| 2 Year U.S. Treasury Note Futures | Long | 634 | March 2023 | USD | 130198 | $316 |
| 10 Year U.S. Treasury Note Futures | Short | 1513 | March 2023 |  | (171726) | (750) |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 1734 | March 2023 |  | (207484) | (1104) |
| 20 Year U.S. Treasury Bond Futures | Long | 1231 | March 2023 |  | 156337 | 18 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 667 | March 2023 |  | 90900 | 632 |
|  |  |  |  |  |  | $(888) |

---

**Swap contracts**

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> index** | **Financing<br> rate paid** | **Payment<br> frequency** | **Expiration<br> date** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Value at<br> 11/30/2022<br> (000)** | **Upfront<br> premium<br> received<br> (000)** | **Unrealized<br> depreciation<br> at 11/30/2022<br> (000)** |
| CDX.NA.IG.39 | 1.00% | Quarterly | 12/20/2027 | USD | 158093 | $(1726) | $(169) | $(1557) |

---

**Investments in affiliates<sup>7</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliate at<br> 6/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> appreciation<br> (000)** | **Value of<br> affiliate at<br> 11/30/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 5.96%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 5.96%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.94%<sup>6</sup> | $59157 | $435014 | $399815 | $(16) | $9 | $94349 | $1013 |

---

<sup>1</sup> 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 $233,268,000, which represented 14.75% of the net assets of the fund.

<sup>2</sup> Step bond; coupon rate may change at a later date.

<sup>3</sup> 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.

<sup>4</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $8,410,000, which represented .53% of the net assets of the fund.

<sup>5</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>6</sup> Rate represents the seven-day yield at 11/30/2022.

<sup>7</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**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

Refer to the notes to financial statements.

American Funds Corporate Bond Fund 15

Financial statements

---

| | |
|:---|:---|
| **Statement of assets and liabilities** | **unaudited** |
| **at November 30, 2022** | **(dollars in thousands)** |

---

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities, at value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost: $1,686,490) | $1496136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost: $94,341) | 94349 | $1590485 |
| &nbsp;&nbsp;&nbsp;Cash |  | 43 |
| &nbsp;&nbsp;&nbsp;Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of investments | 14949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of fund's shares | 2719 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 11761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 676 | 30105 |
|  |  | 1620633 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | 32694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 3402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends on fund's shares | 21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services provided by related parties | 277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 1720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 7 | 38841 |
| **Net assets at November 30, 2022** |  | $1581792 |
| **Net assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest |  | $1932197 |
| &nbsp;&nbsp;&nbsp;Total accumulated loss |  | (350405) |
| **Net assets at November 30, 2022** |  | $1581792 |

---

(dollars and shares in thousands, except per-share amounts)

**Shares of beneficial interest issued and outstanding (no stated par value) —<br> unlimited shares authorized (170,166 total shares outstanding)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Net assets** | **Shares<br> outstanding** | **Net asset value<br> per share** |
| **Class A** | $769277 | 82758 | $9.30 |
| **Class C** | 28694 | 3087 | 9.30 |
| **Class T** | 9 | 1 | 9.30 |
| **Class F-1** | 40484 | 4355 | 9.30 |
| **Class F-2** | 477777 | 51398 | 9.30 |
| **Class F-3** | 130905 | 14082 | 9.30 |
| **Class 529-A** | 50418 | 5424 | 9.30 |
| **Class 529-C** | 3156 | 340 | 9.30 |
| **Class 529-E** | 1643 | 177 | 9.30 |
| **Class 529-T** | 11 | 1 | 9.30 |
| **Class 529-F-1** | 9 | 1 | 9.30 |
| **Class 529-F-2** | 8015 | 862 | 9.30 |
| **Class 529-F-3** | 9 | 1 | 9.30 |
| **Class R-1** | 1048 | 113 | 9.30 |
| **Class R-2** | 5767 | 620 | 9.30 |
| **Class R-2E** | 1407 | 151 | 9.30 |
| **Class R-3** | 10591 | 1139 | 9.30 |
| **Class R-4** | 4775 | 514 | 9.30 |
| **Class R-5E** | 2584 | 278 | 9.30 |
| **Class R-5** | 984 | 106 | 9.30 |
| **Class R-6** | 44229 | 4758 | 9.30 |

---

Refer to the notes to financial statements.

16 American Funds Corporate Bond Fund

Financial statements (continued)

---

| | |
|:---|:---|
| **Statement of operations** | **unaudited** |
| **for the six months ended November 30, 2022** | **(dollars in thousands)** |

---

---

| | | |
|:---|:---|:---|
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | $27864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | 1013 | $28877 |
| &nbsp;&nbsp;&nbsp;**Fees and expenses\*:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services | 2103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution services | 1272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent services | 963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative services | 249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 plan services | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration statement and prospectus | 203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' compensation | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing and legal | 94 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1 |  |
| &nbsp;&nbsp;&nbsp;Total fees and expenses before reimbursement | 5032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less reimbursement of fees and expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement | 39 |  |
| &nbsp;&nbsp;&nbsp;Total fees and expenses after reimbursement |  | 4993 |
| &nbsp;&nbsp;&nbsp;Net investment income |  | 23884 |
| **Net realized loss and unrealized depreciation:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (89939) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (4959) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | 96 | (94818) |
| &nbsp;&nbsp;&nbsp;Net unrealized (depreciation) appreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (4189) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (497) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | (1906) | (6583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss and unrealized depreciation |  | (101401) |
| **Net decrease in net assets resulting from operations** |  | $(77517) |

---

\* Additional information related to class-specific fees and expenses is included in the notes to financial statements.

Refer to the notes to financial statements.

American Funds Corporate Bond Fund 17

Financial statements (continued)

**Statements of changes in net assets**

**(dollars in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Six months ended<br> November 30, 2022\*** | **Year ended<br> May 31, 2022** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $23884 | $37279 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (94818) | (42951) |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation | (6583) | (208835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (77517) | (214507) |
| **Distributions paid or accrued to shareholders** | (23339) | (36914) |
| **Net capital share transactions** | (85754) | (82467) |
| **Total decrease in net assets** | (186610) | (333888) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 1768402 | 2102290 |
| &nbsp;&nbsp;&nbsp;End of period | $1581792 | $1768402 |

---

\* Unaudited.

Refer to the notes to financial statements.

18 American Funds Corporate Bond Fund

---

| | |
|:---|:---|
| Notes to financial statements | **unaudited** |

---

**1. Organization**

American Funds Corporate Bond Fund (the "fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company. The fund seeks to provide maximum total return consistent with capital preservation and prudent risk management.

The fund has 21 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), seven 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T, 529-F-1, 529-F-2 and 529-F-3) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund's share classes are described further in the following table:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | **Initial sales charge** | **Contingent deferred sales<br> charge upon redemption** | **Conversion feature** |
| &nbsp;&nbsp;**Classes A and 529-A** | Up to 3.75% for Class A; up to 3.50% for Class 529-A | None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge) |  |
| &nbsp;&nbsp;**Classes C and 529-C** |  | 1.00% for redemptions within one year of purchase | Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years |
| &nbsp;&nbsp;**Class 529-E** |  |  |  |
| &nbsp;&nbsp;**Classes T and 529-T\*** | Up to 2.50% |  |  |
| &nbsp;&nbsp;**Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3** |  |  |  |
| &nbsp;&nbsp;**Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6** |  |  |  |

---

\* Class T and 529-T shares are not available for purchase.

Holders of all share classes have equal pro rata rights to the assets, dividends and liquidation proceeds of the fund. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, transfer agent and administrative services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each share class.

**2. Significant accounting policies**

The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the fund's investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Security transactions and related investment income** — Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes based on the relative value of their settled shares. Realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective share class.

**Distributions paid or accrued to shareholders** — Income dividends are declared daily after the determination of the fund's net investment income and are paid to shareholders monthly. Capital gain distributions are recorded on the ex-dividend date.

American Funds Corporate Bond Fund 19

**3. Valuation**

Capital Research and Management Company ("CRMC"), the fund's investment adviser, values the fund's investments at fair value as defined by U.S. GAAP. 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.

**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. 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.

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.

**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 "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 team. 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

20 American Funds Corporate Bond Fund

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 facilitated by the investment adviser's global risk management 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 November 30, 2022 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Bonds, notes & other debt instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, notes & loans | $— | $1281194 | $— | $1281194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 187057 |  | 187057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 20616 |  | 20616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 5525 |  | 5525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. |  | 1744 |  | 1744 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 94349 |  |  | 94349 |
| **Total** | $**94349** | $**1496136** | $**—** | $**1590485** |
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $966 | $— | $— | $966 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (1854) |  |  | (1854) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (1557) |  | (1557) |
| **Total** | $**(888)** | $**(1557)** | $**—** | $**(2445)** |

---

\* Futures contracts and credit default swaps are not included in the fund's investment portfolio.

**4. Risk factors**

Investing in the fund may involve certain risks including, but not limited to, those described below.

**Market conditions** — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund's investments may be negatively affected by developments in other countries and regions.

American Funds Corporate Bond Fund 21

**Issuer risks —** The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

**Investing in debt instruments —** The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit ratings of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks.

**Investing in securities backed by the U.S. government —** Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

**Investing in derivatives —** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may expose the fund to losses in excess of its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund's use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund's returns and increase the fund's price volatility. The fund's counterparty to a derivative transaction (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses.

**Liquidity risk** — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.

22 American Funds Corporate Bond Fund

**Investing outside the U.S. —** Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting and auditing practices and standards and different regulatory, legal and reporting requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

**Investing in emerging markets —** Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems and accounting and auditing practices and standards than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and there may be fewer rights and remedies available to the fund and its shareholders. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Management —** The investment adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

**5. Certain investment techniques**

**Futures contracts** — The fund has entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund's statement of assets and liabilities. The fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund's statement of operations. The average month-end notional amount of futures contracts while held was $950,396,000.

American Funds Corporate Bond Fund 23

**Swap contracts** — The fund has entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the fund enters into bilaterally negotiated swap transactions, the fund will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the fund's statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the fund's statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the fund's statement of operations.

Swap agreements can take different forms. The fund has entered into the following types of swap agreements:

**Credit default swap indices** — The fund has entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The fund may enter into a CDSI transaction as either protection buyer or protection seller. If the fund is a protection buyer, it would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the fund, as a protection buyer, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, the fund would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the fund, coupled with the periodic payments previously received by the fund, may be less than the full notional value that the fund, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the fund. Furthermore, as a protection seller, the fund would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap transaction. The average month-end notional amount of credit default swaps while held was $106,630,000.

24 American Funds Corporate Bond Fund

The following tables identify the location and fair value amounts on the fund's statement of assets and liabilities and the effect on the fund's statement of operations resulting from the fund's use of futures contracts and credit default swaps as of, or for the six months ended, November 30, 2022 (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of<br> assets and liabilities** | **Value** | **Location on statement of<br> assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation\* | $966 | Unrealized depreciation\* | $1854 |
| Swap (centrally cleared) | Credit | Unrealized appreciation\* |  | Unrealized depreciation\* | 1557 |
|  |  |  | $966 |  | $3411 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized depreciation** | **Net unrealized depreciation** |
| **Contracts** | **Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Futures | Interest | Net realized loss on futures contracts | $(4959) | Net unrealized depreciation on futures contracts | $(497) |
| Swap | Credit | Net realized gain on swap contracts | 96 | Net unrealized depreciation on swap contracts | (1906) |
|  |  |  | $(4863) |  | $(2403) |

---

\* Includes cumulative appreciation/depreciation on futures contracts and centrally cleared credit default swaps as reported in the applicable tables following the fund's investment portfolio. Only current day's variation margin is reported within the fund's statement of assets and liabilities.

**Collateral** — The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to its use of futures contracts and credit default swaps. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by the fund, if any, is disclosed in the fund's investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund's custodian, which is reflected as pledged cash collateral in the fund's statement of assets and liabilities.

**6. Taxation and distributions**

**Federal income taxation** — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended November 30, 2022, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

The fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Non-U.S. taxation** — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the fund records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; cost of investments sold; net capital losses and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

American Funds Corporate Bond Fund 25

The components of distributable earnings on a tax basis are reported as of the fund's most recent year-end. As of May 31, 2022, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

---

| | |
|:---|:---|
| Undistributed ordinary income | $1105 |
| Capital loss carryforward\* | (61561) |

---

\* The capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

As of November 30, 2022, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

---

| | |
|:---|:---|
| Gross unrealized appreciation on investments | $6863 |
| Gross unrealized depreciation on investments | (201638) |
| Net unrealized depreciation on investments | (194775) |
| Cost of investments | 1782984 |

---

Tax-basis distributions paid or accrued to shareholders from ordinary income were as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
| **Share class** | **Six months ended<br> November 30, 2022** | **Year ended<br> May 31, 2022** |
| Class A | $10902 | $17451 |
| Class C | 307 | 481 |
| Class T |  |  |
| Class F-1 | 544 | 955 |
| Class F-2 | 8034 | 12761 |
| Class F-3 | 1950 | 2818 |
| Class 529-A | 693 | 1097 |
| Class 529-C | 32 | 47 |
| Class 529-E | 22 | 36 |
| Class 529-T |  |  |
| Class 529-F-1 |  |  |
| Class 529-F-2 | 127 | 206 |
| Class 529-F-3 |  |  |
| Class R-1 | 10 | 15 |
| Class R-2 | 59 | 67 |
| Class R-2E | 16 | 21 |
| Class R-3 | 129 | 186 |
| Class R-4 | 60 | 98 |
| Class R-5E | 37 | 45 |
| Class R-5 | 15 | 31 |
| Class R-6 | 402 | 599 |
| **Total** | $**23339** | $**36914** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand. |

---

**7. Fees and transactions with related parties**

CRMC, the fund's investment adviser, is the parent company of American Funds Distributors<sup>®</sup>, Inc. ("AFD"), the principal underwriter of the fund's shares, and American Funds Service Company<sup>®</sup> ("AFS"), the fund's transfer agent. CRMC, AFD and AFS are considered related parties to the fund.

**Investment advisory services** — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.253% on the first $15.0 billion of daily net assets and decreasing to 0.212% on such assets in excess of $15.0 billion. For the six months ended November 30, 2022, the investment advisory services fees were $2,103,000, which were equivalent to an annualized rate of 0.253% of average daily net assets.

26 American Funds Corporate Bond Fund

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class A | 0.30% | 0.30% |
| Class 529-A | 0.30 | 0.50 |
| Classes C, 529-C and R-1 | 1.00 | 1.00 |
| Class R-2 | 0.75 | 1.00 |
| Class R-2E | 0.60 | 0.85 |
| Classes 529-E and R-3 | 0.50 | 0.75 |
| Classes T, F-1, 529-T, 529-F-1 and R-4 | 0.25 | 0.50 |

---

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of November 30, 2022, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

**Transfer agent services** — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund's share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to all share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides the fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets attributable to each share class of the fund. Currently the fund pays CRMC an administrative services fee at the annual rate of 0.03% of the average daily net assets attributable to each share class of the fund for CRMC's provision of administrative services.

**529 plan services** — Each 529 share class is subject to service fees to compensate the Virginia College Savings Plan ("Virginia529") for its oversight and administration of the CollegeAmerica 529 college savings plan. The fees are based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Virginia529 through ABLEAmerica<sup>®</sup>, a tax-advantaged savings program for individuals with disabilities. Virginia529 is not considered a related party to the fund.

Prior to January 1, 2022, the quarterly fees were based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. Effective January 1, 2022, the quarterly fees were amended to a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the six months ended November 30, 2022, the 529 plan services fees were $20,000, which were equivalent to 0.060% of the average daily net assets of each 529 share class.

American Funds Corporate Bond Fund 27

For the six months ended November 30, 2022, class-specific expenses under the agreements were as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **Distribution<br> services** | **Transfer agent<br> services** | **Administrative<br> services** | **529 plan<br> services** |
| Class A | $919 | $512 | $120 | Not applicable |
| Class C | 158 | 21 | 5 | Not applicable |
| Class T |  | — \* | — \* | Not applicable |
| Class F-1 | 50 | 25 | 6 | Not applicable |
| Class F-2 | Not applicable | 344 | 82 | Not applicable |
| Class F-3 | Not applicable | 2 | 19 | Not applicable |
| Class 529-A | 61 | 31 | 8 | $15 |
| Class 529-C | 17 | 2 | — \* | 1 |
| Class 529-E | 5 | — \* | — \* | 1 |
| Class 529-T |  | — \* | — \* | — \* |
| Class 529-F-1 |  | — \* | — \* | — \* |
| Class 529-F-2 | Not applicable | 2 | 1 | 3 |
| Class 529-F-3 | Not applicable | — \* | — \* | — \* |
| Class R-1 | 5 | 1 | — \* | Not applicable |
| Class R-2 | 22 | 10 | 1 | Not applicable |
| Class R-2E | 4 | 1 | — \* | Not applicable |
| Class R-3 | 26 | 8 | 2 | Not applicable |
| Class R-4 | 5 | 2 | 1 | Not applicable |
| Class R-5E | Not applicable | 2 | — \* | Not applicable |
| Class R-5 | Not applicable | — \* | — \* | Not applicable |
| Class R-6 | Not applicable | — \* | 4 | Not applicable |
| **Total class-specific expenses** | **$1272** | **$963** | **$249** | **$20** |

---

\* Amount less than one thousand.

**Miscellaneous fee reimbursement** — CRMC has agreed to reimburse a portion of miscellaneous fees and expenses of the fund. For the six months ended November 30, 2022, total fees and expenses reimbursed by CRMC were $39,000. CRMC may recoup all or a portion of this reimbursement by the end of the current fiscal year. This reimbursement may be adjusted or discontinued, subject to any restrictions in the fund's prospectus. Fees and expenses in the statement of operations are presented gross of any reimbursement from CRMC.

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees' compensation of $2,000 in the fund's statement of operations reflects $3,000 in current fees (either paid in cash or deferred) and a net decrease of $1,000 in the value of the deferred amounts.

**Affiliated officers and trustees** — Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from the fund.

**Investment in CCF** — The fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund's short-term instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

**Security transactions with related funds** — The fund purchased investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended November 30, 2022, the fund engaged in such purchase and sale transactions with related funds in the amounts of $602,000 and $4,381,000, respectively, which generated $392,000 of net realized losses from such sales.

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended November 30, 2022.

28 American Funds Corporate Bond Fund

**8. Indemnifications**

The fund's organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund's board members and officers.

**9. Capital share transactions**

Capital share transactions in the fund were as follows (dollars and shares in thousands):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** |  | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br> increase** | **Net (decrease)<br> increase** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | | **Shares** | | **Amount** | **Shares** | **Amount** | **Shares** |
| **Six months ended November 30, 2022** | **Six months ended November 30, 2022** | **Six months ended November 30, 2022** | **Six months ended November 30, 2022** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | $38756 | 4153 | $10818 |  | 1159 |  | $(95132) | (10180) | $(45558) | (4868) |
| &nbsp;&nbsp;&nbsp;Class C | 1021 | 108 | 305 |  | 33 |  | (7242) | (769) | (5916) | (628) |
| &nbsp;&nbsp;&nbsp;Class T |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F-1 | 13816 | 1442 | 542 |  | 58 |  | (10353) | (1105) | 4005 | 395 |
| &nbsp;&nbsp;&nbsp;Class F-2 | 106294 | 11332 | 8027 |  | 859 |  | (184707) | (20188) | (70386) | (7997) |
| &nbsp;&nbsp;&nbsp;Class F-3 | 36281 | 3852 | 1948 |  | 209 |  | (21411) | (2291) | 16818 | 1770 |
| &nbsp;&nbsp;&nbsp;Class 529-A | 3706 | 394 | 690 |  | 74 |  | (6861) | (723) | (2465) | (255) |
| &nbsp;&nbsp;&nbsp;Class 529-C | 377 | 40 | 32 |  | 4 |  | (984) | (103) | (575) | (59) |
| &nbsp;&nbsp;&nbsp;Class 529-E | 60 | 7 | 22 |  | 2 |  | (281) | (30) | (199) | (21) |
| &nbsp;&nbsp;&nbsp;Class 529-T |  |  |  | <sup>†</sup> |  | <sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 529-F-1 |  |  |  | <sup>†</sup> |  | <sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 529-F-2 | 803 | 86 | 126 |  | 13 |  | (1927) | (205) | (998) | (106) |
| &nbsp;&nbsp;&nbsp;Class 529-F-3 |  |  |  | <sup>†</sup> |  | <sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class R-1 | 39 | 4 | 10 |  | 1 |  | (185) | (19) | (136) | (14) |
| &nbsp;&nbsp;&nbsp;Class R-2 | 551 | 59 | 58 |  | 6 |  | (571) | (62) | 38 | 3 |
| &nbsp;&nbsp;&nbsp;Class R-2E | 303 | 32 | 16 |  | 1 |  | (152) | (16) | 167 | 17 |
| &nbsp;&nbsp;&nbsp;Class R-3 | 991 | 106 | 128 |  | 14 |  | (1027) | (110) | 92 | 10 |
| &nbsp;&nbsp;&nbsp;Class R-4 | 950 | 106 | 60 |  | 7 |  | (455) | (49) | 555 | 64 |
| &nbsp;&nbsp;&nbsp;Class R-5E | 446 | 47 | 36 |  | 4 |  | (319) | (33) | 163 | 18 |
| &nbsp;&nbsp;&nbsp;Class R-5 | 73 | 8 | 15 |  | 2 |  | (63) | (7) | 25 | 3 |
| &nbsp;&nbsp;&nbsp;Class R-6 | 24864 | 2662 | 402 |  | 43 |  | (6650) | (699) | 18616 | 2006 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**229331** | **24438** | $**23235** |  | **2489** |  | $**(338320)** | **(36589)** | $**(85754** | **(9662** |

---

Refer to the end of the table for footnotes.

American Funds Corporate Bond Fund 29

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** |  | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br> increase** | **Net (decrease)<br> increase** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | | **Shares** | | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended May 31, 2022** | **Year ended May 31, 2022** | **Year ended May 31, 2022** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | $143060 | 12928 | $17313 |  | 1597 |  | $(237069) | (22013) | $(76696) | (7488) |
| &nbsp;&nbsp;&nbsp;Class C | 8298 | 757 | 478 |  | 44 |  | (21117) | (1967) | (12341) | (1166) |
| &nbsp;&nbsp;&nbsp;Class T |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class F-1 | 14312 | 1319 | 954 |  | 87 |  | (38221) | (3529) | (22955) | (2123) |
| &nbsp;&nbsp;&nbsp;Class F-2 | 288444 | 26541 | 12753 |  | 1178 |  | (276094) | (25669) | 25103 | 2050 |
| &nbsp;&nbsp;&nbsp;Class F-3 | 51748 | 4853 | 2818 |  | 259 |  | (56716) | (5249) | (2150) | (137) |
| &nbsp;&nbsp;&nbsp;Class 529-A | 13532 | 1222 | 1091 |  | 101 |  | (17394) | (1585) | (2771) | (262) |
| &nbsp;&nbsp;&nbsp;Class 529-C | 1076 | 97 | 46 |  | 4 |  | (2497) | (226) | (1375) | (125) |
| &nbsp;&nbsp;&nbsp;Class 529-E | 420 | 37 | 36 |  | 3 |  | (1001) | (89) | (545) | (49) |
| &nbsp;&nbsp;&nbsp;Class 529-T |  |  |  | <sup>†</sup> |  | <sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 529-F-1 |  |  |  | <sup>†</sup> |  | <sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 529-F-2 | 3613 | 325 | 204 |  | 19 |  | (2141) | (197) | 1676 | 147 |
| &nbsp;&nbsp;&nbsp;Class 529-F-3 |  |  |  | <sup>†</sup> |  | <sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class R-1 | 583 | 52 | 15 |  | 2 |  | (473) | (43) | 125 | 11 |
| &nbsp;&nbsp;&nbsp;Class R-2 | 2404 | 224 | 66 |  | 6 |  | (2821) | (256) | (351) | (26) |
| &nbsp;&nbsp;&nbsp;Class R-2E | 495 | 45 | 21 |  | 2 |  | (696) | (64) | (180) | (17) |
| &nbsp;&nbsp;&nbsp;Class R-3 | 4256 | 387 | 185 |  | 17 |  | (4640) | (428) | (199) | (24) |
| &nbsp;&nbsp;&nbsp;Class R-4 | 1208 | 109 | 97 |  | 9 |  | (2789) | (252) | (1484) | (134) |
| &nbsp;&nbsp;&nbsp;Class R-5E | 2291 | 206 | 44 |  | 4 |  | (735) | (66) | 1600 | 144 |
| &nbsp;&nbsp;&nbsp;Class R-5 | 282 | 25 | 31 |  | 3 |  | (908) | (84) | (595) | (56) |
| &nbsp;&nbsp;&nbsp;Class R-6 | 24322 | 2183 | 596 |  | 55 |  | (14247) | (1306) | 10671 | 932 |
| &nbsp;&nbsp;&nbsp;**Total net increase (decrease)** | $**560344** | **51310** | $**36748** |  | **3390** |  | $**(679559)** | **(63023)** | $**(82467** | **(8323** |

---

---

| | |
|:---|:---|
| \* | Includes exchanges between share classes of the fund. |
| <sup>†</sup> | Amount less than one thousand. |

---

**10. Investment transactions**

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $401,405,000 and $574,530,000, respectively, during the six months ended November 30, 2022.

30 American Funds Corporate Bond Fund

Financial highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning <br> of year** | **Net<br> investment <br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and <br> unrealized)** | **Total from <br> investment <br> operations** | **Dividends<br> (from net <br> investment <br> income)** | **Distributions <br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2,3</sup>** |<br>**Net assets, <br> end of<br> year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before <br> waivers/<br> reimburse- <br> ments<sup>4</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after <br> waivers/ <br> reimburse- <br> ments<sup>3,4</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>3</sup>** |
| **Class A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | $9.83 | $.13 | $(.53) | $(.40) | $(.13) | $— | $(.13) | $9.30 | (4.08)%<sup>7</sup> | $769 | .69%<sup>8</sup> | .69%<sup>8</sup> | 2.79%<sup>8</sup> |
| 5/31/2022 | 11.17 | .19 | (1.34) | (1.15) | (.19) |  | (.19) | 9.83 | (10.47) | 862 | .82 | .81 | 1.72 |
| 5/31/2021 | 11.52 | .17 | (.03) | .14 | (.17) | (.32) | (.49) | 11.17 | 1.07 | 1063 | .84 | .83 | 1.48 |
| 5/31/2020 | 10.44 | .24 | 1.20 | 1.44 | (.24) | (.12) | (.36) | 11.52 | 14.10 | 807 | .88 | .84 | 2.20 |
| 5/31/2019 | 10.00 | .28 | .44 | .72 | (.28) |  | (.28) | 10.44 | 7.32 | 501 | .95 | .94 | 2.80 |
| 5/31/2018 | 10.33 | .24 | (.30) | (.06) | (.24) | (.03) | (.27) | 10.00 | (.64) | 407 | 1.03 | .90 | 2.37 |
| **Class C:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .09 | (.53) | (.44) | (.09) |  | (.09) | 9.30 | (4.46)<sup>7</sup> | 29 | 1.46<sup>8</sup> | 1.46<sup>8</sup> | 2.00<sup>8</sup> |
| 5/31/2022 | 11.17 | .11 | (1.34) | (1.23) | (.11) |  | (.11) | 9.83 | (11.10) | 37 | 1.53 | 1.52 | 1.00 |
| 5/31/2021 | 11.52 | .09 | (.03) | .06 | (.09) | (.32) | (.41) | 11.17 | .37 | 55 | 1.54 | 1.52 | .78 |
| 5/31/2020 | 10.44 | .17 | 1.20 | 1.37 | (.17) | (.12) | (.29) | 11.52 | 13.30 | 36 | 1.58 | 1.54 | 1.50 |
| 5/31/2019 | 10.00 | .20 | .44 | .64 | (.20) |  | (.20) | 10.44 | 6.53 | 20 | 1.70 | 1.69 | 2.05 |
| 5/31/2018 | 10.33 | .16 | (.30) | (.14) | (.16) | (.03) | (.19) | 10.00 | (1.41) | 17 | 1.81 | 1.68 | 1.58 |
| **Class T:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .14 | (.53) | (.39) | (.14) |  | (.14) | 9.30 | (3.97)<sup>7,9</sup> | —<sup>10</sup> | .45<sup>8,9</sup> | .45<sup>8,9</sup> | 3.03<sup>8,9</sup> |
| 5/31/2022 | 11.17 | .22 | (1.34) | (1.12) | (.22) |  | (.22) | 9.83 | (10.22)<sup>9</sup> | —<sup>10</sup> | .54<sup>9</sup> | .53<sup>9</sup> | 2.00<sup>9</sup> |
| 5/31/2021 | 11.52 | .20 | (.03) | .17 | (.20) | (.32) | (.52) | 11.17 | 1.34<sup>9</sup> | —<sup>10</sup> | .57<sup>9</sup> | .56<sup>9</sup> | 1.76<sup>9</sup> |
| 5/31/2020 | 10.44 | .27 | 1.20 | 1.47 | (.27) | (.12) | (.39) | 11.52 | 14.43<sup>9</sup> | —<sup>10</sup> | .59<sup>9</sup> | .55<sup>9</sup> | 2.51<sup>9</sup> |
| 5/31/2019 | 10.00 | .30 | .44 | .74 | (.30) |  | (.30) | 10.44 | 7.60<sup>9</sup> | —<sup>10</sup> | .69<sup>9</sup> | .68<sup>9</sup> | 3.06<sup>9</sup> |
| 5/31/2018 | 10.33 | .26 | (.30) | (.04) | (.26) | (.03) | (.29) | 10.00 | (.40)<sup>9</sup> | —<sup>10</sup> | .83<sup>9</sup> | .68<sup>9</sup> | 2.56<sup>9</sup> |
| **Class F-1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .13 | (.53) | (.40) | (.13) |  | (.13) | 9.30 | (4.09)<sup>7</sup> | 40 | .71<sup>8</sup> | .71<sup>8</sup> | 2.79<sup>8</sup> |
| 5/31/2022 | 11.17 | .19 | (1.34) | (1.15) | (.19) |  | (.19) | 9.83 | (10.45) | 39 | .80 | .80 | 1.72 |
| 5/31/2021 | 11.52 | .18 | (.03) | .15 | (.18) | (.32) | (.50) | 11.17 | 1.10 | 68 | .81 | .79 | 1.49 |
| 5/31/2020 | 10.44 | .25 | 1.20 | 1.45 | (.25) | (.12) | (.37) | 11.52 | 14.13 | 32 | .84 | .80 | 2.18 |
| 5/31/2019 | 10.00 | .28 | .44 | .72 | (.28) |  | (.28) | 10.44 | 7.30 | 6 | .98 | .97 | 2.77 |
| 5/31/2018 | 10.33 | .23 | (.30) | (.07) | (.23) | (.03) | (.26) | 10.00 | (.69) | 9 | 1.05 | .94 | 2.35 |
| **Class F-2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .14 | (.53) | (.39) | (.14) |  | (.14) | 9.30 | (3.97)<sup>7</sup> | 478 | .46<sup>8</sup> | .46<sup>8</sup> | 3.01<sup>8</sup> |
| 5/31/2022 | 11.17 | .22 | (1.34) | (1.12) | (.22) |  | (.22) | 9.83 | (10.22) | 584 | .54 | .53 | 2.01 |
| 5/31/2021 | 11.52 | .21 | (.03) | .18 | (.21) | (.32) | (.53) | 11.17 | 1.37 | 641 | .54 | .52 | 1.72 |
| 5/31/2020 | 10.44 | .27 | 1.20 | 1.47 | (.27) | (.12) | (.39) | 11.52 | 14.44 | 158 | .57 | .53 | 2.47 |
| 5/31/2019 | 10.00 | .30 | .44 | .74 | (.30) |  | (.30) | 10.44 | 7.60 | 38 | .69 | .67 | 3.07 |
| 5/31/2018 | 10.33 | .26 | (.30) | (.04) | (.26) | (.03) | (.29) | 10.00 | (.41) | 26 | .76 | .66 | 2.64 |
| **Class F-3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .15 | (.53) | (.38) | (.15) |  | (.15) | 9.30 | (3.91)<sup>7</sup> | 131 | .34<sup>8</sup> | .32<sup>8</sup> | 3.17<sup>8</sup> |
| 5/31/2022 | 11.17 | .23 | (1.34) | (1.11) | (.23) |  | (.23) | 9.83 | (10.11) | 121 | .42 | .42 | 2.11 |
| 5/31/2021 | 11.52 | .22 | (.03) | .19 | (.22) | (.32) | (.54) | 11.17 | 1.47 | 139 | .45 | .43 | 1.85 |
| 5/31/2020 | 10.44 | .29 | 1.20 | 1.49 | (.29) | (.12) | (.41) | 11.52 | 14.55 | 41 | .48 | .44 | 2.56 |
| 5/31/2019 | 10.00 | .31 | .44 | .75 | (.31) |  | (.31) | 10.44 | 7.72 | 11 | .59 | .57 | 3.17 |
| 5/31/2018 | 10.33 | .27 | (.30) | (.03) | (.27) | (.03) | (.30) | 10.00 | (.32) | 8 | .71 | .58 | 2.69 |
| **Class 529-A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .13 | (.53) | (.40) | (.13) |  | (.13) | 9.30 | (4.11)<sup>7</sup> | 50 | .75<sup>8</sup> | .74<sup>8</sup> | 2.73<sup>8</sup> |
| 5/31/2022 | 11.17 | .19 | (1.34) | (1.15) | (.19) |  | (.19) | 9.83 | (10.47) | 56 | .82 | .81 | 1.72 |
| 5/31/2021 | 11.52 | .17 | (.03) | .14 | (.17) | (.32) | (.49) | 11.17 | 1.08 | 66 | .83 | .81 | 1.50 |
| 5/31/2020 | 10.44 | .24 | 1.20 | 1.44 | (.24) | (.12) | (.36) | 11.52 | 14.09 | 53 | .88 | .84 | 2.20 |
| 5/31/2019 | 10.00 | .28 | .44 | .72 | (.28) |  | (.28) | 10.44 | 7.33 | 31 | .95 | .94 | 2.80 |
| 5/31/2018 | 10.33 | .23 | (.30) | (.07) | (.23) | (.03) | (.26) | 10.00 | (.73) | 23 | 1.09 | .98 | 2.32 |

---

Refer to the end of the table for footnotes.

American Funds Corporate Bond Fund 31

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning <br> of year** | **Net<br> investment <br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and <br> unrealized)** | **Total from <br> investment <br> operations** | **Dividends<br> (from net <br> investment <br> income)** | **Distributions <br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2,3</sup>** |<br>**Net assets, <br> end of<br> year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before <br> waivers/<br> reimburse- <br> ments<sup>4</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after <br> waivers/ <br> reimburse- <br> ments<sup>3,4</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>3</sup>** |
| **Class 529-C:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | $9.83 | $.09 | $(.53) | $(.44) | $(.09) | $— | $(.09) | $9.30 | (4.47)%<sup>7</sup> | $3 | 1.51%<sup>8</sup> | 1.51%<sup>8</sup> | 1.96%<sup>8</sup> |
| 5/31/2022 | 11.17 | .10 | (1.34) | (1.24) | (.10) |  | (.10) | 9.83 | (11.15) | 4 | 1.58 | 1.57 | .94 |
| 5/31/2021 | 11.52 | .08 | (.03) | .05 | (.08) | (.32) | (.40) | 11.17 | .32 | 6 | 1.59 | 1.58 | .77 |
| 5/31/2020 | 10.44 | .16 | 1.20 | 1.36 | (.16) | (.12) | (.28) | 11.52 | 13.24 | 8 | 1.64 | 1.60 | 1.45 |
| 5/31/2019 | 10.00 | .20 | .44 | .64 | (.20) |  | (.20) | 10.44 | 6.47 | 6 | 1.75 | 1.74 | 2.00 |
| 5/31/2018 | 10.33 | .15 | (.30) | (.15) | (.15) | (.03) | (.18) | 10.00 | (1.47) | 4 | 1.86 | 1.74 | 1.53 |
| **Class 529-E:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .12 | (.53) | (.41) | (.12) |  | (.12) | 9.30 | (4.20)<sup>7</sup> | 2 | .94<sup>8</sup> | .93<sup>8</sup> | 2.54<sup>8</sup> |
| 5/31/2022 | 11.17 | .17 | (1.34) | (1.17) | (.17) |  | (.17) | 9.83 | (10.64) | 2 | 1.02 | 1.01 | 1.51 |
| 5/31/2021 | 11.52 | .15 | (.03) | .12 | (.15) | (.32) | (.47) | 11.17 | .87 | 3 | 1.04 | 1.02 | 1.30 |
| 5/31/2020 | 10.44 | .22 | 1.20 | 1.42 | (.22) | (.12) | (.34) | 11.52 | 13.89 | 2 | 1.06 | 1.02 | 2.00 |
| 5/31/2019 | 10.00 | .26 | .44 | .70 | (.26) |  | (.26) | 10.44 | 7.09 | 1 | 1.17 | 1.16 | 2.58 |
| 5/31/2018 | 10.33 | .21 | (.30) | (.09) | (.21) | (.03) | (.24) | 10.00 | (.90) | 1 | 1.29 | 1.16 | 2.11 |
| **Class 529-T:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .14 | (.53) | (.39) | (.14) |  | (.14) | 9.30 | (3.99)<sup>7,9</sup> | —<sup>10</sup> | .50<sup>8,9</sup> | .50<sup>8,9</sup> | 2.98<sup>8,9</sup> |
| 5/31/2022 | 11.17 | .21 | (1.34) | (1.13) | (.21) |  | (.21) | 9.83 | (10.26)<sup>9</sup> | —<sup>10</sup> | .58<sup>9</sup> | .58<sup>9</sup> | 1.96<sup>9</sup> |
| 5/31/2021 | 11.52 | .20 | (.03) | .17 | (.20) | (.32) | (.52) | 11.17 | 1.29<sup>9</sup> | —<sup>10</sup> | .62<sup>9</sup> | .60<sup>9</sup> | 1.73<sup>9</sup> |
| 5/31/2020 | 10.44 | .27 | 1.20 | 1.47 | (.27) | (.12) | (.39) | 11.52 | 14.38<sup>9</sup> | —<sup>10</sup> | .64<sup>9</sup> | .61<sup>9</sup> | 2.46<sup>9</sup> |
| 5/31/2019 | 10.00 | .30 | .44 | .74 | (.30) |  | (.30) | 10.44 | 7.52<sup>9</sup> | —<sup>10</sup> | .76<sup>9</sup> | .75<sup>9</sup> | 3.00<sup>9</sup> |
| 5/31/2018 | 10.33 | .26 | (.30) | (.04) | (.26) | (.03) | (.29) | 10.00 | (.47)<sup>9</sup> | —<sup>10</sup> | .89<sup>9</sup> | .75<sup>9</sup> | 2.49<sup>9</sup> |
| **Class 529-F-1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .14 | (.53) | (.39) | (.14) |  | (.14) | 9.30 | (3.99)<sup>7,9</sup> | —<sup>10</sup> | .51<sup>8,9</sup> | .50<sup>8,9</sup> | 2.98<sup>8,9</sup> |
| 5/31/2022 | 11.17 | .21 | (1.34) | (1.13) | (.21) |  | (.21) | 9.83 | (10.28)<sup>9</sup> | —<sup>10</sup> | .61<sup>9</sup> | .60<sup>9</sup> | 1.93<sup>9</sup> |
| 5/31/2021 | 11.52 | .20 | (.03) | .17 | (.20) | (.32) | (.52) | 11.17 | 1.30<sup>9</sup> | —<sup>10</sup> | .64<sup>9</sup> | .61<sup>9</sup> | 1.90<sup>9</sup> |
| 5/31/2020 | 10.44 | .27 | 1.20 | 1.47 | (.27) | (.12) | (.39) | 11.52 | 14.37 | 6 | .64 | .60 | 2.44 |
| 5/31/2019 | 10.00 | .30 | .44 | .74 | (.30) |  | (.30) | 10.44 | 7.54 | 4 | .75 | .73 | 3.02 |
| 5/31/2018 | 10.33 | .26 | (.30) | (.04) | (.26) | (.03) | (.29) | 10.00 | (.48) | 2 | .85 | .74 | 2.57 |
| **Class 529-F-2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .14 | (.53) | (.39) | (.14) |  | (.14) | 9.30 | (3.96)<sup>7</sup> | 8 | .44<sup>8</sup> | .43<sup>8</sup> | 3.03<sup>8</sup> |
| 5/31/2022 | 11.17 | .22 | (1.34) | (1.12) | (.22) |  | (.22) | 9.83 | (10.21) | 9 | .53 | .52 | 2.02 |
| 5/31/2021<sup>5,11</sup> | 11.68 | .11 | (.19) | (.08) | (.11) | (.32) | (.43) | 11.17 | (.82)<sup>7</sup> | 9 | .54<sup>8</sup> | .53<sup>8</sup> | 1.66<sup>8</sup> |
| **Class 529-F-3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .14 | (.53) | (.39) | (.14) |  | (.14) | 9.30 | (3.93)<sup>7</sup> | —<sup>10</sup> | .38<sup>8</sup> | .38<sup>8</sup> | 3.10<sup>8</sup> |
| 5/31/2022 | 11.17 | .22 | (1.34) | (1.12) | (.22) |  | (.22) | 9.83 | (10.17) | —<sup>10</sup> | .48 | .48 | 2.05 |
| 5/31/2021<sup>5,11</sup> | 11.68 | .11 | (.19) | (.08) | (.11) | (.32) | (.43) | 11.17 | (.79)<sup>7</sup> | —<sup>10</sup> | .59<sup>8</sup> | .49<sup>8</sup> | 1.69<sup>8</sup> |
| **Class R-1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .09 | (.53) | (.44) | (.09) |  | (.09) | 9.30 | (4.44)<sup>7</sup> | 1 | 1.44<sup>8</sup> | 1.44<sup>8</sup> | 2.04<sup>8</sup> |
| 5/31/2022 | 11.17 | .11 | (1.34) | (1.23) | (.11) |  | (.11) | 9.83 | (11.08) | 1 | 1.50 | 1.50 | 1.03 |
| 5/31/2021 | 11.52 | .09 | (.03) | .06 | (.09) | (.32) | (.41) | 11.17 | .40 | 1 | 1.51 | 1.50 | .82 |
| 5/31/2020 | 10.44 | .18 | 1.20 | 1.38 | (.18) | (.12) | (.30) | 11.52 | 13.41 | 1 | 1.49 | 1.45 | 1.58 |
| 5/31/2019 | 10.00 | .21 | .44 | .65 | (.21) |  | (.21) | 10.44 | 6.64 | 1 | 1.59 | 1.57 | 2.18 |
| 5/31/2018 | 10.33 | .18 | (.30) | (.12) | (.18) | (.03) | (.21) | 10.00 | (1.19)<sup>9</sup> | —<sup>10</sup> | 1.59<sup>9</sup> | 1.48<sup>9</sup> | 1.83<sup>9</sup> |

---

Refer to the end of the table for footnotes.

32 American Funds Corporate Bond Fund

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **(Loss) income from<br> investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br> value,<br> beginning <br> of year** | **Net<br> investment <br> income** | **Net (losses)<br> gains on<br> securities<br> (both<br> realized and <br> unrealized)** | **Total from <br> investment <br> operations** | **Dividends<br> (from net <br> investment <br> income)** | **Distributions <br> (from capital<br> gains)** | **Total<br> dividends<br> and<br> distributions** |<br>**Net asset<br> value,<br> end<br> of year** |<br>**Total return<sup>2,3</sup>** |<br>**Net assets, <br> end of<br> year<br> (in millions)** |<br>**Ratio of<br> expenses to<br> average net<br> assets before <br> waivers/<br> reimburse- <br> ments<sup>4</sup>** |<br>**Ratio of<br> expenses to<br> average net<br> assets after <br> waivers/ <br> reimburse- <br> ments<sup>3,4</sup>** |<br>**Ratio of<br> net income<br> to average<br> net assets<sup>3</sup>** |
| **Class R-2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | $9.83 | $.09 | $(.53) | $(.44) | $(.09) | $— | $(.09) | $9.30 | (4.43)%<sup>7</sup> | $6 | 1.41%<sup>8</sup> | 1.41%<sup>8</sup> | 2.07%<sup>8</sup> |
| 5/31/2022 | 11.17 | .11 | (1.34) | (1.23) | (.11) |  | (.11) | 9.83 | (11.08) | 6 | 1.50 | 1.49 | 1.04 |
| 5/31/2021 | 11.52 | .09 | (.03) | .06 | (.09) | (.32) | (.41) | 11.17 | .39 | 7 | 1.52 | 1.50 | .83 |
| 5/31/2020 | 10.44 | .17 | 1.20 | 1.37 | (.17) | (.12) | (.29) | 11.52 | 13.34 | 8 | 1.55 | 1.51 | 1.53 |
| 5/31/2019 | 10.00 | .21 | .44 | .65 | (.21) |  | (.21) | 10.44 | 6.58 | 5 | 1.65 | 1.63 | 2.11 |
| 5/31/2018 | 10.33 | .17 | (.30) | (.13) | (.17) | (.03) | (.20) | 10.00 | (1.35) | 3 | 1.74 | 1.61 | 1.68 |
| **Class R-2E:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .11 | (.53) | (.42) | (.11) |  | (.11) | 9.30 | (4.30)<sup>7</sup> | 1 | 1.14<sup>8</sup> | 1.14<sup>8</sup> | 2.36<sup>8</sup> |
| 5/31/2022 | 11.17 | .14 | (1.34) | (1.20) | (.14) |  | (.14) | 9.83 | (10.84) | 1 | 1.23 | 1.23 | 1.30 |
| 5/31/2021 | 11.52 | .13 | (.03) | .10 | (.13) | (.32) | (.45) | 11.17 | .67 | 2 | 1.25 | 1.23 | 1.08 |
| 5/31/2020 | 10.44 | .20 | 1.20 | 1.40 | (.20) | (.12) | (.32) | 11.52 | 13.67 | 1 | 1.26 | 1.22 | 1.81 |
| 5/31/2019 | 10.00 | .24 | .44 | .68 | (.24) |  | (.24) | 10.44 | 6.90 | —<sup>10</sup> | 1.35 | 1.33 | 2.45 |
| 5/31/2018 | 10.33 | .23 | (.30) | (.07) | (.23) | (.03) | (.26) | 10.00 | (.73)<sup>9</sup> | —<sup>10</sup> | 1.32<sup>9</sup> | 1.22<sup>9</sup> | 2.16<sup>9</sup> |
| **Class R-3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .11 | (.53) | (.42) | (.11) |  | (.11) | 9.30 | (4.22)<sup>7</sup> | 11 | .98<sup>8</sup> | .98<sup>8</sup> | 2.50<sup>8</sup> |
| 5/31/2022 | 11.17 | .16 | (1.34) | (1.18) | (.16) |  | (.16) | 9.83 | (10.69) | 11 | 1.07 | 1.06 | 1.47 |
| 5/31/2021 | 11.52 | .14 | (.03) | .11 | (.14) | (.32) | (.46) | 11.17 | .82 | 13 | 1.09 | 1.07 | 1.24 |
| 5/31/2020 | 10.44 | .22 | 1.20 | 1.42 | (.22) | (.12) | (.34) | 11.52 | 13.82 | 10 | 1.13 | 1.09 | 1.96 |
| 5/31/2019 | 10.00 | .25 | .44 | .69 | (.25) |  | (.25) | 10.44 | 7.03 | 7 | 1.22 | 1.21 | 2.54 |
| 5/31/2018 | 10.33 | .21 | (.30) | (.09) | (.21) | (.03) | (.24) | 10.00 | (.92) | 4 | 1.28 | 1.18 | 2.16 |
| **Class R-4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .13 | (.53) | (.40) | (.13) |  | (.13) | 9.30 | (4.08)<sup>7</sup> | 5 | .68<sup>8</sup> | .68<sup>8</sup> | 2.81<sup>8</sup> |
| 5/31/2022 | 11.17 | .19 | (1.34) | (1.15) | (.19) |  | (.19) | 9.83 | (10.43) | 4 | .77 | .77 | 1.75 |
| 5/31/2021 | 11.52 | .18 | (.03) | .15 | (.18) | (.32) | (.50) | 11.17 | 1.12 | 6 | .79 | .77 | 1.52 |
| 5/31/2020 | 10.44 | .25 | 1.20 | 1.45 | (.25) | (.12) | (.37) | 11.52 | 14.16 | 4 | .83 | .79 | 2.27 |
| 5/31/2019 | 10.00 | .28 | .44 | .72 | (.28) |  | (.28) | 10.44 | 7.34 | 3 | .93 | .92 | 2.82 |
| 5/31/2018 | 10.33 | .24 | (.30) | (.06) | (.24) | (.03) | (.27) | 10.00 | (.66) | 2 | 1.05 | .92 | 2.36 |
| **Class R-5E:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .14 | (.53) | (.39) | (.14) |  | (.14) | 9.30 | (3.98)<sup>7</sup> | 3 | .49<sup>8</sup> | .48<sup>8</sup> | 3.01<sup>8</sup> |
| 5/31/2022 | 11.17 | .21 | (1.34) | (1.13) | (.21) |  | (.21) | 9.83 | (10.25) | 3 | .57 | .56 | 2.01 |
| 5/31/2021 | 11.52 | .20 | (.03) | .17 | (.20) | (.32) | (.52) | 11.17 | 1.30 | 1 | .62 | .60 | 1.73 |
| 5/31/2020 | 10.44 | .27 | 1.20 | 1.47 | (.27) | (.12) | (.39) | 11.52 | 14.37 | 1 | .64 | .59 | 2.43 |
| 5/31/2019 | 10.00 | .30 | .44 | .74 | (.30) |  | (.30) | 10.44 | 7.59 | 1 | .70 | .68 | 3.08 |
| 5/31/2018 | 10.33 | .27 | (.30) | (.03) | (.27) | (.03) | (.30) | 10.00 | (.35) | —<sup>10</sup> | .81 | .61 | 2.66 |
| **Class R-5:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .14 | (.53) | (.39) | (.14) |  | (.14) | 9.30 | (3.94)<sup>7</sup> | 1 | .39<sup>8</sup> | .39<sup>8</sup> | 3.09<sup>8</sup> |
| 5/31/2022 | 11.17 | .22 | (1.34) | (1.12) | (.22) |  | (.22) | 9.83 | (10.17) | 1 | .49 | .48 | 2.02 |
| 5/31/2021 | 11.52 | .21 | (.03) | .18 | (.21) | (.32) | (.53) | 11.17 | 1.41 | 2 | .51 | .49 | 1.83 |
| 5/31/2020 | 10.44 | .28 | 1.20 | 1.48 | (.28) | (.12) | (.40) | 11.52 | 14.49 | 1 | .53 | .49 | 2.55 |
| 5/31/2019 | 10.00 | .31 | .44 | .75 | (.31) |  | (.31) | 10.44 | 7.67 | 1 | .63 | .61 | 3.14 |
| 5/31/2018 | 10.33 | .27 | (.30) | (.03) | (.27) | (.03) | (.30) | 10.00 | (.37) | 1 | .74 | .62 | 2.67 |
| **Class R-6:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>5,6</sup> | 9.83 | .15 | (.53) | (.38) | (.15) |  | (.15) | 9.30 | (3.91)<sup>7</sup> | 44 | .34<sup>8</sup> | .33<sup>8</sup> | 3.17<sup>8</sup> |
| 5/31/2022 | 11.17 | .23 | (1.34) | (1.11) | (.23) |  | (.23) | 9.83 | (10.12) | 27 | .42 | .42 | 2.13 |
| 5/31/2021 | 11.52 | .22 | (.03) | .19 | (.22) | (.32) | (.54) | 11.17 | 1.47 | 20 | .45 | .43 | 1.89 |
| 5/31/2020 | 10.44 | .29 | 1.20 | 1.49 | (.29) | (.12) | (.41) | 11.52 | 14.55 | 12 | .48 | .45 | 2.62 |
| 5/31/2019 | 10.00 | .31 | .44 | .75 | (.31) |  | (.31) | 10.44 | 7.70 | 7 | .60 | .58 | 3.21 |
| 5/31/2018 | 10.33 | .27 | (.30) | (.03) | (.27) | (.03) | (.30) | 10.00 | (.36) | 1 | .76 | .62 | 2.63 |

---

Refer to the end of the table for footnotes.

American Funds Corporate Bond Fund 33

Financial highlights (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year ended May 31,** | **Year ended May 31,** | **Year ended May 31,** | **Year ended May 31,** | **Year ended May 31,** |
| | **Six months <br> ended November 30,**<br>**2022<sup>567</sup>** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Portfolio turnover rate for all share classes<sup>12</sup> | 80% | 118% | 146% | 232% | 203% | 153% |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup> This column reflects the impact, if any, of certain waivers/reimbursements from CRMC and/or AFS. During one of the years shown, CRMC waived a portion of investment advisory services fees. In addition, during one of the years shown, AFS waived a portion of transfer agent services fees for Class F-3 shares. In addition, during some of the years shown, CRMC reimbursed a portion of transfer agent services fees for certain share classes and/or reimbursed a portion of miscellaneous fees and expenses.

<sup>4</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.

<sup>5</sup> Based on operations for a period that is less than a full year.

<sup>6</sup> Unaudited.

<sup>7</sup> Not annualized.

<sup>8</sup> Annualized.

<sup>9</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.

<sup>10</sup> Amount less than $1 million.

<sup>11</sup> Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

<sup>12</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.

34 American Funds Corporate Bond Fund

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| | |
|:---|:---|
| Expense example | **unaudited** |

---

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (June 1, 2022, through November 30, 2022).

**Actual expenses:**

The first line of each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled "Expenses paid during period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes:**

The second line of each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

**Notes:**

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the table on the following page are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

American Funds Corporate Bond Fund 35

Expense example (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br> **account value**<br> **6/1/2022** | **Ending**<br> **account value**<br> **11/30/2022** | **Expenses paid**<br> **during period\*** | **Annualized**<br> **expense ratio** |
| Class A – actual return | $1000.00 | $959.16 | $3.39 | .69% |
| Class A – assumed 5% return | 1000.00 | 1021.61 | 3.50 | .69 |
| Class C – actual return | 1000.00 | 955.43 | 7.16 | 1.46 |
| Class C – assumed 5% return | 1000.00 | 1017.75 | 7.38 | 1.46 |
| Class T – actual return | 1000.00 | 960.35 | 2.21 | .45 |
| Class T – assumed 5% return | 1000.00 | 1022.81 | 2.28 | .45 |
| Class F-1 – actual return | 1000.00 | 959.08 | 3.49 | .71 |
| Class F-1 – assumed 5% return | 1000.00 | 1021.51 | 3.60 | .71 |
| Class F-2 – actual return | 1000.00 | 960.28 | 2.26 | .46 |
| Class F-2 – assumed 5% return | 1000.00 | 1022.76 | 2.33 | .46 |
| Class F-3 – actual return | 1000.00 | 960.89 | 1.57 | .32 |
| Class F-3 – assumed 5% return | 1000.00 | 1023.46 | 1.62 | .32 |
| Class 529-A – actual return | 1000.00 | 958.90 | 3.63 | .74 |
| Class 529-A – assumed 5% return | 1000.00 | 1021.36 | 3.75 | .74 |
| Class 529-C – actual return | 1000.00 | 955.26 | 7.40 | 1.51 |
| Class 529-C – assumed 5% return | 1000.00 | 1017.50 | 7.64 | 1.51 |
| Class 529-E – actual return | 1000.00 | 958.00 | 4.56 | .93 |
| Class 529-E – assumed 5% return | 1000.00 | 1020.41 | 4.71 | .93 |
| Class 529-T – actual return | 1000.00 | 960.08 | 2.46 | .50 |
| Class 529-T – assumed 5% return | 1000.00 | 1022.56 | 2.54 | .50 |
| Class 529-F-1 – actual return | 1000.00 | 960.06 | 2.46 | .50 |
| Class 529-F-1 – assumed 5% return | 1000.00 | 1022.56 | 2.54 | .50 |
| Class 529-F-2 – actual return | 1000.00 | 960.37 | 2.11 | .43 |
| Class 529-F-2 – assumed 5% return | 1000.00 | 1022.91 | 2.18 | .43 |
| Class 529-F-3 – actual return | 1000.00 | 960.68 | 1.87 | .38 |
| Class 529-F-3 – assumed 5% return | 1000.00 | 1023.16 | 1.93 | .38 |
| Class R-1 – actual return | 1000.00 | 955.56 | 7.06 | 1.44 |
| Class R-1 – assumed 5% return | 1000.00 | 1017.85 | 7.28 | 1.44 |
| Class R-2 – actual return | 1000.00 | 955.71 | 6.91 | 1.41 |
| Class R-2 – assumed 5% return | 1000.00 | 1018.00 | 7.13 | 1.41 |
| Class R-2E – actual return | 1000.00 | 957.04 | 5.59 | 1.14 |
| Class R-2E – assumed 5% return | 1000.00 | 1019.35 | 5.77 | 1.14 |
| Class R-3 – actual return | 1000.00 | 957.77 | 4.81 | .98 |
| Class R-3 – assumed 5% return | 1000.00 | 1020.16 | 4.96 | .98 |
| Class R-4 – actual return | 1000.00 | 959.24 | 3.34 | .68 |
| Class R-4 – assumed 5% return | 1000.00 | 1021.66 | 3.45 | .68 |
| Class R-5E – actual return | 1000.00 | 960.16 | 2.36 | .48 |
| Class R-5E – assumed 5% return | 1000.00 | 1022.66 | 2.43 | .48 |
| Class R-5 – actual return | 1000.00 | 960.62 | 1.92 | .39 |
| Class R-5 – assumed 5% return | 1000.00 | 1023.11 | 1.98 | .39 |
| Class R-6 – actual return | 1000.00 | 960.89 | 1.62 | .33 |
| Class R-6 – assumed 5% return | 1000.00 | 1023.41 | 1.67 | .33 |

---

\* The "expenses paid during period" are equal to the "annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

36 American Funds Corporate Bond Fund

**Office of the fund**

6455 Irvine Center Drive

Irvine, CA 92618-4518

**Investment adviser**

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

**Transfer agent for shareholder accounts**

American Funds Service Company

(Write to the address nearest you.)

P.O. Box 6007

Indianapolis, IN 46206-6007

P.O. Box 2280

Norfolk, VA 23501-2280

**Custodian of assets**

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111-2900

**Counsel**

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

**Principal underwriter**

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

**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.**

"American Funds Proxy Voting Procedures and Principles" — which describes how we vote proxies relating to portfolio securities — is available on our website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

American Funds Corporate Bond Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

This report is for the information of shareholders of American Funds Corporate Bond Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after March 31, 2023, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage<sup>®</sup>

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System<sup>TM</sup> — has resulted in superior outcomes.

---

| |
|:---|
| **Aligned with investor success** |
| We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment industry experience, including 21 years at our company, reflecting a career commitment to our long-term approach.<sup>1</sup> |
| **The Capital System** |
| The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system. |
| **American Funds' superior outcomes** |
| Equity funds have beaten their Lipper peer indexes in 90% of 10-year periods and 99% of 20-year periods.<sup>2</sup> Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.<sup>3</sup> Fund management fees have been among the lowest in the industry.<sup>4</sup> |

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<sup>1</sup> Investment industry experience as of December 31, 2021.

<sup>2</sup> Based on Class F-2 share results for rolling calendar-year periods starting the first full calendar year after each fund's inception through December 31, 2021. Periods covered are the shorter of the fund's lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.

<sup>3</sup> Based on Class F-2 share results as of December 31, 2021. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in "lockstep," in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.

<sup>4</sup> On average, our management fees were in the lowest quintile 63% of the time, based on the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds' Class F-2 shares sold after the funds' date of first offering. Visit **capitalgroup.com** for more information on specific expense adjustments and the actual dates of first sale.

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.

![](x1_c105271x40x1.jpg)

ITEM 2 – Code of Ethics

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ''interested persons'' of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board's composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant's Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

ITEM 11 – Controls and Procedures

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b) There were no changes in the Registrant's internal
 controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant's
 semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
 internal control over financial reporting.

ITEM 12 – Exhibits

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| | |
|:---|:---|
| (a)(1) | Not applicable for filing of semi-annual reports to shareholders. |
| (a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections [302](cbf_cert302.htm) and [906](cbf_cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| |
|:---|
| AMERICAN FUNDS CORPORATE BOND FUND |
| By <u>__/s/ Kristine M. Nishiyama</u>____________________ |
| &nbsp;&nbsp;&nbsp;&nbsp; Kristine M. Nishiyama,<br> Principal Executive Officer |
| Date: January 31, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| By <u>__/s/ Kristine M. Nishiyama</u>_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp; Kristine M. Nishiyama,<br> Principal Executive Officer |
| Date: January 31, 2023 |

---

---

| |
|:---|
| By __<u>_/s/ Brian C. Janssen</u>__________ |
| &nbsp;&nbsp;&nbsp;&nbsp; Brian C. Janssen, Treasurer and<br> Principal Financial Officer |
| Date: January 31, 2023 |

---

## Ex-99.Cert

<br>**American Funds Corporate Bond Fund**<br> 6455 Irvine Center Drive<br> Irvine, California 92618<br> (949) 975-5000<br>

**CERTIFICATION**

I, **Kristine M. Nishiyama,** certify that:

---

| | |
|:---|:---|
| 1. | I have reviewed this report on Form N-CSR of **American Funds Corporate Bond Fund;** |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
|  | a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|  | b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|  | c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and |
|  | d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions): |
|  | a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
|  | b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |

---

Date: January 31, 2023

_<u>__/s/ Kristine M. Nishiyama</u>_____________________

Kristine M. Nishiyama,

Principal Executive Officer

American Funds Corporate Bond Fund

<br>**American Funds Corporate Bond Fund**<br> 6455 Irvine Center Drive<br> Irvine, California 92618<br> (949) 975-5000<br>

**CERTIFICATION**

I, **Brian C. Janssen**, certify that:

---

| | |
|:---|:---|
| 1. | I have reviewed this report on Form N-CSR of **American Funds Corporate Bond Fund;** |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
|  | a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|  | b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|  | c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and |
|  | d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions): |
|  | a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
|  | b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |

---

Date: January 31, 2023

_<u>_/s/ Brian C. Janssen</u>____________

Brian C. Janssen, Treasurer and

Principal Financial Officer

American Funds Corporate Bond Fund

## Exhibit 99.906

<br>**American Funds Corporate Bond Fund**<br> 6455 Irvine Center Drive<br> Irvine, California 92618<br> (949) 975-5000<br>

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

KRISTINE M. NISHIYAMA, Principal Executive Officer, and BRIAN C. JANSSEN, Treasurer and Principal Financial Officer of American Funds Corporate Bond Fund (the "Registrant"), each certify to the best of her or his knowledge that:

1) The Registrant's periodic report on Form N-CSR for the period ended November 30, 2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2) The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| AMERICAN FUNDS CORPORATE BOND FUND | AMERICAN FUNDS CORPORATE BOND FUND |
| _<u>__/s/ Kristine M. Nishiyama</u>____________ | <u>_/s/ Brian C. Janssen</u>____________ |
| Kristine M. Nishiyama, Principal Executive Officer | Brian C. Janssen, Treasurer |
| Date: January 31, 2023 | Date: January 31, 2023 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to AMERICAN FUNDS CORPORATE BOND FUND and will be retained by AMERICAN FUNDS CORPORATE BOND FUND and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.