# EDGAR Filing Document

**Accession Number:** 0002040315
**File Stem:** 0001104659-26-025871
**Filing Date:** 2026-3
**Character Count:** 1143033
**Document Hash:** 75d8f53d14bf79b7f490786c0799d4e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-025871.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001104659-26-025871

**CONFORMED SUBMISSION TYPE**: 486BPOS

**PUBLIC DOCUMENT COUNT**: 36

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260311

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capital Group KKR Core Plus (plus)
- **CENTRAL INDEX KEY:** 0002040315

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 486BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24016
- **FILM NUMBER:** 26739616

**BUSINESS ADDRESS:**
- **STREET 1:** 6455 IRVINE CENTER DRIVE
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 213-486-9200

**MAIL ADDRESS:**
- **STREET 1:** 333 SOUTH HOPE STREET
- **STREET 2:** 55TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capital Group KKR Core Plus (plus)
- **CENTRAL INDEX KEY:** 0002040315

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 486BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-282864
- **FILM NUMBER:** 26739615

**BUSINESS ADDRESS:**
- **STREET 1:** 6455 IRVINE CENTER DRIVE
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 213-486-9200

**MAIL ADDRESS:**
- **STREET 1:** 333 SOUTH HOPE STREET
- **STREET 2:** 55TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

?xml version='1.0' encoding='ASCII'? Capital Group KKR Core Plus - 2040315 - 2026

As filed with the Securities and Exchange Commission on March 10, 2026

Securities Act Registration No. 333-282864

Investment Company Registration No. 811-24016

**U.S. SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-2**

**REGISTRATION STATEMENT**

[X] UNDER THE SECURITIES ACT OF 1933

Post-Effective Amendment No.3

and/or

REGISTRATION STATEMENT

[X] UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No.6

**Capital Group KKR Core Plus+**

(Exact Name of Registrant as Specified in the Declaration of Trust)

6455 Irvine Center Drive

Irvine, California 92618-4518

(Address of Principal Executive Offices)

Registrant's telephone number, including area code:

(213) 486-9200

**Michael R. Tom, Secretary**

**Capital Group KKR Core Plus+**

333 South Hope Street

Los Angeles, California 90071-1406

(Name and Address of Agent for Service)

*Copies of Communications to:*

 

David Sullivan, Esq.

Keith MacLeod, Esq.

Ropes & Gray LLP

800 Boylston Street

Prudential Tower

Boston, Massachusetts 02199

Approximate Date of Proposed Public Offering:

It is proposed this filing become effective on March 11, 2026

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

It is proposed that this filing will become effective (check appropriate box):

☒ when declared effective pursuant to Section 8(c) of the Securities Act

If appropriate, check the following box:

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:

☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:

Check each box that appropriately characterizes the Registrant:

☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☒ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act")).

☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.

☒ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such dates as the Commission, acting pursuant to said Section 8(a), may determine.

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| | |
|:---|:---|
| **Capital Group<br>KKR Core Plus+**<br> Prospectus<br> March 11, 2026 | ![image_001.jpg](image_001.jpg) |

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<br> <u>Class</u> <u>A</u> <u>A-2</u> <u>A-3</u> <u>F-2</u> <u>F-3</u> <u>R-6</u> <br> CPPKX CPPIX CPPJX CPPLX CPPMX RCPPX

The fund Capital Group KKR Core Plus+ (the "fund") is a nondiversified, closed-end management investment company that continuously offers its common shares and is operated as an "interval fund."

Investment adviser and sub-adviser The fund's investment adviser is Capital Research and Management Company (the " investment adviser"). The fund's sub-adviser is KKR Credit Advisors (US) LLC (the "sub-adviser" or "KKR Credit" and, together with its affiliates, "KKR"). The investment adviser and the sub-adviser are each registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

Securities offered The fund is offering, pursuant to this prospectus, Class A, Class A-2, Class A-3, Class F-2, Class F-3 and Class R-6 shares. Each share class represents an investment in the same portfolio of investments, but each class has its own expense structure and arrangements for shareholder services or distribution, which allows you to choose the class that best fits your situation and eligibility requirements. See "Choosing a share class." Under the fund's organizational documents, it is authorized to issue an unlimited number of shares. The fund is offering to sell its shares on a continuous basis.

Investment objective The fund's investment objective is to provide a high level of current income and seek maximum total return, consistent with preservation of capital.

Investment strategies The fund seeks to achieve its investment objective by investing in both publicly traded fixed income securities and private credit loans and securities, which include private corporate direct lending and asset-based finance investments.

The fund invests primarily in bonds, loans and other debt instruments, which may be represented by derivatives. Normally, the fund will seek to allocate approximately 60% of its net assets to public debt assets and approximately 40% to private credit assets. The allocation between public debt and private credit assets may fluctuate significantly depending on various factors, including market and economic conditions, availability of investment opportunities in the private credit market and fund subscription and repurchase activity.

The fund may invest in a broad range of debt securities, including corporate bonds and mortgage- and other asset-based finance securities issued by U.S. government-sponsored

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entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government. The fund may also invest up to 20% of its net assets in securities tied economically to countries outside the U.S., including emerging markets. The fund may invest up to 10% of its net assets in securities denominated in currencies other than the U.S. dollar. The fund may invest in debt securities of any maturity or duration. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rate. The longer a security's duration, the more sensitive it will be to changes in interest rates.

The fund will normally invest its private credit assets across two primary investment strategies: corporate direct lending and asset-based finance. Private credit assets generally include loans or other debt instruments originated or negotiated by non-bank lenders in private markets. In determining which investments constitute private credit assets, the adviser and sub-adviser may also take into consideration a number of factors, including the nature of the interaction between the sub-adviser, issuer, servicers and/or sponsors of an instrument; the scope of the offering and distribution of the instrument; and the sub-adviser's differentiated expertise in the asset class, collateral or servicing of the instrument. Private credit assets will generally include investments in bonds, secured bank loans, mezzanine debt, convertible securities, convertible debt securities, securitized debt securities such as collateralized loan obligations and asset-based finance securities, which derive returns from recurring, often contractual, cash flows of large, broad pools of underlying physical and financial assets. Please see the statement of additional information under "Execution of portfolio transactions" for further details on the sub-adviser's loan selection process.

The fund may invest substantially in lower rated debt instruments, which are securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Ratings Organizations designated by the investment adviser or the sub-adviser, or in securities that are unrated but determined to be of equivalent quality by the investment adviser or the sub-adviser, in each case at the time of purchase. Such securities are sometimes referred to as "junk bonds." Corporate direct lending investments will typically focus on senior debt instruments, primarily directly originated and negotiated first-lien loans. These senior debt instruments are generally held to maturity and generally have limited liquidity. The fund may also invest in loans that do not have a financial maintenance covenant that is tested quarterly, also referred to as "covenant-lite."

The fund may invest in various types of securitized debt instruments, including mortgage and other asset-based finance securities, which may also include investments in both the equity and debt tranches of structured products. Private credit asset-based finance investments will generally focus on financing physical or financial assets including consumer loans and mortgages, and commercial and contractual cash flows. Such investments can be structured in a variety of ways, including without limitation, as senior or subordinated asset-backed securities, structured credit notes or loans, and as private, preferred or common equity.

The fund is nondiversified, which means it may invest a greater portion of its assets in fewer issuers than would otherwise be the case.

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Interval fund/repurchase offers The fund is an "interval fund," a type of fund that, in order to provide liquidity to the fund's shareholders, conducts periodic repurchase offers of 5% to 25% of its outstanding shares at net asset value ("NAV"). The fund currently conducts quarterly repurchase offers for 10% of its outstanding shares under ordinary circumstances, subject to approval of the board.

When a repurchase offer commences, the fund will send written notice to each shareholder at least twenty-one (21) days before the date by which shareholders can tender their shares in response to a repurchase offer (the "Repurchase Request Deadline"). The repurchase price will be the NAV of the fund as determined at the close of business on a date (the "Repurchase Pricing Date") that will generally be the same date as the Repurchase Request Deadline, but that may be up to fourteen (14) calendar days thereafter (or the next business day if the fourteenth day is not a business day). The fund expects to distribute payment to shareholders between one (1) and three (3) business days after the Repurchase Pricing Date. It is possible that a repurchase offer may be oversubscribed, with the result that shareholders may only be able to have a portion of their shares repurchased. See "Principal risks – Repurchase offers risk" and "Periodic repurchase offers."

Investment risks

Investors should carefully consider the fund's risks and investment objective, as an investment in the fund may not be appropriate for all investors and is not designed to be a complete investment program. Because of the risks associated with the fund's ability to invest in high yield securities, loans and related instruments and mortgage-related and other asset-based finance instruments, an investment in the fund involves a high degree of risk, including the risk that you may lose money. Before making an investment/allocation decision, investors should (i) consider the suitability of this investment with respect to an investor's investment objectives and personal financial situations and (ii) consider factors such as an investor's net worth, income, age, risk tolerance, and liquidity needs. Investment should be avoided where an investor has a short-term investing horizon and/or cannot bear the loss of some or all of their investment. It is possible that investing in the fund may result in a loss of some or all of the amount invested. Before buying any of the fund's shares, you should carefully consider the information mentioned below together with all of the other information contained in this prospectus, including the discussion of the "Principal risks" beginning on page 21 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** **An investment in the fund is suitable only for investors who can bear the risks associated with the limited liquidity of the fund and should be viewed as a long-term investment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** **The fund's shares have no history of public trading, nor are they listed for trading on any national securities exchange. No secondary trading market is expected to develop for the shares and liquidity for the shares will be provided only through repurchase offers at net asset value. There is no guarantee that an investor will be able to sell all the shares the investor desires to sell in a repurchase offer. Due to these restrictions, an investor should consider an investment in the fund to be illiquid.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** **Because the fund is newly organized, it has a limited operating history.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** **There is no assurance that the fund will be able to make any distributions or maintain a certain level of distributions to shareholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** **An investor investing in Class A shares will pay a sales load of up to 3.75% on the amounts it invests. If you pay the maximum aggregate 3.75% for sales load,** 

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**you must experience a total return on your net investment of 3.90% in order to recover these expenses.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**·** **An investor investing in Class A-2 shares will pay a sales load of up to 2.00% on the amounts it invests. If you pay the maximum aggregate 2.00% for sales load, you must experience a total return on your net investment of 2.04% in order to recover these expenses.**

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. The fund's shares are sold at a public offering price equal to their NAV per share, plus a sales charge where applicable. See "Sales Charges."**

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| | | | |
|:---|:---|:---|:---|
|  | Price to Public | **Maximum** <br>**Front-End** <br>**Sales Load<sup>1,2</sup>** | **Proceeds to** <br>**the fund** |
| Per Class A Share | At current NAV, plus sales load of up to 3.75%, if applicable | 3.75% | Amount invested at current NAV |
| Per Class A-2 Share | At current NAV, plus sales load of up to 2.00%, if applicable | 2.00% | Amount invested at current NAV |
| Per Class A-3 Share | At current NAV |  | Amount invested at current NAV |
| Per Class F-2 Share | At current NAV |  | Amount invested at current NAV |
| Per Class F-3 Share | At current NAV |  | Amount invested at current NAV |
| Per Class R-6 Share | At current NAV |  | Amount invested at current NAV |

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<sup>1</sup>For Class A shares, the maximum sales charge is 3.75% of the amount invested. For Class A-2 shares, the maximum sales charge is 2.00% of the amount invested. Class A-3, F-2, Class F-3 and Class R-6 shares are not subject to front-end sales charges imposed by the fund or its distributor. The table assumes the maximum sales load is charged. If you buy any class of shares of the fund through certain financial intermediaries, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial advisor for additional information. The minimum amount to establish an account is normally $1,000 for all share classes except Class F-3 shares held and serviced by the fund's transfer agent, which are subject to a minimum of $1 million. The minimum to add to an account is $50 for all share classes. See "Sales Charges."

<sup>2</sup>Investments in Class A shares of $500,000 or more will be subject to a 0.75% contingent deferred sales charge if the shares are sold within 18 months of purchase. Investments in Class A-2 shares of $250,000 or more will be subject to a 1.00% contingent deferred sales charge if the shares are sold within 12 months of purchase.

Please read this prospectus carefully before deciding whether to invest and retain it for future reference. It sets forth concisely the information about the fund that a prospective investor ought to know before investing in the fund.

The fund has filed with the SEC a Statement of Additional Information ("SAI"), dated March 11, 2026, containing additional information about the fund. The SAI is incorporated by reference into this prospectus, which means it is part of this prospectus for legal purposes. The fund will also produce both annual and semi-annual reports that will contain important information about the fund. Copies of the SAI and the fund's most recent annual and semi-annual reports may be obtained upon request, without charge, by contacting American Funds Service Company<sup>®</sup>, (800) 421-4225. The SAI, the annual reports and the semi-annual reports are also available free of charge on the fund's website at capitalgroup.com.

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Information on, or accessible through, the fund's website is not a part of, and is not incorporated into, this prospectus.

You may review information about the fund, including the SAI and other material information incorporated by reference into the fund's registration statement, on the EDGAR Database on the SEC's Internet site at www.sec.gov.

You should rely only on the information contained or incorporated by reference in this prospectus. The fund has not authorized anyone to provide you with inconsistent information. If anyone provides you with inconsistent information, you should not assume that the fund has authorized or verified it. The fund is not making an offer of its shares in any state where the offer is not permitted. You should not assume that the information contained in this prospectus is accurate as of any date other than the date on the front of this prospectus. The fund's business, financial condition, results of operations and prospects may have changed since that date. **The fund's shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.**

**You should not construe the contents of this prospectus as legal, tax or financial advice. You should consult your own professional advisers as to legal, tax, financial or other matters relevant to the suitability of an investment in the fund.**

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**Table of Contents**

Prospectus Summary1<br>Summary of fund expenses7<br>Financial highlights10<br>The fund12<br>Use of proceeds12<br>Investment objective, strategies and principal risks13<br>Management and organization34<br>Purchase and exchange of shares40<br>Transactions through intermediaries42<br>Choosing a share class42<br>Sales charges43<br>Sales charge reductions and waivers46<br>Rollovers from retirement plans to IRAs51<br>Plans of distribution51<br>Other compensation to dealers52<br>Fund expenses54<br>Periodic repurchase offers55<br>Dividend reinvestment plan59<br>Description of capital structure and shares61<br>Anti-takeover and other trust provisions62<br>Distributions and taxes64<br>General information65<br>

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Prospectus summary *This is only a summary. This summary may not contain all of the information that you should consider before investing in shares of the fund. You should review the more detailed information contained in this prospectus and in the SAI. In particular, you should carefully read the risks of investing in the fund's shares, as discussed under "Principal risks."*

***The fund*** — Capital Group KKR Core Plus+ is a newly organized, nondiversified, closed-end management investment company that continuously offers shares. The fund is operated as an "interval fund" (as defined below).

***Investment objective*** — The fund's investment objective is to provide a high level of current income and seek maximum total return, consistent with preservation of capital. There can be no assurance that the fund will achieve its investment objective, and you may lose money by investing in the fund. The fund's investment objective is not a fundamental policy and may be changed by a vote of the fund's board, without shareholder approval.

***Investment strategies*** — The fund seeks to achieve its investment objective by investing in both publicly traded fixed income securities and private credit loans and securities, which include private corporate direct lending and asset-based finance investments.

The fund invests primarily in bonds, loans and other debt instruments, which may be represented by derivatives. Normally, the fund will seek to allocate approximately 60% of its net assets to public debt assets and approximately 40% to private credit assets. The allocation between public debt and private credit assets may fluctuate significantly depending on various factors, including market and economic conditions, availability of investment opportunities in the private credit market and fund subscription and repurchase activity.

The fund may invest in a broad range of debt securities, including corporate bonds and mortgage- and other asset-based finance 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. The fund may also invest up to 20% of its net assets in securities tied economically to countries outside the U.S., including emerging markets. The fund may invest up to 10% of its net assets in securities denominated in currencies other than the U.S. dollar. The fund may invest in debt securities of any maturity or duration. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rate. The longer a security's duration, the more sensitive it will be to changes in interest rates.

The fund will normally invest its private credit assets across two primary strategies: corporate direct lending and asset-based finance. Private credit assets generally include loans or other debt instruments originated or negotiated by non-bank lenders in private markets. In determining which investments constitute private credit assets, the adviser and sub-adviser may also take into consideration a number of factors, including the nature of the interaction between the sub-adviser, issuer, servicers and/or sponsors of an instrument; the scope of the offering and distribution of the instrument; and the sub-adviser's differentiated expertise in the asset class, collateral or servicing of the instrument. Private credit assets will generally include investments in bonds, secured bank loans, mezzanine debt, convertible securities, convertible debt securities and securitized debt securities. The asset-based finance strategy will typically focus on consumer finance, mortgages, small-medium sized enterprises, physical assets (e.g.,

1&nbsp;&nbsp;&nbsp;&nbsp; Capital Group KKR Core Plus+ / Prospectus

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aircraft and industrial equipment), infrastructure, and contractual cash flow sectors. The corporate direct lending strategy will focus on investments typically in the most senior tranches of a corporate or other issuer's capital structure, primarily directly originated and negotiated first-lien loans with a focus on upper middle-market companies. These senior debt instruments are generally held to maturity and generally have limited liquidity. Please see the statement of additional information under "Execution of portfolio transactions" for further details on the sub-adviser's loan selection process.

The fund may invest substantially in lower rated debt instruments, which are securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Ratings Organizations designated by the investment adviser or the sub-adviser, or in securities that are unrated but determined to be of equivalent quality by the investment adviser or the sub-adviser, in each case at the time of purchase. Such securities are sometimes referred to as "junk bonds." The fund may also invest in loans that do not have a financial maintenance covenant that is tested quarterly, also referred to as "covenant-lite."

The fund may invest in various types of securitized debt instruments, including mortgage and other asset-based finance securities, which may also include investments in both the equity and debt tranches of structured products. Private credit asset-based finance investments derive returns from recurring, often contractual, cash flows of large, broad pools of underlying physical and financial assets. Such investments can be structured in a variety of ways, including without limitation, as senior or subordinated asset-backed securities, structured credit notes or loans, and as private, preferred or common equity. With respect to these private credit asset-based finance investments, the fund will, as noted above, consider a range of instrument types and sectors, including the following market segments: consumer finance, mortgages, small-medium sized enterprises, physical assets (e.g., aircraft and industrial equipment), infrastructure and contractual cash flows.

The fund is nondiversified, which means it may invest a greater portion of its assets in fewer issuers than would otherwise be the case.

***The offering*** — The fund offers six separate classes of shares: Class A, Class A-2, Class A-3, Class F-2, Class F-3 and Class R-6 shares.

Class A shares, Class A-2 shares and Class A-3 shares are primarily offered to retail investors by broker-dealers which are members of FINRA and which have agreements with the fund's distributor. Such broker-dealers may impose transaction charges in addition to those described in this prospectus.

Class F shares may generally be purchased only through fee-based programs of investment dealers that have special agreements with the fund's distributor, through financial intermediaries that have been approved by, and that have special agreements with, the distributor to offer Class F shares to self-directed investment brokerage accounts that may charge a transaction fee, through certain registered investment advisors and through other intermediaries approved by the distributor. Class F-2 and Class F-3 shares may also be available on brokerage platforms of firms that have agreements with the distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class F-2 or F-3 shares in these programs may be required to pay a commission and/or other forms of compensation to the broker. In addition, upon approval by an officer of the investment adviser, Class F-3 shares are available to institutional investors, which include, but are not limited to, foreign

Capital Group KKR Core Plus+ / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 2

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investment companies, charitable organizations, governmental institutions and corporations.

Class R-6 shares are generally available only to retirement plans established under Internal Revenue Code (the "Code") Sections 401(a), 403(b) or 457, to collective investment trusts and to nonqualified deferred compensation plans and certain voluntary employee benefit association and post-retirement benefit plans. Class R-6 shares are generally available only to retirement plans for which plan level or omnibus accounts are held on the books of the fund.

The fund has been granted exemptive relief from the SEC that permits the fund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees.

Each share class of the fund is offered on a continuous basis at net asset value. Class A shares are offered on a continuous basis at net asset value per share, plus a maximum sales load of 3.75%, and a maximum deferred sales load of 0.75%. Class A-2 shares are offered on a continuous basis at net asset value per share, plus a maximum sales load of 2.00% and a maximum deferred sales load of 1.00%. Proceeds from the offering will be held by the fund's custodian. While neither the fund nor the distributor imposes a sales load on Class A-3 shares, if you buy Class A-3 shares through certain financial intermediaries, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial intermediary for additional information. Class F-2, Class F-3, and Class R-6 shares have equal rights and privileges with each other.

The fund and the fund's distributor reserve the right to reject a purchase order for any reason. Shareholders do not have the right to redeem their shares. However, as described below, in order to provide some liquidity to shareholders, the fund conducts repurchase offers of 5% to 25% of its outstanding shares at NAV. The fund currently intends to conduct quarterly repurchase offers for 10% of its outstanding shares under ordinary circumstances, subject to approval of the board.

***Minimum investment*** — The minimum amount to establish an account is normally $1,000 for all share classes other than Class F-3 shares held and serviced by the fund's transfer agent, which are subject to a minimum of $1 million. The minimum to add to an account is $50 for all share classes. See "Purchase and exchange of shares."

***Periodic repurchase offers*** — The fund is an "interval fund," a type of fund which, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make offers to repurchase between 5% and 25% of its outstanding shares at net asset value. Subject to applicable law and approval of the board, for each repurchase offer, the fund currently expects to offer to repurchase 10% of the fund's outstanding shares at net asset value. The fund will initially make quarterly repurchase offers. Written notification of each quarterly repurchase offer will be sent to shareholders at least twenty-one (21) days before the date by which shareholders can tender their shares in response to a repurchase offer (the "Repurchase Request Deadline"). The fund's shares are not listed on any securities exchange, and the fund anticipates that no secondary market will develop for its shares. Accordingly, you may not be able to sell shares when and/or in the amount that you desire. Thus, the shares are appropriate only as a long-term investment. In addition, the fund's repurchase offers may subject the fund and shareholders to special risks. See "Principal risks – Repurchase offers risk." For example, it is possible that a repurchase offer may be oversubscribed, with the result that shareholders may only be able to have a portion of their shares repurchased.

3&nbsp;&nbsp;&nbsp;&nbsp; Capital Group KKR Core Plus+ / Prospectus

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***Leverage*** — The fund does not expect to borrow or issue debt securities (collectively, "borrowings") to enhance returns. However, the fund may borrow for temporary and/or extraordinary purposes. For any such borrowing, the fund will comply with the provisions of the Investment Company Act of 1940, as amended (the "1940 Act") governing capital structure and leverage on an aggregate basis such that the aggregate amount of borrowings will not exceed 33⅓% of the total assets of the fund on an aggregate basis, less all liabilities and indebtedness not represented by senior securities of the fund on an aggregate basis, immediately after such borrowings.

***Derivatives*** — The fund may enter into certain investment management strategies, such as interest rate and credit default swaps or other derivatives transactions, to the maximum extent permitted by the SEC and/or SEC staff rules, guidance or positions. The fund does not expect to use these transactions for the purpose of leveraging.

***Investment process*** — In seeking to achieve the fund's investment objective, the investment adviser and sub-adviser will invest in a broad range of debt securities across the fixed income spectrum. The investment adviser and sub-adviser employ complementary investment processes to implement the fund's investment strategy in a streamlined, coordinated manner. While the investment adviser and sub-adviser each have distinct investment responsibilities, they regularly engage on key matters relating to the operations and business of the fund. This includes, but is not limited to, periodic joint review of the fund's allocations to public and private credit assets and across various sectors; the fund's investment strategies, policies and guidelines; the fund's risk profile, including the overall credit quality of the fund's portfolio, the fund's geographic exposures and the fund's positioning against a range of macroeconomic factors (such as duration and yield curve); and ongoing liquidity management of the fund.

The investment adviser

**The Capital System<sup>TM</sup>** Capital Research and Management Company uses a system of multiple portfolio managers in managing fund assets. Under this approach, the portfolio of a fund is divided into segments managed by individual managers. In addition, Capital Research and Management Company's investment analysts may make investment decisions with respect to a portion of a fund's portfolio. Investment decisions are subject to the fund's objective(s), policies and restrictions and the oversight of the appropriate investment-related committees of Capital Research and Management Company and its investment divisions.

Certain senior members of Capital Fixed Income Investors, the investment adviser's fixed income investment division, serve on the Portfolio Strategy Group. The group utilizes a research-driven process with input from the investment adviser's analysts, portfolio managers and economists who discuss a range of macroeconomic factors, including duration, yield curve and sector allocation. This process informs investment decisions made by the fund's portfolio managers.

The sub-adviser

The sub-adviser, KKR Credit, a subsidiary of KKR & Co. Inc., uses KKR's global network of resources, due diligence skills, intellectual capital and experience in seeking to achieve the fund's investment objective. The sub-adviser employs a fundamentals-driven investment philosophy that is based on deep credit underwriting and rigorous financial analysis. Because KKR has deep experience in credit and private equity underwriting, the sub-adviser's investment approach is designed to incorporate valuable characteristics of

Capital Group KKR Core Plus+ / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 4

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both. The sub-adviser seeks to reallocate the portfolio of the fund it manages to opportunistically emphasize those investments, categories of investments and geographic exposures believed to be best suited to contribute to the achievement of the fund's investment objective under the market conditions existing at the time of investment.

***Distributions*** — The fund intends to accrue and declare dividends daily from net investment income and distribute the accrued dividends, which may fluctuate, to you each month. Generally, dividends begin accruing on the day payment for shares is received by the fund or American Funds Service Company. In the event the fund's distribution of net investment income exceeds its earnings and profits for tax purposes, a portion of such distribution may be classified as return of capital.

Capital gains, if any, are usually distributed in December and June. When a dividend or capital gain is distributed, the net asset value per share is reduced by the amount of the payment.

You may elect to reinvest dividends and/or capital gain distributions to purchase additional shares of the fund, or you may elect to receive them in cash.

***Co-investment*** — The 1940 Act imposes limits on certain privately negotiated co-investments with affiliates of the fund. KKR Credit has obtained exemptive relief from the SEC permitting the fund to invest alongside other persons, including certain affiliates of KKR Credit and certain public or private funds managed by KKR Credit or its affiliates, in privately negotiated transactions, subject to certain terms and conditions. The exemptive relief includes conditions that may limit or restrict the fund's ability to participate in a portfolio investment, including, without limitation, in the event that the available capacity with respect to a portfolio investment is less than the aggregate recommended allocations to the fund and the other funds. In such cases, the fund may participate in such investment to a lesser extent or, under certain circumstances, may not participate in such investment.

***Investment adviser*** — Capital Research and Management Company serves as the investment adviser of the fund. The investment adviser is registered as an investment adviser with the SEC under the Advisers Act.

Capital Research and Management Company, an experienced investment management organization founded in 1931, also serves as the investment adviser to other funds, including other Capital Group KKR Public-Private+ Funds ("PPS Funds"), the American Funds and the Capital Group exchange-traded funds (ETFs). Capital Research and Management Company is a wholly owned subsidiary of The Capital Group Companies, Inc. and is located at 333 South Hope Street, Los Angeles, California 90071.

***Sub-adviser*** — KKR Credit serves as the sub-adviser of the fund. The sub-adviser is registered as an investment adviser with the SEC under the Advisers Act.

Launched in 2004, KKR Credit is a subsidiary of KKR & Co. Inc., a leading global investment firm with an extensive history of leadership, innovation and investment excellence. KKR Credit is a leading manager of non-investment grade debt and public equities. KKR Credit currently serves as an investment adviser of certain unregistered private investment companies and registered investment companies and may in the future serve as an investment adviser of other registered and unregistered investment companies. KKR Credit is located at 555 California Street, 50th Floor, San Francisco, CA 94104.

5&nbsp;&nbsp;&nbsp;&nbsp; Capital Group KKR Core Plus+ / Prospectus

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***Distributor, custodian and transfer agent*** — Capital Client Group, Inc. serves as the fund's principal underwriter and distributor. The Bank of New York Mellon Corporation serves as the primary custodian of the fund's assets. American Funds Service Company, a wholly owned subsidiary of the investment adviser, serves as the fund's transfer agent and, in such capacity, maintains the records of shareholder accounts, processes purchases and repurchases of the fund's shares, acts as dividend and capital gain distribution disbursing agent, and performs other related shareholder service functions.

***Unlisted closed -end fund structure; limited liquidity*** — The fund will not list its shares for trading on any securities exchange. There is currently no secondary market for its shares and the fund does not expect any secondary market to develop for its shares. Shareholders of the fund are not able to have their shares repurchased or otherwise sell their shares on a daily basis because the fund is an unlisted closed-end fund. In order to provide liquidity to shareholders, the fund is structured as an "interval fund" and conducts periodic repurchase offers for a portion of its outstanding shares, as described in this prospectus.

***Investor suitability*** — An investment in the fund's shares involves a considerable amount of risk. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. An investment in the fund is suitable only for investors who can bear the risks associated with the limited liquidity of the shares and should be viewed as a long-term investment. Before making your investment decision, you should (i) consider the suitability of this investment with respect to your investment objectives and personal financial situation and (ii) consider factors such as your personal net worth, income, age, risk tolerance and liquidity needs. An investment in the fund should not be viewed as a complete investment program.

***Principal risks*** — Investing in the fund involves a high degree of risk. These risks relate to, among other things, the types of securities and geographies in which the fund invests, including high-yield securities, private credit and mortgage-related and other asset-based finance instruments; overall market conditions and changes to such conditions; the active investment approach of the investment adviser and sub-adviser; and the fund's interval fund structure that limits repurchases. You should carefully consider these risks before investing in the fund. See "Principal risks" beginning on page 21 of this prospectus.

Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program.

Capital Group KKR Core Plus+ / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 6

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Summary of fund expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in PPS Funds and/or the American Funds (collectively, the "Capital Group Funds"). More information about these and other discounts is available from your financial professional, in the "Sales charge reductions and waivers" sections on page 46 of the prospectus and on page 93 of the fund's statement of additional information.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder transaction expenses** **(fees paid directly from your investment)** | **Shareholder transaction expenses** **(fees paid directly from your investment)** | **Shareholder transaction expenses** **(fees paid directly from your investment)** | **Shareholder transaction expenses** **(fees paid directly from your investment)** | **Shareholder transaction expenses** **(fees paid directly from your investment)** | **Shareholder transaction expenses** **(fees paid directly from your investment)** | **Shareholder transaction expenses** **(fees paid directly from your investment)** |
| Share class: | A | A-2 | A-3 | F-2 | F-3 | R-6 |
| Maximum initial sales charge (load) imposed on purchases (as a percentage of offering price) | 3.75% | 2.00% | none<sup>1</sup> | none<sup>1</sup> | none<sup>1</sup> |  |
| Maximum deferred sales charge (load) (as a percentage of offering price or repurchase proceeds, whichever is lower) | 0.75<sup>2</sup> | 1.00<sup>3</sup> |  |  |  |  |
| Repurchase fee (as a percentage of amount repurchased) |  |  |  |  |  |  |

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<sup>1</sup>While neither the fund nor the distributor imposes an initial sales charge, if you buy the shares through certain financial intermediaries, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial intermediary for additional information.

<sup>2</sup>Investments in Class A shares of $500,000 or more will be subject to a 0.75% contingent deferred sales charge ("CDSC") if the shares are repurchased within 18 months of purchase.

<sup>3</sup>Investments in Class A-2 shares of $250,000 or more will be subject to a 1.00% contingent deferred sales charge ("CDSC") if the shares are repurchased within 12 months of purchase.

7&nbsp;&nbsp;&nbsp;&nbsp; Capital Group KKR Core Plus+ / Prospectus

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Annual fund operating expenses** **(as a percentage of net assets attributable to shares)** | **Annual fund operating expenses** **(as a percentage of net assets attributable to shares)** | **Annual fund operating expenses** **(as a percentage of net assets attributable to shares)** | **Annual fund operating expenses** **(as a percentage of net assets attributable to shares)** | **Annual fund operating expenses** **(as a percentage of net assets attributable to shares)** | **Annual fund operating expenses** **(as a percentage of net assets attributable to shares)** | **Annual fund operating expenses** **(as a percentage of net assets attributable to shares)** |
| Share class: | A | A-2 | A-3 | F-2 | F-3 | R-6 |
| Management fees | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
| Distribution and/or service (12b-1) fees | 0.30 | 0.55 | 0.74 |  |  |  |
| Other expenses<sup>1</sup> | 0.64 | 0.67 | 0.67 | 0.66 | 0.52 | 0.52 |
| Total annual fund operating expenses | 1.55 | 1.83 | 2.02 | 1.27 | 1.13 | 1.13 |
| Fee waiver and/or expense reimbursement<sup>2</sup> | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 |
| Total annual fund operating expense after fee waiver and/or expense reimbursement | 1.26 | 1.54 | 1.73 | 0.98 | 0.84 | 0.84 |

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<sup>1</sup>Based on estimated amounts for the current fiscal year.

<sup>2</sup>The investment adviser, the sub-adviser and the fund have entered into the Expense Limitation Agreement under which the investment adviser and sub-adviser have agreed contractually to reimburse the fund to the extent that the fund's offering and operating expenses, calculated and reimbursed on a class-by-class basis and exclusive of (i) the advisory fee, including the sub-advisory fee, and administrative services fee; (ii) distribution or shareholder servicing fees and expenses (whether paid pursuant to a Rule 12b-1 plan or otherwise); (iii) transfer agency (including any sub-transfer agency or recordkeeping) fees; (iv) portfolio transaction and other investment-related costs (including brokerage commissions, dealer and underwriter spreads, commitment fees on leverage facilities, prime broker fees and expenses and legal costs), other than such portfolio transaction and other investment-related costs when incurred with respect to investments that are not consummated; (v) interest expense and other financing costs (including, to avoid doubt, any costs associated with the fund's issuance, offering, redemption and maintenance of commercial paper, preferred securities or other instruments for the purpose of incurring leverage); (vi) taxes; (vii) acquired fund fees and expenses; (viii) litigation (including potential litigation) and indemnification expenses; (ix) judgments; and (x) extraordinary expenses (as determined in the discretion of the investment adviser and sub-adviser) (the fund's offering and operating expenses subject to such exclusions, the "Specified Expenses"), exceed 0.20% of the average daily net assets of such class (the "Expense Limit"). The investment adviser and sub-adviser (and not the fund) have agreed to bear the organizational and initial offering expenses incurred with respect to the fund.

Under the Expense Limitation Agreement, if, in any month in which the Investment Advisory and Service Agreement is in effect, the estimated annualized Specified Expenses for that month are less than the Expense Limit, the investment adviser and sub-adviser are entitled, in their respective shares of the amounts waived or reimbursed, to reimbursement by the fund of any portion of the amounts they waived or reimbursed as set forth above (the "Reimbursement Amount") during the previous thirty-six months, but only to the extent that the fund's estimated annualized Specified Expenses in respect of a share class are less than, for such month, the lower of the Expense Limit or any other expense limitation rate then in effect with respect to the share class, and provided that such amount paid to the investment adviser and sub-adviser will not, in any event, exceed the total Reimbursement Amount or include any amounts previously reimbursed to the investment adviser and sub-adviser. The Reimbursement Amount for a class of shares will not cause applicable fund expenses in respect of that class to exceed the Expense Limit either (i) at the time of the reimbursement or (ii) at the time of the recapture. This Expense Limitation Agreement shall remain in effect through April 22, 2027, unless earlier terminated. This agreement automatically renews for one-year terms unless the investment adviser and sub-adviser provide written notice to the fund at least 30 days prior to the end of the then-current term. In addition, this Expense Limitation Agreement shall terminate upon termination of the Investment Advisory and Service Agreement. Only the board of the fund may terminate the Expense Limitation Agreement prior to the expiration of its term upon written notice to the investment adviser and sub-adviser.

Capital Group KKR Core Plus+ / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 8

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**Example** The following example is intended to help you understand the various costs and expenses that you, as a holder of shares, would bear directly or indirectly. The example illustrates the expenses that you would pay on a $1,000 investment in shares, assuming a 5% annual return.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Share class: | A | A-2 | A-3 | F-2 | F-3 | R-6 |
| 1 year | $50 | $35 | $18 | $10 | $9 | $9 |
| 3 years | 82 | 74 | 61 | 37 | 33 | 33 |
| 5 years | 116 | 114 | 106 | 67 | 59 | 59 |
| 10 years | 213 | 228 | 232 | 151 | 135 | 135 |

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**The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower than those shown.** The example assumes that the estimated Other Expenses set forth in the Annual Fund Operating Expenses table are accurate, that the Total Annual Fund Operating Expenses (as described above) remain the same for all time periods shown and that all dividends and distributions are reinvested at net asset value. The example reflects the fee waiver and/or expense reimbursement described above (if any) through the expiration of such waiver and/or reimbursement and Total Annual Fund Operating Expenses thereafter. Actual expenses may be greater or less than those assumed. Moreover, the fund's actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example. In addition to the fees and expenses described above, you may also be required to pay transaction or other fees on purchases of the fund's shares, which are not reflected in the example.

9&nbsp;&nbsp;&nbsp;&nbsp; Capital Group KKR Core Plus+ / Prospectus

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Financial highlights The Financial Highlights table is intended to help you understand the fund's results for the past five fiscal years (or, if shorter, the period of operations). Certain information reflects financial results for a single share of a particular class. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the fund (assuming reinvestment of all dividends and capital gain distributions). Where indicated, figures in the table reflect the impact, if any, of certain waivers/reimbursements. For more information about these waivers/reimbursements, see the fund's statement of additional information and Form N-CSR. The information in the Financial Highlights table has been audited by Deloitte & Touche LLP, whose current report, along with the fund's financial statements, is included in the statement of additional information, which is available upon request.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | Dividends and distributions | Dividends and distributions | Dividends and distributions | | | | | | |
| Period ended | Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) | Net gains<br>(losses) 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 | Net assets<br>value,<br>end<br>of period | Total return<sup>2,3,4</sup> | Net assets,<br>end of<br>year<br>(in millions) | Ratio of<br>expenses to<br>average net<br>assets before<br>waivers/<br>reimburse-<br>ments<sup>5,6</sup> | Ratio of<br>expenses to<br>average net<br>assets after<br>waivers/<br>reimburse-<br>ments<sup>2,5,6</sup> | Ratio of<br>net income<br>(loss) to<br>average<br>net assets<sup>2,5</sup> |
| Class A: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025<sup>7,8</sup> | $10.00 | $0.38 | $0.24 | $0.62 | $(0.41) | $(0.05) | $(0.46) | $10.16 | 5.17% | $2 | 1.59% | 1.33% | 5.53% |
| Class A-2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025<sup>7,8</sup> | 10.00 | 0.39 | 0.24 | 0.63 | (0.42) | (0.05) | (0.47) | 10.16 | 5.29<sup>9</sup> | —<sup>10</sup> | 1.35<sup>9</sup> | 1.09<sup>9</sup> | 5.59<sup>9</sup> |
| Class A-3: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025<sup>8,11</sup> | 10.19 | 0.18 | 0.06 | 0.24 | (0.22) | (0.05) | (0.27) | 10.16 | 2.40 | 1 | 1.85 | 1.59 | 5.45 |
| Class F-2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025<sup>7,8</sup> | 10.00 | 0.41 | 0.23 | 0.64 | (0.43) | (0.05) | (0.48) | 10.16 | 5.36 | 54 | 1.21 | 0.95 | 5.82 |
| Class F-3: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025<sup>7,8</sup> | 10.00 | 0.41 | 0.24 | 0.65 | (0.44) | (0.05) | (0.49) | 10.16 | 5.47 | 166 | 1.10 | 0.84 | 5.84 |
| Class R-6: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025<sup>7,8</sup> | 10.00 | 0.41 | 0.24 | 0.65 | (0.44) | (0.05) | (0.49) | 10.16 | 5.47 | —<sup>10</sup> | 1.10 | 0.84 | 5.83 |

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<br> Capital Group KKR Core Plus+ / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 10

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| | |
|:---|:---|
| **Portfolio turnover rate for all share classes<sup>12</sup>** | **Period ended December 31,**<br>**2025<sup>3,7,8,13</sup>** |
| Including mortgage dollar roll transactions | 267% |
| Excluding mortgage dollar roll transactions | 113% |

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

<sup>2</sup>This column reflects the impact of certain fee waivers and/or expense reimbursements less recoupments.

<sup>3</sup>Not annualized.

<sup>4</sup>Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>5</sup>Annualized.

<sup>6</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>7</sup>For the period April 24, 2025 through December 31, 2025, except total return. Total return shown is measured from April 29, 2025, when shares were first offered to the public, and does not include performance during the seed period. If performance during the seed period were included, total return would be approximately 1.05% higher than amounts shown.

<sup>8</sup>Based on operations for a period that is less than a full year.

<sup>9</sup>All or a significant portion of assets in this class consisted of seed capital invested by Capital Research and Management Company and KKR. Certain fees (including, where applicable, 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 A-3 shares began investment operations on September 2, 2025.

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

<sup>13</sup> Rates exclude in-kind transactions, if any.

<br> 11&nbsp;&nbsp;&nbsp;&nbsp; Capital Group KKR Core Plus+ / Prospectus

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The fund The fund is a newly organized, nondiversified, closed-end management investment company registered under the 1940 Act. The fund continuously offers shares and is operated as an "interval fund." The fund currently offers six classes of shares: Class A, Class A-2, Class A-3, Class F-2, Class F-3 and Class R-6. The fund was organized as a Delaware statutory trust on October 4, 2024 pursuant to the fund's declaration of trust, which is governed by the laws of the State of Delaware. As a newly organized entity, the fund has a limited operating history. The fund's principal office is located at 6455 Irvine Center Drive, Irvine, California 92618-4518, and its telephone number is (213) 486-9200.

Use of proceeds The fund invests the net proceeds of the sale of its shares according to its investment objective and policies as stated below. The fund anticipates that it will be able to invest all or substantially all of the net proceeds according to its investment objective and policies as soon as practicable and generally within three months, after receipt of the proceeds, depending on market conditions and the availability of investments consistent with the fund's investment objective and policies, and except to the extent cash is held to pay expenses, satisfy repurchase offers or for temporary defensive purposes. A delay in the anticipated use of proceeds could lower returns and reduce the fund's distribution to shareholders.

Capital Group KKR Core Plus+ / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 12

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Investment objective, strategies and principal risks

***Investment objective*** — The fund's investment objective is to provide a high level of current income and seek maximum total return, consistent with preservation of capital.**

***Investment strategies* —** The fund seeks to achieve its investment objective by investing in both publicly-traded fixed income securities and private credit loans and securities, which includes private corporate direct lending and asset-based finance investments.

The fund invests primarily in bonds, loans and other debt instruments, which may be represented by derivatives. In seeking to achieve its objective, the fund invests in a broad range of debt securities across the fixed income spectrum. Normally, the fund will seek to allocate approximately 60% of its net assets to public debt securities and approximately 40% to private credit assets. The allocation between public and private credit may fluctuate significantly depending on various factors, including market and economic conditions, availability of investment opportunities in the private credit market and fund subscription and repurchase activity.

The fund may invest in a broad range of debt securities, including corporate bonds and mortgage- and other asset-based finance 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. The fund may also invest up to 20% of its net assets in securities tied economically to countries outside the U.S., including emerging markets. The fund may invest up to 10% of its net assets in securities denominated in currencies other than the U.S. dollar. The fund may invest in debt securities of any maturity or duration. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rate. The longer a security's duration, the more sensitive it will be to changes in interest rates.

The fund will normally invest its private credit assets across two primary strategies: asset-based finance and corporate direct lending. Private credit assets generally include loans or other debt instruments originated or negotiated by non-bank lenders in private markets. In determining which investments constitute private credit assets, the adviser and sub-adviser may also take into consideration a number of factors, including the nature of the interaction between the sub-adviser, issuer, servicers and/or sponsors of an instrument; the scope of the offering and distribution of the instrument; and the sub-adviser's differentiated expertise in the asset class, collateral or servicing of the instrument. Private credit assets will generally include directly originated and negotiated financing instruments in what the sub-adviser believes are underserved and/or mispriced asset classes that can deliver attractive results, primarily in the form of contractual interest or coupon payments. These assets will generally include investments in bonds, secured bank loans, mezzanine debt, convertible securities, convertible debt securities, and securitized debt securities such as collateralized loan obligations and asset-based finance securities. The asset-based finance strategy will typically focus on consumer finance, mortgages, small-medium sized enterprises, physical assets (e.g., aircraft and industrial equipment), infrastructure, and contractual cash flow sectors. The corporate direct lending strategy will focus on investments typically in the most senior tranches of a corporate or other issuer's capital structure, primarily directly originated and negotiated first-lien loans with a focus on upper middle-market companies. These senior debt instruments are generally held to maturity and generally have limited liquidity. Please see the statement of additional information under "Execution of portfolio transactions" for further details on the sub-adviser's loan selection process.

13&nbsp;&nbsp;&nbsp;&nbsp; Capital Group KKR Core Plus+ / Prospectus

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The fund may invest substantially in lower rated debt instruments, which are securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Ratings Organizations designated by the investment adviser or the sub-adviser, or in securities that are unrated but determined to be of equivalent quality by the investment adviser or the sub-adviser, in each case at the time of purchase. Such securities are sometimes referred to as "junk bonds."

The fund may invest in various types of securitized debt instruments, including mortgage and other asset-based finance securities, which may include investments in both the equity and debt tranches of such securitized debt securities. Private credit asset-based finance investments derive returns from recurring, often contractual cash flows of large, broad pools of underlying physical and financial assets. With respect to these private credit asset-based finance investments, the fund will, as noted above, consider a range of sectors and instrument types, including the following market segments: consumer finance, mortgages, small-medium sized enterprises, physical assets (e.g., aircraft and industrial equipment), infrastructure and contractual cash flows.

The fund may make investments in debt instruments and other securities directly or through one or more wholly owned subsidiaries. These subsidiaries may, for instance, invest in or originate whole loans, or acquire interests in instruments such as shares, certificates, or notes that entitle the holder to receive principal and interest payments tied to portions of individual loans or pools of loans. References to the fund include references to such subsidiaries (if any) in respect of the fund's investment exposure. The composition of each subsidiary's holdings may change over time and may not always reflect the full range of investment types available to the fund. The fund will treat such subsidiaries' assets as assets of the fund for purposes of determining compliance with various provisions of the 1940 Act that are applicable to the fund, including those provisions relating to investment policies, capital structure and leverage, and affiliated transactions and custody. The investment adviser, subject to the direction and oversight of the fund's board of trustees, will also adhere to the requirements of the1940 Act and interpretations and guidance thereunder with respect to any investment advisory agreements involving such subsidiaries.

The fund may invest in inflation linked bonds issued by U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations. Inflation linked bonds are structured to protect against inflation by linking the bond's principal and interest payments to an inflation index, such as the Consumer Price Index for Urban Consumers, so that principal and interest adjust to reflect changes in the index.

The fund may invest in forward currency contracts, futures contracts and swaps, which are types of derivatives. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index.

The fund may invest in futures contracts and interest rate swaps in order to seek to manage the fund's sensitivity to interest rates, in total return swaps in order to gain exposure to a market without investing directly in such market, and in credit default swap indices, or CDSI, in order to assume exposure to a broad portfolio of credits or to hedge against existing credit risks. A futures contract is a standardized exchange-traded agreement to buy or sell a specific quantity of an underlying asset, rate or index at an agreed-upon price at a stipulated future date. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in one or more interest rates, one of which

Capital Group KKR Core Plus+ / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 14

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is typically fixed and the other of which is typically a floating rate based on a designated short-term interest rate, such as the Secured Overnight Financing Rate, prime rate or other benchmark. A total return swap is an agreement in which one party agrees to make periodic payments to the other party based on the change in market value of the assets underlying the contract in exchange for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. The fund may invest in total return swaps where the asset underlying the contract is a securities index. 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, provided generally that no credit event on an underlying reference obligation has occurred. If such a credit event has occurred, the protection seller must pay the protection buyer the loss on those credits.

The fund may also enter into currency transactions to provide for the purchase or sale of a currency needed to purchase a security denominated in such currency. In addition, the fund may enter into forward currency contracts to protect against changes in currency exchange rates, to increase exposure to a particular foreign currency, to shift exposure to currency fluctuations from one currency to another or to seek to increase returns. A forward currency contract is an agreement to purchase or sell a specific currency at a future date at a fixed price. The fund may also invest in future delivery contracts, including to-be-announced contracts.

From time to time, the fund may invest in equity securities (including common stock, preferred stock, warrants, rights and equity linked notes), including as a result of a restructuring, recapitalization or other corporate action relating to its debt investments.

The fund is nondiversified, which means it may invest a greater portion of its assets in fewer issuers than would otherwise be the case.

The fund may hold cash or cash equivalents, including commercial paper and short-term securities issued by the U.S. government, its agencies and instrumentalities. The percentage of the fund invested in such holdings varies and depends on various factors, including market conditions and purchases and repurchases of fund shares. The investment adviser may determine that it is appropriate to invest a substantial portion of the fund's assets in such instruments in response to certain circumstances, such as periods of market turmoil. For temporary defensive purposes, the fund may invest without limitation in such instruments. A larger percentage of such holdings could moderate the fund's investment results in a period of rising market prices. Alternatively, a larger percentage of such holdings could reduce the magnitude of the fund's loss in a period of falling market prices and provide liquidity to make additional investments or to meet the fund's obligations, including in respect of repurchases.

The fund may invest in certain other funds managed by the investment adviser or its affiliates ("Central Funds") to more effectively invest in a broad set of securities in a specific asset class such as money market instruments, bonds and other securities. Shares of Central Funds are only offered for purchase to the investment adviser and its affiliates and other funds, investment vehicles and accounts managed by the investment adviser and its affiliates. Central Funds do not charge management fees. As a result, the fund does not bear additional management fees when investing in Central Funds, but the fund does bear its proportionate share of Central Fund expenses. The investment results of the portions of

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the fund's assets invested in the Central Funds will be based upon the investment results of the Central Funds.

The fund relies on the professional judgment of the investment adviser and sub-adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental research, which may include analysis of credit quality, general economic conditions and various quantitative measures and, in the case of corporate obligations, meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities. Similarly, the sub-adviser employs a fundamentals-driven investment philosophy that is based on deep credit underwriting and rigorous financial analysis. The sub-adviser seeks to reallocate the portfolio of the fund it manages to opportunistically emphasize those investments, categories of investments and geographic exposures believed to be best suited to contribute to the achievement of the fund's investment objective under the market conditions existing at the time of investment.

The investment adviser and sub-adviser may consider environmental, social and governance ("ESG") factors that, depending on the facts and circumstances, are material to the value of an issuer or instrument, or on the issuer's or instrument's ability to create or preserve economic value. ESG factors may include, but are not limited to, environmental issues (e.g., water use, emission levels, waste, environmental remediation), social issues (e.g., human capital, health and safety, changing customer behavior) or governance issues (e.g., board composition, executive compensation, shareholder dilution).

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Investment process In seeking to achieve the fund's investment objective, the investment adviser and sub-adviser invest in a broad range of debt securities across the fixed income spectrum. The investment adviser and sub-adviser employ complementary investment processes to implement the fund's investment strategy in a streamlined, coordinated manner. While the investment adviser and sub-adviser each have distinct investment responsibilities, they regularly engage on key matters relating to the operations and business of the fund. This includes, but is not limited to, joint review of the fund's allocations to public and private credit assets and across various sectors. Additionally, the investment adviser and sub-adviser will actively collaborate in periodically assessing the fund's investment guidelines; evaluating the fund's risk profile, including the overall credit quality of the fund's portfolio and the fund's positioning against a range of macroeconomic factors (such as duration and yield curve); and ongoing liquidity management of the fund.

The investment adviser

**The Capital System<sup>TM</sup>** Capital Research and Management Company uses a system of multiple portfolio managers in managing fund assets. Under this approach, the portfolio of a fund is divided into segments managed by individual managers. In addition, Capital Research and Management Company's investment analysts may make investment decisions with respect to a portion of a fund's portfolio. Investment decisions are subject to the fund's objective(s), policies and restrictions and the oversight of the appropriate investment-related committees of Capital Research and Management Company and its investment divisions.

Certain senior members of Capital Fixed Income Investors, the investment adviser's fixed income investment division, serve on the Portfolio Strategy Group. The group utilizes a research-driven process with input from the investment adviser's analysts, portfolio managers and economists who discuss a range of macroeconomic factors, including duration, yield curve and sector allocation. This process informs investment decisions made by the fund's portfolio managers.

The sub-adviser

The sub-adviser, KKR Credit, a subsidiary of KKR & Co. Inc., uses KKR's global network of resources, due diligence skills, intellectual capital and experience in seeking to achieve the fund's investment objective. The sub-adviser employs a fundamentals-driven investment philosophy that is based on deep credit underwriting and rigorous financial analysis. Because KKR has deep experience in credit and private equity underwriting, the sub-adviser's investment approach is designed to incorporate valuable characteristics of both. The sub-adviser seeks to reallocate the portfolio of the fund it manages to opportunistically emphasize those investments, categories of investments and geographic exposures believed to be best suited to contribute to the achievement of the fund's investment objective under the market conditions existing at the time of investment.

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**Warehousing transactions**

On October 24, 2024, the fund entered into facility agreements (the "Facility Agreements") with a third party unaffiliated with the fund, the investment adviser or the sub-adviser (the "financing provider"), to at the fund's discretion acquire portfolio investments from time to time by purchasing all or a portion of certain investments selected by the fund that are owned and held by the financing provider. During the term of the Facility Agreements, the fund may propose that the warehouse provider acquire portfolio investments to be held in the warehouse, which the warehouse provider, in its sole and absolute discretion, may approve or reject. There is no obligation for the fund to propose that the warehouse provider acquire any number or aggregate amount of portfolio investments. The fund made customary representations and warranties in the Facility Agreements. The Facility Agreements will remain in effect until the third anniversary of the effective date, subject to extension or termination by mutual agreement, and customary termination provisions for breach of the agreement by either party.

As a general matter, principal proceeds, cash and uncapitalized payment-in-kind interest and fees accruing on any warehouse investment (as defined below) (other than one time original issue discount or similar one time fees) while the financing provider holds such warehouse investment will be solely to the benefit of the financing provider. To the extent the fund purchases assets owned by the financing provider under the Facility Agreements, it will do so at a purchase price equal to (i) the par amount of the asset plus, (ii) payment-in-kind interest, if applicable, minus (iii) the sum of any original issue discount, upfront fees or other similar one time fees, plus (iv) additional consideration based on the number of days the financing provider has held such assets in excess of 180 calendar days. As a result, the fund will pay additional costs in connection with acquiring assets from the financing provider compared to purchasing them directly. Such costs will be reflected as part of the purchase price and not through separate fees charged to the fund. Under the Facility Agreements, no fees or expenses are required to maintain the facility.

The warehouse investments expected to be purchased by the fund from time to time pursuant to the Facility Agreements are expected to generally consist of private credit loans and securities consistent with the fund's investment objective and investment strategies, and as further described in this registration statement with respect to assets to be managed by the sub-adviser. Warehouse investments will be reflected in the net asset value of the fund following their purchase and consistent with the fund's valuation and pricing policy. There are no material differences between the underwriting standards used in the acquisition of the warehouse investments the fund expects to acquire pursuant to the Facility Agreements and the underwriting standards utilized for any other portfolio investments to be acquired or held by the fund from time to time.

The fund as described above, or the financing provider as described below may request, pursuant to the terms and conditions of the Facility Agreements, to create a forward obligation of the financing provider to sell, and a forward obligation of the fund to purchase, all or a portion of certain investments owned and held by the financing provider (the "warehousing transaction"). The terms and conditions of the fund's right to purchase and the fund's obligation to purchase assets from the financing provider are identical other than the fund's obligation to purchase certain investments (the "warehouse investments") from the financing provider is subject to the fund reaching certain asset thresholds (collectively, the "warehouse thresholds") described below.

The fund can enforce its contractual rights under the Facility Agreements to purchase warehouse investments at any time, regardless of whether a warehouse threshold is met.

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When a warehouse threshold is satisfied, the financing provider can enforce its contractual rights under the Facility Agreements to require the fund to settle its forward obligation by purchasing the warehouse investments from the financing provider in cash at the prices determined under the Facility Agreements and applicable sale agreement. In the unlikely event the assets levels are not reached the fund will be under no obligation to purchase warehouse investments.

The initial warehouse threshold is triggered when the total net assets of the fund equal or exceed $150,000,000. At such level, the financing provider can enforce its contractual rights under the Facility Agreements to require the fund to purchase warehouse investments from the financing provider in an amount up to $2,000,000 minus the aggregate purchase price of the subject warehouse investment previously purchased by the fund. If the total net assets of the fund equal or exceed $400,000,000, the financing provider can enforce its contractual rights under the Facility Agreements to require the fund to purchase warehouse investments from the financing provider in an amount up to $8,000,000 minus the aggregate purchase price of the subject warehouse investment previously purchased by the fund. If the total net assets of the fund equal or exceed $500,000,000, the financing provider can enforce its contractual rights under the Facility Agreements to require the fund to purchase warehouse investments from the financing provider in an amount up to 2% of the fund's most recently available net assets minus the aggregate purchase price of the subject warehouse investment previously purchased by the fund.

The fund will treat its forward obligations to purchase warehouse investments from the financing provider once the requirement to purchase warehouse investments is triggered as subject to the requirements of Section 18 of the 1940 Act or the rules thereunder.

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**Other investment information**

*Illiquid securities* To the extent consistent with the liquidity requirements applicable to interval funds under Rule 23c-3 under the 1940 Act, the fund may invest without limit in illiquid securities.

*Temporary and defensive strategies* The fund may, from time to time in its sole discretion, take temporary or defensive positions in cash, cash equivalents, other short-term securities or money market funds to attempt to reduce volatility caused by adverse market, economic, or other conditions. Any such temporary or defensive positions could prevent the fund from achieving its investment objective. In addition, subject to applicable law, the fund may, in the investment adviser's sole discretion, hold cash, cash equivalents, other short-term securities or investments in money market funds pending investment by the fund in other securities, in order to fund anticipated repurchases, expenses of the fund or other operational needs, or otherwise. See "Use of proceeds."

Except as otherwise indicated, the fund may change its investment objective and any of its investment policies, restrictions, strategies, and techniques without shareholder approval. Fundamental policies contained in the SAI may not be changed without shareholder approval. See "Fundamental Policies" in the SAI for more information about the fund's fundamental policies.

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Principal risks **This section describes the principal risks associated with investing in the fund. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time.** 

*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 or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; 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), bank failures 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.

*Repurchase offers risk* — As described under "Periodic Repurchase Offers" above, the fund is an interval fund and, in order to provide liquidity to shareholders, the fund, subject to applicable law, will conduct periodic repurchase offers of 5% to 25% of its outstanding shares at net asset value, subject to approval of the board. The fund expects initially to conduct quarterly repurchase offers for 10% of its outstanding shares under ordinary circumstances. As a result, shareholders may be unable to liquidate all or a given percentage of their investment in the fund during a particular repurchase offer. Some shareholders, in anticipation of proration, may request that more shares be repurchased than they wish to have repurchased in a particular month, thereby increasing the likelihood that proration will occur. A shareholder may be subject to market and other risks, and the net asset value per share of shares subject of a repurchase request in a repurchase offer may decline to the extent there is any delay between the Repurchase Request Deadline and the date on which the net asset value for tendered shares is determined. Such fluctuations may be exacerbated by currency fluctuations to the extent the fund invests in securities denominated in currencies other than the U.S. dollar. The net asset value on the Repurchase Request Deadline or the Repurchase Pricing Date may be higher or lower than on the date a shareholder submits a repurchase request.

The fund believes that these repurchase offers are generally beneficial to the fund's shareholders, and repurchases generally will be funded from available cash, cash from the sale of shares or sales of portfolio securities. However, repurchase offers and the need to fund repurchase obligations may affect the ability of the fund to be fully invested or force the fund to maintain a higher percentage of its assets in liquid investments than would otherwise be the case, which could adversely affect the fund's investment performance. In addition, diminution in the size of the fund through repurchases may result in an increased expense ratio for shareholders who do not submit a repurchase request, may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant) and, unless offset by sufficient sales of fund shares, may limit the ability of the fund to participate in new investment opportunities or to achieve its investment objective.

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*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 the issuer's financial condition or credit rating, 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. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. To the extent that the market prices of securities of issuers in the same or related industries or sectors tend to move in the same direction at the same time, and these issuers make up a sizeable portion of the market, events affecting one issuer, industry or sector or the securities markets generally may have a larger impact. If such issuers represent a substantial portion of major market indices, or the economy, a downturn in the prices of their securities may have a disproportionate adverse effect on the overall market, even if other segments of the market perform well. The fund's portfolio managers invest in issuers based on their level of investment conviction. At times, the fund may invest more significantly in a single issuer, which could increase the fund's volatility and the risk of loss arising from the factors described above.

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

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-based finance securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change 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 repurchase requests from fund shareholders. 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 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. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of 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 investment adviser and the sub-adviser rely on their own credit analysts to research issuers and issues in assessing credit and default risks.

*Investing in lower rated debt instruments* — Lower rated debt securities or instruments, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations (also

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known as "junk bonds"), generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty.

*Investing in illiquid investments and liquidity risk* — The sub-adviser expects to invest primarily in private, illiquid securities. Illiquid assets may be more difficult to value, especially in changing markets. In addition, illiquid securities are typically subject to restrictions on resale and the fund may be legally, contractually or otherwise prohibited from selling or disposing certain investments for a period of time. 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 to try to limit losses, or may be forced to sell at a loss.

Fund holdings in general may be or may become difficult or impossible to sell, particularly during times of market turmoil. In addition legal or contractual restrictions on resale, liquidity may be impacted by the lack of an active market for a holding 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 or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings.

*Investing outside the United States* — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, 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 are domiciled, operate or generate revenue or to which the securities are tied economically. 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, sanctions, 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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, which could impact the liquidity of the fund's portfolio. The risks of investing outside the United States 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 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

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adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. 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, more vulnerable to market manipulation, and 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.

*Exposure to country, region, industry or sector* — Subject to the fund's investment limitations, the fund may have significant exposure to a particular country, region, industry or sector. Such exposure may cause the fund to be more impacted by risks relating to and developments affecting the country, region, industry or sector, and thus its net asset value may be more volatile, than a fund without such levels of exposure. For example, if the fund has significant exposure in a particular country, then social, economic, regulatory or other issues that negatively affect that country may have a greater impact on the fund than on a fund that is more geographically diversified.

*Investing in mortgage-related and other asset-based finance securities* — Mortgage-related securities, such as mortgage-backed securities, and other asset-based finance securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. Investments in such securities may include collateralized debt obligations, such as collateralized loan obligations and collateralized mortgage obligations, and may, from time to time, include lower-rated tranches of these instruments. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-based finance securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-based finance securities are paid off could be extended, reducing the fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-based finance securities are subject to similar risks, as well as additional risks associated with the assets underlying those securities.

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*Interest rate risk* — The values and liquidity of the securities held by the fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. 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. The fund may invest in variable and floating rate securities. When the fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

*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 cause the fund to lose significantly more than 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. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

*Investing in futures contracts* — In addition to the risks generally associated with investing in derivative instruments, futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and futures commission merchants with which the fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While futures contracts are generally liquid instruments, under certain market conditions futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in a futures contract if intraday price change limits or limits on trading volume imposed by the applicable futures exchange are triggered. If the fund is unable to close out a position on a futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the futures position. The ability of the fund to successfully utilize futures contracts may depend in part upon the ability of the fund's investment adviser or sub-adviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the futures in which the fund invests. If the investment adviser or sub-adviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the futures in which it invests, the fund could suffer losses.

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*Investments in future delivery contracts* — The fund may enter into transactions involving future delivery contracts, such as to-be-announced (TBA) contracts and mortgage dollar rolls. These contracts involve the purchase or sale of mortgage-backed securities for settlement at a future date and predetermined price. When the fund enters into a TBA commitment for the sale of mortgage-backed securities (which may be referred to as having a short position in such TBA securities), the fund may or may not hold the types of mortgage-backed securities required to be delivered. The fund may choose to roll these transactions in lieu of settling them.

When the fund rolls the purchase of these types of future delivery transactions, the fund simultaneously sells the mortgage-backed securities for delivery in the current month and repurchases substantially similar securities for delivery at a future date at a predetermined price. When the fund rolls the sale of these transactions rather than settling them, the fund simultaneously purchases the mortgage-backed securities for delivery in the current month and sells substantially similar securities for delivery at a future date at a predetermined price. Such roll transactions can increase the turnover rate of the fund and may increase the risk that market prices may move unfavorably between the original and new contracts, potentially resulting in losses or reduced returns for the fund.

*Investing in inflation-linked bonds* — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

Investing in inflation-linked bonds may also reduce the fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.

*Investing in senior loans* — The fund may invest in senior debt instruments ("senior loans"), which hold the most senior position in the capital structure of a corporation, partnership or other business entity (a "borrower"). Senior loans generally are not registered with SEC or any state securities commission and are not listed on any national securities exchange. There is less readily available or reliable information about most senior loans than is the case for many other types of securities, including securities issued in transactions registered under the federal securities laws. No active trading market exists for some senior loans, and some senior loans are subject to restrictions on resale. A secondary market could be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which could impair the fund's ability to realize full value and thus cause a material decline in the fund's NAV. In addition, at times, the fund will not be able to readily dispose of its senior loans at prices that approximate those at which the fund could sell such loans if they were more widely traded and, as a result of such illiquidity, the fund will, from time to time, have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. During periods of limited supply and liquidity of senior loans, the fund's yield could be lower. If legislation or government regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of senior loans for investment by the fund will be

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adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain Borrowers.

*Investing in swaps* — Swaps, including interest rate swaps, total return swaps and credit default swap indices, or CDSIs, are subject to many of the risks generally associated with investing in derivative instruments. Additionally, although swaps require no initial investment or only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a swap could greatly exceed the initial amount invested. The use of swaps involves the risk that the investment adviser or sub-adviser will not accurately predict anticipated changes in interest rates or other economic factors, which may result in losses to the fund. If the fund enters into a bilaterally negotiated swap, the counterparty may fail to perform in accordance with the terms of the swap. If a counterparty defaults on its obligations under a swap, the fund may lose any amount it expected to receive from the counterparty, potentially including amounts in excess of the fund's initial investment. Certain swaps are subject to mandatory central clearing or may be eligible for voluntary central clearing. Although clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, central clearing will not eliminate (but may decrease) counterparty risk relative to uncleared bilateral swaps. Some swaps, such as CDSIs, may be dependent on both the individual credit of the fund's counterparty and on the credit of one or more issuers of any underlying assets. If the fund does not correctly evaluate the creditworthiness of its counterparty and, where applicable, of issuers of any underlying reference assets, the fund's investment in a swap may result in losses to the fund.

*Currency* — The prices of, and the income generated by, debt securities held by the fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of the fund's securities denominated in such currencies would generally fall and vice versa.

*Currency transactions* — In addition to the risks generally associated with investing in derivative instruments, the use of forward currency contracts involves the risk that currency movements will not be accurately predicted by the investment adviser or sub-adviser, which could result in losses to the fund. While entering into forward currency contracts could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain that may result from an increase in the value of the currency. Additionally, the investment adviser and sub-adviser may use forward currency contracts to increase exposure to a certain currency or to shift exposure to currency fluctuations from one country to another. Forward currency contracts may expose the fund to potential gains and losses in excess of the initial amount invested.

*Investing in mezzanine securities* — Mezzanine debt generally have ratings or imputed ratings below investment grade. Mezzanine debt is generally unsecured and/or subordinated to other obligations, and tend to have greater credit and liquidity risk than that typically associated with investment grade corporate obligations. Mezzanine debt is subject to greater sensitivity to adverse changes in the financial condition of the obligor or in general economic conditions. Many obligors of mezzanine debt are highly leveraged. As such, specific developments affecting such obligors, such as reduced cash flow from operations or the inability to refinance debt at maturity, may also adversely affect such obligors' ability to meet its debt obligations.

Default rates for mezzanine debt have historically been higher than such rates for investment grade securities. If the fund makes an investment that is not secured by

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collateral, the fund will have no assurance (as compared to those distressed securities investors that acquire only fully collateralized positions) that it will recover any of the principal that it has invested. In addition, the debt securities in which the fund may invest may not be protected by financial covenants or limitations upon additional indebtedness, may have limited liquidity and are not expected to be rated by a credit rating agency.

*Investing in subordinated and unsecured or partially secured loans* — The fund will, from time to time, invest in unsecured loans and secured subordinated loans, including second and lower lien loans. Second lien loans are generally second in line in terms of repayment priority. A second lien loan could have a claim on the same collateral pool as the first lien or it could be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than Senior Loans of the same borrower.

*Investing in private and middle market companies* — Loans from private and middle-market companies involve a number of particular risks that might not exist in the case of large public companies, including: (i) limited financial resources and limited access to additional financing, which could increase the risk of their defaulting on their obligations, leaving creditors dependent on any guarantees or collateral they have obtained; (ii) shorter operating histories, narrower product lines and smaller market shares than larger businesses, which render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns; (iii) limited publicly available information about these companies and decreased quality of information; (iv) increased dependency on the management talents and efforts of a small group of persons; and (v) reduced frequency and volume of trading compared to larger companies and increased difficulty for the fund to exit the investment in the company at its then fair value.

*Investing in highly leveraged companies* — The fund's investments are expected to include investments in issuers whose capital structures have significant leverage (including substantial leverage senior to the fund's investments, a considerable portion of which could be secured and/or could be at floating interest rates). Such investments are inherently more sensitive to declines in revenues, competitive pressures and increases in expenses and interest rates. The leveraged capital structure of such issuers will increase their exposure to adverse economic factors, such as downturns in the economy or deterioration in the condition of the issuers or their industries, and such companies could be subject to restrictive financial and operating covenants in more senior debt instruments and contracts that adversely impact the fund's investments. In the event of such occurrences, this leverage could result in more serious adverse consequences to such companies (including their overall profitability or solvency). If an issuer cannot generate adequate cash flow to meet debt obligations, the issuer could default on its loan agreements or be forced into bankruptcy, resulting in a restructuring of the company's capital structure or liquidation of the company. The debt investments acquired by the fund generally are the most junior in the capital structure, and thus subject to the greatest risk of loss. Furthermore, to the extent issuers in which the fund is invested have become insolvent, the fund could determine, in cooperation with other debtholders or on its own, to engage, at the fund's expense, in whole or in part, counsel and other advisors in

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connection therewith. In addition to leverage in the capital structure of the issuer, the fund can incur leverage.

*Investing in securities backed by the U.S. government* — U.S. government securities are subject to market risk, interest rate risk and credit risk. 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. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets.

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.

*Prepayment risk* — Prepayment risk occurs when a debt investment can be repaid in whole or in part prior to its maturity. The amount of prepayable obligations in which the fund invests from time to time will be affected by general business conditions, market interest rates, borrowers' financial conditions and competitive conditions among lenders. In a period of declining interest rates, borrowers are more likely to prepay investments more quickly than anticipated, which may result in the fund having to reinvest the proceeds in lower yielding securities. In addition, when the fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest that is lower than the rate on the security that was prepaid. To the extent that the fund purchases the relevant investment at a premium, prepayments could result in a loss to the extent of the premium paid. If the fund buys such investments at a discount, both scheduled payments and unscheduled prepayments will increase current and total returns and unscheduled prepayments will also accelerate the recognition of income which could be taxable as ordinary income to shareholders. In a period of rising interest rates, prepayments of investments could occur at a slower than expected rate, creating risk that maturities are extended reducing the fund's cash available for reinvestment in higher yielding securities. This particular risk could effectively change an investment that was considered short- or intermediate-term at the time of purchase into a longer-term investment. Because the value of longer-term investments generally fluctuates more widely in response to changes in interest rates than shorter-term investments, maturity extension risk could increase the volatility of the fund. When interest rates decline, the value of an investment with prepayment features might not increase as much as that of other fixed-income instruments, and, as noted above, changes in market rates of interest could accelerate or delay prepayments and thus affect maturities.

*Investing in structured products* — Holders of structured products, which include, but are not limited to, asset-based finance securities, asset-backed securities, collateralized debt obligations, collateralized bond obligations and collateralized loan obligations and credit-linked notes (collectively "structured products"), bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The fund may invest in structured products, including, structured notes, credit-linked notes and other types of structured products. Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The fund may have the right to receive payments only from the structured product, and generally

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does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product's administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) are generally influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining such financing, which may adversely affect the value of the structured products owned by the fund. Structured products generally entail risks associated with derivative instruments.

*Payment in kind (PIK) risk* — Because investors in zero coupon or PIK bonds/loans receive no or partial cash prior to the maturity or cash payment date applicable thereto, an investment in such securities generally has a greater potential for complete loss of principal and/or return than an investment in debt securities that make periodic interest payments. Such investments are more vulnerable to the creditworthiness of the issuer and any other parties upon which performance relies.

*Lender liability risk* — A number of U.S. judicial decisions have upheld judgments obtained by borrowers against lending institutions on the basis of various evolving legal theories, collectively termed "lender liability." Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the borrower or has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of its investments, the fund will, from time to time, be subject to allegations of lender liability.

In addition, under common law principles that in some cases form the basis for lender liability claims, if a lender or bondholder (i) intentionally takes an action that results in the undercapitalization of a borrower to the detriment of other creditors of such borrower; (ii) engages in other inequitable conduct to the detriment of such other creditors; (iii) engages in fraud with respect to, or makes misrepresentations to, such other creditors; or (iv) uses its influence as a stockholder to dominate or control a borrower to the detriment of other creditors of such borrower, a court might elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor or creditors, a remedy called "equitable subordination."

Because affiliates of, or persons related to, the investment adviser or sub-adviser will, at times, hold equity or other interests in obligors of the fund, the fund could be exposed to claims for equitable subordination or lender liability or both based on such equity or other holdings.

*Borrower fraud; covenant-lite loans; breach of covenant* —There can be no assurance that such attempts to provide downside protection through structural, covenant and other contractual protections with respect to the terms of the fund's investments will achieve their desired effect and potential investors should regard an investment in the fund as having a high degree of risk. Some of the loans that the fund originates or acquires may be "covenant-lite" loans, which possess fewer covenants that protect lenders than other loans or no such covenants whatsoever. Investments in covenant-lite loans will be particularly

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sensitive to the risks associated with loan investments. The fund can invest without limit in covenant-lite loans. Of paramount concern in originating or acquiring the financing contemplated by the fund is the possibility of material misrepresentation or omission on the part of borrower or other credit support providers or breach of covenant by such parties. Such inaccuracy or incompleteness or breach of covenants could adversely affect the valuation of the collateral underlying the loans or the ability of the fund to perfect or effectuate a lien on the collateral securing the loan or otherwise realize on the investment.

*When-issued securities and forward commitments* — When purchasing securities on a "forward commitment" or "when-issued" basis (meaning securities are purchased or sold with payment and delivery taking place in the future), the return on a comparable security when the transaction is consummated could vary from the return on the security at the time that the forward commitment or when-issued transaction was made. From the time of entering into the transaction until delivery and payment is made, the securities that are the subject of the transaction are subject to market fluctuations. In forward commitment or when-issued transactions, if the seller or buyer, as the case may be, fails to consummate the transaction, the counterparty could miss the opportunity of obtaining a price or yield considered to be advantageous. Forward commitment or when-issued transactions can occur a month or more before delivery is due. However, no payment or delivery is made until payment is received or delivery is made from the other party to the transaction.

*Complex transactions, contingent liabilities, guarantees and indemnities* — Complex investment opportunities present risks, as such transactions can be more difficult, expensive and time-consuming to finance and execute; it can be more difficult to manage or realize value from the assets acquired in such transactions; and such transactions sometimes entail a higher level of regulatory scrutiny or a greater risk of contingent liabilities. Additionally, in connection with certain transactions, the fund may be required to make representations about the business and financial affairs of a company, provide guarantees in respect of payments by companies and other third parties and provide indemnities against losses caused by companies and other third parties. The fund may be required to indemnify the purchasers of such investment to the extent that any such representations are inaccurate. These arrangements could result in the incurrence of contingent liabilities by the fund, even after the disposition of an investment and ultimately in material losses.

*Nondiversification* — As a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund. A fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political, geographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund's shares can be expected to fluctuate more than might be the case if the fund were more broadly diversified.

*Warehouse investments risk* — The fund may not be able to realize the anticipated benefits from the warehouse investments. Under the Facility Agreements, the fund has agreed to purchase assets from the financing provider at prices based on cost, factoring in certain adjustments or fees realized at issuance plus a premium designed to compensate the financing provider for owning the assets before the fund purchases them from the financing provider. As a result, the fund will pay additional costs in connection with acquiring assets through the warehouse investments compared to purchasing them directly.

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Purchases of assets from the financing provider will be at prices determined under the terms of the Facility Agreements. As a result, the fund may pay more or less than the current market value of such assets when it acquires them. Any gain or decline in value will be reflected in the fund's net asset value next calculated following purchase of the asset by the fund. The fund may purchase such assets even if they are in default.

*Availability of investment opportunities; competition* — Over the past several years, a number of competing investment vehicles with similar investment objectives have been formed (and many such existing entities have grown in size). Additional entities with similar investment objectives could be formed in the future by other unrelated parties. These may include other funds and accounts managed by the investment adviser or sub-adviser. As a result, it is possible that competition for appropriate investment opportunities could increase, thus reducing the number of opportunities available to the fund. Such competition could adversely affect the terms upon which investments can be made by the fund. Additionally, transaction sponsors unaffiliated with the fund or KKR could be reluctant to present investment opportunities to the fund because of its affiliation with KKR. There can be no assurance that the investment adviser and sub-adviser will be able to locate and complete investments which satisfy the fund's investment objective or to realize upon their values.

*Valuation risk* — Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for loans or fixed-income instruments to trade. Loans and fixed-income instruments are generally valued at evaluated prices obtained from third-party pricing vendors and generally trade on an OTC market which could be anywhere in the world where the buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of loans or fixed-income instruments generally carries more risk than that of common stock. In addition, other market participants may value securities differently than the fund. As a result, the fund may be subject to the risk that when a loan or fixed-income instrument is sold in the market, the amount received by the fund is less than the value carried on the fund's books. These risks are heightened with respect to private fixed-income instruments, which rarely have readily available market quotations. As a result, such securities require the investment adviser to estimate, in accordance with their valuation policies, the fair value of such investments on the valuation date. Fair value pricing is based on subjective judgments, significant unobservable inputs and may differ materially from the value that would be realized if the security were to be sold. Absent bad faith or manifest error, valuation determinations of the investment adviser will be conclusive and binding on shareholders of the fund.

*New fund risk* — There can be no assurance that the fund will reach or maintain a sufficient asset size to effectively implement its investment strategy. In addition, the fund's gross expense ratio may fluctuate during its initial operating period because of the fund's relatively smaller asset size and, until the fund achieves sufficient scale, a shareholder may experience proportionally higher fund expenses than would be experienced by shareholders of a fund with a larger asset base.

*Cybersecurity breaches* — The fund may be subject to operational and information security risks through breaches in cybersecurity. Cybersecurity breaches can result from deliberate attacks or unintentional events, including "ransomware" attacks, the injection of computer viruses or malicious software code, the use of vulnerabilities in code to gain unauthorized access to digital information systems, networks or devices, or external attacks such as denial-of-service attacks on the investment adviser's, sub-adviser's or an affiliate's website that could render the fund's network services unavailable to intended end-users. These

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breaches may, among other things, lead to the unauthorized release of confidential information, misuse of the fund's assets or sensitive information, the disruption of the fund's operational capacity, the inability of fund shareholders to transact business, or the destruction of the fund's physical infrastructure, equipment or operating systems. These events could cause the fund to violate applicable privacy and other laws and could subject the fund to reputational damage, additional costs associated with corrective measures and/or financial loss. The fund may also be subject to additional risks if its third-party service providers, such as the investment adviser, sub-adviser, transfer agent, custodian, administrators and other financial intermediaries, experience similar cybersecurity breaches and potential outcomes. Cybersecurity risks may also impact issuers of securities in which the fund invests, which may cause the fund's investments in such issuers to lose value.

*Management* — The investment adviser and sub-adviser to the fund actively manage 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 or sub-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.

*Dependence on investment adviser and sub-adviser* — The fund's strategy to invest in publicly-traded fixed income securities and private credit loans and securities is highly dependent on the strategic partnership between, and the investment advisory services provided by, both the investment adviser and the sub-adviser. As a result, the investment adviser and sub-adviser have agreed that the investment adviser will terminate its own Investment Advisory and Service Agreement with the fund if it or the board of the fund provides notice of termination or non-renewal of the investment adviser's Subadvisory Agreement with KKR Credit with respect to the fund without cause. If the Subadvisory Agreement and/or the Investment Advisory and Service Agreement is terminated for any reason, the fund would incur costs in order to find a replacement adviser and, in the event it were unable to find a replacement adviser, may be forced to liquidate.

In addition to the principal investment strategies described above, the fund has other investment practices that are described in the statement of additional information, which includes a description of other risks related to the fund's principal investment strategies and other investment practices. The fund's investment results will depend on the ability of the investment adviser and sub-adviser to navigate the risks discussed above as well as those described in the statement of additional information.

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Management and organization

**Investment adviser** Capital Research and Management Company, an experienced investment management organization founded in 1931, serves as the investment adviser to the fund. Capital Research and Management Company is a wholly owned subsidiary of The Capital Group Companies, Inc. and is located at 333 South Hope Street, Los Angeles, California 90071. Capital Research and Management Company manages the investment portfolio and business affairs of the fund. The total management fee paid by the fund to its investment adviser for the most recent fiscal year, as a percentage of average net assets, appears in the Annual Fund Operating Expenses table under "Summary of fund expenses." Please see the statement of additional information for further details. A discussion regarding the basis for approval of the fund's Investment Advisory and Service Agreement by the fund's board of trustees is contained in the fund's report in Form N-CSR/S for the fiscal period ending June 30, 2025.

Capital Research and Management Company manages equity assets through three equity investment divisions and fixed income assets through its fixed income investment division, Capital Fixed Income Investors. The three equity investment divisions — Capital International Investors, Capital Research Global Investors and Capital World Investors — make investment decisions independently of one another.

**Sub-adviser** — The fund engages KKR Credit as sub-adviser to primarily manage private credit assets held by the fund. Launched in 2004, KKR Credit is a subsidiary of KKR & Co. Inc., a leading global investment firm with an extensive history of leadership, innovation and investment excellence. KKR Credit is a leading manager of non-investment grade debt and public equities. KKR Credit currently serves as an investment adviser of certain unregistered private investment companies and registered investment companies and may in the future serve as an investment adviser of other registered and unregistered investment companies. KKR Credit is located at 555 California Street, 50th Floor, San Francisco, CA 94104.

The Subadvisory Agreement provides that the sub-adviser will be paid solely by the investment adviser out of the investment adviser's fees.

A discussion regarding the basis for approval of the fund's Subadvisory Agreement by the board of trustees is contained in the fund's Form N-CSR/S for the fiscal period ending June 30, 2025.

Capital Group KKR Core Plus+ / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 34

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**Sub-adviser termination trigger**

The board of the fund may terminate the investment adviser and/or the sub-adviser at any time upon 60 days' prior written notice to the investment adviser and/or the sub-adviser. The investment adviser may also terminate the sub-adviser at any time upon 60 days' prior written notice to the sub-adviser. The fund's Investment Advisory and Service Agreement and Subadvisory Agreement shall continue in effect beyond two years from the date of their execution only if such continuance is specifically approved at least annually by the board of the fund or by vote of the fund's shareholders. The investment adviser and the sub-adviser may resign their positions at any time upon 60 days' prior written notice to the fund. **The investment adviser and sub-adviser have agreed that the investment adviser will terminate its own Investment Advisory and Service Agreement with the fund if it or the board of the fund provides notice of termination or non-renewal of the investment adviser's Subadvisory Agreement with KKR Credit with respect to the fund without cause. If the investment adviser terminates the fund's Investment Advisory and Service Agreement under such circumstances, the fund would incur costs in order to find a replacement adviser and, in the event it were unable to find a replacement adviser, may be forced to liquidate.**

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**Portfolio managers**

The following individuals are primarily responsible for the day-to-day management of the fund.

Portfolio managers with the investment adviser:

**The Capital System<sup>TM</sup>** Capital Research and Management Company uses a system of multiple portfolio managers in managing assets. Under this approach, the portfolio of a fund is divided into segments managed by individual managers. In addition, Capital Research and Management Company's investment analysts may make investment decisions with respect to a portion of a fund's portfolio. Investment decisions for each fund and account managed by Capital Research and Management Company are subject to a fund's objective, policies and restrictions of such fund or account and the oversight of the appropriate investment-related committees of Capital Research and Management Company and its investment divisions.

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| | | | |
|:---|:---|:---|:---|
| **Portfolio manager/**<br>**Fund title (if applicable)** | **Investment**<br>**experience** | **Portfolio manager**<br>**in this fund since:** | **Primary title**<br>**with investment adviser** |
| **Robert G. Caldwell** | Investment professional since 2001 (all with Capital Research and Management Company or affiliate) | 2025 | Partner – Capital Fixed Income Investors |
| **Xavier Goss** | Investment professional since 2003 (with Capital Research and Management Company or affiliate since 2021) | 2025 | Partner – Capital Fixed Income Investors |
| **Sandro Lazzarini** | Investment professional since 2007 (with Capital Research and Management Company or affiliate since 2015) | 2025 | Partner – Capital Fixed Income Investors |
| **John R. Queen** President | Investment professional since 1989 (with Capital Research and Management Company or affiliate since 2002) | 2025 | Partner – Capital Fixed Income Investors |

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Capital Group KKR Core Plus+ / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 36

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Portfolio managers with the sub-adviser:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio manager/**<br>**Fund title (if applicable)** | **Investment**<br>**experience** | **Portfolio manager**<br>**in this fund since:** | **Primary title**<br>**with sub-adviser** |
| **Rony Ma** | Investment professional since 2009 (with KKR Credit or affiliate since 2011) | 2025 | Managing Director |
| **Christopher Mellia** | Investment professional since 2003 (with KKR Credit or affiliate since 2021) | 2025 | Managing Director, Co-Head of Global Asset-Based Finance |
| **Daniel Pietrzak** | Investment professional since 2000 (with KKR Credit or affiliate since 2016) | 2025 | Partner, Global Head of Private Credit |
| **Ryan Wilson** | Investment professional since 2006 (all with KKR Credit or affiliate) | 2025 | Managing Director, Chief Operating Officer of Private Credit |

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The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and ownership of fund shares by the portfolio managers.

**Trustees and officers** Pursuant to the fund's declaration of trust and by-laws, the board oversees the management of the business and affairs of the fund. The board appoints officers who are responsible for the day-to-day operations of the fund and who execute policies authorized by the board. The board consists of four trustees, three of whom are considered "independent persons" (as defined in the 1940 Act). The trustees are subject to removal or replacement in accordance with Delaware law and the declaration of trust. The SAI provides additional information about the trustees.

**Control persons and principal holders of securities** Shareholders beneficially owning 25% or more of outstanding shares may be in control and may be able to affect the outcome of certain matters presented for a shareholder vote. Except as noted below, the fund does not know of any persons who own of record or beneficially 5% or more of any class of the fund's shares as of the date of this prospectus.

The investment adviser and KKR have provided the initial seed investments in the fund. For so long as either the investment adviser or KKR has a greater than 25% interest in the fund, such party may be deemed to be a "control person" of the fund for purposes of the 1940 Act.

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**Additional information** The trustees are generally responsible for overseeing the management of the fund. The trustees authorize the fund to enter into service agreements with the investment adviser, the sub-adviser, Capital Client Group, Inc., and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the fund. Shareholders are not intended to be third-party beneficiaries of such service agreements.

Neither this prospectus, the fund's SAI, any contracts filed as exhibits to the fund's registration statement, nor any other communications or disclosure documents from or on behalf of the fund creates a contract between a shareholder of the fund and the fund, a service provider to the fund, and/or the trustees or officers of the fund, other than pursuant to any rights under federal or state law. The fund may amend this prospectus, the SAI, and any other contracts to which the fund is a party, and interpret the investment objective, policies, restrictions and contractual provisions applicable to the fund without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the fund prospectus or SAI.

Capital Group KKR Core Plus+ / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 38

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Shareholder information

**Shareholder services** American Funds Service Company, the fund's transfer agent, offers a wide range of services that you can use to alter your investment program should your needs or circumstances change. These services may be terminated or modified at any time upon 60 days' prior written notice.

![image_002.jpg](image_002.jpg)

**A more detailed description of policies and services is included in the fund's statement of additional information. These documents are available by writing to or calling American Funds Service Company.**

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Purchase and exchange of shares On behalf of the fund, American Funds Service Company, the fund's transfer agent, and Capital Client Group, Inc., the fund's distributor, are required by law to obtain certain personal information from you or any other person(s) acting on your behalf in order to verify your or such person's identity. If you do not provide the information, the transfer agent may not be able to open your account. If the transfer agent is unable to verify your identity or that of any other person(s) authorized to act on your behalf, or believes it has identified potentially criminal activity, the fund and Capital Client Group, Inc. reserve the right to close your account or take such other action they deem reasonable or required by law.

When purchasing shares, you should designate the fund or funds in which you wish to invest. Subject to the exception below, if no fund is designated, your money will be held uninvested (without liability to the transfer agent for loss of income or appreciation pending receipt of proper instructions) until investment instructions are received, but for no more than three business days. Your investment will be made at the net asset value (plus any applicable sales charge, in the case of Class A or Class A-2 shares) next determined after investment instructions are received and accepted by the transfer agent.

**Purchase of Class A shares** You may generally open an account and purchase Class A shares, Class A-2 shares or Class A-3 shares by contacting any financial professional (who may impose transaction charges in addition to those described in this prospectus) authorized to sell the fund's shares. You may purchase additional shares in various ways, including through your financial professional and by mail, telephone, the Internet and bank wire.

**Purchase of Class F shares** You may generally open an account and purchase Class F shares only through fee-based programs of investment dealers that have special agreements with the fund's distributor, through financial intermediaries that have been approved by, and that have special agreements with, the fund's distributor to offer Class F shares to self-directed investment brokerage accounts that may charge a transaction fee, through certain registered investment advisors and through other intermediaries approved by the fund's distributor. These intermediaries typically charge ongoing fees for services they provide. Intermediary fees are not paid by the fund and normally range from .75% to 1.50% of assets annually, depending on the services offered.

Class F-2 and F-3 shares may also be available on brokerage platforms of firms that have agreements with the fund's distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class F-2 or F-3 shares in these programs may be required to pay a commission and/or other forms of compensation to the broker. In addition, upon approval by an officer of the investment adviser, Class F-3 shares are available to institutional investors, which include, but are not limited to, foreign investment companies, charitable organizations, governmental institutions and corporations. For accounts held and serviced by the fund's transfer agent, the minimum investment amount is $1 million.

**Purchase of Class R shares** Class R-6 shares are generally available only to retirement plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, and to nonqualified deferred compensation plans and certain voluntary employee benefit association and post-retirement benefit plans. Class R-6 shares also are generally available only to retirement plans for which plan level or omnibus accounts are held on the books of the fund. Class R-6 shares are generally available only to fee-based programs or through retirement plan intermediaries. In addition, Class R-6 shares are available for investment by

Capital Group KKR Core Plus+ / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 40

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other registered investment companies and collective investment trusts approved by the fund's investment adviser or distributor. Class R-6 shares are generally not available for purchase to retail nonretirement accounts; traditional and Roth individual retirement accounts (IRAs); Coverdell Education Savings Accounts; SEPs, SARSEPs and SIMPLE IRAs held in brokerage accounts; and 529 college savings plans.

**Purchases by employer-sponsored retirement plans** Eligible employer-sponsored retirement plans may purchase Class A or Class R-6 shares by contacting any investment dealer (who may impose transaction charges in addition to those described in this prospectus) authorized to sell these classes of the fund's shares. Class R-6 shares may not be available through certain investment dealers. Additional shares may be purchased through a plan's administrator or recordkeeper.

Employer-sponsored retirement plans that are eligible to purchase Class R-6 shares may instead purchase Class A shares and pay the applicable Class A sales charge, provided that their recordkeepers can properly apply a sales charge on plan investments. These plans are not eligible to make initial purchases of $500,000 or more in Class A shares and thereby invest in Class A shares without a sales charge, nor are they eligible to establish a statement of intention that qualifies them to purchase Class A shares without a sales charge. More information about statements of intention can be found under "Sales charge reductions and waivers" in this prospectus. Plans investing in Class A shares with a sales charge may purchase additional Class A shares in accordance with the sales charge table in this prospectus.

**Purchase minimums and maximums** The minimum initial investment amount is normally $1,000 per account for all share classes other than Class F-3 shares held and serviced by the fund's transfer agent, which are subject to a minimum of $1 million. In addition, the fund reserves the right to repurchase the shares of any shareholder for their then current net asset value per share if the shareholder's aggregate investment in the fund falls below the fund's minimum initial investment amount. The minimum to add to an account is $50 for all share classes. See the SAI for details.

Purchase minimums described in this prospectus may be waived in certain cases. For example, for accounts established with an automatic investment plan, the initial purchase minimum of $1,000 may be waived if the purchases (including purchases through exchanges from another fund) made under the plan are sufficient to reach $1,000 within five months of account establishment.

**Exchange** You may exchange your Class A, Class A-2 and Class A-3 shares for shares of the same class of other Capital Group Funds without a sales charge, subject to any restrictions imposed by your financial intermediary. Any such exchange shall be permitted only in connection with the fund's periodic repurchase offers as described above.

Exchanges have the same tax consequences as ordinary sales and purchases. For example, to the extent you exchange shares held in a taxable account that are worth more now than what you paid for them, the gain will be subject to taxation.

Please see the SAI for details and limitations on moving investments in certain share classes to different share classes and on moving investments held in certain accounts to different accounts.

41&nbsp;&nbsp;&nbsp;&nbsp; Capital Group KKR Core Plus+ / Prospectus

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Transactions through intermediaries The fund has authorized broker-dealers and other financial intermediaries to receive purchase and repurchase orders on behalf of the fund. Such dealers/intermediaries are authorized to designate other intermediaries to receive purchase and repurchase orders on the fund's behalf. The fund will be deemed to have received a purchase or repurchase order when an authorized dealer/intermediary or, if applicable, their authorized designee, receives the order. Purchase or repurchase orders will be priced at the fund's net asset value next computed after they are received by an authorized dealer/intermediary or their authorized designee. Repurchase orders must be submitted to the fund by dealers/intermediaries and their authorized designees in accordance with the procedures described under the section of this prospectus titled "periodic repurchase offers."

Choosing a share class The fund has adopted a Multi-Class Plan in accordance with Rule 18f-3 under the 1940 Act. Although the fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 18f-3 and Rule 12b-1 as a condition of an exemptive order under the 1940 Act which permits it to have, among other things, a multi-class structure and distribution and shareholder servicing fees. Under the Multi-Class Plan, shares of each class of the fund represent an equal pro rata interest in the fund and, generally, have identical voting, distribution, liquidation, and other rights, preferences, powers, restrictions, limitations, qualifications and terms and conditions, except that: (a) each class has a different designation; (b) each class of shares bears any class-specific expenses; and (c) each class shall have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class, and shall have exclusive voting rights on any matter submitted to shareholders that relates solely to that class.

The fund offers different classes of shares through this prospectus. The services or share classes available to you may vary depending upon how you wish to purchase shares of the fund.

Each share class represents an investment in the same portfolio of securities, but each class has its own sales charge and expense structure, allowing you to choose the class that best fits your situation. For example, Class F-2 shares are subject only to subtransfer agency fees payable to third-party service providers (and not 12b-1 fees) and Class F-3 or Class R-6 shares are not subject to any such additional fees. The different fee structures allow the investor to choose how to pay for advisory platform expenses. **When you purchase shares of the fund for an individual-type account, you should choose a share class. If none is chosen, your investment will be made in Class A shares.**

Factors you should consider when choosing a class of shares include:

· how long you expect to own the shares;

· how much you intend to invest;

· total expenses associated with owning shares of each class;

· whether you qualify for any reduction or waiver of sales charges (for example, Class A shares may be a less expensive option over time, particularly if you qualify for a sales charge reduction or waiver); and

· availability of share classes as noted above.

**Each investor's financial considerations are different. You should speak with your financial professional to help you decide which share class is best for you.**

Capital Group KKR Core Plus+ / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 42

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Sales charges

**Class A and A-2 shares** The initial sales charge you pay each time you buy Class A or Class A-2 shares differs depending upon the amount you invest and may be reduced or eliminated for larger purchases as indicated below. The "offering price," the price you pay to buy shares, includes any applicable sales charge, which will be deducted directly from your investment. Shares acquired through reinvestment of dividends or capital gain distributions are not subject to an initial sales charge.

Class A shares

---

| | | | |
|:---|:---|:---|:---|
|  | Sales charge as a percentage of: | Sales charge as a percentage of: |  |
| Investment | Offering price | **Net amount**<br>**invested** | **Dealer commission**<br>**as a percentage**<br>**of offering price** |
| Less than $100,000 | 3.75% | 3.90% | 3.00% |
| $100,000 but less than $250,000 | 3.50 | 3.63 | 2.75 |
| $250,000 but less than $500,000 | 2.50 | 2.56 | 2.00 |
| $500,000 or more and certain other investments described below |  |  | see below |

---

Class A-2 shares

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| | | | |
|:---|:---|:---|:---|
|  | **Sales charge as a** <br>**percentage of:** | **Sales charge as a** <br>**percentage of:** |  |
| Investment | Offering price | **Net amount**<br>**invested** | **Dealer commission**<br>**as a percentage**<br>**of offering price** |
| Less than $100,000 | 2.00% | 2.04% | 2.00% |
| $100,000 but less than $250,000 | 1.00 | 1.01 | 1.00 |
| $250,000 or more and certain other<br>investments described below |  |  | see below |

---

The sales charge, expressed as a percentage of the offering price or the net amount invested, may be higher or lower than the percentages described in the table above due to rounding. This is because the dollar amount of the sales charge is determined by subtracting the net asset value of the shares purchased from the offering price, which is calculated to two decimal places using standard rounding criteria. The impact of rounding will vary with the size of the investment and the net asset value of the shares. Similarly, any contingent deferred sales charge paid by you on investments in Class A shares may be higher or lower than the 0.75% charge described below due to rounding.

**Except as provided below, investments in Class A shares of $500,000 or more will be subject to a 0.75% contingent deferred sales charge if the shares are sold within 18 months of purchase, and investments in Class A-2 shares of $250,000 or more will be subject to a 1.00% contingent deferred sales charge if the shares are sold within 12 months of purchase.** The contingent deferred sales charge is based on the original purchase cost or the current market value of the shares being repurchased, whichever is less.

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**Class A and Class A-2 share purchases not subject to sales charges**

The following investments are not subject to any initial or contingent deferred sales charge if American Funds Service Company is properly notified of the nature of the investment:

· rollover investments from retirement plans to IRAs that are described in the "Rollovers from retirement plans to IRAs" section of this prospectus; and

· investments made by accounts held at American Funds Service Company that are no longer associated with a financial professional may invest in Class A shares without a sales charge. This includes retirement plans investing in Class A shares, where the plan is no longer associated with a financial professional. SIMPLE IRAs and 403(b) custodial accounts that are aggregated at the plan level for Class A sales charge purposes are not eligible to invest without a sales charge under this policy.

The distributor may pay dealers a commission of up to 0.75% on investments made in Class A shares with no initial sales charge and up to 1.00% on investments made in Class A-2 shares with no initial sales charge. The fund may reimburse the distributor for these payments through its plans of distribution (see "Plans of distribution" in this prospectus). If requested, Class A shares and Class A-2 shares will be sold at net asset value to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)currently registered representatives and assistants directly employed by such representatives, retired registered representatives with respect to accounts established while active, or full-time employees (collectively, "Eligible Persons") (and their (a) spouses or equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in-law and daughters-in-law, and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of dealers who have sales agreements with Capital Client Group, Inc. (or who clear transactions through such dealers), plans for the dealers, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the supervised persons of currently registered investment advisory firms ("RIAs") and assistants directly employed by such RIAs, retired supervised persons of RIAs with respect to accounts established while a supervised person (collectively, "Eligible Persons") (and their (a) spouses or equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in-law and daughters-in-law and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of RIA firms that are authorized to sell shares of the funds, plans for the RIA firms, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)insurance company separate accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)accounts managed by subsidiaries of The Capital Group Companies, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)an individual or entity with a substantial business relationship with The Capital Group Companies, Inc. or its affiliates, or an individual or entity related or relating to such individual or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)wholesalers and full-time employees directly supporting wholesalers involved in the distribution of insurance company separate accounts whose underlying investments are managed by any affiliate of The Capital Group Companies, Inc.;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)full-time employees of banks that have sales agreements with Capital Client Group, Inc. who are solely dedicated to directly supporting the sale of mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)current or former clients of Capital Group Private Client Services and their family members who purchase their shares through Capital Group Private Client Services or American Funds Service Company.

Shares are offered at net asset value to these persons and organizations due to anticipated economies in sales effort and expense. Once an account is established under this net asset value privilege, additional investments can be made at net asset value for the life of the account. Depending on the financial intermediary holding your account, these privileges may be unavailable. Please consult your financial intermediary for further information.

Certain other investors may qualify to purchase shares without a sales charge, such as employees of The Capital Group Companies, Inc. and its affiliates. Please see the statement of additional information for further details.

**Class A-3 shares** Class A-3 shares are not subject to any initial sales charge imposed by the fund or its distributor. That said, if you purchase Class A-3 shares through certain financial intermediaries, they may charge you transaction or other fees in such amount as they may determine. Please consult your financial intermediary for further information.**

**Class F shares** Class F-2 shares and Class F-3 shares are sold without any initial or contingent deferred sales charge. If requested, Class F-2 shares will be sold to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)current or retired directors, trustees, officers and advisory board members of, and certain lawyers who provide services to the funds managed by Capital Research and Management Company, current or retired employees of The Capital Group Companies, Inc. and its affiliated companies, certain family members of the above persons, and trusts or plans primarily for such persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The Capital Group Companies, Inc. and its affiliated companies.

**Class R-6 shares** Class R-6 shares are sold without any initial or contingent deferred sales charge. No dealer compensation is paid from fund assets on sales of Class R-6 shares.**

See "Plans of distribution" in this prospectus for ongoing compensation paid to your financial professional for all share classes.

**Contingent deferred sales charges** Shares acquired through reinvestment of dividends or capital gain distributions are not subject to a contingent deferred sales charge. In addition, the contingent deferred sales charge may be waived in certain circumstances. See "Contingent deferred sales charge waivers" in the "Sales charge reductions and waivers" section of this prospectus. For purposes of determining the contingent deferred sales charge, if you request that the fund repurchase only some of your shares, shares that are not subject to any contingent deferred sales charge will be repurchased first, followed by shares that you have owned the longest.

45&nbsp;&nbsp;&nbsp;&nbsp; Capital Group KKR Core Plus+ / Prospectus

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Sales charge reductions and waivers **To receive a reduction in your Class A or Class A-2 initial sales charge, you must let your financial professional or American Funds Service Company know at the time you purchase shares that you qualify for such a reduction. If you do not let your financial professional or American Funds Service Company know that you are eligible for a reduction, you may not receive the sales charge discount to which you are otherwise entitled.** In order to determine your eligibility to receive a sales charge discount, it may be necessary for you to provide your financial professional or American Funds Service Company with information and records (including account statements) of all relevant accounts invested in eligible shares of Capital Group Funds. You may need to invest directly through American Funds Service Company in order to receive the sales charge waivers described in this prospectus. Investors should consult their financial intermediary for further information. Certain financial intermediaries that distribute shares of the funds may impose different sales charge waivers than those described in this prospectus. Please contact the applicable intermediary to ensure that you understand the steps you must take in order to qualify for any available waivers or discounts.

**In addition to the information in this prospectus, you may obtain more information about share classes, sales charges and sales charge reductions and waivers through a link on the home page of our website at capitalgroup.com, from the statement of additional information or from your financial professional.**

**Reducing your Class A or Class A-2 initial sales charge** Consistent with the policies described in this prospectus, you and your "immediate family" (your spouse — or equivalent, if recognized under local law, your children under the age of 21 or disabled adult dependents covered by the Achieving a Better Life Experiences (ABLE) Act) may combine all of your investments in Capital Group Funds to reduce Class A or Class A-2 sales charges. In addition, two or more retirement plans of an employer or employer's affiliates may combine all of their Capital Group Funds to reduce Class A sales charges. However, for this purpose, investments representing direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded.

Following are different ways that you may qualify for a reduced Class A or Class A-2 sales charge:

**Aggregating accounts** To receive a reduced sales charge, investments made by you and your immediate family (see above) may be aggregated if made for your own account(s) and/or certain other accounts, such as:

&nbsp;&nbsp;&nbsp;&nbsp;·individual-type employee benefit plans, such as an IRA, single-participant Keogh-type plan, or a participant account of a 403(b) plan that is treated as an individual-type plan for sales charge purposes;

&nbsp;&nbsp;&nbsp;&nbsp;·SEP and SIMPLE IRA accounts in plans established after November 15, 2004, by an employer adopting any plan document other than a prototype plan produced by Capital Client Group, Inc. or an affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;·business accounts solely controlled by you or your immediate family (for example, you own the entire business);

&nbsp;&nbsp;&nbsp;&nbsp;·trust accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor's death the trust account may be aggregated with such beneficiary's own accounts; for trusts with multiple primary beneficiaries, upon the trustor's death the trustees of the trust may instruct American Funds Service Company to establish separate trust accounts for each primary beneficiary; each

Capital Group KKR Core Plus+ / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 46

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primary beneficiary's separate trust account may then be aggregated with such beneficiary's own accounts); or

&nbsp;&nbsp;&nbsp;&nbsp;·endowments or foundations established and controlled by you or your immediate family; or

Individual purchases by a trustee(s) or other fiduciary(ies) may also be aggregated if the investments are:

&nbsp;&nbsp;&nbsp;&nbsp;·for a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plans described above;

&nbsp;&nbsp;&nbsp;&nbsp;·made for two or more employee benefit plans of a single employer or of affiliated employers as defined in the 1940 Act, excluding the individual-type employee benefit plans described above;

&nbsp;&nbsp;&nbsp;&nbsp;·for a diversified common trust fund or other diversified pooled account not specifically formed for the purpose of accumulating fund shares; or

&nbsp;&nbsp;&nbsp;&nbsp;·for nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by such organizations, or any employer-sponsored retirement plans established for the benefit of the employees of such organizations, their endowments, or their foundations.

Purchases made for nominee or street name accounts (securities held in the name of an investment dealer or another nominee such as a bank trust department instead of the customer) may not be aggregated with those made for other accounts and may not be aggregated with other nominee or street name accounts unless otherwise qualified as described above.

Joint accounts may be aggregated with other accounts belonging to the primary owner and/or his or her immediate family. The primary owner of a joint account is the individual responsible for taxes on the account.

Investments made through employer-sponsored retirement plan accounts will not be aggregated with individual-type accounts.

**Concurrent purchases** Unless noted otherwise in this prospectus, you may reduce your Class A or Class A-2 sales charge by combining simultaneous purchases (including, upon your request, purchases for gifts) of all eligible classes of shares in Capital Group Funds. Shares of American Funds U.S. Government Money Market Fund purchased through an exchange, reinvestment or cross-reinvestment from a fund having a sales charge also qualify. However, direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. If you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to combine purchases made under such contracts and policies to reduce your Class A sales charge.

**Rights of accumulation** Subject to the limitations described in the aggregation policy, you may take into account your accumulated holdings in all eligible share classes of Capital Group Funds to determine your Class A or Class A-2 sales charge on investments in accounts eligible to be aggregated. Direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. Subject to your investment dealer's or recordkeeper's capabilities, your accumulated holdings will be calculated as the higher of (a) the current value of your existing holdings (the "market value") as of the day prior to your Capital Group Funds investment or (b) the amount you invested (including reinvested

47&nbsp;&nbsp;&nbsp;&nbsp; Capital Group KKR Core Plus+ / Prospectus

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dividends and capital gains, but excluding capital appreciation) less any withdrawals (the "cost value"). Depending on the entity on whose books your account is held, the value of your holdings in that account may not be eligible for calculation at cost value. For example, accounts held in nominee or street name may not be eligible for calculation at cost value and instead may be calculated at market value for purposes of rights of accumulation.

The value of all of your holdings in accounts established in calendar year 2005 or earlier will be assigned an initial cost value equal to the market value of those holdings as of the last business day of 2005. Thereafter, the cost value of such accounts will increase or decrease according to actual investments or withdrawals. You must contact your financial professional or American Funds Service Company if you have additional information that is relevant to the calculation of the value of your holdings.

When determining your Capital Group Funds Class A sales charge, if your investment is not in an employer-sponsored retirement plan, you may also continue to take into account the market value (as of the day prior to your Capital Group Funds investment) of your individual holdings in various American Legacy variable annuity contracts and variable life insurance policies that were established on or before March 31, 2007. An employer-sponsored retirement plan may also continue to take into account the market value of its investments in American Legacy Retirement Investment Plans that were established on or before March 31, 2007.

If you make a gift of Capital Group Funds Class A shares, upon your request, you may purchase the shares at the sales charge discount allowed under rights of accumulation of all of your Capital Group Funds and applicable American Legacy accounts.

You should retain any records necessary to substantiate the historical amounts you have invested.

**Statement of intention** You may reduce your Class A or Class A-2 sales charge by establishing a statement of intention. A statement of intention is a nonbinding commitment that allows you to combine purchases of all eligible share classes that you intend to make over a 13-month period to determine the applicable sales charge; however, purchases made under a right of reinvestment, appreciation of your holdings, and reinvested dividends and capital gains do not count as purchases made during the statement period. With respect to Class A and Class A-2 sales charges, a statement of intention may include eligible shares of all Capital Group Funds (excluding American Funds U.S. Government Money Market Fund).

Your accumulated holdings (as described and calculated under "Rights of accumulation" above) eligible to be aggregated as of the day immediately before the start of the statement period may be credited toward satisfying the statement. A portion of your account may be held in escrow to cover additional Class A or Class A-2 sales charges that may be due if your total purchases over the statement period do not qualify you for the applicable sales charge reduction. Employer-sponsored retirement plans are restricted from establishing statements of intention. See the discussion regarding employer-sponsored retirement plans under "Purchase and exchange of shares" in this prospectus for more information.

The statement of intention period starts on the date on which your first purchase made toward satisfying the statement of intention is processed. Your accumulated holdings (as described above under "Rights of accumulation") eligible to be aggregated as of the day

Capital Group KKR Core Plus+ / Prospectus&nbsp;&nbsp;&nbsp;&nbsp; 48

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immediately before the start of the statement of intention period may be credited toward satisfying the statement of intention.

You may revise the commitment you have made in your statement of intention upward at any time during the statement of intention period. If your prior commitment has not been met by the time of the revision, the statement of intention period during which purchases must be made will remain unchanged. Purchases made from the date of the revision will receive the reduced sales charge, if any, resulting from the revised statement of intention. If your prior commitment has been met by the time of the revision, your original statement of intention will be considered met and a new statement of intention will be established.

The statement of intention will be considered completed if the shareholder dies within the 13-month statement of intention period. Commissions to dealers will not be adjusted or paid on the difference between the statement of intention amount and the amount actually invested before the shareholder's death.

When a shareholder elects to use a statement of intention, shares equal to 5% of the dollar amount specified in the statement of intention may be held in escrow in the shareholder's account out of the initial purchase (or subsequent purchases, if necessary) by American Funds Service Company. All dividends and any capital gain distributions on shares held in escrow will be credited to the shareholder's account in shares (or paid in cash, if requested). If the intended investment is not completed within the specified statement of intention period the investments made during the statement period will be adjusted to reflect the difference between the sales charge actually paid and the sales charge which would have been paid if the total of such purchases had been made at a single time. Any dealers assigned to the shareholder's account at the time a purchase was made during the statement period will receive a corresponding commission adjustment if appropriate.

In addition, if you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to apply purchases under such contracts and policies to a statement of intention with respect to Class A sales charges.

Shareholders purchasing shares at a reduced sales charge under a statement of intention indicate their acceptance of these terms and those in the prospectus with their first purchase.

**Right of reinvestment** With respect to Class A or Class A-2 shares, if you notify American Funds Service Company prior to the time of reinvestment, you may reinvest proceeds from a repurchase, dividend payment or capital gain distribution without a sales charge in the same fund or other Capital Group Funds, provided that the reinvestment occurs within 90 days after the date of the repurchase, dividend payment or distribution and is made into the same account from which the shares were repurchased or from which you received the dividend payment or distribution. If the account has been closed, you may reinvest without a sales charge if the new receiving account has the same registration as the closed account and the reinvestment is made within 90 days after the date of repurchase, dividend payment or distribution.

Proceeds from a repurchase and all dividend payments and capital gain distributions will be reinvested in the same share class from which the original repurchase, dividend payment or distribution was made. Any contingent deferred sales charge will be credited to your account. Repurchase proceeds of Class A shares representing direct purchases in

49&nbsp;&nbsp;&nbsp;&nbsp; Capital Group KKR Core Plus+ / Prospectus

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American Funds U.S. Government Money Market Fund that are reinvested in other Capital Group Funds will be subject to a sales charge.

Proceeds will be reinvested at the next calculated net asset value after your request is received by American Funds Service Company, provided that your request contains all information and legal documentation necessary to process the transaction. For purposes of this "right of reinvestment policy," automatic transactions (including, for example, automatic purchases and payroll deductions) and ongoing retirement plan contributions are not eligible for investment without a sales charge. This paragraph does not apply to certain rollover investments as described under "Rollovers from retirement plans to IRAs" in this prospectus. Depending on the financial intermediary holding your account, your reinvestment privileges may be unavailable or differ from those described in this prospectus. Investors should consult their financial intermediary for further information.

**Contingent deferred sales charge waivers** The contingent deferred sales charge on Class A and Class A-2 shares will be waived in the following cases:**

· permitted exchanges of shares, except if shares acquired by exchange are then repurchased within the period during which a contingent deferred sales charge would apply to the initial shares purchased;

· repurchases due to death or post-purchase disability of the shareholder (this generally excludes accounts registered in the names of trusts and other entities);

· in the case of joint tenant accounts, if one joint tenant dies, a surviving joint tenant, at the time he or she notifies American Funds Service Company of the other joint tenant's death and removes the decedent's name from the account, may redeem shares from the account without incurring a contingent deferred sales charge; however, redemptions made after American Funds Service Company is notified of the death of a joint tenant will be subject to a contingent deferred sales charge;

· repurchases due to the complete termination of a trust upon the death of the trustor/grantor or beneficiary, but only if such termination is specifically provided for in the trust document;

· shares repurchased at the discretion of the transfer agent for accounts that do not meet the fund's minimum investment requirements, as described in this prospectus; and

· required minimum distributions taken from retirement accounts in accordance with IRS regulations, if they do not exceed 12% of the value of an account annually.

For purposes of this paragraph, "account" means your investment in the applicable class of shares of the particular fund from which you are seeking to make the redemption.

The contingent deferred sales charge on Class A or Class A-2 shares may be waived in cases where the fund's transfer agent determines the benefit to the fund of collecting the contingent deferred sales charge would be outweighed by the cost of applying it.

Contingent deferred sales charge waivers are allowed only in the cases listed here and in the SAI.

To have your contingent deferred sales charge waived, you must inform your financial professional or American Funds Service Company at the time you redeem shares that you qualify for such a waiver.

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Rollovers from retirement plans to IRAs Assets from retirement plans may be invested in Class A or F shares through an IRA rollover, subject to the other provisions of this prospectus.

Rollovers to IRAs from retirement plans that are rolled into Class A shares will be subject to applicable sales charges. The following rollovers to Class A shares will be made without a sales charge:

· rollovers to Capital Bank and Trust Company IRAs if the assets were invested in any fund managed by the investment adviser or its affiliates at the time of distribution;

· rollovers to IRAs from 403(b) plans with Capital Bank and Trust Company as custodian;

· rollovers to Capital Bank and Trust Company IRAs from investments held in American Funds Recordkeeper Direct and PlanPremier retirement plan recordkeeping programs; and

IRA rollover assets that roll over without a sales charge as described above will not be subject to a contingent deferred sales charge, and investment dealers will be compensated solely with an annual service fee that begins to accrue immediately. All other rollovers invested in Class A shares, as well as future contributions to the IRA, will be subject to sales charges and to the terms and conditions generally applicable to Class A share investments as described in this prospectus and in the statement of additional information.

**Moving between accounts** Investments in the fund by certain account types may be moved to other account types without incurring additional sales charges. These transactions include:

· repurchase proceeds from a non-retirement account (for example, a joint tenant account) used to purchase fund shares in an IRA or other individual-type retirement account;

· required minimum distributions from an IRA or other individual-type retirement account used to purchase fund shares in a non-retirement account; and

· death distributions paid to a beneficiary's account that are used by the beneficiary to purchase fund shares in a different account.

These privileges are generally available only if your account is held directly with the fund's transfer agent or if the financial intermediary holding your account has the systems, policies and procedures to support providing the privileges on its systems. Investors should consult their financial intermediary for further information.

Plans of distribution

*Distributor* Capital Client Group, Inc. is the principal underwriter and distributor of the fund's shares pursuant to a distribution agreement with the fund. Capital Client Group, Inc., located at 333 South Hope Street, Los Angeles, CA 90071, is a broker-dealer registered with the SEC and is a member of FINRA. Capital Client Group, Inc. is a wholly-owned subsidiary of the investment adviser. Capital Client Group, Inc. is not obligated to sell any specific number of shares of the fund. Shares of the fund will be continuously offered through Capital Client Group, Inc. The fund and Capital Client Group, Inc. will have the sole right to accept orders to purchase shares and reserve the right to reject any order in whole or in part.

No market currently exists for the fund's shares. The fund will not list its shares for trading on any securities exchange. There is currently no secondary market for the fund's shares and the fund does not anticipate that a secondary market will develop for its shares.

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Neither the investment adviser nor Capital Client Group, Inc. intends to make a market in the fund's shares.

*Distribution and service (12b-1) fees* The fund has plans of distribution, or "12b-1 plans," for certain share classes under which it may finance activities intended primarily to sell shares, provided that the categories of expenses are approved in advance by the fund's board. These plans operate in a manner consistent with Rule 12b-1 under the 1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its shares. Although the fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 18f-3 and Rule 12b-1 as a condition of an exemptive order under the 1940 Act which permits it to have, among other things, a multi-class structure and distribution and shareholder servicing fees. The plans provide for payments, based on annualized percentages of average daily net assets, of:

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| | |
|:---|:---|
| 12b-1 Charge: | Share class(es) |
| Up to 0.30% | Class A shares |
| Up to 0.75% | Class A-2 shares |
| Up to 0.75% | Class A-3 shares |

---

For all share classes indicated above, up to .25% may be used to pay service fees to qualified dealers for providing certain shareholder services. The amount remaining for each share class, if any, may be used for distribution expenses.

The 12b-1 fees expected to be paid by Class A shares of the fund, as a percentage of average net assets for the most recent fiscal year, are indicated in the Annual Fund Operating Expenses table under "Summary of Fund Expenses" in this prospectus. Since these fees are paid out of the fund's assets on an ongoing basis, over time they may cost you more than paying other types of sales charges or service fees and reduce the return on your investment.

Other compensation to dealers The fund's distributor, at its expense, provides additional compensation to investment dealers. These payments may be made, at the discretion of the distributor, to dealers with which it has a substantive distribution relationship involving the sale of the fund and other Capital Group KKR Public-Private+ Funds. The payments are typically made in fixed dollars or based on a percentage of eligible assets of Capital Group KKR Public-Private+ Fund shares held by the dealer. Eligible assets are all Capital Group KKR Public-Private+ Fund shares other than assets held in certain IRAs and retirement accounts. Dealers are responsible for identifying these assets and may direct Capital Client Group, Inc. to exclude additional assets.

Payments made pursuant to the paragraph above support various efforts, including, among other things:

· supporting meetings, conferences or other training and educational events conducted by selling dealers, advisory platform providers and other intermediaries to facilitate educating financial professionals and shareholders about Capital Group KKR Public-Private+ Funds;

· making the Capital Group KKR Public-Private+ Funds available through firm distribution platforms and related sales infrastructure;

· payment of transaction fees;

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· receiving data, including information on financial professionals to better tailor marketing and training and education opportunities;

· provision of marketing materials and educational content to financial professionals, and access to financial professionals for marketing, training and education opportunities; and

· account maintenance and support.

The distributor will, on a periodic basis, determine the advisability of continuing these payments. As of March 1, 2026, no firms (or their affiliates) are anticipated to receive additional compensation (as described above) in an amount exceeding $100,000 based on prior payments.

The distributor also pays expenses associated with meetings and other training and educational opportunities conducted by selling dealers, advisory platform providers and other intermediaries to facilitate educating financial professionals and shareholders about Capital Group KKR Public-Private+ Funds. In addition, the distributor may make payments to other third parties for data.

If investment advisers, distributors or other affiliates of interval funds pay compensation or other incentives to investment dealers in differing amounts, dealer firms and their financial professionals may have financial incentives for recommending a particular interval fund over other interval funds, mutual funds or investments, creating a potential conflict of interest. You should consult with your financial professional and review carefully any disclosure by your financial professional's firm as to the compensation received.

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Fund expenses In periods of market volatility, assets of the fund may decline significantly, causing total annual fund operating expenses (as a percentage of the value of your investment) to become higher than the numbers shown in the Annual Fund Operating Expenses table under "Summary of Fund Expenses" in this prospectus.

For all share classes, "Other expenses" items in the Annual Fund Operating Expenses table in this prospectus include fees for administrative services provided by the investment adviser and its affiliates. Administrative services are provided by the investment adviser and its affiliates to help assist third parties providing nondistribution 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 Administrative Services Agreement between the fund and the investment adviser provides the fund the ability to charge an administrative services fee of .05% for all share classes. The investment adviser receives an administrative services fee at the annual rate of .03% of the average daily net assets of the fund attributable to Class A, A-2, A-3, F-2, F-3 and R-6 shares (which could be increased as noted above) for its provision of administrative services.

The "Other expenses" items in the Annual Fund Operating Expenses table also include custodial, legal and transfer agent (and, if applicable, subtransfer agent) payments and various other expenses applicable to all share classes.

**Subtransfer agency and recordkeeping fees** Subtransfer agent payments may be made to third parties (including affiliates of the investment adviser) that provide subtransfer agent and/or shareholder services with respect to certain shareholder accounts in lieu of the transfer agent providing such services. The amount paid for subtransfer agent services varies depending on the share class and services provided for Class A, A-2, A-3 and F-2 shares. Subtransfer agency and recordkeeping fees for all share classes are reflected in the "Other expenses" item in the Annual Fund Operating Expenses table in this prospectus.

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Periodic repurchase offers The fund is a closed-end interval fund and, to provide liquidity and the ability to receive net asset value on a disposition of at least a portion of your shares, makes periodic offers to repurchase shares. No shareholder will have the right to require the fund to repurchase its shares, except as permitted by the fund's interval structure. No public market for the shares exists, and none is expected to develop in the future. Consequently, shareholders generally will not be able to liquidate their investment other than as a result of repurchases of their shares by the fund, and then only on a limited basis.

The fund has adopted, pursuant to Rule 23c-3 under the 1940 Act, a fundamental policy, which cannot be changed without the approval of the holders of a majority of the fund's outstanding shares, requiring the fund to either (i) make quarterly repurchase offers pursuant to Rule 23c-3 under the 1940 Act, as such rule may be amended from time to time, to repurchase between 5% and 25% of its outstanding shares at net asset value or (ii) if permitted by SEC exemptive relief or amendments to Rule 23c-3 under the 1940 Act, make monthly repurchase offers to repurchase, at net asset value, not less than 5% of its outstanding shares in any month and not more than 25% of its outstanding shares in any three-month period, in the case of either (i) or (ii) unless suspended or postponed in accordance with regulatory requirements. For these purposes, a "majority" of the fund's outstanding shares means the vote of the lesser of (1) 67% or more of the voting securities present at a shareholder meeting, provided that more than 50% of the outstanding voting securities of the fund are present at the meeting or represented by proxy, or (2) more than 50% of the outstanding voting securities of the fund regardless of whether such shareholders are present at the meeting (or represented by proxy). Although the policy permits repurchases of between 5% and 25% of the fund's outstanding shares, for each repurchase offer, the fund currently expects to offer to repurchase 10% of the fund's outstanding shares at net asset value, subject to approval of the board. The schedule requires the fund to make repurchase offers at least every three months. The fund may file for exemptive relief from the SEC to conduct monthly repurchase offers, but there can be no assurance that it will do so or that such exemptive relief will be granted.

Repurchases generally are funded from available cash, cash from the sale of shares or sales of portfolio securities. While the fund believes repurchases are generally beneficial to shareholders, repurchase offers and the need to fund repurchase obligations may affect the ability of the fund to be fully invested, which may reduce returns. In addition, diminution in the size of the fund through repurchases without offsetting new sales, may result in untimely sales of portfolio securities (with imputed transaction costs, which may be significant) and a higher expense ratio, and may limit the ability of the fund to participate in new investment opportunities. The fund may also sell portfolio securities to meet repurchase obligations which, in certain circumstances, may adversely affect the market for loans and reduce the fund's value.

**Repurchase dates** The fund will initially make quarterly repurchase offers. As discussed below, the date on which the repurchase price for shares is determined will occur no later than the 14th day after the Repurchase Request Deadline (or the next business day, if the 14th day is not a business day).

**Repurchase request deadline** When a repurchase offer commences, the fund sends, at least twenty-one (21) days before the Repurchase Request Deadline, written notice to each shareholder setting forth, among other things:

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· The percentage of outstanding shares that the fund is offering to repurchase and how the fund will purchase shares on a pro rata basis if the offer is oversubscribed.

· The date on which a shareholder's repurchase request is due.

· The date that will be used to determine the fund's net asset value applicable to the repurchase offer (the "Repurchase Pricing Date").

· The date by which the fund will pay to shareholders the proceeds from their shares accepted for repurchase.

· The net asset value of the shares as of a date no more than seven days before the date of the written notice and the means by which shareholders may ascertain the net asset value.

· The procedures by which shareholders may request that their shares be repurchased and the right of shareholders to withdraw or modify their request before the Repurchase Request Deadline.

· The circumstances in which the fund may suspend or postpone the repurchase offer.

This notice may be included in a shareholder report or other fund document. The Repurchase Request Deadline will be strictly observed. If a shareholder fails to submit a repurchase request in good order by the Repurchase Request Deadline, the shareholder will be unable to liquidate shares until a subsequent repurchase offer and will have to resubmit a request in the next repurchase offer. The repurchase price will be the net asset value of the fund as determined at the close of business on the Repurchase Pricing Date. Shareholders may withdraw or change a repurchase request with a proper instruction submitted in good form at any point before the Repurchase Request Deadline.

If your financial advisor or other intermediary ("authorized intermediary") or their authorized designee will submit your repurchase request, you should submit your request to the authorized intermediary or designee in the form requested by the authorized intermediary or designee by the Repurchase Request Deadline. Such authorized intermediary or designee will be required to submit such orders to the fund as promptly as practicable following the Repurchase Request Deadline and in any case before the close of business on the Repurchase Pricing Date.

**Determination of repurchase price and payment for shares** The Repurchase Pricing Date will generally occur on the same date as the Repurchase Request Deadline, but in all instances must occur no later than the 14th day after the Repurchase Request Deadline (or the next business day, if the 14th day is not a business day). The fund expects to distribute payment to shareholders between one (1) and three (3) business days after the Repurchase Pricing Date and will distribute such payments no later than seven (7) calendar days after such date. The fund's net asset value per share may change materially between the date a repurchase offer is mailed and the Repurchase Request Deadline, and it may also change materially between the Repurchase Request Deadline and Repurchase Pricing Date. The method by which the fund calculates NAV is discussed below under "Valuing shares." During the period an offer to repurchase is open, shareholders may obtain the current net asset value by visiting capitalgroup.com or calling the fund at (800) 421-4225.

While the fund does not impose a repurchase fee on shares accepted for repurchase by the fund, your financial advisor or other financial intermediary may charge service fees for handling share repurchases. Please consult your financial advisor or other financial intermediary for details.

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**Suspension or postponement of repurchase offers** The fund may suspend or postpone a repurchase offer in limited circumstances set forth in Rule 23c-3 under the 1940 Act, as described below, but only with the approval of a majority of the trustees, including a majority of trustees who are not "interested persons" of the fund, as defined in the 1940 Act. The fund may suspend or postpone a repurchase offer only: (1) if making or effecting the repurchase offer would cause the fund to lose its status as a regulated investment company under the Code; (2) for any period during which the New York Stock Exchange or any other market in which the securities owned by the fund are principally traded is closed, other than customary weekend and holiday closings, or during which trading in such market is restricted; (3) for any period during which an emergency exists as a result of which disposal by the fund of securities owned by it is not reasonably practicable, or during which it is not reasonably practicable for the fund fairly to determine the value of its net assets; or (4) for such other periods as the SEC may by order permit for the protection of shareholders of the fund.

**Oversubscribed repurchase offers** There is no minimum number of share repurchase requests that must be submitted before the fund will honor repurchase requests. However, the trustees set for each repurchase offer a maximum percentage of shares that may be repurchased by the fund, which is currently expected to be 10% of the fund's outstanding shares. In the event a repurchase offer by the fund is oversubscribed, the fund may repurchase, but is not required to repurchase, additional shares up to a maximum amount of 2% of the outstanding shares of the fund in any three-month period. If the fund determines not to repurchase additional shares beyond the repurchase offer amount, or if shareholders request that the fund repurchase an amount of shares greater than that which the fund is entitled to repurchase, the fund will repurchase such shares on a pro rata basis. However, the fund may in its sole discretion accept all shares tendered for repurchase by shareholders who own fewer than one hundred (100) shares and who tender all of their shares, before prorating other amounts tendered.

If any shares that you have requested to be repurchased are not repurchased because of proration, you will have to wait until the next repurchase offer and resubmit a new repurchase request, and your repurchase request will not be given any priority over other shareholders' requests. Thus, there is a risk that the fund may not purchase all of the shares you wish to have repurchased in a given repurchase offer or in any subsequent repurchase offer. In anticipation of the possibility of proration, some shareholders may request that more shares be repurchased than they wish to have repurchased in a particular period, increasing the likelihood of proration. With respect to any required minimum distributions from an IRA or other qualified retirement plan, it is the obligation of the shareholder to determine the amount of any such required minimum distribution and to otherwise satisfy the required minimum. In the event a repurchase offer by the fund is oversubscribed, the fund may not be able to honor the full amount of a required minimum distribution requested by a shareholder due to proration.

**There is no assurance that you will be able to have your shares repurchased when or in the amount that you desire.**

**Consequences of repurchase offers** From the time the fund distributes or publishes each repurchase offer notification until the Repurchase Pricing Date for that offer, the fund must maintain liquid assets at least equal to the percentage of its shares subject to the repurchase offer. For this purpose, "liquid assets" means assets that may be sold or otherwise disposed of in the ordinary course of business, at approximately the price at which the fund values them, within the period between the Repurchase Request Deadline

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and the repurchase payment deadline, or which mature by the repurchase payment deadline. The fund is also permitted to borrow up to the maximum extent permitted under the 1940 Act to meet repurchase requests.

These and other possible risks associated with the fund's repurchase offers are described under "Principal risks – Repurchase offers risk" above. In addition, the repurchase of shares by the fund may be a taxable event to shareholders, potentially even to those shareholders that do not participate in the repurchase.

**Valuing shares** The net asset value of each share class of the fund is the value of a single share of that class. Net asset value is computed by adding a class's share of the value of a fund's investments, cash and other assets, subtracting the class's share of the fund's liabilities allocated to the class, and dividing the result by the number of shares of that class that are outstanding. Realized investment income and gain is included in the fund's net asset value until the ex-dividend date, when the declared dividend amount is treated as a fund liability. 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. If the New York Stock Exchange makes a scheduled (for example, the day after Thanksgiving) or an unscheduled close prior to 4 p.m. New York time, the net asset value of the fund will be determined at approximately the time the New York Stock Exchange closes on that day. If on such a day market quotations and prices from third-party pricing services are not based as of the time of the early close of the New York Stock Exchange but are as of a later time (up to approximately 4 p.m. New York time), for example because the market remains open after the close of the New York Stock Exchange, those later market quotations and prices will be used in determining the fund's net asset value.

Debt securities, including loans other than directly originated loans, are valued primarily on the basis of prices from third-party pricing services due to the lack of market quotations. Futures contracts are valued primarily on the basis of settlement prices.

The fund's portfolio investments are valued in accordance with procedures for making fair value determinations if market quotations are not readily available, including procedures to determine the representativeness of third-party vendor prices, or in the event market quotations or third-party vendor prices are not considered reliable. For example, if events occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that, in the opinion of the investment adviser, materially affect the value of any of the fund's equity securities that trade principally in those international markets, those securities will be valued in accordance with fair value procedures. Similarly, fair value procedures will be employed if an issuer defaults on its debt securities and there is no market for its securities. Use of these procedures is intended to result in more appropriate net asset values and, where applicable, to reduce potential arbitrage opportunities otherwise available to short-term investors. Directly originated loans are valued on an individual loan basis. The fair value of each loan may be informed by the inputs of third-party services. These valuations will incorporate borrower-specific information such as credit performance, significant events affecting the borrower or underlying collateral, and relevant market developments each business day that the New York Stock Exchange is open.

Because the fund may hold securities that are listed primarily on foreign exchanges that trade on weekends or days when the fund does not price its shares, the values of securities

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held in the fund may change on days when fund shares are not able to be purchased or repurchased.

Your shares will be purchased at the net asset value (plus any applicable sales charge, in the case of Class A shares) or sold at the net asset value next determined after American Funds Service Company receives your request, provided that your request contains all information and legal documentation necessary to process the transaction. Orders in good order received after the New York Stock Exchange closes (scheduled or unscheduled) will be processed at the net asset value (plus any applicable sales charge) calculated on the following business day. A contingent deferred sales charge may apply at the time you sell certain Class A shares.

Dividend reinvestment plan Pursuant to the fund's dividend reinvestment plan (the "Plan"), all shareholders will have dividends and capital gain distributions reinvested automatically in additional shares of the same class and fund at net asset value unless they indicate otherwise on the account application. Shareholders who elect to participate in the Plan must include all of their fund shares in the Plan. Alternatively, shareholders may elect to have dividends and/or capital gain distributions paid in cash by informing the fund, the Transfer Agent or your investment dealer, as applicable. You may revoke or reinstate any election to receive cash. Dividends and capital gain distributions paid to the retirement plan shareholders will be automatically reinvested.

In the case of record shareholders such as banks, brokers or other nominees that hold fund shares for others who are the beneficial owners, American Funds Service Company, as the fund's transfer agent, will administer the Plan on the basis of the number of fund shares representing the total amount registered in such shareholder's name and held for the account of beneficial owners who are to participate in the Plan. Shareholders whose shares are held in the name of a bank, broker or nominee should contact the bank, broker or nominee for details. Such shareholders may not be able to transfer their shares to another bank or broker and continue to participate in the Plan.

Shares received under the Plan will be issued to you, generally one business day following the date the dividend or capital gain distribution is reinvested, at the NAV as of the date of the reinvestment. There is no sales or other charge for reinvestment. The number of full and fractional shares (carried to the third decimal place) that each shareholder receiving shares will be entitled to receive is to be determined by dividing the total dollar amount that he or she would have been entitled to receive had he or she elected to receive the dividend in cash by the NAV per share of such shares, such full and fractional shares to be credited to the accounts of such shareholders. You are free to withdraw from the Plan and elect to receive cash at any time by giving written notice to the transfer agent or by contacting your broker or dealer, who will inform the fund.

Your request must be received by the fund at least ten days prior to the payment date of the distribution to be effective for that dividend or capital gain distribution.

The transfer agent provides written confirmation of all transactions in the shareholder accounts in the Plan, including information you may need for tax records. Any proxy you receive will include all shares you have received under the Plan. No certificates for any full or fractional shares will be issued.

If you have elected to receive dividends and/or capital gain distributions in cash, and the postal or other delivery service is unable to deliver checks to your address of record, or you do not respond to mailings from American Funds Service Company with regard to

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uncashed distribution checks, your distribution option may be automatically converted to having all dividends and other distributions reinvested in additional shares.

Automatically reinvested dividends and distributions are taxed in the same manner as cash dividends and distributions. See "Taxes and distributions" in the statement of additional information.

The fund and the transfer agent reserve the right to amend or terminate the Plan. While there is currently no direct service charge to participants in the Plan, the fund and the transfer agent reserve the right to amend the Plan to include a service charge payable by the participants. Additional information about the Plan may be obtained from the transfer agent by calling (800) 421-4225 or by writing to the fund at American Funds Service Company, P.O. Box 6007, Indianapolis, IN 46206-6007.

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Description of capital structure and shares The fund was organized as a Delaware statutory trust on October 4, 2024. All fund operations are supervised by the fund's board, which meets periodically and performs duties required by applicable state and federal laws.

The fund has several different classes of shares. Shares of each class represent an interest in the same investment portfolio. Each class has pro rata rights as to voting, repurchase, dividends and liquidation, except that each class bears different distribution expenses and may bear different transfer agent fees and other expenses properly attributable to the particular class as approved by the board and set forth in the fund's rule 18f-3 Plan. Each class's shareholders have exclusive voting rights with respect to the respective class's rule 12b-1 plans adopted in connection with the distribution of shares and on other matters in which the interests of one class are different from interests in another class. Shares of all classes of the fund vote together on matters that affect all classes in substantially the same manner. Each class votes as a class on matters that affect that class alone. In addition, the Trustees have the authority to establish new series and classes of shares, and to split or combine outstanding shares into a greater or lesser number, without shareholder approval.

The fund does not hold annual meetings of shareholders. However, significant matters that require shareholder approval, such as certain elections of Board members or a change in a fundamental investment policy, will be presented to shareholders at a meeting called for such purpose. Shareholders have one vote per share owned.

At any meeting of shareholders, duly called and at which a quorum is present, shareholders may, by the affirmative vote of the holders of two-thirds of the votes entitled to be cast, remove any trustee from office and may elect a successor or successors to fill any resulting vacancies for the unexpired terms of removed trustees. In addition, the trustees of the fund will promptly call a meeting of shareholders for the purpose of voting upon the removal of any trustees when requested in writing to do so by the record holders of at least 10% of the outstanding shares.

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Anti-takeover and other trust provisions The declaration of trust includes provisions that could limit the ability of other entities or persons to acquire control of the fund or to convert the fund to open-end status. To convert the fund to an open-end investment company, the declaration of trust requires the affirmative vote of 75% of the shares of the fund, unless such conversion has been approved by a majority of the trustees, in which case the affirmative vote of a "majority of the outstanding voting securities" (as defined in the 1940 Act) shall be required. The 75% voting threshold is higher than that required under Delaware or federal law.

The trustees are elected for indefinite terms and do not stand for reelection. A trustee may be removed from office without cause only by a vote of two-thirds of the remaining trustees or by a vote of the holders of at least two-thirds of shares. These voting thresholds are not required under Delaware or federal law. The anti-takeover provisions in the declaration of trust promote stability in the governance of the fund and limit the risk that the fund will be subject to changes in control, operational changes or other changes that may not be in the best interests of shareholders.

The trustees may from time to time grant other voting rights to shareholders with respect to these and other matters in the by-laws, certain of which are required by the 1940 Act.

The overall effect of these provisions is to render more difficult the accomplishment of the assumption of control of the fund by a third party and/or the conversion of the fund to an open-end investment company. The trustees have considered the foregoing provisions and concluded that they are in the best interests of the fund and its shareholders.

The declaration of trust also provides a process for the bringing of derivative actions by shareholders. Except for claims under federal securities laws, no shareholder may maintain a derivative action on behalf of the fund unless holders of at least 20% of the outstanding shares of the fund join in bringing such action. Prior to bringing a derivative action, a demand by the complaining shareholder must first be made on the trustees. Following receipt of the demand, the trustees must be afforded a reasonable amount of time to consider and investigate the demand. The trustees will be entitled to retain counsel or other advisers in considering the merits of the request and, except for claims under federal securities laws, the trustees may require an undertaking by the shareholders making such request to reimburse the fund for the expense of any such advisers in the event that the trustees determine not to bring such action.

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ERISA considerations Employee benefit plans and other plans subject to ERISA or the Code (each, an "ERISA Plan") may purchase shares. ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, prohibited transactions and other standards. Because the fund is registered as an investment company under the 1940 Act, the underlying assets of the fund will not be considered to be "plan assets" of any ERISA Plan investing in the fund for purposes of the fiduciary responsibility and prohibited transaction rules under Title I of ERISA or Section 4975 of the Code. Thus, neither the fund nor the investment adviser or the sub-adviser will be a fiduciary within the meaning of ERISA or Section 4975 of the Code with respect to the assets of any ERISA Plan that becomes a shareholder, solely as a result of the ERISA Plan's investment in the fund. The fund is not intended for use in arrangements that would require daily redemption of shares, including 401(k) Plans and 529 College Savings Plans.

The provisions of ERISA are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA contained herein is, of necessity, general and may be affected by future publication of regulations and rulings. Potential investors should consult their legal advisors regarding the consequences under ERISA of an investment in the fund through an ERISA Plan.

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Distributions and taxes

**Dividends and distributions** The fund intends to declare daily dividends from net investment income and distribute the accrued dividends, which may fluctuate, to you each month. Generally, dividends begin accruing on the day payment for shares is received by the fund or American Funds Service Company. In the event the fund's distribution of net investment income exceeds its earnings and profits for tax purposes, a portion of such distribution may be classified as return of capital. The fund's current intention not to use borrowings other than for temporary and/or extraordinary purposes may result in a lower yield, and may make it more difficult for the fund to achieve its investment objective, than if the fund used leverage on an ongoing basis.

Capital gains, if any, are usually distributed in December and June. When a dividend or capital gain is distributed, the net asset value per share is reduced by the amount of the payment.

Dividends and capital gain distributions are reinvested in additional shares of the same class of the fund at net asset value unless you indicate otherwise on the account application.

**Taxes on dividends and distributions** For federal tax purposes, dividends and distributions of short-term capital gains are taxable as ordinary income. If you are an individual and meet certain holding period requirements with respect to your fund shares, you may be eligible for reduced tax rates on "qualified dividend income," if any, distributed by the fund to you. The fund's distributions of net long-term capital gains are taxable as long-term capital gains. Returns of capital distributions decrease your cost basis and are not taxable until your cost basis has been reduced to zero. If your cost basis is zero, returns of capital distributions are treated as capital gains. Any dividends or capital gain distributions you receive from the fund will normally be taxable to you when made, regardless of whether you reinvest dividends or capital gain distributions or receive them in cash.

Dividends and capital gain distributions that are automatically reinvested in a tax-favored retirement or education savings account do not result in federal or state income tax at the time of reinvestment.

**Taxes on transactions** The repurchases of your shares, including exchanges, may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment is the difference between the cost of your shares, including any sales charges, and the amount you receive when you sell them.

Exchanges within a tax-favored retirement plan account will not result in a capital gain or loss for federal or state income tax purposes. With limited exceptions, distributions from a retirement plan account are taxable as ordinary income.

**Shareholder fees** Fees borne directly by the fund normally have the effect of reducing a shareholder's taxable income on distributions.

**Please see your tax advisor for more information.**

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General information

**Custodian of assets** Securities and cash owned by the fund, including proceeds from the sale of shares of the fund and of securities in the fund's portfolio, are held by The Bank of New York Mellon, located at 240 Greenwich Street, New York, NY 10286, as custodian. If the fund holds securities of issuers outside the United States, the custodian may hold these securities pursuant to subcustodial arrangements in banks outside the United States or branches of U.S. banks outside the United States.

**Transfer agent services** American Funds Service Company, a wholly owned subsidiary of the investment adviser, maintains the records of shareholder accounts, processes purchases and repurchases of the fund's shares, acts as dividend and capital gain distribution disbursing agent, and performs other related shareholder service functions. The principal office of American Funds Service Company is located at 6455 Irvine Center Drive, Irvine, CA 92618. Transfer agent fees are paid according to a fee schedule, based on the number of accounts serviced or a percentage of fund assets, contained in a Shareholder Services Agreement between the fund and American Funds Service Company.

In the case of certain shareholder accounts, third parties who may be unaffiliated with the investment adviser provide transfer agency and shareholder services in place of American Funds Service Company. These services are rendered under agreements with American Funds Service Company or its affiliates and the third parties receive compensation according to such agreements. Compensation for transfer agency and shareholder services, whether paid to American Funds Service Company or such third parties, is ultimately paid from fund assets and is reflected in the expenses of the fund as disclosed in the prospectus.

**Independent registered public accounting firm** Deloitte & Touche LLP, located at 695 Town Center Drive, Costa Mesa, CA 92626, serves as Independent Registered Public accounting firm for the fund. Deloitte Tax LLP provides tax services to the fund.

**Independent legal counsel** The Board has engaged Stradley Ronon Stevens & Young, LLP, located at 100 Park Avenue, Suite 2000, New York, NY 10017, to serve as the fund's legal counsel.

65&nbsp;&nbsp;&nbsp;&nbsp; Capital Group KKR Core Plus+ / Prospectus

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| | |
|:---|:---|
| &nbsp;&nbsp;For shareholder services and 24-hour information | &nbsp;&nbsp;American Funds Service Company<br>(800) 421-4225<br>capitalgroup.com<br>For Class R-6 share information, visit<br>AmericanFundsRetirement.com |
| &nbsp;&nbsp;Telephone calls you have with Capital Group may be monitored or recorded for quality assurance, verification and recordkeeping purposes. By speaking to Capital Group on the telephone, you consent to such monitoring and recording. | &nbsp;&nbsp;Telephone calls you have with Capital Group may be monitored or recorded for quality assurance, verification and recordkeeping purposes. By speaking to Capital Group on the telephone, you consent to such monitoring and recording. |

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**Multiple translations** This prospectus may be translated into other languages. If there is any inconsistency or ambiguity as to the meaning of any word or phrase in a translation, the English text will prevail. Liability is not limited as a result of any material misstatement or omission introduced in the translation.

**Annual/Semi-annual report to shareholders and Form N-CSR** Additional information about the fund's investments is available in the fund's annual and semi-annual reports to shareholders and in the Form N-CSR/S on file with the U.S. Securities and Exchange Commission ("SEC").

**Statement of additional information (SAI) and codes of ethics** The current SAI, as amended from time to time, contains more detailed information about the fund, including the fund's financial statements, and is incorporated by reference into this prospectus. This means that the current SAI, for legal purposes, is part of this prospectus. The codes of ethics describe the personal investing policies adopted by the fund, the investment adviser and its affiliated companies, including the fund's distributor.

The codes of ethics and current SAI are on file with the SEC. These and other related materials about the fund are available for review on the EDGAR database on the SEC's website at sec.gov or, after payment of a duplicating fee, via email request to publicinfo@sec.gov. The codes of ethics, current SAI and shareholder reports are also available, free of charge, on our website, capitalgroup.com.

**E-delivery and household mailings** Each year you are automatically sent an updated prospectus and annual and semi-annual reports for the fund. You may also occasionally receive proxy statements for the fund. In order to reduce the volume of mail you receive, when possible, only one copy of these documents will be sent to shareholders who are part of the same family and share the same household address. You may elect to receive these documents electronically in lieu of paper form by enrolling in e-delivery on our website, capitalgroup.com.

If you would like to opt out of household-based mailings or receive a complimentary copy of the current SAI, codes of ethics, annual/semi-annual report to shareholders or applicable program description, please call American Funds Service Company at (800) 421-4225 or write to the secretary of the fund at 6455 Irvine Center Drive, Irvine, California 92618.

**Securities Investor Protection Corporation (SIPC)** Shareholders may obtain information about SIPC<sup>®</sup> on its website at sipc.org or by calling (202) 371-8300.

PVGEPRX-400-0326P <br>Litho in USA CGD/UNL/10777<br>Investment Company File No. 811-24016

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**Capital Group KKR Core Plus+**

Part B

Statement of Additional Information

March 11, 2026

This document is not a prospectus but should be read in conjunction with the current prospectus of Capital Group KKR Core Plus+ (the "fund") dated March 11, 2026. You may obtain a prospectus and annual and semi-annual shareholder reports from your financial professional, by calling American Funds Service Company<sup>®</sup> at (800) 421-4225 or by writing to the fund at the following address:

Capital Group KKR Core Plus+

Attention: Secretary

6455 Irvine Center Drive

Irvine, California 92618

You may also obtain a copy of the fund's prospectus and annual and semi-annual shareholder reports on the U.S. Securities and Exchange Commission's ("SEC") website (http://www.sec.gov). Certain privileges and/or services described below may not be available to all shareholders (including shareholders who purchase shares at net asset value through eligible retirement plans) depending on the shareholder's investment dealer or retirement plan recordkeeper. Please see your financial professional, investment dealer, plan recordkeeper or employer for more information.

The fund's investment adviser is Capital Research and Management Company (the "investment adviser") and the fund's sub-adviser is KKR Credit Advisors (US) LLC (the "sub-adviser" or "KKR Credit," and, together with its affiliates, "KKR"). References in this statement of additional information to the fund's "investment adviser" or "adviser" shall refer to either Capital Research and Management Company or KKR Credit or both, as applicable.

When used in this statement of additional information, the term "invest" includes both direct investing and indirect investing and the term "investments" includes both direct investments and indirect investments. For example, the fund may invest indirectly by investing through its wholly-owned subsidiaries. References to the fund include references to such subsidiaries (if any) in respect of the fund's investment exposure. The fund may be exposed to the different types of investments described in the fund's prospectus and this statement of additional information through its investments in such subsidiaries (if any).

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| | |
|:---|:---|
| Class A | CPPKX |
| Class A-2 | CPPIX |
| Class A-3 | CPPJX |
| Class F-2 | CPPLX |
| Class F-3 | CPPMX |
| Class R-6 | RCPPX |

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Capital Group KKR Core Plus+ — Page 1

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**Table of Contents**

<br> Item <u>Page no.</u>

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| | |
|:---|:---|
| Certain investment limitations and guidelines | 3.0 |
| Description of certain securities, investment techniques and risks | 4.0 |
| Fund policies | 43.0 |
| Management of the fund | 45.0 |
| Execution of portfolio transactions | 74.0 |
| Price of shares | 80.0 |
| Taxes and distributions | 83.0 |
| Purchase and exchange of shares | 87.0 |
| Sales charges | 91.0 |
| Sales charge reductions and waivers | 93.0 |
| Repurchase of shares | 97.0 |
| Shareholder account services and privileges | 98.0 |
| General information | 100.0 |
| Appendix | 112.0 |

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Investment portfolio

Financial statements

Capital Group KKR Core Plus+ — Page 2

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**Certain investment limitations and guidelines**

The following limitations and guidelines are considered at the time of purchase, under normal circumstances, and are based on a percentage of the fund's net assets unless otherwise noted. This summary is not intended to reflect all of the fund's investment limitations.

Debt instruments

· The fund currently intends to consider the ratings from Moody's Investor Services, S&P Global Ratings and Fitch Ratings (collectively, the "rating agencies"). If agency ratings of a security differ, the security will be considered to have received the highest of these ratings.

Investing outside the United States

· The fund may invest up to 20% of its net assets in securities tied economically to countries outside the United States, including emerging markets.

· The fund may invest up to 10% of its net assets in securities denominated in currencies other than the U.S. dollar.

· For purposes of determining whether an investment is made in a particular country or geographic region, the fund's investment adviser or sub-adviser, as applicable, will generally look to the domicile of the issuer in the case of equity securities or to the country to which the security is tied economically in the case of debt securities. In doing so, the fund's investment adviser will generally look to the determination of MSCI Inc. (MSCI) for equity securities and Bloomberg for debt securities. In certain limited circumstances (including when relevant data is unavailable or the nature of a holding warrants special considerations), the investment adviser may also take into account additional factors, as applicable, including where the issuer's securities are listed; where the issuer is legally organized, maintains principal corporate offices, conducts its principal operations, generates revenues and/or has credit risk exposure; and the source of guarantees, if any, of such securities. For purposes of determining which countries constitute "emerging markets," the fund's investment adviser will generally look to the determination of MSCI for equity securities and J.P. Morgan for debt securities.

**\* \* \* \* \* \***

The fund may experience difficulty liquidating certain portfolio securities during significant market declines or periods of significant and sustained repurchases.

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**Description of certain securities, investment techniques and risks**

The descriptions below are intended to supplement the material in the prospectus under "Investment objective, strategies and principal risks."

**Market conditions –** The value of, and the income generated by, the securities in which the fund invests may decline, sometimes rapidly or unpredictably, due to factors affecting certain issuers, particular industries or sectors, or the overall markets. Rapid or unexpected changes in market conditions could cause the fund to liquidate holdings at inopportune times or at a loss or depressed value. The value of a particular holding may decrease due to developments related to that issuer, but also due to general market conditions, including real or perceived economic developments such as changes in interest rates, credit quality, inflation, or currency rates or generally adverse investor sentiment. The value of a holding may also decline due to factors that negatively affect a particular industry or sector, such as labor shortages, increased production costs, or competitive conditions.

Global economies and financial markets are highly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, local, regional and global events such as war, acts of terrorism, trading and tariff arrangements, social unrest, natural disasters, the spread of infectious illness or other public health threats, or bank failures could also adversely impact issuers, markets and economies, including in ways that cannot necessarily be foreseen. The fund could be negatively impacted if the value of a portfolio holding were harmed by such conditions or events.

Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, bank failures or other events, can adversely affect local and global markets and normal market operations. Market disruptions may exacerbate political, social, and economic risks. Additionally, market disruptions may result in increased market volatility; regulatory trading halts; closure of domestic or foreign exchanges, markets, or governments; or market participants operating pursuant to business continuity plans for indeterminate periods of time. Such events can be highly disruptive to economies and markets and significantly impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the fund's investments and operation of the fund. These events could disrupt businesses that are integral to the fund's operations or impair the ability of employees of fund service providers to perform essential tasks on behalf of the fund.

Governmental and quasi-governmental authorities may take a number of actions designed to support local and global economies and the financial markets in response to economic disruptions. Such actions may include a variety of significant fiscal and monetary policy changes, including, for example, direct capital infusions into companies, new monetary programs and significantly lower interest rates. These actions have resulted in significant expansion of public debt and may result in greater market risk. Additionally, an unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could negatively impact overall investor sentiment and further increase volatility in securities markets.

**Debt instruments —** Debt securities, also known as "fixed income securities," are used by issuers to borrow money. Bonds, notes, debentures, asset-backed securities (including those backed by mortgages), and loan participations and assignments are common types of debt securities. Generally, issuers pay investors periodic interest and repay the amount borrowed either periodically during the life of the security and/or at maturity. Some debt securities, such as zero coupon bonds, do not pay current interest, but are purchased at a discount from their face values and their values accrete over time to face value at maturity. Some debt securities bear interest at rates that are not fixed, but that vary with changes in specified market rates or indices. Payment-in-kind loans permit the borrower to make interest payments in forms other than cash. The market prices of debt securities fluctuate

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depending on such factors as interest rates, credit quality and maturity. In general, market prices of debt securities decline when interest rates rise and increase when interest rates fall. These fluctuations will generally be greater for longer-term debt securities than for shorter-term debt securities. Prices of these securities can also be affected by financial contracts held by the issuer or third parties (such as derivatives) relating to the security or other assets or indices. Borrowers that are in bankruptcy or restructuring may never pay off their indebtedness, or they may pay only a small fraction of the amount owed. Direct indebtedness of countries, particularly emerging markets, also involves a risk that the governmental entities responsible for the repayment of the debt may be unable, or unwilling, to pay interest and repay principal when due.

Lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, are described by the rating agencies as speculative and involve greater risk of default or price changes due to changes in the issuer's creditworthiness than higher rated debt securities, or they may already be in default. Such securities are sometimes referred to as "junk bonds" or high yield bonds. The market prices of these securities may fluctuate more than higher quality securities and may decline significantly in periods of general economic difficulty. It may be more difficult to dispose of, and to determine the value of, lower rated debt securities. Investment grade bonds in the ratings categories A or Baa/BBB also may be more susceptible to changes in market or economic conditions than bonds rated in the highest rating categories.

Certain additional risk factors relating to debt securities are discussed below:

**Sensitivity to interest rate and economic changes —** Debt securities may be sensitive to economic changes, political and corporate developments, and interest rate changes. In addition, during an economic downturn or a period of rising interest rates, issuers that are highly leveraged may experience increased financial stress that could adversely affect their ability to meet projected business goals, to obtain additional financing and to service their principal and interest payment obligations. Periods of economic change and uncertainty also can be expected to result in increased volatility of market prices and yields of certain debt securities and derivative instruments. As discussed under "Market conditions" above in this statement of additional information, governments and quasi-governmental authorities may take actions to support local and global economies and financial markets during periods of economic crisis, including direct capital infusions into companies, new monetary programs and significantly lower interest rates. Such actions may expose fixed income markets to heightened volatility and may reduce liquidity for certain investments, which could cause the value of the fund's portfolio to decline.

**Payment expectations —** Debt securities may contain redemption or call provisions. If an issuer exercises these provisions in a lower interest rate market, the fund may have to replace the security with a lower yielding security, resulting in decreased income to investors. If the issuer of a debt security defaults on its obligations to pay interest or principal or is the subject of bankruptcy proceedings, the fund may incur losses or expenses in seeking recovery of amounts owed to it.

**Liquidity and valuation —** There may be little trading in the secondary market for particular debt securities, which may affect adversely the fund's ability to value accurately or dispose of such debt securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of debt securities.

Credit ratings for debt securities provided by rating agencies reflect an evaluation of the safety of principal and interest payments, not market value risk. The rating of an issuer is a rating agency's view of past and future potential developments related to the issuer and may not necessarily reflect actual outcomes. There can be a lag between the time of developments relating to an issuer and the time a

Capital Group KKR Core Plus+ — Page 5

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rating is assigned and updated. The investment adviser considers these ratings of securities as one of many criteria in making its investment decisions.

Bond rating agencies may assign modifiers (such as +/–) to ratings categories to signify the relative position of a credit within the rating category. Investment policies that are based on ratings categories should be read to include any security within that category, without giving consideration to the modifier except where otherwise provided. See the appendix to this statement of additional information for more information about credit ratings.

**Inflation/Deflation risk —** The fund may be subject to inflation and deflation risk. Inflation risk is the risk that the present value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the fund's assets can decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation or inflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the fund's assets.

**Loan assignments and participations —** The fund may invest in loans or other forms of indebtedness that represent interests in amounts owed by corporations or other borrowers (collectively "borrowers"). The investment adviser defines debt securities to include investments in loans, such as loan assignments and participations. Loans may be originated by the borrower in order to address its working capital needs, as a result of a reorganization of the borrower's assets and liabilities (recapitalizations), to merge with or acquire another company (mergers and acquisitions), to take control of another company (leveraged buy-outs), to provide temporary financing (bridge loans), or for other corporate purposes. Most corporate loans are variable or floating rate obligations.

Some loans may be secured in whole or in part by assets or other collateral. In other cases, loans may be unsecured or may become undersecured by declines in the value of assets or other collateral securing such loan. The greater the value of the assets securing the loan the more the lender is protected against loss in the case of nonpayment of principal or interest. Loans made to highly leveraged borrowers may be especially vulnerable to adverse changes in economic or market conditions and may involve a greater risk of default.

Collateral pledged by a borrower may include, but are not limited to, (i) working capital assets, such as accounts receivable and inventory; (ii) tangible fixed assets, such as real property, buildings and equipment; (iii) intangible assets, such as trademarks and patent rights (but excluding goodwill); and (iv) security interests in shares of stock of subsidiaries or affiliates. In the case of loans made to non-public companies, the company's shareholders or owners may provide collateral in the form of secured guarantees and/or security interests in assets that they own. Collateral may consist of assets that may not be readily liquidated, and there is no assurance that the liquidation of such assets would satisfy fully a borrower's obligations under a loan. In most loan agreements there is no formal requirement to pledge additional collateral. The fund may, from time to time, invest in loans guaranteed by, or secured by assets of, shareholders or owners, even if the loans are not otherwise collateralized by assets of the borrower; provided, however, that such guarantees are fully secured. There may be temporary periods when the principal asset held by a borrower is the stock of a related company, which may not legally be pledged to secure a loan. On occasions when such stock cannot be pledged, the loan will be temporarily unsecured until the stock can be pledged or is exchanged for or replaced by other assets, which will be pledged as security for the loan. However, the borrower's ability to dispose of such securities, other than in connection with such pledge or replacement, will be strictly limited for the protection of the holders of loans and, indirectly, loans themselves.

The failure to perfect a security interest due to faulty documentation or faulty official filings could lead to the invalidation of the fund's security interest in loan collateral. If the fund's security interest in loan collateral is invalidated or the loan is subordinated to other debt of a borrower in bankruptcy or other

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proceedings, the fund would have substantially lower recovery, and perhaps no recovery, on the full amount of the principal and interest due on the loan. The fund will, from time to time, acquire warrants and other equity securities as part of a unit combining a loan and equity securities of a borrower or its affiliates. The acquisition of such equity securities will only be incidental to the fund's purchase of a loan.

Some loans may represent revolving credit facilities or delayed funding loans, in which a lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. These commitments may have the effect of requiring the fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid).

Some loans may represent debtor-in-possession financings (commonly known as "DIP financings"). DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code. These financings allow the entity to continue its business operations while reorganizing under Chapter 11. Such financings constitute senior liens on unencumbered collateral (i.e., collateral not subject to other creditors' claims). There is a risk that the entity will not emerge from Chapter 11 and will be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the fund's only recourse will be against the collateral securing the DIP financing.

The fund will, from time to time, acquire interests in loans that are designed to provide temporary or "bridge" financing to a borrower pending the sale of identified assets or the arrangement of longer-term loans or the issuance and sale of debt obligations. The fund will, from time to time, also invest in loans of borrowers that have obtained bridge loans from other parties. A borrower's use of bridge loans involves a risk that the borrower may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower's perceived creditworthiness.

The fund may also acquire equity securities or credit securities (including non-dollar denominated equity or credit securities) including as issued in exchange for a loan or issued in connection with the debt restructuring or reorganization of a borrower, or if such acquisition, in the judgment of the investment adviser, may enhance the value of a loan or would otherwise be consistent with the fund's investment policies.

Borrowers may offer to provide lenders with material, non-public information regarding a specific loan or the borrower in general. The investment adviser generally chooses not to receive this information. As a result, the investment adviser may be at a disadvantage compared to other investors that may receive such information. The investment adviser's decision not to receive material, non-public information may impact the investment adviser's ability to assess a borrower's requests for amendments or waivers of provisions in the loan agreement. However, the investment adviser may on a case-by-case basis decide to receive such information when it deems prudent. In these situations the investment adviser may be restricted from trading the loan or buying or selling other debt and equity securities of the borrower while it is in possession of such material, non-public information, even if such loan or other security is declining in value.

The fund normally acquires loan obligations through an assignment from another lender, but also may acquire loan obligations by purchasing participation interests from lenders or other holders of the interests. When the fund purchases assignments, it acquires direct contractual rights against the borrower on the loan. The fund acquires the right to receive principal and interest payments directly from the borrower and to enforce its rights as a lender directly against the borrower. However, because assignments are arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by a fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. Loan assignments are

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often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the purchase of a loan. Risks may also arise due to the inability of the agent to meet its obligations under the loan agreement.

Loan participations are loans or other direct debt instruments that are interests in amounts owed by the borrower to another party. They may represent amounts owed to lenders or lending syndicates, to suppliers of goods or services, or to other parties. The fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing participations, the fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. In addition, the fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation and the fund will have to rely on the agent bank or other financial intermediary to apply appropriate credit remedies. As a result, the fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, a fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Loan assignments and participations are generally subject to legal or contractual restrictions on resale and are not currently listed on any securities exchange or automatic quotation system. Risks may arise due to delayed settlements of loan assignments and participations. The investment adviser expects that most loan assignments and participations purchased for the fund will trade on a secondary market. However, although secondary markets for investments in loans are growing among institutional investors, a limited number of investors may be interested in a specific loan. It is possible that loan participations, in particular, could be sold only to a limited number of institutional investors. If there is no active secondary market for a particular loan, it may be difficult for the investment adviser to sell the fund's interest in such loan at a price that is acceptable to it and to obtain pricing information on such loan.

Investments in loan participations and assignments present the possibility that the fund could be held liable as a co-lender under emerging legal theories of lender liability. In addition, if the loan is foreclosed, the fund could be part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. In addition, some loan participations and assignments may not be rated by major rating agencies and may not be protected by securities laws.

In the process of buying, selling and holding loans, the fund will, from time to time, receive and/or pay certain fees. These fees are in addition to interest payments received and may include facility fees, commitment fees, amendment fees, and prepayment penalty fees. When the fund buys a loan, it could receive a facility fee and when it sells a loan it may pay a facility fee. On an ongoing basis, the fund could receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the fund will receive a prepayment penalty fee upon the prepayment of a loan by a borrower. Other fees received by the fund will, from time to time, include covenant waiver fees, covenant modification fees or other amendment fees.

A borrower must comply with various restrictive covenants contained in a loan agreement or note purchase agreement between the borrower and the holders of the loan (the "loan agreement"). Such covenants, in addition to requiring the scheduled payment of interest and principal, may include restrictions on dividend payments and other distributions to shareholders, provisions requiring the borrower to maintain specific minimum financial ratios and limits on total debt. In addition, the loan agreement may contain a covenant requiring the borrower to prepay the loan with any free cash flow. Free cash flow is generally defined as net cash flow after scheduled debt service payments and permitted capital expenditures and includes the proceeds from asset dispositions or sales of securities. A breach of a covenant which is not waived by the agent, or by the loan investors directly, as the case may be, is normally an event of acceleration. The agent, or the loan investors directly, as the case may

Capital Group KKR Core Plus+ — Page 8

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be, has the right to call the outstanding loan. The typical practice of an agent or a loan investor in relying exclusively or primarily on reports from the borrower to monitor the borrower's compliance with covenants may involve a risk of fraud by the borrower. In the case of a loan in the form of a participation, the agreement between the buyer and seller may limit the rights of the holder to vote on certain changes which may be made to the loan agreement, such as waiving a breach of a covenant. However, the holder of the participation will, in almost all cases, have the right to vote on certain fundamental issues such as changes in principal amount, payment dates and interest rate.

In a typical loan, the agent administers the terms of the loan agreement. In such cases, the agent is normally responsible for the collection of principal and interest payments from the borrower and the apportionment of these payments to the credit of all institutions which are parties to the loan agreement. The fund will generally rely upon the agent or an intermediate participant to receive and forward to the fund its portion of the principal and interest payments on the loan. Furthermore, unless under the terms of a participation agreement the fund has direct recourse against the borrower, the fund will rely on the agent and the other loan investors to use appropriate credit remedies against the borrower. The agent is typically responsible for monitoring compliance with covenants contained in the loan agreement based upon reports prepared by the borrower. The seller of the loan usually does, but is often not obligated to, notify holders of loans of any failures of compliance. The agent may monitor the value of the collateral and, if the value of the collateral declines, may accelerate the loan, may give the borrower an opportunity to provide additional collateral or may seek other protection for the benefit of the participants in the loan. The agent is compensated by the borrower for providing these services under the loan agreement, and such compensation may include special fees paid upon structuring and funding the loan and other fees paid on a continuing basis. With respect to loans for which an agent does not perform such administrative and enforcement functions, the fund may perform such tasks on its own behalf, although a collateral bank will typically hold any collateral on behalf of the fund and the other loan investors pursuant to the applicable loan agreement.

A financial institution's appointment as agent may usually be terminated in the event that it fails to observe the requisite standard of care or becomes insolvent, enters FDIC receivership, or, if not FDIC insured, enters into bankruptcy proceedings. A successor agent would generally be appointed to replace the terminated agent, and assets held by the agent under the loan agreement should remain available to holders of the loans. However, if assets held by the agent for the benefit of the fund were determined to be subject to the claims of the agent's general creditors, the fund might incur certain costs and delays in realizing payment on a loan, or suffer a loss of principal and/or interest. In situations involving intermediate participants, similar risks may arise.

Loans will typically require, in addition to scheduled payments of interest and principal, the prepayment of the loan from free cash flow, as defined above. The degree to which borrowers prepay loans, whether as a contractual requirement or at their election, may be affected by general business conditions, the financial condition of the borrower and competitive conditions among loan investors, among others. As such, prepayments cannot be predicted with accuracy. Upon a prepayment, either in part or in full, the actual outstanding debt on which the fund derives interest income will be reduced. However, the fund will, from time to time, receive both a prepayment penalty fee from the prepaying borrower and a facility fee upon the purchase of a new loan with the proceeds from the prepayment of the former.

The sub-adviser and its affiliates will, from time to time, borrow money from various banks in connection with their business activities. Such banks may also sell interests in loans to, or acquire them from, the fund or may be intermediate participants with respect to loans in which the fund owns interests. Such banks may also act as agents for loans held by the fund.

Various state laws may impose licensing obligations on the fund in connection with originating, acquiring, holding, servicing, foreclosing on, or disposing of loans and similar financial assets. These requirements can be triggered based on factors such as the borrower's location, the location of any

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collateral, or the jurisdiction where the fund, its investment adviser, or its sub-adviser is based or maintains offices. Where such licenses are required and obtained, the fund, its investment adviser, and its sub-adviser would be subject to applicable law and regulations, including those related to consumer protection and anti-fraud. These rules may limit the actions the fund, its investment adviser, or its sub-adviser can take to safeguard the value of its investments and may result in additional compliance costs. Noncompliance with these legal requirements could result in penalties, including the potential loss of a license, which could, in turn, require the fund's divestment of assets located in or secured by property within the affected state.

**Lender Liability —** A number of U.S. judicial decisions have upheld judgments obtained by borrowers against lending institutions on the basis of various evolving legal theories, collectively termed "lender liability." Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the borrower or has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or Shareholders. Because of the nature of its investments, the fund will, from time to time, be subject to allegations of lender liability.

In addition, under common law principles that in some cases form the basis for lender liability claims, if a lender or bondholder (i) intentionally takes an action that results in the undercapitalization of a borrower to the detriment of other creditors of such borrower; (ii) engages in other inequitable conduct to the detriment of such other creditors; (iii) engages in fraud with respect to, or makes misrepresentations to, such other creditors; or (iv) uses its influence as a stockholder to dominate or control a borrower to the detriment of other creditors of such borrower, a court might elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor or creditors, a remedy called "equitable subordination."

**Subordinated and unsecured or partially secured loans —** Subordinated or unsecured loans are loans made by public and private corporations and other non-governmental entities and issuers for a variety of purposes. Unsecured loans generally have lower priority in right of payment compared to holders of secured debt of the borrower. Unsecured loans are not secured by a security interest or lien to or on specified collateral securing the borrower's obligation under the loan. Unsecured loans by their terms are or may become subordinate in right of payment to other obligations of the borrower, including senior loans and other secured loans. Unsecured loans can have fixed or adjustable floating rate interest payments. Because unsecured loans are subordinate to the secured debt of the borrower, they present a greater degree of investment risk but often pay interest at higher rates reflecting this additional risk. Such investments generally are of below investment grade quality. Other than their subordinated and unsecured status, such investments have many characteristics and risks similar to senior loans and other secured loans discussed above. In addition, unsecured loans of below investment grade quality share many of the risk characteristics of non-investment grade bonds. However, because unsecured loans rank lower in right of payment to any secured obligations of the borrower, they are subject to additional risk that the cash flow of the borrower and available assets will be insufficient to meet scheduled payments after giving effect to the secured obligations of the borrower. Unsecured loans are also expected to have greater price volatility than secured loans and can be less liquid. Second lien loans are generally second in line in terms of repayment priority. A second lien loan could have a claim on the same collateral pool as the first lien or it could be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk, and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than senior loans of the same borrower. As in the case of secured loans, the fund will, from time to time, purchase interests in unsecured loans through assignments or participations.

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**Unfunded commitment agreements —** The fund may enter into unfunded commitment agreements to make certain investments, including unsettled bank loan purchase transactions. Under the SEC's rule applicable to the fund's use of derivatives, unfunded commitment agreements are not derivatives transactions. The fund will only enter into such unfunded commitment agreements if the fund reasonably believes, at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements as they come due.

**Stressed and distressed investments —** The fund intends to invest in securities and other obligations of companies that are in significant financial or business distress, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant returns for the fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful investment in distressed assets is unusually high. There is no assurance that the fund will correctly evaluate the value of the assets collateralizing the fund's investments or the prospects for a successful reorganization or similar action in respect of any company. In any reorganization or liquidation proceeding relating to a company in which the fund invests, the fund may lose its entire investment, may be required to accept cash or securities with a value less than the fund's original investment and/or may be required to accept payment over an extended period of time. Troubled company investments and other distressed asset-based investments require active monitoring.

**Variable and floating rate obligations —** The interest rates payable on certain securities and other instruments in which the fund may invest may not be fixed but may fluctuate based upon changes in market interest rates or credit ratings. Variable and floating rate obligations bear coupon rates that are adjusted at designated intervals, based on the then current market interest rates or credit ratings. The rate adjustment features tend to limit the extent to which the market value of the obligations will fluctuate. When the fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund's shares.

**Issue classification —** Securities with the same general quality rating and maturity characteristics, but which vary according to the purpose for which they were issued, often tend to trade at different yields. Correspondingly, securities issued for similar purposes and with the same general maturity characteristics, but which vary according to the creditworthiness of their respective issuers, tend to trade at different yields. These yield differentials tend to fluctuate in response to political and economic developments, as well as temporary imbalances in normal supply/demand relationships. The investment adviser monitors these fluctuations closely, and will attempt to adjust portfolio concentrations in various issue classifications according to the value disparities brought about by these yield relationship fluctuations.

The investment adviser believes that, in general, the market for municipal bonds is less liquid than that for taxable fixed income securities. Accordingly, the ability of the fund to make purchases and sales of securities in the foregoing manner may, at any particular time and with respect to any particular securities, be limited or non-existent.

**Non-controlling equity investments —** While the fund intends to invest primarily in debt investments, it will, from time to time, also make non-controlling investments in equity and equity-linked securities, and may additionally receive equity securities, in connection with bankruptcies or restructurings of issuers held in the fund. Equity securities represent an ownership position in a company. Equity securities held by the fund typically consist of common stocks. The prices of equity securities fluctuate based on, among other things, events specific to their issuers and market, economic and other conditions. For example, prices of these securities can be affected by financial contracts held by the issuer or third parties (such as derivatives) relating to the security or other assets or indices. Holders of equity securities are not creditors of the issuer. If an issuer liquidates, holders of equity securities are

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entitled to their pro rata share of the issuer's assets, if any, after creditors (including the holders of fixed income securities and senior equity securities) are paid. The fund also could be exposed to risks that issuers will not fulfill contractual obligations with respect to certain forms of equity securities. With respect to non-controlling equity investments, the fund could have a limited ability to protect its position in such investments.

There may be little trading in the secondary market for particular equity securities, which may adversely affect the fund's ability to value accurately or dispose of such equity securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of equity securities.

**Securities with equity and debt characteristics —** Certain securities have a combination of equity and debt characteristics. Such securities may at times behave more like equity than debt or vice versa.

**Preferred stock** — Preferred stock represents an equity interest in an issuer that generally entitles the holder to receive, in preference to common stockholders and the holders of certain other stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the issuer. Preferred stocks may pay fixed or adjustable rates of return, and preferred stock dividends may be cumulative or non-cumulative and participating or non-participating. Cumulative dividend provisions require all or a portion of prior unpaid dividends to be paid before dividends can be paid to the issuer's common stockholders, while prior unpaid dividends on non-cumulative preferred stock are forfeited. Participating preferred stock may be entitled to a dividend exceeding the issuer's declared dividend in certain cases, while non-participating preferred stock is entitled only to the stipulated dividend. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. As with debt securities, the prices and yields of preferred stocks often move with changes in interest rates and the issuer's credit quality. Additionally, a company's preferred stock typically pays dividends only after the company makes required payments to holders of its bonds and other debt. Accordingly, the price of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the issuing company's financial condition or prospects. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

Certain preferred securities contain provisions that allow an issuer under certain conditions to skip or defer distributions. If the fund owns a preferred security that is deferring its distribution, the fund may be required to include the amount of the deferred distribution in its taxable income for tax purposes although it does not currently receive such amount in cash. Preferred securities often are subject to legal provisions that allow for redemption in the event of certain tax or legal changes or at the issuer's call. Preferred securities are subordinated to bonds and other debt securities in an issuer's capital structure in terms of priority for corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt securities. Preferred securities may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities, such as common stocks, corporate debt securities and U.S. government securities.

**Convertible securities** — A convertible security is a debt obligation, preferred stock or other security that may be converted, within a specified period of time and at a stated conversion rate, into common stock or other equity securities of the same or a different issuer. The conversion may occur automatically upon the occurrence of a predetermined event or at the option of either the issuer or the security holder. Under certain circumstances, a convertible security may also be called for redemption or conversion by the issuer after a particular date and at predetermined price specified upon issue. If a convertible security held by the fund is called for redemption or conversion, the fund could be required to tender the security for redemption, convert it into the underlying common stock, or sell it to a third party.

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The holder of a convertible security is generally entitled to participate in the capital appreciation resulting from a market price increase in the issuer's common stock and to receive interest paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to non-convertible debt or preferred securities, as applicable. Convertible securities rank senior to common stock in an issuer's capital structure and, therefore, normally entail less risk than the issuer's common stock. However, convertible securities may also be subordinate to any senior debt obligations of the issuer, and, therefore, an issuer's convertible securities may entail more risk than such senior debt obligations. Convertible securities usually offer lower interest or dividend yields than non-convertible debt securities of similar credit quality because of the potential for capital appreciation. In addition, convertible securities are often lower-rated securities.

Because of the conversion feature, the price of a convertible security will normally fluctuate in some proportion to changes in the price of the underlying asset, and, accordingly, convertible securities are subject to risks relating to the activities of the issuer and/or general market and economic conditions. The income component of a convertible security may cushion the security against declines in the price of the underlying asset but may also cause the price of the security to fluctuate based upon changes in interest rates and the credit quality of the issuer. As with a straight fixed income security, the price of a convertible security tends to increase when interest rates decline and decrease when interest rates rise. Like the price of a common stock, the price of a convertible security also tends to increase as the price of the underlying stock rises and to decrease as the price of the underlying stock declines.

**Hybrid securities** — A hybrid security is a type of security that also has equity and debt characteristics. Like equities, which have no final maturity, a hybrid security may be perpetual. On the other hand, like debt securities, a hybrid security may be callable at the option of the issuer on a date specified at issue. Additionally, like common equities, which may stop paying dividends at virtually any time without violating any contractual terms or conditions, hybrids typically allow for issuers to withhold payment of interest until a later date or to suspend coupon payments entirely without triggering an event of default. Hybrid securities are normally at the bottom of an issuer's debt capital structure because holders of an issuer's hybrid securities are structurally subordinated to the issuer's senior creditors. In bankruptcy, hybrid security holders should only get paid after all senior creditors of the issuer have been paid but before any disbursements are made to the issuer's equity holders. Accordingly, hybrid securities may be more sensitive to economic changes than more senior debt securities. Such securities may also be viewed as more equity-like by the market when the issuer or its parent company experiences financial difficulties.

Contingent convertible securities, which are also known as contingent capital securities, are a form of hybrid security that are intended to either convert into equity or have their principal written down upon the occurrence of certain trigger events. One type of contingent convertible security has characteristics designed to absorb losses, by providing that the liquidation value of the security may be adjusted downward to below the original par value or written off entirely under certain circumstances. For instance, if losses have eroded the issuer's capital level below a specified threshold, the liquidation value of the security may be reduced in whole or in part. The write-down of the security's par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against the issuer. In addition, an automatic write-down could result in a reduced income rate if the dividend or interest payment associated with the security is based on the security's par value. Such securities may, but are not required to, provide for circumstances under which the liquidation value of the security may be adjusted back up to par, such as an improvement in capitalization or earnings. Another type of contingent convertible security provides for mandatory conversion of the security into common shares of the issuer under certain circumstances. The mandatory conversion might

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relate, for example, to the issuer's failure to maintain a capital minimum. Since the common stock of the issuer may not pay a dividend, investors in such instruments could experience reduced yields (or no yields at all) and conversion would deepen the subordination of the investor, effectively worsening the investor's standing in the case of the issuer's insolvency. An automatic write-down or conversion event with respect to a contingent convertible security will typically be triggered by a reduction in the issuer's capital level, but may also be triggered by regulatory actions, such as a change in regulatory capital requirements, or by other factors.

**Pass-through securities —** The fund may invest in various debt obligations backed by pools of mortgages, corporate loans or other assets including, but not limited to, residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans, equipment leases and contractual cash flows. Principal and interest payments made on the underlying asset pools backing these obligations are typically passed through to investors, net of any fees paid to any insurer or any guarantor of the securities. Pass-through securities may have either fixed or adjustable coupons. The risks of an investment in these obligations depend in part on the type of the collateral securing the obligations and the class of the instrument in which the fund invests. These securities include:

**Mortgage-backed securities —** These securities may be issued by U.S. government agencies and government-sponsored entities, such as Ginnie Mae, Fannie Mae and Freddie Mac, and by private entities. The payment of interest and principal on mortgage-backed obligations issued by U.S. government agencies may be guaranteed by the full faith and credit of the U.S. government (in the case of Ginnie Mae), or may be guaranteed by the issuer (in the case of Fannie Mae and Freddie Mac). However, these guarantees do not apply to the market prices and yields of these securities, which vary with changes in interest rates.

Mortgage-backed securities issued by private entities are structured similarly to those issued by U.S. government agencies. However, these securities and the underlying mortgages are not guaranteed by any government agencies and the underlying mortgages are not subject to the same underwriting requirements. These securities generally are structured with one or more types of credit enhancements such as insurance or letters of credit issued by private companies. Borrowers on the underlying mortgages are usually permitted to prepay their underlying mortgages. Prepayments can alter the effective maturity of these instruments. In addition, delinquencies, losses or defaults by borrowers can adversely affect the prices and volatility of these securities. Such delinquencies and losses can be exacerbated by declining or flattening housing and property values. This, along with other outside pressures, such as bankruptcies and financial difficulties experienced by mortgage loan originators, decreased investor demand for mortgage loans and mortgage-related securities and increased investor demand for yield, can adversely affect the value and liquidity of mortgage-backed securities.

**Collateralized mortgage obligations (CMOs) —** CMOs are also backed by a pool of mortgages or mortgage loans, which are divided into two or more separate bond issues. CMOs issued by U.S. government agencies are backed by agency mortgages, while privately issued CMOs may be backed by either government agency mortgages or private mortgages. Payments of principal and interest are passed through to each bond issue at varying schedules resulting in bonds with different coupons, effective maturities and sensitivities to interest rates. Some CMOs may be structured in a way that when interest rates change, the impact of changing prepayment rates on the effective maturities of certain issues of these securities is magnified. CMOs may be less liquid or may exhibit greater price volatility than other types of mortgage or asset-backed securities.

**Commercial mortgage-backed securities —** These securities are backed by mortgages on commercial property, such as hotels, office buildings, retail stores, hospitals and other commercial buildings. These securities may have a lower prepayment uncertainty than other mortgage-related securities because commercial mortgage loans generally prohibit or impose

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penalties on prepayments of principal. In addition, commercial mortgage-related securities often are structured with some form of credit enhancement to protect against potential losses on the underlying mortgage loans. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans, including the effects of local and other economic conditions on real estate markets, the ability of tenants to make rental payments and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid or exhibit greater price volatility than other types of mortgage or asset-backed securities and may be more difficult to value.

**Municipal bonds —** Municipal bonds are debt obligations that are exempt from federal, state and/or local income taxes. Opinions relating to the validity of municipal bonds, exclusion of municipal bond interest from an investor's gross income for federal income tax purposes and, where applicable, state and local income tax, are rendered by bond counsel to the issuing authorities at the time of issuance.

The two principal classifications of municipal bonds are general obligation bonds and limited obligation or revenue bonds. General obligation bonds are secured by the issuer's pledge of its full faith and credit including, if available, its taxing power for the payment of principal and interest. Issuers of general obligation bonds include states, counties, cities, towns and various regional or special districts. The proceeds of these obligations are used to fund a wide range of public facilities, such as the construction or improvement of schools, highways and roads, water and sewer systems and facilities for a variety of other public purposes. Lease revenue bonds or certificates of participation in leases are payable from annual lease rental payments from a state or locality. Annual rental payments are payable to the extent such rental payments are appropriated annually.

Typically, the only security for a limited obligation or revenue bond is the net revenue derived from a particular facility or class of facilities financed thereby or, in some cases, from the proceeds of a special tax or other special revenues. Revenue bonds have been issued to fund a wide variety of revenue-producing public capital projects including: electric, gas, water and sewer systems; highways, bridges and tunnels; port and airport facilities; colleges and universities; hospitals; and convention, recreational, tribal gaming and housing facilities. Although the security behind these bonds varies widely, many provide additional security in the form of a debt service reserve fund which may also be used to make principal and interest payments on the issuer's obligations. In addition, some revenue obligations (as well as general obligations) are insured by a bond insurance company or backed by a letter of credit issued by a banking institution.

Revenue bonds also include, for example, pollution control, health care and housing bonds, which, although nominally issued by municipal authorities, are generally not secured by the taxing power of the municipality but by the revenues of the authority derived from payments by the private entity which owns or operates the facility financed with the proceeds of the bonds. Obligations of housing finance authorities have a wide range of security features, including reserve funds and insured or subsidized mortgages, as well as the net revenues from housing or other public projects. Many of these bonds do not generally constitute the pledge of the credit of the issuer of such bonds. The credit quality of such revenue bonds is usually directly related to the credit standing of the user of the facility being financed or of an institution which provides a guarantee, letter of credit or other credit enhancement for the bond issue.

**Insured municipal bonds —** The fund may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. The insurance for such bonds may be purchased by the bond issuer, the fund or any other party, and is usually purchased from private, non-governmental insurance companies. Insurance that covers a municipal bond is expected to protect the fund against losses caused by a bond issuer's failure to make interest or principal payments. However, insurance does not guarantee the market value of the bond or the prices of the fund's shares. Also, the investment adviser cannot be certain that the insurance company will make payments it guarantees.

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The market value of the bond could drop if a bond's insurer fails to fulfill its obligations. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. When rating agencies lower or withdraw the credit rating of the insurer, the insurance may be providing little or no enhancement of credit or resale value to the municipal bond.

**U.S. Territories and Commonwealth obligations —** The fund may invest in obligations of the territories and Commonwealths of the United States, such as Puerto Rico, the U.S. Virgin Islands, Guam and their agencies and authorities ("territories and Commonwealth"), to the extent such obligations are exempt from federal income taxes. Adverse political and economic conditions and developments affecting any territory or Commonwealth may, in turn, negatively affect the value of the fund's holdings in such obligations. Territories and Commonwealths face significant fiscal challenges, including persistent government deficits, underfunded retirement systems, sizable debt service obligations and a high unemployment rate. A restructuring of some or all of the debt or a decline in market prices of the territories' and Commonwealths' debt obligations, may affect the fund's investment in these securities. If the economic situation in the territories and Commonwealths persists or worsens, the volatility, credit quality and performance of the fund could be adversely affected.

**Zero coupon bonds —** Municipalities may issue zero coupon securities which are debt obligations that do not entitle the holder to any periodic payments of interest prior to maturity or a specified date when the securities begin paying current interest. They are issued and traded at a discount from their face amount or par value, which discount varies depending on the time remaining until cash payments begin, prevailing interest rates, liquidity of the security, and the perceived credit quality of the issuer.

**Pre-refunded/Escrowed to maturity bonds —** From time to time, a municipality may refund a bond that it has already issued prior to, or in the case of escrowed to maturity bonds on, the original bond's call or maturity date by issuing a second bond, the proceeds of which are typically used to purchase securities of the U.S. government (including its agencies and instrumentalities). The U.S. government securities are placed in an escrow account. The original bonds then become "pre-refunded" or "escrowed to maturity" and while the security is still tax-exempt, the proceeds of the escrow account act as collateral and the original bonds are considered high-quality in nature as a result. The principal and interest payments on the escrowed securities are then used to pay off the original bondholders on the call or maturity date. The escrow account securities do not guarantee the price movement of the bond before maturity. Investment in pre-refunded and escrowed to maturity bonds held by the fund may subject the fund to interest rate risk, market risk and credit risk. For purposes of diversification, pre-refunded and escrowed to maturity bonds will be treated as U.S. governmental issues.

**Asset-backed securities —** These securities are backed by other assets such as credit card, automobile or consumer loan receivables, retail installment loans or participations in pools of leases. Credit support for these securities may be based on the underlying assets and/or provided through credit enhancements by a third party. These securities present certain additional risks because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. The collateral supporting asset-backed securities is of shorter maturity than certain other types of loans. Obligors of the underlying assets also may make prepayments that can change effective maturities of the asset-backed securities. These securities are often backed by pools of any variety of assets, including, for example, leases, mobile home loans and aircraft leases, which represent the obligations of a number of different parties and use credit enhancement techniques such as letters of credit, guarantees or preference rights. The values of these securities are sensitive to changes in the credit quality of the underlying collateral, the credit strength of the credit enhancement, changes in interest rates and at times the financial condition of the issuer. Credit card receivables are generally unsecured and the debtors on such receivables are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set-off certain amounts owed on the credit cards, thereby reducing the balance due. Automobile receivables generally are secured, but by automobiles rather than residential real property. Most issuers of automobile receivables permit the loan servicers to retain possession of the underlying obligations. If the servicer were to sell these

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obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the asset-backed securities. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have a proper security interest in the underlying automobiles. Therefore, if the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, the Fund will be unable to possess and sell the underlying collateral and that the Fund's recoveries on repossessed collateral may not be available to support payments on these securities. These securities may be less liquid and more difficult to value than other securities.

**Collateralized bond obligations (CBOs) and collateralized loan obligations (CLOs)** — A CBO is a trust typically backed by a diversified pool of fixed-income securities, which may include high risk, lower rated securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans, including lower rated loans. CBOs and CLOs may charge management fees and administrative expenses. These instruments are subject to the normal interest rate, default and other risks associated with fixed-income securities and asset-backed securities. Additionally, the risks of an investment in such instruments depend largely on the type of the collateral securities.

For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest and highest yielding portion is the "equity" tranche which bears the bulk of any default by the bonds or loans in the trust and is constructed to protect the other, more senior tranches from default. Since they are partially protected from defaults, the more senior tranches typically have higher ratings and lower yields than the underlying securities in the trust and can be rated investment grade. Despite the protection from the equity tranche, the more senior tranches can still experience substantial losses due to actual defaults of the underlying assets, increased sensitivity to defaults due to impairment of the collateral or the more junior tranches, market anticipation of defaults, as well as potential general aversions to CBO or CLO securities as a class. Normally, these securities are privately offered and sold, and thus, are not registered under the securities laws. CBOs and CLOs may be less liquid, may exhibit greater price volatility and may be more difficult to value than other securities.

"IOs" and "POs" are issued in portions or tranches with varying maturities and characteristics. Some tranches may only receive the interest paid on the underlying mortgages (IOs) and others may only receive the principal payments (POs). The values of IOs and POs are extremely sensitive to interest rate fluctuations and prepayment rates, and IOs are also subject to the risk of early repayment of the underlying mortgages that will substantially reduce or eliminate interest payments.

**Structured products —** Structured products, including, but not limited to, asset-based finance securities, asset-backed securities, CLOs and credit-linked notes. These products can be structured in a variety of ways, including without limitation, as senior or subordinated asset-backed securities, structured credit notes or loans, and as private, preferred or common equity. Investments in structured vehicles, including in equity and junior debt securities issued by structured credit facilities or special purpose vehicles involve risks, including credit risk and market risk. For example, they are subject to the normal interest rate, default and other risks associated with fixed-income securities and asset-backed securities. Additionally, the risks of an investment in a structured product depend largely on the type of the collateral securities and the class of the structured product or other asset-backed security in which the fund invests. The fund generally has the right to receive payments only from the structured product and generally does not have direct rights against the issuer or the entity that sold the underlying collateral assets. Such collateral could be insufficient to meet payment obligations and the quality of the collateral might decline in value or default. Also, the class of the structured product could be subordinate to other classes, values could be volatile, and disputes with the issuer could produce unexpected investment results. While certain structured products enable the investor to

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acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product's administrative and other expenses. Holders of structured products, bear the risks of the underlying investments, index or reference obligations and are subject to counterparty risk in the case of credit-linked notes. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter-term financing to purchase longer term securities, the issuer could be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which could adversely affect the value of the structured products owned by the fund.

Structured products issue classes or "tranches" that offer various maturity, risk and yield characteristics. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. If there are defaults or the structured product's collateral otherwise underperforms, scheduled payments to more senior tranches take precedence over those of subordinate tranches. Investments in the equity tranches of structured products are considered the riskiest and typically represent the first loss position bearing the bulk of any defaults from the collateral and serves to protect the other, more senior tranches from default in all but the most severe circumstances.

Although the equity tranche of a structured product has a different risk/return profile than the debt tranche(s) of the same structured product as it resides at the bottom of the distribution waterfall, its cash flows are generated from the same portfolio of diversified loans (i.e., the same underlying collateral pool and credits) as the debt tranches of the structured product. The fund may invest in structured products across the full range of structures and tranches and looks to the underlying loans or collateral for purposes of determining its economic exposure (i.e., the fund will normally consider investments in all structures and tranches of a structured product to be exposure to securitized debt).

Since it is partially protected from defaults, a senior tranche from a structured product typically has higher ratings and lower yields than its underlying securities and could be investment grade. Despite the protection from the subordinate tranches, more senior tranches of structured products can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults as well as investor aversion to structured product securities as a class.

In addition to the general risks associated with debt securities discussed herein, structured products carry additional risks, including, but not limited to the risk that: (i) distributions from collateral securities might not be adequate to make interest or other payments; (ii) the collateral could default or decline in value or be downgraded, if rated by a NRSRO; (iii) the fund is likely to invest in tranches of structured products that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the fund could be significantly different than those predicted by financial models; (vi) there will be no readily available secondary market for structured products; (vii) technical defaults, such as coverage test failures, could result in forced liquidation of the collateral pool; and (viii) the structured product's manager could perform poorly.

Typically, structured products are privately offered and sold, and thus, are not registered under the securities laws and can be thinly traded or have a limited trading market. As a result, investments in structured products could be characterized as illiquid investments and could have limited independent pricing transparency. However, an active dealer market could exist for structured products that qualify under the Rule 144A "safe harbor" from the registration requirements of the 1933 Act for resales of certain securities to qualified institutional buyers, and such structured products could be characterized by the fund as liquid investments.

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**Real estate investments —** The fund will, from time to time, make investments for which real estate is a significant portion of the investment's asset base or value, including real estate investment trusts. Real estate values are affected by a number of factors, including changes in the general economic climate, local conditions (such as an oversupply of or a reduction in demand for real estate), the quality and philosophy of management, competition based on rental rates, attractiveness and location of the properties, financial condition of tenants, buyers and sellers or properties, quality of maintenance, insurance and management services and changes in operating costs. Real estate values are also affected by and sensitive to factors such as government regulations (including those governing usage, improvements, zoning and taxes), interest rate levels, the availability of financing and potential liability under changing environmental and other laws.

Real estate assets generally will be subject to the risks incident to the ownership and operation of real estate and real estate-related assets and/or risks incident to the making of nonrecourse mortgage loans secured by real estate, including risks associated with both the domestic and international general economic climates; local real estate conditions; risks due to dependence on cash flow; risks and operating problems arising out of the absence of certain construction materials; changes in supply of, or demand for, competing properties in an area (as a result, for instance, of overbuilding); the financial condition of tenants, buyers and sellers of properties; changes in availability of debt financing; energy and supply shortages; changes in the tax, real estate, environmental and zoning laws and regulations; various uninsured or uninsurable risks; natural disasters; and the ability of the fund or third-party borrowers to manage the real properties. The fund could incur the burdens of ownership of real property, which include the paying of expenses and taxes, maintaining such property and any improvements thereon, and ultimately disposing of such property.

The fund invests in a real estate asset on a passive basis, giving a third-party operating partner and/or property manager a large degree of authority and responsibility for daily management of the assets and, therefore, will, in large part, be dependent on the ability of third parties to successfully operate the underlying real estate assets. There is no assurance that there will be a ready market for resale of investments because investments in real estate generally are not liquid; holding periods accordingly are difficult to predict, particularly as business plans can be revised to adapt to changing economic, business and financial conditions.

Significant expenditures associated with real estate assets, such as mortgage payments, real estate taxes and maintenance costs, are generally not reduced when circumstances cause a reduction in income from the assets. The insurance coverage applicable to real estate assets contains policy specifications and insured limits customarily carried for similar properties, business activities and markets. There could be certain losses, including losses from floods and losses from earthquakes, acts of war, acts of terrorism or riots, that are not generally insured against or that are not generally fully insured against because it is not deemed to be economically feasible or prudent to do so. If an uninsured loss or a loss in excess of insured limits occurs with respect to a real estate asset, the fund could experience a significant loss and could potentially remain obligated under any recourse debt associated with the property.

Under various U.S., state and local laws, ordinances and regulations, a current or previous owner, developer or operator of real estate could be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, under or in its property. The costs of removal or remediation of such substances could be substantial. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of such hazardous substances. The fund attempts to assess such risks as part of their due diligence activities but cannot give any assurance that such conditions do not exist or might not arise in the future. The presence of such substances on the real estate assets could adversely affect the ability to sell such investments or to borrow using such assets as collateral.

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Certain loans acquired or made by the fund could be secured by real estate. To the extent the fund needs to foreclose on such loans, the fund could, directly or indirectly, own such real estate and would be subject to the risks incident to the ownership and operation of real estate.

From time to time, real estate loans or participation interests therein acquired by the fund will at the time of their acquisition be, or may become after acquisition, non-performing for a wide variety of reasons. Such non-performing real estate loans could require a substantial amount of workout negotiations and/or restructuring, which could entail, among other things, a substantial reduction in the interest rate and a substantial write down of the principal of such loans. However, even if a restructuring were successfully accomplished, a risk exists that upon maturity of such real estate loan, replacement "takeout" financing will not be available. Purchases of participations in real estate loans raise many of the same risks as investments in real estate loans and also carry risks of illiquidity and lack of control.

The foreclosure process varies jurisdiction by jurisdiction and can be lengthy and expensive. Borrowers often resist foreclosure actions by asserting numerous claims, counterclaims and defenses against the holder of a real estate loan including, without limitation, lender liability claims and defenses, even when such assertions have no basis in fact, in an effort to prolong the foreclosure action. In some jurisdictions, foreclosure actions can take up to several years or more to conclude. During the foreclosure proceedings, a borrower could have the ability to file for bankruptcy, potentially staying the foreclosure action and further delaying the foreclosure process. Foreclosure litigation tends to create a negative public image of the collateral property and could result in disrupting ongoing leasing and management of the property.

**Obligations backed by the "full faith and credit" of the U.S. government —** U.S. government obligations include the following types of securities:

**U.S. Treasury securities —** U.S. Treasury securities include direct obligations of the U.S. Treasury, such as Treasury bills, notes and bonds. For these securities, the payment of principal and interest is unconditionally guaranteed by the U.S. government, and thus they are of high credit quality.

**Federal agency securities —** The securities of certain U.S. government agencies and government-sponsored entities are guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government. Such agencies and entities include, but are not limited to, the Federal Financing Bank ("FFB"), the Government National Mortgage Association ("Ginnie Mae"), the U.S. Department of Veterans Affairs ("VA"), the Federal Housing Administration ("FHA"), the Export-Import Bank of the United States ("Exim Bank"), the U.S. International Development Finance Corporation ("DFC"), the Commodity Credit Corporation ("CCC") and the U.S. Small Business Administration ("SBA").

Such securities are subject to variations in market value due to fluctuations in interest rates and in government policies, among other things, but, if held to maturity, are expected to be paid in full (either at maturity or thereafter). However, from time to time, a high national debt level, and uncertainty regarding negotiations to increase the U.S. government's debt ceiling and periodic legislation to fund the government, could increase the risk that the U.S. government may default on its obligations and/or lead to a downgrade of the credit rating of the U.S. government. Such an event could adversely affect the value of investments in securities backed by the full faith and credit of the U.S. government, cause the fund to suffer losses and lead to significant disruptions in U.S. and global markets. Regulatory or market changes or conditions could increase demand for U.S. government securities and affect the availability of such instruments for investment and the fund's ability to pursue its investment strategies.

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**Other federal agency obligations —** Additional federal agency securities are neither direct obligations of, nor guaranteed by, the U.S. government. These obligations include securities issued by certain U.S. government agencies and government-sponsored entities. However, they generally involve some form of federal sponsorship: some operate under a congressional charter; some are backed by collateral consisting of "full faith and credit" obligations as described above; some are supported by the issuer's right to borrow from the Treasury; and others are supported only by the credit of the issuing government agency or entity. These agencies and entities include, but are not limited to: the Federal Home Loan Banks, the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae"), the Tennessee Valley Authority and the Federal Farm Credit Bank System.

In 2008, Freddie Mac and Fannie Mae were placed into conservatorship by their new regulator, the Federal Housing Finance Agency ("FHFA"). Simultaneously, the U.S. Treasury made a commitment of indefinite duration to maintain the positive net worth of both firms. As conservator, the FHFA has the authority to repudiate any contract either firm has entered into prior to the FHFA's appointment as conservator (or receiver should either firm go into default) if the FHFA, in its sole discretion determines that performance of the contract is burdensome and repudiation would promote the orderly administration of Fannie Mae's or Freddie Mac's affairs. While the FHFA has indicated that it does not intend to repudiate the guaranty obligations of either entity, doing so could adversely affect holders of their mortgage-backed securities. For example, if a contract were repudiated, the liability for any direct compensatory damages would accrue to the entity's conservatorship estate and could only be satisfied to the extent the estate had available assets. As a result, if interest payments on Fannie Mae or Freddie Mac mortgage-backed securities held by the fund were reduced because underlying borrowers failed to make payments or such payments were not advanced by a loan servicer, the fund's only recourse might be against the conservatorship estate, which might not have sufficient assets to offset any shortfalls.

The FHFA, in its capacity as conservator, has the power to transfer or sell any asset or liability of Fannie Mae or Freddie Mac. The FHFA has indicated it has no current intention to do this; however, should it do so a holder of a Fannie Mae or Freddie Mac mortgage-backed security would have to rely on another party for satisfaction of the guaranty obligations and would be exposed to the credit risk of that party.

Certain rights provided to holders of mortgage-backed securities issued by Fannie Mae or Freddie Mac under their operative documents may not be enforceable against the FHFA, or enforcement may be delayed during the course of the conservatorship or any future receivership. For example, the operative documents may provide that upon the occurrence of an event of default by Fannie Mae or Freddie Mac, holders of a requisite percentage of the mortgage-backed security may replace the entity as trustee. However, under the Federal Housing Finance Regulatory Reform Act of 2008, holders may not enforce this right if the event of default arises solely because a conservator or receiver has been appointed.

**Inflation-linked bonds —** The fund may invest in inflation-linked bonds issued by governments, their agencies or instrumentalities and corporations.

The principal amount of an inflation-linked bond is adjusted in response to changes in the level of an inflation index, such as the Consumer Price Index for Urban Consumers ("CPURNSA"). If the index measuring inflation falls, the principal value or coupon of these securities will be adjusted downward. Consequently, the interest payable on these securities will be reduced. Also, if the principal value of these securities is adjusted according to the rate of inflation, the adjusted principal value repaid at maturity may be less than the original principal. In the case of U.S. Treasury Inflation-Protected Securities ("TIPS"), currently the only inflation-linked security that is issued by the U.S. Treasury, the principal amounts are adjusted daily based upon changes in the rate of inflation (as currently represented by the non-seasonally adjusted CPURNSA, calculated with a three-month lag). TIPS may

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pay interest semi-annually, equal to a fixed percentage of the inflation-adjusted principal amount. The interest rate on these bonds is fixed at issuance, but over the life of the bond this interest may be paid on an increasing or decreasing principal amount that has been adjusted for inflation. The current market value of TIPS is not guaranteed and will fluctuate. However, the U.S. government guarantees that, at maturity, principal will be repaid at the higher of the original face value of the security (in the event of deflation) or the inflation adjusted value.

Other non-U.S. sovereign governments also issue inflation-linked securities that are tied to their own local consumer price indexes and that offer similar deflationary protection. In certain of these non-U.S. jurisdictions, the repayment of the original bond principal upon the maturity of an inflation-linked bond is not guaranteed, allowing for the amount of the bond repaid at maturity to be less than par. Corporations also periodically issue inflation-linked securities tied to CPURNSA or similar inflationary indexes. While TIPS and non-U.S. sovereign inflation-linked securities are currently the largest part of the inflation-linked market, the fund may invest in corporate inflation-linked securities.

The value of inflation-linked securities is expected to change in response to the changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. If inflation were to rise at a faster rate than nominal interest rates, real interest rates would decline, leading to an increase in value of the inflation-linked securities. In contrast, if nominal interest rates were to increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-linked securities. There can be no assurance, however, that the value of inflation-linked securities will be directly correlated to the changes in interest rates. If interest rates rise due to reasons other than inflation, investors in these securities may not be protected to the extent that the increase is not reflected in the security's inflation measure.

The interest rate for inflation-linked bonds is fixed at issuance as a percentage of this adjustable principal. Accordingly, the actual interest income may both rise and fall as the principal amount of the bonds adjusts in response to movements of the consumer price index. For example, typically interest income would rise during a period of inflation and fall during a period of deflation.

The market for inflation-linked securities may be less developed or liquid, and more volatile, than certain other securities markets. There is a limited number of inflation-linked securities currently available for the fund to purchase, making the market less liquid and more volatile than the U.S. Treasury and agency markets.

**Investing outside the United States —** Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, 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 are domiciled, operate or generate revenue or to which the securities are tied economically. These issuers may also be more susceptible to actions of foreign governments such as the imposition of price controls, sanctions, or punitive taxes that could adversely impact the value of these securities. To the extent the fund invests in securities that are denominated in currencies other than the U.S. dollar, 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. Securities markets in certain countries may be more volatile or less liquid than those in the United States. Investments outside the United States may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States 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, which could impact the liquidity of the fund's portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.

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Additional costs could be incurred in connection with the fund's investment activities outside the United States. Brokerage commissions may be higher outside the United States, and the fund will bear certain expenses in connection with its currency transactions. Furthermore, increased custodian costs may be associated with maintaining assets in certain jurisdictions.

**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 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 such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. 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, more vulnerable to market manipulation, and 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.

In countries where direct foreign investment is limited or prohibited, the fund may invest in operating companies based in such countries through an offshore intermediary entity that, based on contractual agreements, seeks to replicate the rights and obligations of direct equity ownership in such operating company. Because the contractual arrangements do not in fact bestow the fund with actual equity ownership in the operating company, these investment structures may limit the fund's rights as an investor and create significant additional risks. For example, local government authorities may determine that such structures do not comply with applicable laws and regulations, including those relating to restrictions on foreign ownership. In such event, the intermediary entity and/or the operating company may be subject to penalties, revocation of business and operating licenses or forfeiture of foreign ownership interests, and the fund's economic interests in the underlying operating company and its rights as an investor may not be recognized, resulting in a loss to the fund and its shareholders. In addition, exerting control through contractual arrangements may be less effective than direct equity ownership, and a company may incur substantial costs to enforce the terms of such arrangements, including those relating to the distribution of the funds among the entities. These special investment structures may also be disregarded for tax purposes by local tax authorities, resulting in increased tax liabilities, and the fund's control over – and distributions due from – such structures may be jeopardized if the individuals who hold the equity interest in such structures breach the terms of the agreements. While these structures may be widely used to circumvent limits on foreign ownership in certain jurisdictions, there is no assurance that they will be upheld by local regulatory authorities or that disputes regarding the same will be resolved consistently.

Although there is no universally accepted definition, the investment adviser generally considers an emerging market to be a market that is in the earlier stages of its industrialization cycle with a low per capita gross domestic product ("GDP") and a low market capitalization to GDP ratio relative to those in the United States and the European Union, and would include markets commonly referred to as

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"frontier markets." For example, the investment adviser currently expects that most countries not designated as developed markets by MSCI Inc. ("MSCI") will be treated as emerging markets for equity securities, and that most countries designated as emerging markets by J.P. Morgan or, if not available, Bloomberg will be treated as emerging markets for debt securities.

**Certain risk factors related to emerging markets**

**Currency fluctuations —** Certain emerging markets' currencies have experienced and in the future may experience significant declines against the U.S. dollar. For example, if the U.S. dollar appreciates against foreign currencies, the value of the fund's emerging markets securities holdings would generally depreciate and vice versa. Further, the fund may lose money due to losses and other expenses incurred in converting various currencies to purchase and sell securities valued in currencies other than the U.S. dollar, as well as from currency restrictions, exchange control regulation, governmental restrictions that limit or otherwise delay the fund's ability to convert or repatriate currencies and currency devaluations.

**Government regulation —** Certain emerging markets lack uniform accounting, auditing and financial reporting and disclosure standards, have less governmental supervision of financial markets than in the United States, and may not honor legal rights or protections enjoyed by investors in the United States. Certain governments may be more unstable and present greater risks of nationalization or restrictions on foreign ownership of local companies. Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval in some emerging markets. While the fund will only invest in markets where these restrictions are considered acceptable by the investment adviser, a country could impose new or additional repatriation restrictions after the fund's investment. If this happened, the fund's response might include, among other things, applying to the appropriate authorities for a waiver of the restrictions or engaging in transactions in other markets designed to offset the risks of decline in that country. Such restrictions will be considered in relation to the fund's liquidity needs and other factors. Further, some attractive equity securities may not be available to the fund if foreign shareholders already hold the maximum amount legally permissible.

While government involvement in the private sector varies in degree among emerging markets, such involvement may in some cases include government ownership of companies in certain sectors, wage and price controls or imposition of trade barriers and other protectionist measures. With respect to any emerging market, there is no guarantee that some future economic or political crisis will not lead to price controls, forced mergers of companies, expropriation, or creation of government monopolies to the possible detriment of the fund's investments.

**Fluctuations in inflation rates —** Rapid fluctuations in inflation rates may have negative impacts on the economies and securities markets of certain emerging market countries.

**Less developed securities markets —** Emerging markets may be less well-developed and regulated than other markets. These markets have lower trading volumes than the securities markets of more developed countries and may be unable to respond effectively to increases in trading volume. Consequently, these markets may be substantially less liquid than those of more developed countries, and the securities of issuers located in these markets may have limited marketability. These factors may make prompt liquidation of substantial portfolio holdings difficult or impossible at times.

**Settlement risks —** Settlement systems in emerging markets are generally less well organized than those of developed markets. Supervisory authorities may also be unable to apply

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standards comparable to those in developed markets. Thus, there may be risks that settlement may be delayed and that cash or securities belonging to the fund may be in jeopardy because of failures of or defects in the systems. In particular, market practice may require that payment be made before receipt of the security being purchased or that delivery of a security be made before payment is received. In such cases, default by a broker or bank (the "counterparty") through which the transaction is effected might cause the fund to suffer a loss. The fund will seek, where possible, to use counterparties whose financial status is such that this risk is reduced. However, there can be no certainty that the fund will be successful in eliminating this risk, particularly as counterparties operating in emerging markets frequently lack the standing or financial resources of those in developed countries. There may also be a danger that, because of uncertainties in the operation of settlement systems in individual markets, competing claims may arise with respect to securities held by or to be transferred to the fund.

**Limited market information —** The fund may encounter problems assessing investment opportunities in certain emerging markets in light of limitations on available information and different accounting, auditing and financial reporting standards. For example, due to jurisdictional limitations, the Public Company Accounting Oversight Board ("PCAOB"), which regulates auditors of U.S. reporting companies, may be unable to inspect the audit work and practices of PCAOB-registered auditing firms in certain emerging markets. As a result, there is greater risk that financial records and information relating to an issuer's operations in emerging markets will be incomplete or misleading, which may negatively impact the fund's investments in such company. When faced with limited market information, the fund's investment adviser will seek alternative sources of information, and to the extent the investment adviser is not satisfied with the sufficiency or accuracy of the information obtained with respect to a particular market or security, the fund will not invest in such market or security.

**Taxation —** Taxation of dividends, interest and capital gains received by the fund varies among emerging markets and, in some cases, is comparatively high. In addition, emerging markets typically have less well-defined tax laws and procedures and such laws may permit retroactive taxation so that the fund could become subject in the future to local tax liability that it had not reasonably anticipated in conducting its investment activities or valuing its assets.

**Fraudulent securities —** Securities purchased by the fund may subsequently be found to be fraudulent or counterfeit, resulting in a loss to the fund.

**Remedies —** Emerging markets may offer less protection to investors than U.S. markets and, in the event of investor harm, there may be substantially less recourse available to the fund and its shareholders. In addition, as a matter of law or practicality, the fund and its shareholders - as well as U.S. regulators - may encounter substantial difficulties in obtaining and enforcing judgments and other actions against non-U.S. individuals and companies.

**Derivatives —** In pursuing its investment objective(s), the fund may invest in derivative instruments. A derivative is a financial instrument, the value of which depends on, or is otherwise derived from, another underlying variable. Most often, the variable underlying a derivative is the price of a traded asset, such as a traditional cash security (e.g., a stock or bond), a currency or a commodity; however, the value of a derivative can be dependent on almost any variable, from the level of an index or a specified rate to the occurrence (or non-occurrence) of a credit event with respect to a specified reference asset. In addition to investing in forward currency contracts and currency options, as described under "Currency transactions," the fund may take positions in futures contracts and options on futures contracts and swaps, each of which is a derivative instrument described in greater detail below.

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Derivative instruments may be distinguished by the manner in which they trade: some are standardized instruments that trade on an organized exchange while others are individually negotiated and traded in the over-the-counter ("OTC") market. Derivatives also range broadly in complexity, from simple derivatives to more complex instruments. As a general matter, however, all derivatives — regardless of the manner in which they trade or their relative complexities — entail certain risks, some of which are different from, and potentially greater than, the risks associated with investing directly in traditional cash securities.

As is the case with traditional cash securities, derivative instruments are generally subject to counterparty credit risk; however, in some cases, derivatives may pose counterparty risks greater than those posed by cash securities. The use of derivatives involves the risk that a loss may be sustained by the fund as a result of the failure of the fund's counterparty to make required payments or otherwise to comply with its contractual obligations. For some derivatives, though, the value of — and, in effect, the return on — the instrument may be dependent on both the individual credit of the fund's counterparty and on the credit of one or more issuers of any underlying assets. If the fund does not correctly evaluate the creditworthiness of its counterparty and, where applicable, of issuers of any underlying reference assets, the fund's investment in a derivative instrument may result in losses. Further, if a fund's counterparty were to default on its obligations, the fund's contractual remedies against such counterparty may be subject to applicable bankruptcy and insolvency laws, which could affect the fund's rights as a creditor and delay or impede the fund's ability to receive the net amount of payments that it is contractually entitled to receive. Derivative instruments are subject to additional risks, including operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

The value of some derivative instruments in which the fund invests may be particularly sensitive to changes in prevailing interest rates, currency exchange rates or other market conditions. Like the fund's other investments, the ability of the fund to successfully utilize such derivative instruments may depend in part upon the ability of the fund's investment adviser to accurately forecast interest rates and other economic factors. The success of the fund's derivative investment strategy will also depend on the investment adviser's ability to assess and predict the impact of market or economic developments on the derivative instruments in which the fund invests, in some cases without having had the benefit of observing the performance of a derivative under all possible market conditions. If the investment adviser incorrectly forecasts such factors and has taken positions in derivative instruments contrary to prevailing market trends, or if the investment adviser incorrectly predicts the impact of developments on a derivative instrument, the fund could suffer losses.

Certain derivatives may also be subject to liquidity and valuation risks. The potential lack of a liquid secondary market for a derivative (and, particularly, for an OTC derivative, including swaps and OTC options) may cause difficulty in valuing or selling the instrument. If a derivative transaction is particularly large or if the relevant market is illiquid, as is often the case with many privately-negotiated OTC derivatives, the fund may not be able to initiate a transaction or to liquidate a position at an advantageous time or price. Particularly when there is no liquid secondary market for the fund's derivative positions, the fund may encounter difficulty in valuing such illiquid positions. The value of a derivative instrument does not always correlate perfectly with its underlying asset, rate or index, and many derivatives, and OTC derivatives in particular, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the fund.

Because certain derivative instruments may obligate the fund to make one or more potential future payments, which could significantly exceed the value of the fund's initial investments in such instruments, derivative instruments may also have a leveraging effect on the fund's portfolio. Certain derivatives have the potential for unlimited loss, irrespective of the size of the fund's investment in the

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instrument. When a fund leverages its portfolio, investments in that fund will tend to be more volatile, resulting in larger gains or losses in response to market changes.

The fund's compliance with the SEC's rule applicable to the fund's use of derivatives may limit the ability of the fund to use derivatives as part of its investment strategy. The rule requires that a fund that uses derivatives in more than a limited manner, which is currently the case for the fund, adopt a derivatives risk management program, appoint a derivatives risk manager and comply with an outer limit on leverage based on value at risk, or "VaR". VaR is an estimate of an instrument's or portfolio's potential losses over a given time horizon (i.e., 20 trading days) and at a specified confidence level (i.e., 99%). VaR will not provide, and is not intended to provide, an estimate of an instrument's or portfolio's maximum potential loss amount. For example, a VaR of 5% with a specified confidence level of 99% would mean that a VaR model estimates that 99% of the time a fund would not be expected to lose more than 5% of its total assets over the given time period. However, 1% of the time, the fund would be expected to lose more than 5% of its total assets, and in such a scenario the VaR model does not provide an estimate of the extent of this potential loss. The derivatives rule may not be effective in limiting the fund's risk of loss, as measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in the fund's derivatives or other investments. A fund is generally required to satisfy the rule's outer limit on leverage by limiting the fund's VaR to 200% of the VaR of a designated reference portfolio that does not utilize derivatives each business day. If a fund does not have an appropriate designated reference portfolio in light of the fund's investments, investment objectives and strategy, a fund must satisfy the rule's outer limit on leverage by limiting the fund's VaR to 20% of the value of the fund's net assets each business day.

**Options** — The fund may invest in option contracts, including options on futures and options on currencies, as described in more detail under "Futures and Options on Futures" and "Currency Transactions," respectively. An option contract is a contract that gives the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument underlying the option) at a specified exercise price. The writer of an option on a security has the obligation, upon exercise of the option, to cash settle or deliver the underlying currency or instrument upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying currency or instrument and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the currency or instrument underlying the option (or to deliver the cash value of the instrument underlying the option) at a specified exercise price, which is also referred to as the strike price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the option premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or cash settles) at the strike price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

As a buyer of a put option, the fund can expect to realize a gain if the price of the underlying currency or instrument falls substantially. However, if the price of the underlying currency or instrument does not fall enough to offset the cost of purchasing the option, the fund can expect to suffer a loss, albeit a loss limited to the amount of the option premium plus any applicable transaction costs.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying currency or instrument (or cash settle) at the specified strike price. The

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buyer of a call option typically attempts to participate in potential price increases of the underlying currency or instrument with risk limited to the cost of the option if the price of the underlying currency or instrument falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying currency or instrument does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the strike price for the option's underlying currency or instrument if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the strike price while the option is outstanding, regardless of price changes.

If the price of the underlying currency or instrument rises, a put writer would generally expect to profit, although its gain would be limited to the amount of the premium it received. If the price of the underlying currency or instrument remains the same over time, it is likely that the writer would also profit because it should be able to close out the option at a lower price. This is because an option's value decreases with time as the currency or instrument approaches its expiration date. If the price of the underlying currency or instrument falls, the put writer would expect to suffer a loss. This loss should be less than the loss from purchasing the underlying currency or instrument directly, however, because the premium received for writing the option should mitigate the effects of the decline.

Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying currency or instrument in return for the strike price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Several risks are associated with transactions in options on currencies, securities and other instruments (referred to as the "underlying instruments"). For example, there may be significant differences between the underlying instruments and options markets that could result in an imperfect correlation between these markets, which could cause a given transaction not to achieve its objectives. When a put or call option on a particular underlying instrument is purchased to hedge against price movements in a related underlying instrument, for example, the price to close out the put or call option may move more or less than the price of the related underlying instrument.

Options prices can diverge from the prices of their underlying instruments for a number of reasons. Options prices are affected by such factors as current and anticipated short-term interest rates, changes in the volatility of the underlying instrument, and the time remaining until expiration of the contract, which may not affect security prices in the same way. Imperfect correlation may also result from differing levels of demand in the options markets and the markets for the underlying instruments, from structural differences in how options and underlying instruments are traded, or from imposition of daily price fluctuation limits or trading halts. The fund may purchase or sell options contracts with a greater or lesser value than the underlying instruments it wishes to hedge or intends to purchase in order to attempt to compensate for differences in volatility between the contract and the underlying instruments, although this may not be successful. If price changes in the fund's options positions are less correlated with its other investments, the positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.

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There is no assurance that a liquid market will exist for any particular options contract at any particular time. Options may have relatively low trading volumes and liquidity if their strike prices are not close to the current prices of the underlying instruments. In addition, exchanges may establish daily price fluctuation limits for exchange-traded options contracts and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached or a trading halt is imposed, it may be impossible to enter into new positions or to close out existing positions. If the market for a contract is not liquid because of price fluctuation limits or otherwise, it could prevent prompt liquidation of unfavorable positions and could potentially require the fund to hold a position until delivery or expiration regardless of changes in its value.

Combined positions involve purchasing and writing options in combination with each other, or in combination with futures or forward contracts, in order to adjust the risk and return profile of the fund's overall position. For example, purchasing a put option and writing a call option on the same underlying instrument could construct a combined position with risk and return characteristics similar to selling a futures contract (but with leverage embedded). Another possible combined position would involve writing a call option at one strike price and buying a call option at a lower strike price to reduce the risk of the written call option in the event of a substantial price increase. Because such combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

**Futures and options on futures** — The fund may enter into futures contracts and options on futures contracts to seek to manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. A futures contract is an agreement to buy or sell a security or other financial instrument (the "reference asset") for a set price on a future date. An option on a futures contract gives the holder of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date. Futures contracts and options on futures contracts are standardized, exchange-traded contracts, and, when such contracts are bought or sold, the fund will incur brokerage fees and will be required to maintain margin deposits.

Unlike when the fund purchases or sells a security, such as a stock or bond, no price is paid or received by the fund upon the purchase or sale of a futures contract. When the fund enters into a futures contract, the fund is required to deposit with its futures broker, known as a futures commission merchant ("FCM"), a specified amount of liquid assets in a segregated account in the name of the FCM at the applicable derivatives clearinghouse or exchange. This amount, known as initial margin, is set by the futures exchange on which the contract is traded and may be significantly modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract, which is returned to the fund upon termination of the contract, assuming all contractual obligations have been satisfied. Additionally, on a daily basis, the fund pays or receives cash, or variation margin, equal to the daily change in value of the futures contract. Variation margin does not represent a borrowing or loan by the fund but is instead a settlement between the fund and the FCM of the amount one party would owe the other if the futures contract expired. In computing daily net asset value, the fund will mark-to-market its open futures positions. A fund is also required to deposit and maintain margin with an FCM with respect to put and call options on futures contracts written by the fund. Such margin deposits will vary depending on the nature of the underlying futures contract (and related initial margin requirements), the current market value of the option, and other futures positions held by the fund. In the event of the bankruptcy or insolvency of an FCM that holds margin on behalf of the fund, the fund may be entitled to return of margin owed to it only in proportion to the amount received by the FCM's other customers, potentially resulting in losses to the fund. An event of bankruptcy or insolvency at a clearinghouse or exchange holding initial margin could also result in losses for the fund.

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When the fund invests in futures contracts and options on futures contracts and deposits margin with an FCM, the fund becomes subject to so-called "fellow customer" risk – that is, the risk that one or more customers of the FCM will default on their obligations and that the resulting losses will be so great that the FCM will default on its obligations and margin posted by one customer, such as the fund, will be used to cover a loss caused by a different defaulting customer. Applicable Commodity Futures Trading Commission ("CFTC") rules generally prohibit the use of one customer's funds to meet the obligations of another customer and limit the ability of an FCM to use margin posed by non-defaulting customers to satisfy losses caused by defaulting customers. As a general matter, an FCM is required to use its own funds to meet a defaulting customer's obligations. While a customer's loss would likely need to be substantial before non-defaulting customers would be exposed to loss on account of fellow customer risk, applicable CFTC rules nevertheless permit the commingling of margin and do not limit the mutualization of customer losses from investment losses, custodial failures, fraud or other causes. If the loss is so great that, notwithstanding the application of an FCM's own funds, there is a shortfall in the amount of customer funds required to be held in segregation, the FCM could default and be placed into bankruptcy. Under these circumstances, bankruptcy law provides that non-defaulting customers will share pro rata in any shortfall. A shortfall in customer segregated funds may also make the transfer of the accounts of non-defaulting customers to another FCM more difficult.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the reference asset, in practice, most futures contracts are usually closed out before the delivery date by offsetting purchases or sales of matching futures contracts. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical reference asset and the same delivery date. If the offsetting purchase price is less than the original sale price (in each case taking into account transaction costs, including brokerage fees), the fund realizes a gain; if it is more, the fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price (in each case taking into account transaction costs, including brokerage fees), the fund realizes a gain; if it is less, the fund realizes a loss.

The fund may purchase and write call and put options on futures. A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract, and the writer is assigned the opposite short position. The opposite is true in the case of a put option. A call option is "in the money" if the value of the futures contract that is the subject of the option exceeds the exercise price. A put option is "in the money" if the exercise price exceeds the value of the futures contract that is the subject of the option. See also "Options" above for a general description of investment techniques and risks relating to options.

The value of a futures contract tends to increase and decrease in tandem with the value of its underlying reference asset. Purchasing futures contracts will, therefore, tend to increase the fund's exposure to positive and negative price fluctuations in the reference asset, much as if the fund had purchased the reference asset directly. When the fund sells a futures contract, by contrast, the value of its futures position will tend to move in a direction contrary to the market for the reference asset. Accordingly, selling futures contracts will tend to offset both positive and negative market price changes, much as if the reference asset had been sold.

There is no assurance that a liquid market will exist for any particular futures or futures options contract at any particular time. Futures exchanges may establish daily price fluctuation limits for futures contracts and may halt trading if a contract's price moves upward or downward more than the limit in a given day. On volatile trading days, when the price fluctuation limit is

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reached and a trading halt is imposed, it may be impossible to enter into new positions or close out existing positions. If the market for a futures contract is not liquid because of price fluctuation limits or other market conditions, the fund may be prevented from promptly liquidating unfavorable futures positions and the fund could be required to continue to hold a position until delivery or expiration regardless of changes in its value, potentially subjecting the fund to substantial losses. Additionally, the fund may not be able to take other actions or enter into other transactions to limit or reduce its exposure to the position. Under such circumstances, the fund would remain obligated to meet margin requirements until the position is cleared. As a result, the fund's access to other assets posted as margin for its futures positions could also be impaired.

Although futures exchanges generally operate similarly in the United States and abroad, foreign futures exchanges may follow trading, settlement and margin procedures that are different than those followed by futures exchanges in the United States. Futures and futures options contracts traded outside the United States may not involve a clearing mechanism or related guarantees and may involve greater risk of loss than U.S.-traded contracts, including potentially greater risk of losses due to insolvency of a futures broker, exchange member, or other party that may owe initial or variation margin to the fund. Margin requirements on foreign futures exchanges may be different than those of futures exchanges in the United States, and, because initial and variation margin payments may be measured in foreign currency, a futures or futures options contract traded outside the United States may also involve the risk of foreign currency fluctuations.

**Swaps —** The fund may enter into swaps, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return.

Swaps can be traded on a swap execution facility ("SEF") and cleared through a central clearinghouse (cleared), traded OTC and cleared, or traded bilaterally and not cleared. For example, standardized interest rate swaps and standardized credit default swap indices are traded on SEFs and cleared. Other forms of swaps, such as total return swaps and certain types of interest rate swaps and credit default swap indices are entered into on a bilateral basis. 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 swaps, the fund will enter into swaps only with counterparties that meet certain credit standards and have agreed to specific collateralization procedures; however, if the counterparty's creditworthiness deteriorates rapidly and the counterparty defaults on its obligations under the swap or declares bankruptcy, the fund may lose any amount it expected to receive from the counterparty. In addition, bilateral swaps are subject to certain regulatory margin requirements that mandate the posting and collection of minimum margin amounts, which may result in the fund and its counterparties posting higher margin amounts for bilateral swaps than would otherwise be the case.

The term of a swap can be days, months or years and certain swaps may be less liquid than others. If a swap is particularly large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

Swaps can take different forms. The fund may enter into the following types of swaps:

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**Interest rate swaps —** The fund may enter into interest rate swaps to seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate ("SOFR"), prime rate or other benchmark, or on an inflation index such as the U.S. Consumer Price Index (which is a measure that examines the weighted average of prices of a basket of consumer goods and services and measures changes in the purchasing power of the U.S. dollar and the rate of inflation). In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the fund's current obligation or right under the swap is generally equal to the net amount to be paid or received under the swap based on the relative value of the position held by each party.

In addition to the risks of entering into swaps discussed above, the use of interest rate swaps involves the risk of losses if interest rates change.

**Total return swaps —** The fund may enter into total return swaps in order to gain exposure to a market or security without owning or taking physical custody of such security or investing directly in such market. A total return swap is an agreement in which one party agrees to make periodic payments to the other party based on the change in market value of the assets underlying the contract during the specified term in exchange for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. The asset underlying the contract may be a single security, a basket of securities or a securities index. Like other swaps, the use of total return swaps involves certain risks, including potential losses if a counterparty defaults on its payment obligations to the fund or the underlying assets do not perform as anticipated. There is no guarantee that entering into a total return swap will deliver returns in excess of the interest costs involved and, accordingly, the fund's performance may be lower than would have been achieved by investing directly in the underlying assets.

**Credit default swap indices —** In order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks, the fund may invest in credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"). Additionally, in order to assume exposure to the commercial mortgage-backed security sector or to hedge against existing credit and market risks within such sector, the fund may invest in mortgage-backed security credit default swap indices, including the CMBX index (collectively referred to as "CMBXIs").

A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. A CMBXI is a tradeable index referencing a basket of commercial mortgage-backed securities. In a typical CDSI or CMBXI 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. Also, if a restructuring credit event occurs in an iTraxx index,

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the fund as protection buyer may receive a single name credit default swap ("CDS") representing the relevant constituent.

The fund may enter into a CDSI or CMBXI 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.

The use of CDSI or CMBXI, like all other swaps, is subject to certain risks, including the risk that the fund's counterparty will default on its obligations. If such a default were to occur, any contractual remedies that the fund might have may be subject to applicable bankruptcy laws, which could delay or limit the fund's recovery. Thus, if the fund's counterparty to a CDSI or CMBXI transaction defaults on its obligation to make payments thereunder, the fund may lose such payments altogether or collect only a portion thereof, which collection could involve substantial costs or delays.

Additionally, when the fund invests in a CDSI or CMBXI as a protection seller, the fund will be indirectly exposed to the creditworthiness of issuers of the underlying reference obligations in the index. If the investment adviser to the fund does not correctly evaluate the creditworthiness of issuers of the underlying instruments on which the CDSI or CMBXI is based, the investment could result in losses to the fund.

**Prepayment —** Prepayment risk occurs when a debt investment held by the fund can be repaid in whole or in part prior to its maturity. The amount of pre-payable obligations in which the fund invests from time to time will be affected by general business conditions, market interest rates, borrowers' financial conditions and competitive conditions among lenders. In a period of declining interest rates, borrowers are more likely to prepay investments more quickly than anticipated, reducing the yield to maturity and the average life of the relevant investment. Moreover, when the fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest that is lower than the rate on the security that was prepaid. To the extent that the fund purchases the relevant investment at a premium, prepayments could result in a loss to the extent of the premium paid. If the fund buys such investments at a discount, both scheduled payments and unscheduled prepayments will increase current and total returns and unscheduled prepayments will also accelerate the recognition of income which could be taxable as ordinary income to Shareholders. In a period of rising interest rates, prepayments of investments could occur at a slower than expected rate, creating maturity extension risk. This particular risk could effectively change an investment that was considered short- or intermediate-term at the time of purchase into a longer-term investment. Because the value of longer-term investments generally fluctuates more widely in response to changes in interest rates than shorter-term investments, maturity extension risk could increase the volatility of the fund. When interest rates decline, the value of an investment with prepayment features might not increase as much

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as that of other fixed-income instruments, and, as noted above, changes in market rates of interest could accelerate or delay prepayments and thus affect maturities.

**Currency transactions —** The fund may enter into currency transactions on a spot (i.e., cash) basis at the prevailing rate in the currency exchange market to provide for the purchase or sale of a currency needed to purchase a security denominated in such currency. In addition, the fund may enter into forward currency contracts and may purchase and sell options on currencies to protect against changes in currency exchange rates, to increase exposure to a particular foreign currency, to shift exposure to currency fluctuations from one currency to another or to seek to increase returns. A forward currency contract is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Some forward currency contracts, called non-deliverable forwards or NDFs, do not call for physical delivery of the currency and are instead settled through cash payments. Forward currency contracts are typically privately negotiated and traded in the interbank market between large commercial banks (or other currency traders) and their customers. Although forward contracts entered into by the fund will typically involve the purchase or sale of a currency against the U.S. dollar, the fund also may purchase or sell a non-U.S. currency against another non-U.S. currency.

The fund may also purchase or write put and call options on foreign currencies on exchanges or in the over-the-counter ("OTC") market. A put option on a foreign currency gives the purchaser of the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires. Currency options, to the extent not exercised, will expire and the fund, as the purchaser, would experience a loss to the extent of the premium paid for the option. Instead of purchasing a call option to hedge against an anticipated increase in the dollar cost of securities to be acquired, the fund could write a put option on the relevant currency, which, if exchange rates move in the manner projected, will expire unexercised and allow the fund to hedge such increased cost up to the amount of the premium. As in the case of other types of options, however, writing a currency option will provide a hedge only up to the amount of the premium, and only if exchange rates move in the expected direction. If this does not occur, the option may be exercised and the fund would be required to purchase or sell the underlying currency at a loss that may not be offset by the amount of the premium. Through the writing of options on foreign currencies, the fund also may be required to forego all or a portion of the benefit that might otherwise have been obtained from favorable movements in exchange rates. OTC options are bilateral contracts that are individually negotiated and they are generally less liquid than exchange-traded options. Although this type of arrangement allows the purchaser or writer greater flexibility to tailor an option to its needs, OTC options generally involve credit risk to the counterparty, whereas for exchange-traded options, credit risk is mutualized through the involvement of the applicable clearing house. Currency options traded on exchanges may be subject to position limits, which may limit the ability of the fund to reduce currency risk using such options. To the extent that the U.S. options markets are closed while the markets for the underlying currencies remain open, substantial price and rate movements may take place in the currency markets that cannot be reflected in the U.S. options markets. See also "Options" for a general description of investment techniques and risks relating to options.

Currency exchange rates generally are determined by forces of supply and demand in the foreign exchange markets and the relative merits of investment in different countries as viewed from an international perspective. Currency exchange rates, as well as foreign currency transactions, can also be affected unpredictably by intervention by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Such intervention or other events could prevent the fund from entering into foreign currency transactions, force the fund to exit such transactions at an unfavorable time or price or result in penalties to the fund, any of which may result in losses to the fund.

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Generally, the fund will not attempt to protect against all potential changes in exchange rates and the use of forward contracts does not eliminate the risk of fluctuations in the prices of the underlying securities. If the value of the underlying securities declines or the amount of the fund's commitment increases because of changes in exchange rates, the fund may need to provide additional cash or securities to satisfy its commitment under the forward contract. The fund is also subject to the risk that it may be delayed or prevented from obtaining payments owed to it under the forward contract as a result of the insolvency or bankruptcy of the counterparty with which it entered into the forward contract or the failure of the counterparty to comply with the terms of the contract.

The realization of gains or losses on foreign currency transactions will usually be a function of the investment adviser's ability to accurately estimate currency market movements. Entering into forward currency transactions may change the fund's exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as expected by the fund's investment adviser. For example, if the fund's investment adviser increases the fund's exposure to a foreign currency using forward contracts and that foreign currency's value declines, the fund may incur a loss. In addition, while entering into forward currency transactions could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain that may result from an increase in the value of the currency. See also the "Derivatives" section under "Description of certain securities, investment techniques and risks" for a general description of investment techniques and risks relating to derivatives, including certain currency forwards and currency options.

Forward currency contracts may give rise to leverage, or exposure to potential gains and losses in excess of the initial amount invested. Leverage magnifies gains and losses and could cause the fund to be subject to more volatility than if it had not been leveraged, thereby resulting in a heightened risk of loss. Forward currency contracts are considered derivatives. Accordingly, under the SEC's rule applicable to the fund's use of derivatives, a fund's obligations with respect to these instruments will depend on the fund's aggregate usage of and exposure to derivatives, and the fund's usage of forward currency contracts is subject to written policies and procedures reasonably designed to manage the fund's derivatives risk.

Forward currency transactions also may affect the character and timing of income, gain, or loss recognized by the fund for U.S. tax purposes. The use of forward currency contracts could result in the application of the mark-to-market provisions of the Internal Revenue Code of 1986 as amended (the "Code") and may cause an increase (or decrease) in the amount of taxable dividends paid by the fund.

**Indirect exposure to cryptocurrencies –** Cryptocurrencies are digital assets which may act as a store of wealth, a medium of exchange or an investment asset. There are thousands of cryptocurrencies, such as bitcoin. Although the fund has no current intention of directly investing in cryptocurrencies, some issuers accept cryptocurrency for payment of services, use cryptocurrencies as reserve assets and/or invest in cryptocurrencies, and the fund may have exposure to cryptocurrencies through investments in securities of such issuers. The fund may also invest in securities of issuers which provide cryptocurrency-related services.

Cryptocurrencies are subject to fluctuations in value. Cryptocurrencies are not backed by any government, corporation or other identified body. Rather, the value of a cryptocurrency is determined by other factors, such as the perceived future prospects or the supply and demand for such cryptocurrency in the global market for the trading of cryptocurrency. Cryptocurrencies may trade on platforms which are largely unregulated and may be more exposed to operational or technical issues as well as fraud or manipulation in comparison to established, regulated exchanges for securities, derivatives and traditional currencies. The values of cryptocurrencies have been, and may in the future continue to be, highly volatile and subject to sudden and significant increases and declines. The value of a cryptocurrency may decline precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a loss of confidence in its network or a change in user preference to other cryptocurrencies. The value of securities of issuers with significant holdings of cryptocurrencies

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may be subject to, among other things, fluctuations in the value of such cryptocurrencies, and such issuers may experience custody issues and/or lose their cryptocurrency holdings through theft, hacking, or technical glitches in the applicable blockchain. The fund may experience losses as a result of the decline in value of its securities of issuers that own cryptocurrencies or which provide cryptocurrency-related services. If an issuer that owns cryptocurrencies intends to pay a dividend using such holdings or to otherwise make a distribution of such holdings to its stockholders, such dividends or distributions may face regulatory, operational and technical issues.

Factors affecting the further development, use, and exchange of cryptocurrency include, but are not limited to: continued worldwide growth of, or possible cessation of or reversal in, the adoption and use of cryptocurrencies and other digital assets; the developing regulatory environment relating to cryptocurrencies, including the characterization of cryptocurrencies as currencies, commodities, or securities, the tax treatment of cryptocurrencies, and government and quasi-government regulation or restrictions on, or regulation of access to and operation of, cryptocurrency networks and the exchanges on which cryptocurrencies trade, including anti-money laundering regulations and requirements; perceptions regarding the environmental impact of a cryptocurrency; changes in consumer demographics and public preferences; general economic conditions; maintenance and development of open-source software protocols; the availability and popularity of other forms or methods of buying and selling goods and services; the use of the networks supporting digital assets, such as those for developing smart contracts and distributed applications; and general risks tied to the use of information technologies, including cyber risks. A hack or failure of one cryptocurrency may lead to a loss in confidence in, and thus decreased usage and/or value of, other cryptocurrencies.

**Forward commitment, when issued and delayed delivery transactions —** The fund may enter into commitments to purchase or sell securities at a future date. When the fund agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of the agreement, and when the fund agrees to sell such securities, it assumes the risk of any increase in value of the security. If the other party to such a transaction fails to deliver or pay for the securities, the fund could miss a favorable price or yield opportunity, or could experience a loss.

The fund may roll such transactions in lieu of taking physical delivery of the contract's underlying assets on the settlement date. When rolling the purchase of these types of transactions, the fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date, at a pre-determined price. When rolling the sale of these types of transactions, the fund purchases mortgage-backed securities for delivery in the current month and simultaneously contracts to sell substantially similar (same type, coupon, and maturity) securities on a specified future date, at a pre-determined price.

When rolling these types of transactions, during the period between the initial sale (or purchase) and subsequent repurchase (or sale) (the "roll period"), the fund forgoes principal and interest paid on the mortgage-backed securities. The fund is compensated by the price differential between the original and new contracts (often referred to as the "drop"), if any, as well as by the interest earned on the cash proceeds of any sales. The fund also takes the risk that market prices or characteristics of the underlying mortgage-backed securities may move unfavorably between the original and new contracts. The fund could suffer a loss if the contracting party fails to perform the future transaction and the fund is therefore unable to buy or sell back the mortgage-backed securities it initially either sold or purchased, respectively. These transactions are accounted for as purchase and sale transactions, which contribute to the fund's portfolio turnover rate.

With to be announced ("TBA") transactions, the particular securities (i.e., specified mortgage pools) to be delivered or received are not identified at the trade date, but are "to be announced" at a later settlement date. However, securities to be delivered must meet specified criteria, including face value, coupon rate and maturity, and be within industry-accepted "good delivery" standards. The fund will

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not use these transactions for the purpose of leveraging. Although these transactions will not be entered into for leveraging purposes, the fund temporarily could be in a leveraged position (because it may have an amount greater than its net assets subject to market risk). Should market values of the fund's portfolio securities decline while the fund is in a leveraged position, greater depreciation of its net assets would likely occur than if it were not in such a position. After a transaction is entered into, the fund may still dispose of or renegotiate the transaction. Additionally, prior to receiving delivery of securities as part of a transaction, the fund may sell such securities.

When the fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a short position in such TBA securities), the fund may or may not hold the types of mortgage-backed securities required to be delivered. To the extent the fund has sold such a security on a when-issued, delayed delivery, or forward commitment basis, the fund would not participate in future gains or losses with respect to the security if the fund holds such security. If the other party to a transaction fails to pay for the securities, the fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery or forward commitment basis without owning the security, the fund will incur a loss if the security's price appreciates in value such that the security's price is above the agreed-upon price on the settlement date.

Under the SEC's rule applicable to the fund's use of derivatives, when issued, forward-settling and nonstandard settlement cycle securities, as well as TBAs and roll transactions, will be treated as derivatives unless the fund intends to physically settle these transactions and the transactions will settle within 35 days of their respective trade dates.

**Inverse floating rate notes —** The fund may invest in inverse floating rate notes (a type of derivative instrument). These notes have rates that move in the opposite direction of prevailing interest rates. A change in prevailing interest rates will often result in a greater change in these instruments' interest rates. As a result, these instruments may have a greater degree of volatility than other types of interest-bearing securities.

**Real estate investment trusts —** Real estate investment trusts ("REITs"), which primarily invest in real estate or real estate-related loans, may issue equity or debt securities. Equity REITs own real estate properties, while mortgage REITs hold construction, development and/or long-term mortgage loans. The values of REITs may be affected by changes in the value of the underlying property of the trusts, the creditworthiness of the issuer, property taxes, interest rates, tax laws and regulatory requirements, such as those relating to the environment. Both types of REITs are dependent upon management skill and the cash flows generated by their holdings, the real estate market in general and the possibility of failing to qualify for any applicable pass-through tax treatment or failing to maintain any applicable exemptive status afforded under relevant laws.

**Reinsurance related notes and bonds —** The fund may invest in reinsurance related notes and bonds. These instruments, which are typically issued by special purpose reinsurance companies, transfer an element of insurance risk to the note or bond holders. For example, such a note or bond could provide that the reinsurance company would not be required to repay all or a portion of the principal value of the note or bond if losses due to a catastrophic event under the policy (such as a major hurricane) exceed certain dollar thresholds. Consequently, the fund may lose the entire amount of its investment in such bonds or notes if such an event occurs and losses exceed certain dollar thresholds. In this instance, investors would have no recourse against the insurance company. These instruments may be issued with fixed or variable interest rates and rated in a variety of credit quality categories by the rating agencies.

**Cash and cash equivalents —** The fund may hold cash or invest in cash equivalents. Cash equivalents include, but are not limited to: (*a*) shares of money market or similar funds managed by the investment

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adviser or its affiliates; (*b*) shares of other money market funds; (*c*) commercial paper; (*d*) short-term bank obligations (for example, certificates of deposit, bankers' acceptances (time drafts on a commercial bank where the bank accepts an irrevocable obligation to pay at maturity)) or bank notes; (*e*) savings association and savings bank obligations (for example, bank notes and certificates of deposit issued by savings banks or savings associations); (*f*) securities of the U.S. government, its agencies or instrumentalities that mature, or that may be redeemed, in one year or less; and (*g*) higher quality corporate bonds and notes that mature, or that may be redeemed, in one year or less.

**Commercial paper —** The fund may purchase commercial paper. Commercial paper refers to short-term promissory notes issued by a corporation to finance its current operations. Such securities normally have maturities of thirteen months or less and, though commercial paper is often unsecured, commercial paper may be supported by letters of credit, surety bonds or other forms of collateral. Maturing commercial paper issuances are usually repaid by the issuer from the proceeds of new commercial paper issuances. As a result, investment in commercial paper is subject to rollover risk, or the risk that the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper. Like all fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline and vice versa. However, the short-term nature of a commercial paper investment makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer will default on its commercial paper obligations and commercial paper may become illiquid or suffer from reduced liquidity in these or other situations.

Commercial paper in which the fund may invest includes commercial paper issued in reliance on the exemption from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the "1933 Act"). Section 4(a)(2) commercial paper has substantially the same price and liquidity characteristics as commercial paper generally, except that the resale of Section 4(a)(2) commercial paper is limited to institutional investors who agree that they are purchasing the paper for investment purposes and not with a view to public distribution. Technically, such a restriction on resale renders Section 4(a)(2) commercial paper a restricted security under the 1933 Act. In practice, however, Section 4(a)(2) commercial paper typically can be resold as easily as any other unrestricted security held by the fund. Accordingly, Section 4(a)(2) commercial paper has been generally determined to be liquid under procedures adopted by the fund's board of trustees.

**Temporary investments —** During the period in which the net proceeds of the offering of shares are being invested or during periods in which the investment adviser determines that economic, market or political conditions are unfavorable to investors and a defensive strategy would benefit the fund, the fund could deviate from its investment objective and strategies. During such periods, the fund invests all or a portion of its assets in certain short-term (less than one year to maturity) and medium-term (not greater than five years to maturity) debt securities or hold cash and cash equivalents. It is likely that the fund would not achieve its investment objective when it does so. It is impossible to predict when, or for how long, the fund will use these alternative strategies. There can be no assurance that such strategies will be successful.

In addition, subject to applicable law, the fund may, in the investment adviser's sole discretion, hold cash, cash equivalents, other short-term securities or investments in money market funds pending investment by the fund in other securities, in order to fund anticipated repurchases, expenses of the fund or other operational needs, or otherwise.

**Restricted or illiquid securities —** 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

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market participants to make a market in such holding. Restricted securities, for example, may only be sold pursuant to an exemption from registration under the Securities Act of 1933, as amended (the "1933 Act"), or in a registered public offering. Where registration is required, the holder of a registered security may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time it may be permitted to sell a security under an effective registration statement. 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 a fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss. The fund may incur significant additional costs in disposing of illiquid securities.

**Maturity / duration —** There are no restrictions on the maturity or duration composition of the portfolio. The fund invests in debt securities with a wide range of maturities or duration. Under normal market conditions, longer term securities yield more than shorter term securities, but are subject to greater price fluctuations. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. For example, the price of a security with a duration of one year would be expected to fall approximately 1% if interest rates rose by one percentage point. Maturity and duration both measure a bond's price sensitivity to a change in interest rates. That said, the maturity of a security measures only the time until a final bond payment is due, whereas duration takes into account the pattern of all payments of interest and principal on a security over time, including how these payments are affected by prepayments and changes in interest rates, as well as the time until an interest rate is reset (in the case of variable-rate securities).

**Adjustment of maturities —** The investment adviser and sub-adviser seek to anticipate movements in interest rates and may adjust the maturity distribution of the fund's portfolio accordingly, keeping in mind the fund's objective(s).

**Risk of non-compliance with certain federal requirements —** The Internal Revenue Code of 1986 (the "Code") imposes limitations on the use and investment of the proceeds of state and local governmental bonds and of other funds of the issuers of such bonds. These limitations must be satisfied on a continuing basis to maintain the exclusion from gross income of interest on such bonds. The investment adviser relies on the opinion of bond counsel. Bond counsel qualify their opinions as to the federal tax status of new issues of bonds by making such opinions contingent on the issuer's future compliance with these limitations. Any failure on the part of an issuer to comply could cause the interest on its bonds to become taxable to investors retroactive to the date the bonds were issued. These restrictions in the Code also may affect the availability of certain municipal securities.

**Cybersecurity risks —** With the increased use of technologies such as the Internet to conduct business, the fund has become potentially more susceptible to operational and information security risks through breaches in cybersecurity. In general, a breach in cybersecurity can result from either a deliberate attack or an unintentional event. Cybersecurity breaches may involve, among other things, "ransomware" attacks, injection of computer viruses or malicious software code, or the use of vulnerabilities in code to gain unauthorized access to digital information systems, networks or devices that are used directly or indirectly by the fund or its service providers through "hacking" or other means. Cybersecurity risks also include the risk of losses of service resulting from external attacks that do not require unauthorized access to the fund's systems, networks or devices. For example, denial-of-service attacks on the investment adviser's or an affiliate's website could effectively render the fund's network services unavailable to fund shareholders and other intended end-users. Any such cybersecurity breaches or losses of service may, among other things, cause the fund to lose proprietary information, suffer data corruption or lose operational capacity, or may result in the misappropriation, unauthorized release or other misuse of the fund's assets or sensitive information (including shareholder personal information or other confidential information), the inability of fund

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shareholders to transact business, or the destruction of the fund's physical infrastructure, equipment or operating systems. These, in turn, could cause the fund to violate applicable privacy and other laws and incur or suffer regulatory penalties, reputational damage, additional costs (including compliance costs) associated with corrective measures and/or financial loss. While the fund and its investment adviser have established business continuity plans and risk management systems designed to prevent or reduce the impact of cybersecurity attacks, there are inherent limitations in such plans and systems due in part to the ever-changing nature of technology and cybersecurity attack tactics, and there is a possibility that certain risks have not been adequately identified or prepared for.

In addition, cybersecurity failures by or breaches of the fund's third-party service providers (including, but not limited to, the fund's investment adviser, transfer agent, custodian, administrators and other financial intermediaries) may disrupt the business operations of the service providers and of the fund, potentially resulting in financial losses, the inability of fund shareholders to transact business with the fund and of the fund to process transactions, the inability of the fund to calculate its net asset value, violations of applicable privacy and other laws, rules and regulations, regulatory fines, penalties, reputational damage, reimbursement or other compensatory costs and/or additional compliance costs associated with implementation of any corrective measures. The fund and its shareholders could be negatively impacted as a result of any such cybersecurity breaches, and there can be no assurance that the fund will not suffer losses relating to cybersecurity attacks or other informational security breaches affecting the fund's third-party service providers in the future, particularly as the fund cannot control any cybersecurity plans or systems implemented by such service providers.

Cybersecurity risks may also impact issuers of securities in which the fund invests, which may cause the fund's investments in such issuers to lose value.

**Affiliated investment companies —** The fund may purchase shares of certain other investment companies managed by the investment adviser or its affiliates ("Central Funds"). The risks of owning another investment company are similar to the risks of investing directly in the securities in which that investment company invests. Investments in other investment companies could allow the fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct investments in a particular asset class, and will subject the fund to the risks associated with the particular asset class or asset classes in which an underlying fund invests. However, an investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the fund's performance. Any investment in another investment company will be consistent with the fund's objective(s) and applicable regulatory limitations. Central Funds do not charge management fees. As a result, the fund does not bear additional management fees when investing in Central Funds, but the fund does bear its proportionate share of Central Fund expenses.

**Regulated investment company matters —** To qualify and remain eligible for the special tax treatment accorded to regulated investment companies, or RICs, and their shareholders under the Code, the fund must meet certain source-of-income, asset diversification and annual distribution requirements. Very generally, in order to qualify as a RIC, the fund must derive at least 90% of its gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income derived with respect to its business of investing in stock or other securities and currencies. The fund must also meet certain asset diversification requirements at the end of each quarter of each of its taxable years. Failure to meet these diversification requirements on the last day of a quarter could result in the fund having to dispose of certain investments quickly in order to prevent the loss of RIC status. Any such dispositions could be made at disadvantageous prices or times and could result in substantial losses to the fund. In addition, in order to be eligible for the special tax treatment accorded RICs, the fund must meet the annual distribution requirement, requiring it to distribute with respect to each taxable year at least 90% of the sum of its "investment company taxable income" (generally its taxable ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any) and its net tax-exempt income (if any) to its shareholders.

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Private funds classified as partnerships for federal income tax purposes may generate income allocable to the fund that is not qualifying income for purposes of the 90% gross income test described above. In order to meet the 90% gross income test, the fund may structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof. Furthermore, it may not always be clear how the asset diversification rules for RIC qualification will apply to the fund's investments in private funds that are classified as partnerships for federal income tax purposes.

As a result of the considerations described in the preceding paragraphs, the fund's intention to qualify and be eligible for treatment as a RIC can limit its ability to acquire or continue to hold positions in private funds that would otherwise be consistent with its investment strategy or can require it to engage in transactions in which it would otherwise not engage, resulting in additional transaction costs and reducing the fund's return to shareholders.

If the fund fails to qualify as a RIC for any reason and becomes subject to corporate tax, the resulting corporate taxes could substantially reduce its net assets, the amount of income available for distribution and the amount of its distributions. Such a failure would have a material adverse effect on the fund and its shareholders. In addition, the fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions in order to re-qualify as a RIC.

**RIC-related risks of investments generating non-cash taxable income --** Certain loans and other debt obligations will be treated as having "market discount" and/or OID for U.S. federal income tax purposes. Because the fund will, from time to time, be required to recognize income in respect of these investments before, or without receiving, cash representing such income, the fund may have difficulty satisfying the annual distribution requirements applicable to RICs and avoiding fund-level U.S. federal income and/or excise taxes in such circumstances. Accordingly, the fund may, from time to time, be required to sell assets, including at potentially disadvantageous times or prices, borrow, raise additional equity capital, make taxable distributions of its shares or debt securities, or reduce new investments, to obtain the cash needed to make these income distributions. If the fund liquidates assets to raise cash, the fund will, from time to time, realize gain or loss on such liquidations; in the event the fund realizes net capital gains from such liquidation transactions, its shareholders could receive larger capital gain distributions than they would in the absence of such transactions.

The fund may invest in private funds that are classified as partnerships for U.S. federal income tax purposes. As such, the fund may be required to recognize items of taxable income and gain prior to the time that the fund receives corresponding cash distributions from the private fund. In such case, the fund might have to borrow money or dispose of investments, including interests in other private funds, including when it is disadvantageous to do so, in order to make the distributions required in order to maintain its status as a RIC and to avoid the imposition of a federal income or excise tax.

\* \* \* \* \* \*

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**Portfolio turnover —** Portfolio changes will be made without regard to the length of time particular investments may have been held, and the fund may engage in frequent and active trading of its portfolio securities. Higher portfolio turnover may involve correspondingly greater transaction costs in the form of dealer spreads, brokerage commissions and other transaction costs on the sale of securities and on reinvestment in other securities. The higher the rate of portfolio turnover, the higher these transaction costs will generally be. In addition, the sale of portfolio securities may result in the realization of net capital gains, which are taxable when distributed to shareholders, unless the shareholder is exempt from taxation or his or her account is tax-favored. These costs and tax effects may adversely affect the fund's returns to shareholders.

Fixed income securities are generally traded on a net basis and usually neither brokerage commissions nor transfer taxes are involved. Transaction costs are usually reflected in the spread between the bid and asked price.

The fund's portfolio turnover rate for the period from April 24, 2025 (seeding date) to December 31, 2025, was 267%. The fund's portfolio turnover rate excluding mortgage dollar roll transactions for the period from April 24, 2025 (seeding date) to December 31, 2025, was 113%. See "Forward commitment, when issued and delayed delivery transactions" above for more information on mortgage dollar rolls. The portfolio turnover rate would equal 100% if each security in the fund's portfolio were replaced once per year.

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**Fund policies**

All percentage limitations in the following fund policies are considered at the time securities are purchased and are based on the fund's net assets unless otherwise indicated. None of the following policies involving a maximum percentage of assets will be considered violated unless the excess occurs immediately after, and is caused by, an acquisition by the fund. In managing the fund, the fund's investment adviser may apply more restrictive policies than those listed below.

**Fundamental policies —** The fund has adopted the following policies, which may not be changed without approval by holders of a majority of its outstanding shares. Such majority is currently defined in the Investment Company Act of 1940, as amended (the "1940 Act"), as the vote of the lesser of (*a*) 67% or more of the voting securities present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities are present in person or by proxy, or (*b*) more than 50% of the outstanding voting securities.

1. Except as permitted by (*i*) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the U.S. Securities and Exchange Commission ("SEC"), SEC staff or other authority of competent jurisdiction, or (*ii*) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction, the fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Borrow money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Issue senior securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Underwrite the securities of other issuers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Purchase or sell real estate or commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Make loans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Purchase the securities of any issuer if, as a result of such purchase, the fund's investments would be concentrated in any particular industry.

2. The fund has adopted a fundamental investment policy to either (i) make quarterly repurchase offers pursuant to Rule 23c-3 under the 1940 Act, as such rule may be amended from time to time ("Rule 23c-3"), to repurchase between 5% and 25% of its outstanding common shares at net asset value per share ("NAV") or (ii) if permitted by SEC exemptive relief or amendments to Rule 23c-3 under the 1940 Act, make monthly repurchase offers to repurchase, at NAV, not less than 5% of its outstanding common shares in any month and not more than 25% of its outstanding common shares in any three-month period, in the case of either (i) or (ii), unless suspended or postponed in accordance with regulatory requirements. When a quarterly repurchase offer commences, the fund will send written notice to each shareholder at least twenty-one (21) days before the date by which shareholders can request that their shares be repurchased in response to a repurchase offer (the "Repurchase Request Deadline").

The Repurchase Request Deadline will be established by the Board in accordance with Rule 23c-3, which requires the Repurchase Request Deadline to be no less than 21 days and no more than 42 days after the fund sends notification to shareholders of the repurchase offer.

The repurchase price will be the NAV of the fund as determined at the close of business on a date (the "Repurchase Pricing Date") that will generally be the same date as the Repurchase Request Deadline,

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but that may be up to fourteen (14) calendar days following the Repurchase Request Deadline, or on the next business day if the fourteenth day is not a business day.

**Additional information about the fund's policies —** The information below is not part of the fund's fundamental or nonfundamental policies. This information is intended to provide a summary of what is currently required or permitted by the 1940 Act and the rules and regulations thereunder, or by the interpretive guidance thereof by the SEC or SEC staff, for particular fundamental policies of the fund. Information is also provided regarding the fund's current intention with respect to certain investment practices permitted by the 1940 Act.

For purposes of fundamental policy 1a, the fund may borrow money in amounts of up to 33-1/3% of its total assets from banks for any purpose. Additionally, the fund may borrow up to 5% of its total assets from banks or other lenders for temporary purposes (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). The percentage limitations in this policy are considered at the time of borrowing and thereafter.

For purposes of fundamental policies 1a and 1e, the fund may borrow money from, or loan money to, other funds managed by Capital Research and Management Company or its affiliates to the extent permitted by applicable law and an exemptive order issued by the SEC.

For purposes of fundamental policy 1b, a senior security does not include any promissory note or evidence of indebtedness if such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the fund at the time the loan is made (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). Further, the fund is permitted to enter into derivatives and certain other transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the 1940 Act, in accordance with current SEC rules and interpretations.

For purposes of fundamental policy 1c, the policy will not apply to the fund to the extent the fund may be deemed an underwriter within the meaning of the 1933 Act in connection with the purchase and sale of fund portfolio securities in the ordinary course of pursuing its investment objective(s) and strategies.

For purposes of fundamental policy 1e, the fund may not lend more than 33-1/3% of its total assets, provided that this limitation shall not apply to the fund's purchase of debt obligations. Subject to this limitation, the fund may make loans, for example, by: (a) engaging in repurchase agreements; (b) making loans secured by real estate; (c) making loans to affiliated funds as permitted by the SEC; or (d) purchasing non-publicly offered debt securities. For purposes of this limitation, the term "loans" shall not include the purchase of a portion of an issue of publicly distributed bonds, debentures or other securities.

For purposes of fundamental policy 1f, the fund may not invest more than 25% of its total assets in the securities of issuers in a particular industry. This policy does not apply to (i) investments in securities of the U.S. government, its agencies or U.S. government sponsored enterprises or repurchase agreements with respect thereto, or (ii) certain asset-backed securities that are backed by a pool of loans issued to companies in a wide variety of industries unrelated to each other such that the economic characteristics of such a security are not predominantly related to a single industry to the extent permitted by the 1940 Act. In addition, for purposes of this policy, with respect to a private activity municipal bond the principal and interest payments of which are derived primarily from the assets and revenues of a nongovernmental entity, the fund will look to such non-governmental entity to determine the industry to which the investment should be allocated.

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**Management of the fund**

**Board of trustees and officers**

**Independent trustees<sup>1</sup>**

The fund's nominating and governance committee and board select independent trustees with a view toward constituting a board that, as a body, possesses the qualifications, skills, attributes and experience to appropriately oversee the actions of the fund's service providers, decide upon matters of general policy and represent the long-term interests of fund shareholders. In doing so, they consider the qualifications, skills, attributes and experience of the current board members, with a view toward maintaining a board that is diverse in viewpoint, experience, education and skills.

The fund seeks independent trustees who have high ethical standards and the highest levels of integrity and commitment, who have inquiring and independent minds, mature judgment, good communication skills, and other complementary personal qualifications and skills that enable them to function effectively in the context of the fund's board and committee structure and who have the ability and willingness to dedicate sufficient time to effectively fulfill their duties and responsibilities.

Each independent trustee has a significant record of accomplishments in governance, business, not-for-profit organizations, government service, academia, law, accounting or other professions. Although no single list could identify all experience upon which the fund's independent trustees draw in connection with their service, the following table summarizes key experience for each independent trustee. These references to the qualifications, attributes and skills of the trustees are pursuant to the disclosure requirements of the SEC, and shall not be deemed to impose any greater responsibility or liability on any trustee or the board as a whole. Notwithstanding the accomplishments listed below, none of the independent trustees is considered an "expert" within the meaning of the federal securities laws with respect to information in the fund's registration statement.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, year of birth and position with fund (year first elected as a trustee<sup>2</sup>)** | **Principal**<br>**occupation(s)<br>during the<br>past five years** | **Number of**<br>**portfolios<br>in fund<br>complex<br>overseen<br>by trustee** | **Other**<br>**directorships<sup>3</sup><br>held by trustee<br>during the<br>past five years** | **Other relevant experience** |
| Pablo R. González Guajardo, 1967<br>Trustee (2025) | CEO, Kimberly-Clark de México, SAB de CV | 22 | América Móvil, SAB de CV (telecommunications company); Kimberly-Clark de México, SAB de CV (consumer staples)<br> Former director Grupo Lala, SAB de CV (dairy company) (until 2022); Grupo Sanborns, SAB de CV (retail stores and restaurants) (until 2023) | ·Service as a chief executive officer<br> ·Senior corporate management experience<br> ·Corporate board experience<br> ·Service on advisory and trustee boards for nonprofit organizations<br> ·MBA |
| William D. Jones, 1955<br>Chair of the Board (Independent and Non-Executive) (2025) | Managing Member, CityLink LLC (investing and consulting); former President and CEO, CityLink Investment Corporation (acquires, develops and manages real estate ventures in urban communities) | 22 | Former director of Sempra Energy (until 2022); Biogen Inc. (until 2023) | ·Senior investment and management experience, real estate<br> ·Corporate board experience<br> ·Government service<br> ·Service as a city councilmember and deputy mayor<br> ·Service as director, Federal Reserve Boards of San Francisco and Los Angeles<br> ·Service on advisory and trustee boards for charitable, educational, municipal and nonprofit organizations<br> ·MBA |
| Amy Zegart, PhD, 1967<br>Trustee (2025) | Morris Arnold and Nona Jean Cox Senior Fellow, Hoover Institution; Senior Fellow and Associate Director, Stanford Institute for Human-Centered Artificial Intelligence, Stanford University | 22 | Kratos Defense & Security Solutions | ·Senior academic leadership positions<br> ·Corporate board experience<br> ·Author<br> ·Consultant<br> ·PhD, Political Science |

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**Interested trustee(s)**<sup>4,5</sup>

Interested trustees have similar qualifications, skills and attributes as the independent trustees. Interested trustees are senior executive officers and/or directors of Capital Research and Management Company or its affiliates. Such management roles with the fund's service providers also permit the interested trustees to make a significant contribution to the fund's board.

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| | | | |
|:---|:---|:---|:---|
| **Name, year of birth**<br>**and position with fund<br>(year first elected<br>as a trustee/officer<sup>2</sup>)** | **Principal occupation(s)**<br>**during the<br>past five years<br>and positions<br>held with affiliated<br>entities or the<br>Principal Underwriter<br>of the fund** | **Number of**<br>**portfolios<br>in fund<br>complex<br>overseen<br>by trustee** | **Other directorships<sup>3</sup>**<br>**held by trustee<br>during the<br>past five years** |
| Walt Burkley, 1966<br>Trustee(2025) | Senior Vice President and General Counsel – Legal and Compliance Group, Capital Research and Management Company; Director and General Counsel, The Capital Group Companies, Inc.\*; Director, Capital Research and Management Company | 3 |  |

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**Other officers**<sup>5</sup>**

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| | |
|:---|:---|
| **Name, year of birth**<br>**and position with fund<br>(year first elected<br>as an officer<sup>2</sup>)** | **Principal occupation(s) during the past five years**<br>**and positions held with affiliated entities<br>or the Principal Underwriter of the fund** |
| John R. Queen, 1965<br>President (2025) | Partner – Capital Fixed Income Investors, Capital Research and Management Company; Partner – Capital Fixed Income Investors, Capital Bank and Trust Company\*; Director, The Capital Group Companies, Inc.\*; Senior Vice President, Capital Group Private Client Services, Inc.\* |
| Michael W. Stockton, 1967<br>Principal Executive Officer and Executive Vice President (2025) | Senior Vice President – Legal and Compliance Group, Capital Research and Management Company |
| Clara Kang, 1987<br>Senior Vice President (2025) | Vice President – Legal and Compliance Group, Capital Research and Management Company |
| Erik A. Vayntrub, 1984<br>Senior Vice President (2025) | Senior Vice President – Legal and Compliance Group, Capital Research and Management Company; Secretary, Capital Management Services, Inc.\* |
| Michael R. Tom, 1988<br>Secretary (2025) | Associate – Legal and Compliance Group, Capital Research and Management Company |
| Brian C. Janssen, 1972<br>Treasurer (2025) | Senior Vice President – Legal and Compliance Group, Capital Research and Management Company |
| Susan K. Countess, 1966<br>Assistant Secretary (2025) | Associate – Legal and Compliance Group, Capital Research and Management Company |
| Patrick C. Castellani, 1978<br>Assistant Treasurer (2025) | Assistant Vice President – Investment Operations, Capital Research and Management Company |
| Sandra Chuon, 1972<br>Assistant Treasurer (2025) | Vice President – Investment Operations, Capital Research and Management Company |

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\*Company affiliated with Capital Research and Management Company.

<sup>1</sup>The term independent trustee refers to a trustee who is not an "interested person" of the fund within the meaning of the 1940 Act.

<sup>2</sup>Trustees and officers of the fund serve until their resignation, removal or retirement.

<sup>3</sup>This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a director/trustee of a public company or a registered investment company. Unless otherwise noted, all directorships/trusteeships are current.

<sup>4</sup>The term interested trustee refers to a trustee who is an "interested person" of the fund within the meaning of the 1940 Act, on the basis of his or her affiliation with the fund's investment adviser, Capital Research and Management Company, or affiliated entities (including the fund's principal underwriter).

<sup>5</sup>All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.

#### The address for all trustees and officers of the fund is 333 South Hope Street, 55th Floor, Los Angeles, California 90071, Attention: Secretary.
Capital Group KKR Core Plus+ — Page 48

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**Fund shares owned by trustees as of December 31, 2025:**

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| | | | | |
|:---|:---|:---|:---|:---|
| Name | **Dollar range<sup>1</sup>**<br>**of fund<br>shares owned** | **Aggregate**<br>**dollar range<sup>1</sup><br>of shares<br>owned in<br>all funds<br>overseen<br>by trustee<br>in same family of<br>investment<br>companies as the fund** | **Dollar**<br>**range<sup>1,2</sup> of<br>independent <br>trustees<br>deferred compensation<sup>3</sup> allocated<br>to fund** | **Aggregate**<br>**dollar<br>range<sup>1,2</sup> of<br>independent<br>trustees<br>deferred<br>compensation<sup>3</sup> allocated to<br>all funds<br>overseen<br>by trustee<br>in same family of<br>investment companies as the<br>fund** |
| Independent trustees | Independent trustees | Independent trustees | Independent trustees | Independent trustees |
| Pablo R. González Guajardo |  | Over $100,000 | N/A | Over $100,000 |
| William D. Jones | $10001 – $50000 | Over $100,000 | N/A | Over $100,000 |
| Amy Zegart |  | Over $100,000 | N/A | N/A |

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| | | |
|:---|:---|:---|
| Name | **Dollar range<sup>1</sup>**<br>**of fund<br>shares owned** | **Aggregate**<br>**dollar range<sup>1</sup><br>of shares<br>owned in<br>all funds<br>overseen<br>by<br>trustee<br>in same family of<br>investment<br>companies as the fund** |
| Interested trustees | Interested trustees | Interested trustees |
| Walt Burkley |  | Over $100,000 |

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<sup>1</sup>Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; and Over $100,000. The amounts listed for interested trustees include shares owned through The Capital Group Companies, Inc. retirement plan and/or 401(k) plan, as applicable.

<sup>2</sup>N/A indicates that the listed individual, as of December 31, 2025, was not a trustee of the fund (or, as applicable, other funds in the same family of investment companies as the fund), did not allocate deferred compensation to the fund, or did not participate in the deferred compensation plan.

<sup>3</sup>Eligible trustees may defer their compensation under a nonqualified deferred compensation plan. Amounts deferred by the trustee accumulate at an earnings rate determined by the total return of one or more American Funds as designated by the trustee.

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**Trustee compensation —** No compensation is paid by the fund to any officer or trustee who is a director, officer or employee of the investment adviser or its affiliates. Except for the independent trustees listed in the "Board of trustees and officers — Independent trustees" table under the "Management of the fund" section in this statement of additional information, all other officers and trustees of the fund are directors, officers or employees of the investment adviser or its affiliates. The board typically meets either individually or jointly with the boards of one or more other such funds with substantially overlapping board membership (in each case referred to as a "board cluster"). The fund typically pays each independent trustee an annual retainer fee based primarily on the total number of board clusters which that independent trustee serves. Board and committee chairs receive additional fees for their services.

The fund and the other funds served by each independent trustee each pay a portion of these fees.

No pension or retirement benefits are accrued as part of fund expenses. Generally, independent trustees may elect, on a voluntary basis, to defer all or a portion of their fees through a deferred compensation plan in effect for the fund. The fund also reimburses certain expenses of the independent trustees.

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**Trustee compensation earned during the fiscal year ended December 31, 2025:**

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| | | |
|:---|:---|:---|
| Name | **Aggregate compensation**<br>**(including voluntarily<br>deferred compensation\*)<br>from the fund** | **Total compensation (including**<br>**voluntarily deferred<br>compensation\*)<br>from all funds managed by<br>Capital Research and<br>Management<br>Company or its affiliates** |
| Pablo R. González Guajardo | $51250 | $622000 |
| William D. Jones | 53750 | 641500 |
| Amy Zegart | 51250 | 459500 |

---

<sup>\*</sup>Amounts may be deferred by eligible trustees under a nonqualified deferred compensation plan adopted by the fund in 2025. Deferred amounts accumulate at an earnings rate determined by the total return of one or more American Funds as designated by the trustees. Compensation shown in this table for the fiscal year ended December 31, 2025 does not include earnings on amounts deferred in previous fiscal years.

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**Fund organization and the board of trustees —** The fund is a nondiversified, closed-end management investment company that continuously offers its common shares and is operated as an "interval fund." The fund was organized as a Delaware statutory trust on October 4, 2024. All fund operations are supervised by the fund's board of trustees which meets periodically and performs duties required by applicable state and federal laws.

Delaware law charges trustees with the duty of managing the business affairs of the trust. Trustees are considered to be fiduciaries of the trust and owe duties of care and loyalty to the trust and its shareholders.

Independent board members are paid certain fees for services rendered to the fund as described above. They may elect to defer all or a portion of these fees through a deferred compensation plan in effect for the fund.

The fund has several different classes of shares. Shares of each class represent an interest in the same investment portfolio. Although the fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 18f-3 as a condition of an exemptive order under the 1940 Act which permits it to have, among other things, a multi-class structure with different distribution and shareholder servicing fees across classes. Each class has pro rata rights as to voting, repurchases, dividends and liquidation, except that each class bears different distribution expenses and may bear different transfer agent fees and other expenses properly attributable to the particular class as approved by the board of trustees and set forth in the fund's rule 18f-3 Plan. Each class's shareholders have exclusive voting rights with respect to the respective class's rule 12b-1 plans adopted in connection with the distribution of shares and on other matters in which the interests of one class are different from interests in another class. Shares of all classes of the fund vote together on matters that affect all classes in substantially the same manner. Each class votes as a class on matters that affect that class alone. In addition, the trustees have the authority to establish new series and classes of shares, and to split or combine outstanding shares into a greater or lesser number, without shareholder approval.

The fund does not hold annual meetings of shareholders. However, significant matters that require shareholder approval, such as certain elections of board members or a change in a fundamental investment policy, will be presented to shareholders at a meeting called for such purpose. Shareholders have one vote per share owned.

The fund's declaration of trust and by-laws, as well as separate indemnification agreements with independent trustees, provide in effect that, subject to certain conditions, the fund will indemnify its officers and trustees against liabilities or expenses actually and reasonably incurred by them relating to their service to the fund. However, trustees are not protected from liability by reason of their willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office.

**Removal of trustees by shareholders —** At any meeting of shareholders, duly called and at which a quorum is present, shareholders may, by the affirmative vote of the holders of two-thirds of the votes entitled to be cast, remove any trustee from office and may elect a successor or successors to fill any resulting vacancies for the unexpired terms of removed trustees. In addition, the trustees of the fund will promptly call a meeting of shareholders for the purpose of voting upon the removal of any trustees when requested in writing to do so by the record holders of at least 10% of the outstanding shares.

**Leadership structure —** The board's chair is currently an independent trustee who is not an "interested person" of the fund within the meaning of the 1940 Act. The board has determined that an independent chair facilitates oversight and enhances the effectiveness of the board. The independent chair's duties include, without limitation, generally presiding at meetings of the board, approving

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board meeting schedules and agendas, leading meetings of the independent trustees in executive session, facilitating communication with committee chairs, and serving as the principal independent trustee contact for fund management and counsel to the independent trustees and the fund.

**Risk oversight —** Day-to-day management of the fund, including risk management, is the responsibility of the fund's contractual service providers, including the fund's investment adviser, sub-adviser, principal underwriter/distributor and transfer agent. Each of these entities is responsible for specific portions of the fund's operations, including the processes and associated risks relating to the fund's investments, integrity of cash movements, financial reporting, operations and compliance. The board of trustees oversees the service providers' discharge of their responsibilities, including the processes they use to manage relevant risks. In that regard, the board receives reports regarding the operations of the fund's service providers, including risks. For example, the board receives reports from investment professionals regarding risks related to the fund's investments and trading. The board also receives compliance reports from the fund's and the investment adviser's chief compliance officers addressing certain areas of risk.

Committees of the fund's board, which are comprised of independent board members, none of whom is an "interested person" of the fund within the meaning of the 1940 Act, as well as joint committees of independent board members of funds managed by Capital Research and Management Company, also explore risk management procedures in particular areas and then report back to the full board. For example, the fund's audit committee oversees the processes and certain attendant risks relating to financial reporting, valuation of fund assets, and related controls. Similarly, a joint review and advisory committee oversees certain risk controls relating to the fund's transfer agency services.

Not all risks that may affect the fund can be identified or processes and controls developed to eliminate or mitigate their effect. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the fund's objectives. As a result of the foregoing and other factors, the ability of the fund's service providers to eliminate or mitigate risks is subject to limitations.

**Committees of the board of trustees —** The fund has an audit committee comprised of all of its independent board members. The committee provides oversight regarding the fund's accounting and financial reporting policies and practices, its internal controls and the internal controls of the fund's principal service providers. The committee acts as a liaison between the fund's independent registered public accounting firm and the full board of trustees. The audit committee held three meetings during the 2025 fiscal year.

The fund has a contracts committee comprised of all of its independent board members. The committee's principal function is to request, review and consider the information deemed necessary to evaluate the terms of certain agreements with fund service providers, including the investment adviser or the investment adviser's affiliates and third parties. These include the Investment Advisory and Service Agreement, Subadvisory Agreement, Expense Limitation and Reimbursement Agreement, Principal Underwriting Agreement, Administrative Services Agreement, Shareholder Services Agreement, Sub-Administration Agreement and Plans of Distribution adopted pursuant to rule 12b-1 under the 1940 Act, that the fund may enter into, renew or continue, and to make its recommendations to the full board of trustees on these matters. The contracts committee held one meeting during the 2025 fiscal year.

The fund has a nominating and governance committee comprised of all of its independent board members. 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. The committee also coordinates annual self-assessments of the board and evaluates, selects and nominates independent trustee candidates to the full board of trustees. While the committee normally is able to identify from its own and other resources an ample number of

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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 fund, addressed to the fund'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 committee. The nominating and governance committee held one meeting during the 2025 fiscal year.

**Proxy voting procedures and principles**

<u>Investment adviser</u> — The fund's investment adviser, Capital Research and Management Company, in consultation with the fund's board, has adopted Proxy Voting Procedures and Principles (the "Principles") with respect to voting proxies of securities held by the fund and other funds managed by the investment adviser or its affiliates. The Principles are reasonably designed to ensure that proxies are voted solely in accordance with the financial interest of the clients of the investment adviser or its affiliates and the shareholders of the funds advised or managed by the investment adviser or its affiliates. The complete text of the Principles is available at capitalgroup.com. Final voting authority is held by a committee of the appropriate equity investment division of the investment adviser under authority delegated by the funds' boards. The boards of funds advised by Capital Research and Management Company and its affiliates have established a Joint Proxy Committee ("JPC") composed of independent board members who serve as representatives from each board. The JPC's role is to facilitate appropriate oversight of the proxy voting process and provide valuable input on corporate governance and related matters.

The Principles provide an important framework for analysis and decision-making by all funds. However, they are not exhaustive and do not address all potential issues. The Principles provide a certain amount of flexibility so that all relevant facts and circumstances can be considered in connection with every vote. As a result, each proxy received is voted on a case-by-case basis considering the specific circumstances of each proposal. The voting process reflects the funds' understanding of the company's business, its management and its relationship with shareholders over time. In all cases, long-term value creation and the investment objectives and policies of the funds managed by the investment adviser remain the focus.

The investment adviser seeks to vote all U.S. proxies. Proxies for companies outside the United States are also voted where there is sufficient time and information available, taking into account distinct market practices, regulations and laws, and types of proposals presented in each country. Where there is insufficient proxy and meeting agenda information available, the investment adviser will generally vote against such proposals in the interest of encouraging improved disclosure for investors. The investment adviser may not exercise its voting authority if voting would impose costs on clients, including opportunity costs. For example, certain regulators have granted investment limit relief to the investment adviser and its affiliates, conditioned upon limiting voting power to specific voting ceilings. To comply with these voting ceilings, the investment adviser will scale back its votes across all funds and accounts it manages on a pro rata basis based on assets. In addition, certain countries impose restrictions on the ability of shareholders to sell shares during the proxy solicitation period. The investment adviser may choose, due to liquidity issues, not to expose the funds and accounts it manages to such restrictions and may not vote some (or all) shares. Finally, the investment adviser may determine not to recall securities on loan to exercise its voting rights when it determines that the cost of doing so would exceed the benefits to clients or that the vote would not have a material impact on the investment. Proxies with respect to securities on loan through client-directed lending programs are not available to vote and therefore are not voted.

After a proxy statement is received, the investment adviser's stewardship and engagement team prepares a summary of the proposals contained in the proxy statement.

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Investment analysts are generally responsible for making voting recommendations for their investment division on significant votes that relate to companies in their coverage areas. Analysts also have the opportunity to review initial recommendations made by the investment adviser's stewardship and engagement team. Depending on the vote recommendation, a second opinion may be made by a proxy coordinator (an investment professional with experience in corporate governance and proxy voting matters) within the appropriate investment division, based on knowledge of the Principles and familiarity with proxy-related issues. Each of the investment adviser's equity investment divisions has its own proxy voting committee, which is made up of investment professionals within each division. Each division's proxy voting committee retains final authority for voting decisions made by such division. In cases where a fund is co-managed and a security is held by more than one of the investment adviser's equity investment divisions, the divisions may develop different voting recommendations for individual ballot proposals. If this occurs, and if permitted by local market conventions, the fund's position will generally be voted proportionally by divisional holding, according to their respective decisions. Otherwise, the outcome will be determined by the equity investment division or divisions with the larger position in the security as of the record date for the shareholder meeting.

In addition to its proprietary proxy voting, governance and executive compensation research, Capital Research and Management Company may utilize research provided by third-party advisory firms on a case-by-case basis. It does not, as a policy, follow the voting recommendations provided by these firms. It periodically assesses the information provided by the advisory firms and reports to the applicable governance committees that provide oversight of the application of the Principles.

From time to time, the investment adviser may vote proxies issued by, or on proposals sponsored or publicly supported by, (a) a client with substantial assets managed by the investment adviser or its affiliates, (b) an entity with a significant business relationship with The Capital Group Companies, Inc. or its affiliates, or (c) a company with a director of an American Fund on its board (each referred to as an "Interested Party"). Other persons or entities may also be deemed an Interested Party if facts or circumstances appear to give rise to a potential conflict.

The investment adviser has developed procedures to identify and address instances where a vote could appear to be influenced by such a relationship. Each equity investment division of the investment adviser has established a Special Review Committee ("SRC") of senior investment professionals and legal and compliance professionals with oversight of potentially conflicted matters.

If a potential conflict is identified according to the procedure above, the SRC will take appropriate steps to address the conflict of interest. These steps may include engaging an independent third party to review the proxy and using the Principles to provide an independent voting recommendation to the investment adviser for vote execution. The investment adviser will generally follow the third party's recommendation, except when it believes the recommendation is inconsistent with the investment adviser's fiduciary duty to its clients. Occasionally, it may not be feasible to engage the third party to review the matter due to compressed timeframes or other operational issues. In this case, the SRC will take appropriate steps to address the conflict of interest, including reviewing the proxy after being provided with a summary of any relevant communications with the Interested Party, the rationale for the voting decision, information on the organization's relationship with the Interested Party and any other pertinent information.

The following summary sets forth the general positions of the investment adviser on various proposals. A copy of the full Principles is available upon request, free of charge, by calling American Funds Service Company or visiting the Capital Group website.

**Director matters —** The election of a company's slate of nominees for director generally is supported. Votes may be withheld for some or all of the nominees if this is determined to be in the best interest of shareholders or if, in the opinion of the investment adviser, such nominee

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has not fulfilled his or her fiduciary duty. In making this determination, the investment adviser considers, among other things, a nominee's potential conflicts of interest, track record (whether in the current board seat or in previous executive or director roles) with respect to shareholder protection and value creation as well as their capacity for full engagement on board matters. The investment adviser generally supports a breadth of experience and perspectives among board members, and the separation of the chairman and CEO positions.

**Governance provisions —** Proposals to declassify a board (elect all directors annually) generally are supported based on the belief that this increases the directors' sense of accountability to shareholders. Proposals for cumulative voting generally are supported in order to promote management and board accountability and an opportunity for leadership change. Proposals designed to make director elections more meaningful, either by requiring a majority vote or by requiring any director receiving more withhold votes than affirmative votes to tender his or her resignation, generally are supported.

Shareholder rights — Proposals to repeal an existing poison pill generally are supported. There may be certain circumstances, however, when a proxy voting committee of a fund or an investment division of the investment adviser believes that a company needs to maintain anti-takeover protection. Proposals to eliminate the right of shareholders to act by written consent or to take away a shareholder's right to call a special meeting typically are not supported.

**Compensation and benefit plans —** Equity incentive plans are complicated, and many factors are considered in evaluating a plan. Each plan is evaluated based on protecting shareholder interests and a knowledge of the company and its management. Considerations include the pricing (or repricing) of options awarded under the plan and the impact of dilution on existing shareholders from past and future equity awards. Compensation packages should be structured to attract, motivate and retain existing employees and qualified directors; in addition, they should be aligned with the long term success of the company and the enhancement of shareholder value.

**Routine matters —** The ratification of auditors, procedural matters relating to the annual meeting and changes to company name are examples of items considered routine. Such items generally are voted in favor of management's recommendations unless circumstances indicate otherwise.

**Shareholder proposals on environmental and social issues —** The investment adviser believes environmental and social issues present investment risks and opportunities that can shape a company's long-term financial sustainability. Shareholder proposals, including those relating to social and environmental issues, are evaluated in terms of their materiality to the company and its ability to generate long-term value in light of the company's business model specific operating context. The investment adviser generally supports transparency and standardized disclosure, particularly that which leverages existing regulatory reporting or industry best practices. With respect to environmental matters, this includes disclosures aligned with industry standards and reporting on sustainability issues that are material to investment analysis. With respect to social matters, the investment adviser encourages companies to disclose the composition of the workforce in a regionally appropriate manner. The investment adviser supports relevant reporting and disclosure that is consistent with broadly applicable standards.

<u>Sub-adviser</u> — The sub-adviser will have the responsibility of voting proxies and corporate actions with respect to the portion of the fund managed by the sub-adviser. Proxy proposals received by the sub-adviser and designated in its Proxy Voting Policies and Procedures ("Proxy Policy") as "For" or "Against" will be voted by the sub-adviser in accordance with the Proxy Policy. Proxy proposals

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received by the sub-adviser and designated in the Proxy Policy as "Case by Case" (or not addressed in the Proxy Policy) and all corporate actions will be reviewed by the sub-adviser and voted in the best interest of the fund. Notwithstanding the foregoing, the sub-adviser may vote a proxy contrary to the Proxy Policy if the sub-adviser, with the assistance of the analyst who is in charge of the issuer, determines that such action is in the best interest of the fund. In the event that the sub-adviser votes contrary to the Proxy Policy or with respect to "Case by Case" issues, the sub-adviser, with the assistance of the analyst who is in charge of the issuer, will document the basis for the sub-adviser's decision.

In addition, the sub-adviser may choose not to vote proxies or corporate actions in certain situations, such as: (i) where the fund has informed the sub-adviser that it wishes to retain the right to vote the proxy or corporate action; (ii) where the sub-adviser deems the cost of voting would exceed any anticipated benefit to the fund; or (iii) where a proxy or corporate action is received by the sub-adviser for a security it no longer manages on behalf of the fund. The sub-adviser with the assistance of the analyst who is in charge of the issuer will document for the basis of the sub-adviser's decision not to vote.

The sub-adviser may occasionally be subject to conflicts of interest in the voting of proxies due to business or personal relationships it maintains with persons having an interest in the outcome of certain votes. The sub-adviser, its affiliates and/or its employees may also occasionally have business or personal relationships with the proponents of proxy proposals, participants in proxy contests, corporate directors and officers or candidates for directorships. If at any time, the sub-adviser becomes aware of an existing or potential conflict of interest relating to a particular proxy proposal, the sub-adviser's Conflicts Committee ("Conflicts Committee"), or its designee, must be notified. Provided the Conflicts Committee has determined that a conflict or potential for a conflict exists, the proxy must be voted in alignment with the recommendation set forth by Institutional Shareholder Services Inc. Appropriate documentation will be maintained by the Conflicts Committee.

Information regarding how the fund voted proxies relating to portfolio securities during the 12 month period ended June 30 of each year will be available on or about September 1 of such year (a) without charge, upon request by calling American Funds Service Company at (800) 421-4225, (b) on the Capital Group website and (c) on the SEC's website at sec.gov.

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**Principal fund shareholders —** Shareholders beneficially owning 25% or more of outstanding shares may be in control and may be able to affect the outcome of certain matters presented for a shareholder vote. Except as noted below, no person beneficially owned 5% or more of the outstanding shares of the fund as of March 1, 2026.

Capital Research and Management Company and KKR Credit, or their affiliates, provided the initial seed investments in the fund. For so long as Capital Research and Management Company and KKR Credit, or their affiliates, have a greater than 25% interest in the fund, they may be deemed to be a "control person" of the fund for purposes of the 1940 Act.

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| | | | |
|:---|:---|:---|:---|
| **Name and address** | Ownership | Ownership percentage | Ownership percentage |
| LPL Financial | Record | Class A | 57.22% |
| Omnibus customer account |  | Class F-2 | 13.83% |
| San Diego, CA |  |  |  |
| Stifel Nicolaus & Company Inc | Record | Class A | 17.93% |
| Exclusive Benefit of Customers |  |  |  |
| Saint Louis, MO |  |  |  |
| Pershing LLC | Record | Class A | 11.68% |
| Jersey City, NJ |  | Class F-3 | 7.34% |
| CB&T Custodian IRA | Record | Class A | 7.65% |
| Account 1 | Beneficial |  |  |
| Hinesburg, VT |  |  |  |
| Capital Research & Management Co | Record | Class A-2 | 100.00% |
| Corporate Account |  | Class F-3 | 45.64% |
| Irvine, CA |  | Class R-6 | 100.00% |
| Morgan Stanley Smith Barney LLC | Record | Class A-3 | 16.46% |
| Account 1 | Beneficial |  |  |
| New York, NY |  |  |  |
| Morgan Stanley Smith Barney LLC | Record | Class A-3 | 15.90% |
| Account 2 | Beneficial |  |  |
| New York, NY |  |  |  |
| Morgan Stanley Smith Barney LLC | Record | Class A-3 | 5.45% |
| Account 3 | Beneficial |  |  |
| New York, NY |  |  |  |
| Morgan Stanley Smith Barney LLC | Record | Class A-3 | 5.45% |
| Account 4 | Beneficial |  |  |
| New York, NY |  |  |  |

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Capital Group KKR Core Plus+ — Page 58

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| | | | |
|:---|:---|:---|:---|
| **Name and address** | Ownership | Ownership percentage | Ownership percentage |
| Morgan Stanley Smith Barney LLC | Record | Class A-3 | 5.42% |
| Account 5 | Beneficial |  |  |
| New York, NY |  |  |  |
| Morgan Stanley Smith Barney LLC | Record | Class A-3 | 5.41% |
| Account 6 | Beneficial |  |  |
| New York, NY |  |  |  |
| Morgan Stanley Smith Barney LLC | Record | Class A-3 | 5.36% |
| Account 7 | Beneficial |  |  |
| New York, NY |  |  |  |
| Charles Schwab & Company Inc | Record | Class F-2 | 78.84% |
| Account 1 |  |  |  |
| San Francisco, CA |  |  |  |
| Global Atlantic Limited (Delaware) | Record | Class F-3 | 45.66% |
| New York, NY |  |  |  |

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**Investment adviser —** Capital Research and Management Company, the fund's investment adviser, founded in 1931, maintains research facilities in the United States and abroad (Geneva, Hong Kong, London, Los Angeles, Mumbai, New York, San Francisco, Singapore, Tokyo, Toronto and Washington, D.C.). These facilities are staffed with experienced investment professionals. The investment adviser is located at 333 South Hope Street, Los Angeles, CA 90071. It is a wholly owned subsidiary of The Capital Group Companies, Inc., a holding company for several investment management subsidiaries (together with its subsidiaries, "Capital Group"). Capital Research and Management Company manages equity assets through three equity investment divisions and fixed income assets through its fixed income investment division, Capital Fixed Income Investors. The three equity investment divisions — Capital World Investors, Capital Research Global Investors and Capital International Investors — make investment decisions independently of one another. Portfolio managers in Capital International Investors rely on a research team that also provides investment services to institutional clients and other accounts advised by affiliates of Capital Research and Management Company. The investment adviser, which is deemed under the Commodity Exchange Act (the "CEA") to be the operator of the fund, has claimed an exclusion from the definition of the term commodity pool operator under the CEA with respect to the fund and, therefore, is not subject to registration or regulation as such under the CEA with respect to the fund.

The investment adviser has adopted policies and procedures that address issues that may arise as a result of an investment professional's management of the fund and other funds and accounts. Potential issues could involve allocation of investment opportunities and trades among funds and accounts, use of information regarding the timing of fund trades, investment professional compensation and voting relating to portfolio securities. The investment adviser believes that its policies and procedures are reasonably designed to address these issues.

The investment adviser has designed policies and procedures reasonably designed to ensure that the sub-adviser complies with the fund's investment objective, strategies and restrictions and provides oversight and monitoring of the sub-adviser's activities and compliance procedures.

**Sub-adviser —** KKR Credit Advisors (US) LLC ("KKR Credit") is the sub-adviser to the fund with respect to the Private Credit strategy. Launched in 2004, KKR Credit is a subsidiary of KKR & Co. Inc., a leading global investment firm with an extensive history of leadership, innovation and investment excellence. KKR Credit is a leading manager of non-investment grade debt and public equities. KKR Credit currently serves as an investment adviser of certain unregistered private investment companies and several registered investment companies and may in the future serve as an investment adviser of other registered and unregistered investment companies. The sub-adviser's principal office is located at 555 California Street, 50th Floor, San Francisco, CA 94104. The sub-adviser is a subsidiary of KKR & Co. Inc.

**Compensation of investment professionals —** As described in the prospectus, the investment adviser uses a system of multiple portfolio managers in managing fund assets. In addition, the investment analysts may make investment decisions with respect to a portion of the fund's portfolio within their research coverage.

Portfolio managers and investment analysts are paid competitive salaries by Capital Research and Management Company. In addition, they may receive bonuses based on their individual portfolio results. Investment professionals also may participate in profit-sharing plans. The relative mix of compensation represented by bonuses, salary and profit-sharing plans will vary depending on the individual's portfolio results, contributions to the organization and other factors.

To encourage a long-term focus, bonuses based on investment results are calculated by comparing total investment returns to relevant benchmarks over the most recent one-, three-, five- and eight-year periods, with increasing weight placed on each succeeding measurement period. For portfolio managers, benchmarks may include measures of the marketplaces in which the fund invests and

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measures of the results of comparable mutual funds. For investment analysts, benchmarks may include relevant market measures and appropriate industry or sector indexes reflecting their areas of expertise. Capital Research and Management Company makes periodic subjective assessments of analysts' contributions to the investment process and this is an element of their overall compensation. The investment results of each of the fund's portfolio managers may be measured against one or more benchmarks, depending on his or her investment focus, such as Bloomberg U.S. Aggregate Index. From time to time, Capital Research and Management Company may adjust or customize these benchmarks to better reflect the investment objective(s) of the fund and/or the universe of comparably managed funds of competitive investment management firms.

Portfolio managers of the sub-adviser are paid by KKR Credit Advisors (US) LLC. Consistent with KKR's global, integrated culture, KKR has one firm-wide compensation and incentive structure based on a global profit and loss statement, which covers each of the portfolio managers. KKR's compensation structure is designed to align the interests of the investment personnel serving the fund with those of the fund's Shareholders and to give everyone a direct financial incentive to ensure that all of KKR's resources, knowledge and relationships around the world are utilized to maximize risk-adjusted returns for each strategy.

Each of KKR's senior executives, including the portfolio managers responsible for the day-to-day management of its portion of the fund, receives a base salary and is eligible for a cash bonus and equity compensation, as well as additional incentives including "dollars at work" in KKR fund investments (other than the fund) and equity compensation. The cash bonus, equity compensation and "dollars at work" are discretionary, and "dollars at work" and equity awards are typically subject to a vesting period of several years.

All final compensation and other longer-term incentive award decisions are made by the KKR Management Committee based on input from managers. Compensation and other incentives are not formulaic, but rather are judgment and merit driven, and are determined based on a combination of overall firm performance, individual contribution and performance, business unit performance, and relevant market and competitive compensation practices for other businesses and the individual roles/responsibilities within each of the businesses.

Capital Group KKR Core Plus+ — Page 61

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**Portfolio manager fund holdings and other managed accounts —** As described below, portfolio managers may personally own shares of the fund. In addition, portfolio managers of the investment adviser (or the sub-adviser) may manage portions of other registered investment companies or accounts advised by the investment adviser (or the sub-adviser) or its affiliates.

**The following tables reflect information as of December 31, 2025:**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio**<br>**manager** | **Dollar range**<br>**of fund<br>shares<br>owned<sup>1</sup>** | **Number**<br>**of other<br>registered<br>investment<br>companies (RICs)<br>for which<br>portfolio<br>manager<br>is a manager<br>(assets of RICs<br>in billions)<sup>2</sup>** | **Number**<br>**of other<br>registered<br>investment<br>companies (RICs)<br>for which<br>portfolio<br>manager<br>is a manager<br>(assets of RICs<br>in billions)<sup>2</sup>** | **Number**<br>**of other<br>pooled<br>investment<br>vehicles (PIVs)<br>for which<br>portfolio<br>manager<br>is a manager<br>(assets of PIVs<br>in billions)<sup>2</sup>** | **Number**<br>**of other<br>pooled<br>investment<br>vehicles (PIVs)<br>for which<br>portfolio<br>manager<br>is a manager<br>(assets of PIVs<br>in billions)<sup>2</sup>** | **Number**<br>**of other<br>accounts<br>for which<br>portfolio<br>manager<br>is a manager<br>(assets of<br>other accounts<br>in billions)<sup>2,3</sup>** | **Number**<br>**of other<br>accounts<br>for which<br>portfolio<br>manager<br>is a manager<br>(assets of<br>other accounts<br>in billions)<sup>2,3</sup>** |
| Robert G. Caldwell | $100001 - $500000 | 3 | $13.3 | 2 | $2.17 | 7 | $6.72 |
| Xavier Goss | $100001 - $500000 | 7 | $52.5 | 5 | $6.11 |  |  |
| Sandro Lazzarini | $100001 - $500000 | 3 | $25.0 | 4 | $4.76 |  |  |
| John R. Queen | Over $1,000,000 | 25 | $676.7 | 4 | $13.33 | 168 | $0.32 |

---

<sup>1</sup>Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; $100,001 – $500,000; $500,001 – $1,000,000; and Over $1,000,000.

<sup>2</sup>Indicates other RIC(s), PIV(s) or other accounts managed by the investment adviser (or the sub-adviser) or its affiliates for which the portfolio manager also has significant day to day management responsibilities. Assets noted are the total net assets of the RIC(s), PIV(s) or other accounts and are not the total assets managed by the individual, which is a substantially lower amount. No RIC, PIV or other account has an advisory fee that is based on the performance of the RIC, PIV or other account, unless otherwise noted.

<sup>3</sup>Personal brokerage accounts of portfolio managers and their families are not reflected.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio**<br>**manager** | **Dollar range**<br>**of fund<br>shares<br>owned** | **Number**<br>**of other<br>registered<br>investment<br>companies (RICs)<br>for which<br>portfolio<br>manager<br>is a manager<br>(assets of RICs<br>in billions)** | **Number**<br>**of other<br>registered<br>investment<br>companies (RICs)<br>for which<br>portfolio<br>manager<br>is a manager<br>(assets of RICs<br>in billions)** | **Number**<br>**of other<br>pooled<br>investment<br>vehicles (PIVs)<br>for which<br>portfolio<br>manager<br>is a manager<br>(assets of PIVs<br>in billions)** | **Number**<br>**of other<br>pooled<br>investment<br>vehicles (PIVs)<br>for which<br>portfolio<br>manager<br>is a manager<br>(assets of PIVs<br>in billions)** | **Number**<br>**of other<br>accounts<br>for which<br>portfolio<br>manager<br>is a manager<br>(assets of<br>other accounts<br>in billions)** | **Number**<br>**of other<br>accounts<br>for which<br>portfolio<br>manager<br>is a manager<br>(assets of<br>other accounts<br>in billions)** |
| Rony Ma |  | 1 | $0.12 | 9 | $29.18 | 18 | $5.03 |
| Christopher Mellia |  | 3 | $1.48 | 1 | $62.27 | 11 | $3.72 |
| Daniel Pietrzak |  | 4 | $3.10 | 20 | $97.57 | 28 | $5.76 |
| Ryan Wilson |  | 1 | $0.12 | 4 | $3.40 | 1 | $0.45 |

---

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**Conflicts of interest —** Each of the fund's investment adviser and sub-adviser has adopted policies and procedures to mitigate material conflicts of interest that may arise in connection with a portfolio manager's management of the fund, on the one hand, and investments in the other registered investment companies, pooled investment vehicles and other accounts, on the other hand, such as material conflicts relating to the allocation of investment opportunities that may be suitable for both the fund and such other accounts. These material conflicts of interest include, but are not limited to, those described below.

· The investment adviser and/or the sub-adviser will, at times, compete with certain of its affiliates, including other entities it manages or proprietary accounts, for investments for the fund, creating certain conflicts of interest in evaluating the suitability of investment opportunities and making or recommending acquisitions on the fund's behalf. The investment adviser and/or sub-adviser will receive advisory and other fees from the other entities it manages, and due to fee-offset provisions contained in the management agreements for such entities, the fees, at times, will not be proportionate to such entities' investment accounts for any given transaction and will create an incentive to favor entities with higher fees.

· Subject to applicable law, affiliates of the investment adviser or the sub-adviser will, from time to time, invest in one of the fund's portfolio companies and hold a different class of securities than the fund. To the extent that an affiliate of the investment adviser or the sub-adviser holds a different class of securities than the fund, its interests might not be aligned with the fund's. Notwithstanding the foregoing, both the investment adviser and the sub-adviser will act in the best interest of the fund in accordance with its fiduciary duty to the fund.

· The appropriate allocation among the fund and other funds and accounts managed by the investment adviser or the sub-adviser of expenses and fees generated in the course of evaluating and making investments often will not be clear, especially where more than one such fund or account participates. The investment adviser or sub-adviser will determine, in its sole discretion, the appropriate allocation of investment-related expenses, including broken deal expenses incurred in respect of unconsummated investments and expenses more generally relating to a particular investment strategy, among the funds and accounts participating or that would have participated in such investments or that otherwise participate in the relevant investment strategy, as applicable, which could result in the fund bearing more or less of these expenses than other participants or potential participants in the relevant investments.

· The sub-adviser and its affiliates will, at times, provide a broad range of financial services to companies in which the fund invests, in compliance with applicable law, and will generally be paid fees for such services. In addition, affiliates of the sub-adviser could act as an underwriter or placement agent in connection with an offering of securities by one of the companies in the fund's portfolio. Any compensation received by the sub-adviser and its affiliates for providing these services will not be shared with the fund and could be received before the fund realizes a return on its investment. The sub-adviser will face conflicts of interest with respect to services performed for these companies, on the one hand, and investments recommended to the fund, on the other hand.

· The sub-adviser and its affiliates sponsor and advise, and expect in the future to sponsor and advise, a broad range of investment funds, vehicles and other accounts, including proprietary vehicles, that make investments worldwide. The sub-adviser or its affiliates will, from time to time, also make investments for its own account, including, for example, through investment and co-investment vehicles established for personnel and associates. The sub-adviser and its affiliates are not restricted from forming additional investment funds, from entering into other investment advisory relationships (including, among others, relationships with clients that are employee benefit plans subject to ERISA and related regulations) or from engaging in other

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business activities, even to the extent such activities are in competition with the fund and/or involve substantial time and resources of the sub-adviser. For example, the sub-adviser could invest, on behalf of an affiliated fund, in a company that is a competitor of one of the fund's portfolio companies or that is a service provider, supplier, customer or other counterparty with respect to one of the fund's portfolio companies or the sub-adviser could, on behalf of other entities it manages, acquire assets originated by, or provide financing to, portfolio companies and other issuers in which the fund invests. In providing advice and recommendations to, or with respect to, such investments and in dealing in such investments on behalf of such other affiliated fund, to the extent permitted by law, the sub-adviser or its affiliates will not take into consideration the interests of the fund and its portfolio investments and issuers thereof. Accordingly, such advice, recommendations and dealings will result in conflicts of interest for the sub-adviser. In addition, the sub-adviser's ability to effectively implement the fund's investment strategies will be limited to the extent that contractual obligations relating to these permitted activities restrict the sub-adviser's ability to engage in transactions that it would otherwise be interested in pursuing. Affiliates of the sub-adviser, whose primary business includes the origination of investments, engage in investment advisory business with accounts that compete with the fund.

· While the value of the fund's securities and other instruments are typically based on pricing information from independent sources such as dealers and pricing services, the fund will rely on its own fair valuations with respect to portfolio investments that are not publicly traded and for which no market-based price quotation is available. Fair value pricing involves judgments that are inherently subjective and uncertain. Additionally, the fund or its pricing services may utilize inputs obtained from KKR, their affiliates and/or their agents regarding certain of the fund's portfolio investments. Because the fund's management fee is calculated based on the value of the fund's net assets, the role of the investment adviser in valuation of the fund's securities and other instruments presents a potential conflict of interest – namely, that the investment adviser could be incentivized to value the assets higher than if the management fee were not based on the valuation of such assets. In addition, because the fund's NAV is a critical component in several operational matters including determination of the price at which the fund's shares will be offered and at which a repurchase offer will be made, a variance in the valuation of the fund's investments will impact, positively or negatively, the fees and expenses shareholders will pay, the price a shareholder will receive in connection with a repurchase offer and the number of shares an investor will receive upon investing in the fund.

· As a registered investment company, the fund is limited in its ability to make investments in issuers in which the investment adviser, the sub-adviser or their affiliates' other clients have an investment. The fund is limited in its ability to co-invest with the investment adviser, the sub-adviser or one or more of their affiliates without an exemptive order from the SEC. On January 5, 2021, the SEC issued an exemptive order granting exemptive relief that allows the fund to co-invest with certain funds advised or sub-advised by the sub-adviser in privately negotiated transactions subject to the conditions specified in the exemptive order.

· On February 1, 2021, KKR & Co. Inc. (together with its affiliates, "KKR") acquired control of Global Atlantic Financial Group Limited ("Global Atlantic"), a retirement and life insurance company. KKR, including the sub-adviser, serves as Global Atlantic's investment manager. KKR, including the sub-adviser, generally expects to treat any Global Atlantic account as a client account for the purposes of allocating investment opportunities and related fees and expenses. Certain Global Atlantic accounts may co-invest alongside the fund in some or all investments in the fund's Private Credit strategy. Due to the limited nature of many Private Credit investment opportunities, the sub-adviser expects that participation by Global Atlantic accounts in co-investment transactions will generally reduce the allocations otherwise available to other co-investing accounts, including the fund. The establishment of Global Atlantic accounts investing directly in the Private Credit strategy investments will create a conflict of

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interest in that KKR will be incentivized to allocate more attractive investments and scarce investment opportunities to these proprietary entities and accounts rather than to the fund. To mitigate this conflict, KKR will allocate investment opportunities in a manner that is consistent with an allocation methodology established by KKR and its affiliates (including the sub-adviser), in a manner designed to ensure allocations of such opportunities are made on a fair and equitable basis over time.

· The nature of the sub-adviser's businesses and the participation by its employees in creditors' committees, steering committees or boards of directors of portfolio companies will, from time to time, result in the sub-adviser receiving material non-public information from time to time with respect to publicly held companies or otherwise becoming an "insider" with respect to such companies. With limited exceptions, KKR does not establish information barriers between its internal investment teams. Trading by KKR on the basis of such information, or improperly disclosing such information, could be restricted pursuant to applicable law and/or internal policies and procedures adopted by KKR to promote compliance with applicable law. Accordingly, the possession of "inside information" or "insider" status with respect to such an issuer by KKR or KKR personnel could, including where an appropriate information barrier does not exist between the relevant investment professionals or has been "crossed" by such professionals, significantly restrict the ability of the sub-adviser to deal in the securities of that issuer on behalf of the fund, which could adversely impact the fund, including by preventing the execution of an otherwise advisable purchase or sale transaction in a particular security until such information ceases to be regarded as material non-public information, which could have an adverse effect on the overall performance of such investment. In addition, affiliates of KKR in possession of such information could be prevented from disclosing such information to the sub-adviser, even where the disclosure of such information would be in the interests of the fund. From time to time, the sub-adviser will also be subject to contractual "stand-still" obligations and/or confidentiality obligations that restrict its ability to trade in certain securities on behalf of the fund. In certain circumstances, the fund or the sub-adviser will engage an independent agent to dispose of securities of issuers in which KKR could be deemed to have material non-public information on behalf of the fund. Such independent agent could dispose of the relevant securities for a price that is lower than the sub-adviser's valuation of such securities which could take into account the material non-public information known to KKR in respect of the relevant issuer.

· The 1940 Act limits the fund's ability to invest in, or hold securities of, companies that are controlled by funds managed by KKR. Any such investments could create conflicts of interest between the fund, the sub-adviser and KKR. The investment adviser and sub-adviser will also have, or enter into, advisory relationships with other advisory clients (including, among others, employee benefit plans subject to ERISA and related regulations) that could lead to circumstances in which a conflict of interest between the investment adviser's or the sub-adviser's advisory clients could exist or develop. In addition, to the extent that another client of the investment adviser, sub-adviser or KKR holds a different class of securities than the fund, the interest of such client and the fund might not be aligned. As a result of these conflicts and restrictions, the investment adviser or sub-adviser could be unable to implement the fund's investment strategies as effectively as it could have in the absence of such conflicts or restrictions. In order to avoid these conflicts and restrictions, the investment adviser or sub-adviser could choose to exit these investments prematurely and, as a result, the fund would forgo any future positive returns associated with such investments.

· Certain other client accounts or proprietary accounts managed by the investment adviser or the sub-adviser have investment objectives, programs, strategies and positions that are similar to, or conflict with, those of the fund, or compete with, or have interests adverse to, the fund. This type of conflict could affect the prices and availability of the securities or interests in which the fund invests. The investment adviser, sub-adviser or their affiliates will, from time to time,

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give advice or take action with respect to the investments held by, and transactions of, other client accounts or proprietary accounts managed by the investment adviser, sub-adviser or their affiliates that could be different from or otherwise inconsistent with the advice given or timing or nature of any action taken with respect to the investments held by, and timing or nature of any action taken with respect to the investments held by, and transactions of, the fund. Such different advice and/or inconsistent actions could be due to a variety of reasons, including, without limitation, the differences between the investment objective, program, strategy and tax treatment of the other client accounts or proprietary accounts and the fund or the regulatory status of other client accounts and any related restrictions or obligations imposed on the investment adviser, sub-adviser or their affiliate as a fiduciary thereof. Such advice and actions could adversely impact the fund.

· KKR, for its own account or for the account of other KKR clients, could enter into real estate-related transactions with fund portfolio companies. Such transactions could include, for example, buying or selling real estate assets, acquiring or entering into leasing arrangements or amending such arrangements or transferring options or rights of first refusal to acquire real estate assets. Such transactions, which do not involve securities, are not governed by restrictions on principal transactions and cross transactions but are subject to specific policies and procedures established by KKR to manage related conflicts.

Each of the investment adviser, sub-adviser and their affiliates will deal with conflicts of interest using its best judgment, but in its sole discretion. Although the investment adviser and sub-adviser have established procedures and policies addressing conflicts of interest, there can be no assurance that the investment adviser or sub-adviser will be able to resolve all conflicts in a manner that is favorable to the fund.

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**Investment Advisory and Service Agreement —** The Investment Advisory and Service Agreement (the "Agreement") between the fund and the investment adviser will continue in effect until January 31, 2027, unless sooner terminated, and may be renewed from year to year thereafter, provided that any such renewal has been specifically approved at least annually by (*a*) the board of trustees, or by the vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the fund, and (*b*) the vote of a majority of trustees who are not parties to the Agreement or interested persons (as defined in the 1940 Act) of any such party, in accordance with applicable laws and regulations. The Agreement provides that the investment adviser has no liability to the fund for its acts or omissions in the performance of its obligations to the fund not involving willful misconduct, bad faith, gross negligence or reckless disregard of its obligations under the Agreement. The Agreement also provides that either party has the right to terminate it, without penalty, upon 60 days' written notice to the other party, and that the Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act). In addition, the Agreement provides that the investment adviser may delegate all, or a portion of, its investment management responsibilities to one or more sub-advisers approved by the fund's board. Any such sub-adviser will be paid solely by the investment adviser out of the investment adviser's fees.

In addition to providing investment advisory services, the investment adviser furnishes certain operational fund administration services, including by furnishing the services of persons to perform related executive, clerical and operational services, and provides suitable office space, necessary small office equipment and utilities, general purpose accounting forms, supplies and postage used at the fund's offices. The fund pays all expenses not assumed by the investment adviser, including, but not limited to: custodian, stock transfer and dividend disbursing fees and expenses; shareholder recordkeeping and administrative expenses; fund accounting and administration expenses; costs of the designing, printing and mailing of reports, prospectuses, proxy statements and notices to its shareholders; taxes; expenses of the issuance and repurchases of fund shares (including stock certificates, registration and qualification fees and expenses); expenses pursuant to the fund's plans of distribution (described below); legal and auditing expenses; compensation, fees and expenses paid to independent trustees; association dues; costs of stationery and forms prepared exclusively for the fund; and costs of assembling and storing shareholder account data.

Pursuant to the Agreement, the fund has agreed to pay the investment adviser an annual management fee, payable on a monthly basis, at the annual rate of 0.61% of the fund's average daily net assets. Management fees are paid monthly and accrued daily.

For the period from April 24, 2025 (seeding date) to December 31, 2025, the investment adviser earned from the fund a management fee of $807,000.

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**Subadvisory Agreement —** The sub-adviser is appointed by the investment adviser, and provides services, pursuant to a Subadvisory Agreement. The Subadvisory Agreement between the investment adviser and the sub-adviser will continue in effect until January 31, 2027, unless sooner terminated, and may be renewed from year to year thereafter, provided that any such renewal has been specifically approved at least annually by (a) the board of trustees, or by the vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the fund, and (b) the vote of a majority of trustees who are not parties to the Subadvisory Agreement or interested persons (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Subadvisory Agreement also provides that either party has the right to terminate it, without penalty, upon 60 days' written notice to the other party, and that the Subadvisory Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act) or the assignment or termination of the Investment Advisory and Service Agreement. In addition, pursuant to the Subadvisory Agreement, the investment adviser pays the sub-adviser a subadvisory fee (the "Subadvisory Fee") payable monthly in arrears and accrued daily based on the average daily net assets that are managed by the sub-adviser at an annual rate of 0.64%. The Subadvisory Fee will be paid solely by the investment adviser out of the investment adviser's fees.

The investment adviser and sub-adviser are currently reimbursing a portion of the expenses of all share classes of the fund. This reimbursement is expected to be in effect through at least April 22, 2027. This agreement automatically renews for one-year terms unless the investment adviser and sub-adviser provide written notice to the fund at least 30 days prior to the end of the then-current term. For the period from April 24, 2025 (seeding date) to December 31, 2025, the total expenses reimbursed were $385,000.

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**Administrative services —** The investment adviser and its affiliates provide certain administrative services for shareholders of the fund's shares. Administrative services are provided by the investment adviser 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.

These services are provided pursuant to an Administrative Services Agreement (the "Administrative Agreement") between the fund and the investment adviser relating to the fund's Class A, A-2, A-3, F-2, F-3 and R-6 shares. The Administrative Agreement will continue in effect until January 31, 2027, unless sooner renewed or terminated, and may be renewed from year to year thereafter, provided that any such renewal has been specifically approved by the vote of a majority of the members of the fund's board who are not parties to the Administrative Agreement or interested persons (as defined in the 1940 Act) of any such party. The fund may terminate the Administrative Agreement at any time by vote of a majority of independent board members. The investment adviser has the right to terminate the Administrative Agreement upon 60 days' written notice to the fund. The Administrative Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act).

The Administrative Agreement between the fund and the investment adviser provides the fund the ability to charge an administrative services fee of .05% for all share classes. The fund's investment adviser receives an administrative services fee at the annual rate of .03% of the average daily net assets of the fund attributable to each of the share classes (which could be increased as noted above) for its provision of administrative services. Administrative services fees are paid monthly and accrued daily.

For the period from April 24, 2025 (seeding date) to December 31, 2025, administrative services fees were:

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| | |
|:---|:---|
|  | Administrative services fee |
| Class A | $—<sup>1</sup> |
| Class A-2 | —<sup>1</sup> |
| **Class A-3<sup>2</sup>** | —<sup>1</sup> |
| Class F-2 | 6000 |
| Class F-3 | 34000 |
| Class R-6 | —<sup>1</sup> |

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<sup>1</sup>Amount less than $1,000.

<sup>2</sup>Class A-3 began investment operations on September 2, 2025.

**Accounting and other fund administration services —** The Bank of New York Mellon ("BNY") provides accounting and other fund administration services to each of the fund's share classes pursuant to a sub-administration agreement. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. The fund compensates BNY for providing these services. BNY is not a related party to the fund or the investment adviser.

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**Principal Underwriter and plans of distribution —** Capital Client Group, Inc. (the "Principal Underwriter") is the principal underwriter of the fund's shares. The Principal Underwriter is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA 92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; 12811 North Meridian Street, Carmel, IN 46032; 399 Park Avenue, 34<sup>th</sup> Floor, New York, NY 10022; 444 W. Lake Street, Suite 4600, Chicago, IL 60606; and 78 SW 7<sup>th</sup> Street, 5<sup>th</sup> Floor, Suite 06-143, Miami, FL 33130.

The Principal Underwriter receives revenues relating to sales of the fund's shares, as follows:

· For Class A shares, the Principal Underwriter receives commission revenue consisting of the balance of the Class A sales charge remaining after the allowances by the Principal Underwriter to investment dealers.

· For Class A and A-2 shares, the Principal Underwriter receives any contingent deferred sales charges that apply during the first 18 months (in the case of Class A) or 12 months (in the case of A-2) after purchase.

Commissions, revenue or service fees retained by the Principal Underwriter after allowances or compensation to dealers were:

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| | | | |
|:---|:---|:---|:---|
|  | Fiscal year | **Commissions,**<br>**revenue<br>or fees retained** | **Allowance or**<br>**compensation<br>to dealers** |
| Class A | 2025 | $1000 | $24000 |
| Class A-2 | 2025 | 1000 |  |

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**Plans of distribution —** The fund has adopted plans of distribution (the "Plans") in a manner consistent with rule 12b-1 under the 1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its Shares. Although the fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 12b-1 as a condition of an exemptive order under the 1940 Act which permits it to have, among other things, a multi-class structure and distribution and shareholder servicing fees. The Plans permit the fund to expend amounts to finance any activity primarily intended to result in the sale of fund shares, provided the fund's board of trustees has approved the category of expenses for which payment is being made.

Each Plan is specific to a particular share class of the fund. As the fund has not adopted a Plan for Class F-2, F-3 or R-6 shares, no 12b-1 fees are paid from Class F-2, F-3 or R-6 share assets and the following disclosure is not applicable to these share classes.

Payments under the Plans may be made for service-related and/or distribution-related expenses. Service-related expenses include paying service fees to qualified dealers. Distribution-related expenses include commissions paid to qualified dealers. The amounts to be paid under the Plans for the fiscal year, expressed as a percentage of the fund's average daily net assets attributable to the applicable share class, are disclosed in the prospectus under "Fees and expenses of the fund." Further information regarding the amounts available under each Plan is in the "Plans of Distribution" section of the prospectus.

Following is a brief description of the Plans:

**Class A —** For Class A shares, up to 0.25% of the fund's average daily net assets attributable to such shares is reimbursed to the Principal Underwriter for paying service-related expenses, and the balance available under the applicable Plan may be paid to the Principal Underwriter

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for distribution-related expenses. The fund may annually expend up to 0.30% for Class A shares under the applicable Plan.

Distribution-related expenses for Class A shares include dealer commissions and wholesaler compensation paid on sales of shares of $500,000 or more purchased without a sales charge. Commissions on these "no load" purchases (which are described in further detail under the "Sales Charges" section of this statement of additional information) in excess of the Class A Plan limitations and not reimbursed to the Principal Underwriter during the most recent fiscal quarter are recoverable for 15 months, provided that the reimbursement of such commissions does not cause the fund to exceed the annual expense limit. After 15 months, these commissions are not recoverable. For the period from April 24, 2025 (seeding date) to December 31, 2025, unreimbursed expenses that remained subject to reimbursement under the Plan for Class A shares totaled $5,000 or less than 1% of Class A net assets.

**Class A-2 —** For Class A-2 shares, up to 0.25% of the fund's average daily net assets attributable to such shares is reimbursed to the Principal Underwriter for paying service-related expenses, and the balance available under the applicable Plan may be paid for distribution-related expenses. The fund is currently authorized to annually expend up to 0.55% for Class A-2 shares under the applicable Plan. The total amount allowable under such Plan is 0.75%. The fund may annually expend up to this amount with the approval of the board of trustees.

Distribution-related expenses for Class A-2 shares include dealer commissions and wholesaler compensation paid on sales of shares of $250,000 or more purchased without a sales charge. Commissions on these "no load" purchases (which are described in further detail under the "Sales Charges" section of this statement of additional information) in excess of the Class A-2 Plan limitations and not reimbursed to the Principal Underwriter during the most recent fiscal quarter are recoverable for 15 months, provided that the reimbursement of such commissions does not cause the fund to exceed the annual expense limit. After 15 months, these commissions are not recoverable.

**Class A-3 —** For Class A-3 shares, up to 0.25% of the fund's average daily net assets attributable to such shares is reimbursed to the Principal Underwriter for paying service-related expenses, and the balance available under the applicable Plan may be paid for distribution-related expenses. The fund may annually expend up to 0.75% for Class A-3 shares under the applicable Plan.

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**Payment of service fees** — For purchases of less than $500,000 of Class A shares, payment of service fees to investment dealers generally begins accruing immediately after establishment of an account in such shares. For purchases of $500,000 or more (in the case of Class A shares) or any purchase of Class A-2 shares, payment of service fees to investment dealers generally begins accruing 12 months after establishment of an account in the applicable shares. Service fees are not paid on certain investments made at net asset value including accounts established by registered representatives and their family members as described in the "Sales charges" section of the prospectus. With respect to purchases of Class A-3 shares, payment of service fees to investment dealers generally begins accruing immediately after establishment of an account in such shares as provided by the applicable financial intermediary.

For the period from April 24, 2025 (seeding date) to December 31, 2025, 12b-1 expenses accrued and paid, and if applicable, unpaid, were:

---

| | | |
|:---|:---|:---|
|  | 12b-1 expenses | **12b-1 unpaid liability**<br>**outstanding** |
| Class A | $1000 | $— |
| Class A-2 |  |  |
| Class A-3\* | 2000 |  |

---

\*Class A-3 began investment operations on September 2, 2025.

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**Approval of the Plans —** As required by rule 12b-1 and the 1940 Act, the Plans (together with the Principal Underwriting Agreement) have been approved by the full board of trustees and separately by a majority of the independent trustees of the fund who have no direct or indirect financial interest in the operation of the Plans or the Principal Underwriting Agreement. In addition, the selection and nomination of independent trustees of the fund are committed to the discretion of the independent trustees during the existence of the Plans.

Potential benefits of the Plans to the fund and its shareholders include enabling shareholders to obtain advice and other services from a financial professional at a reasonable cost, the likelihood that the Plans will stimulate sales of the fund benefiting the investment process through growth or stability of assets and the ability of shareholders to choose among various alternatives in paying for sales and service. The Plans may not be amended to materially increase the amount spent for distribution without shareholder approval. Plan expenses are reviewed quarterly by the board of trustees and the Plans must be renewed annually by the board of trustees.

A portion of the fund's 12b-1 expense is paid to financial professionals to compensate them for providing ongoing services. If you have questions regarding your investment in the fund or need assistance with your account, please contact your financial professional. If you need a financial professional, please call Capital Client Group, Inc. at (800) 421-4120 for assistance.

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**Execution of portfolio transactions**

Investment adviser

The investment adviser, Capital Research and Management Company, places orders with broker-dealers for portfolio transactions in the portion of the fund managed by the investment adviser. Such portfolio transactions will generally be effected as follows.

Purchases and sales of equity securities on a securities exchange or an over-the-counter market are effected through broker-dealers who receive commissions for their services. Generally, commissions relating to securities traded on foreign exchanges will be higher than commissions relating to securities traded on U.S. exchanges and may not be subject to negotiation. Equity securities may also be purchased from underwriters at prices that include underwriting fees. Purchases and sales of fixed income securities are generally made with an issuer or a primary market maker acting as principal with no stated brokerage commission. The price paid to an underwriter for fixed income securities includes underwriting fees. Prices for fixed income securities in secondary trades usually include undisclosed compensation to the market maker reflecting the spread between the bid and ask prices for the securities.

In selecting broker-dealers, the investment adviser strives to obtain "best execution" (the most favorable total price reasonably attainable under the circumstances) for the fund's portfolio transactions, taking into account a variety of factors. These factors include the size and type of transaction, the nature and character of the markets for the security to be purchased or sold, the cost, quality, likely speed and reliability of execution and settlement, the broker-dealer's or execution venue's ability to offer liquidity and anonymity and the trade-off between market impact and opportunity costs. The investment adviser considers these factors, which involve qualitative judgments, when selecting broker-dealers and execution venues for fund portfolio transactions. The investment adviser views best execution as a process that should be evaluated over time as part of an overall relationship with particular broker-dealer firms. The investment adviser and its affiliates negotiate commission rates with broker-dealers based on what they believe is reasonably necessary to obtain best execution. They seek, on an ongoing basis, to determine what the reasonable levels of commission rates for execution services are in the marketplace, taking various considerations into account, including the extent to which a broker-dealer has put its own capital at risk, historical commission rates and commission rates that other institutional investors are paying. The fund does not consider the investment adviser as having an obligation to obtain the lowest commission rate available for a portfolio transaction to the exclusion of price, service and qualitative considerations. Brokerage commissions are only a small part of total execution costs and other factors, such as market impact and speed of execution, contribute significantly to overall transaction costs.

The investment adviser may execute portfolio transactions with broker-dealers who provide certain brokerage and/or investment research services to it but only when in the investment adviser's judgment the broker-dealer is capable of providing best execution for that transaction. The investment adviser makes decisions for procurement of research separately and distinctly from decisions on the choice of brokerage and execution services. The receipt of these research services permits the investment adviser to supplement its own research and analysis and makes available the views of, and information from, individuals and the research staffs of other firms. Such views and information may be provided in the form of written reports, telephone contacts and meetings with securities analysts. These services may include, among other things, reports and other communications with respect to individual companies, industries, countries and regions, economic, political and legal developments, as well as scheduling meetings with corporate executives and seminars and conferences related to relevant subject matters. Research services that the investment adviser receives from broker-dealers may be used by the investment adviser in servicing the fund and other funds and accounts that it advises; however, not all such services will necessarily benefit the fund.

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The investment adviser bears the cost of all third-party investment research services for all client accounts it advises. However, in order to compensate certain U.S. broker-dealers for research consumed, and valued, by the investment adviser's investment professionals, the investment adviser continues to operate a limited commission sharing arrangement with commissions on equity trades for certain registered investment companies it advises. The investment adviser voluntarily reimburses such registered investment companies for all amounts collected into the commission sharing arrangement. In order to operate the commission sharing arrangement, the investment adviser may cause such registered investment companies to pay commissions in excess of what other broker-dealers might have charged for certain portfolio transactions in recognition of brokerage and/or investment research services. In this regard, the investment adviser has adopted a brokerage allocation procedure consistent with the requirements of Section 28(e) of the Securities Exchange Act of 1934. Section 28(e) permits the investment adviser and its affiliates to cause an account to pay a higher commission to a broker-dealer to compensate the broker-dealer or another service provider for certain brokerage and/or investment research services provided to the investment adviser and its affiliates, if the investment adviser and each affiliate makes a good faith determination that such commissions are reasonable in relation to the value of the services provided by such broker-dealer to the investment adviser and its affiliates in terms of that particular transaction or the investment adviser's overall responsibility to the fund and other accounts that it advises. Certain brokerage and/or investment research services may not necessarily benefit all accounts paying commissions to each such broker-dealer; therefore, the investment adviser and its affiliates assess the reasonableness of commissions in light of the total brokerage and investment research services provided to the investment adviser and its affiliates. Further, investment research services may be used by all investment associates of the investment adviser and its affiliates, regardless of whether they advise accounts with trading activity that generates eligible commissions.

In accordance with their internal brokerage allocation procedure, the investment adviser and its affiliates periodically assess the brokerage and investment research services provided by each broker-dealer and each other service provider from which they receive such services. As part of its ongoing relationships, the investment adviser and its affiliates routinely meet with firms to discuss the level and quality of the brokerage and research services provided, as well as the value and cost of such services. In valuing the brokerage and investment research services the investment adviser and its affiliates receive from broker-dealers and other research providers in connection with its good faith determination of reasonableness, the investment adviser and its affiliates take various factors into consideration, including the quantity, quality and usefulness of the services to the investment adviser and its affiliates. Based on this information and applying their judgment, the investment adviser and its affiliates set an annual research budget.

Research analysts and portfolio managers periodically participate in a research poll to determine the usefulness and value of the research provided by individual broker-dealers and research providers. Based on the results of this research poll, the investment adviser and its affiliates may, through commission sharing arrangements with certain broker-dealers, direct a portion of commissions paid to a broker-dealer by the fund and other registered investment companies managed by the investment adviser or its affiliates to be used to compensate the broker-dealer and/or other research providers for research services they provide. While the investment adviser and its affiliates may negotiate commission rates and enter into commission sharing arrangements with certain broker-dealers with the expectation that such broker-dealers will be providing brokerage and research services, none of the investment adviser, any of its affiliates or any of their clients incurs any obligation to any broker-dealer to pay for research by generating trading commissions. The investment adviser and its affiliates negotiate prices for certain research that may be paid through commission sharing arrangements or by themselves with cash.

When executing portfolio transactions in the same equity security for the funds and accounts, or portions of funds and accounts, over which the investment adviser, through its equity investment divisions, has investment discretion, each investment division within the investment adviser and its

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affiliates normally aggregates its respective purchases or sales and executes them as part of the same transaction or series of transactions. When executing portfolio transactions in the same fixed income security for the fund and the other funds or accounts over which it or one of its affiliated companies has investment discretion, the investment adviser normally aggregates such purchases or sales and executes them as part of the same transaction or series of transactions. The objective of aggregating purchases and sales of a security is to allocate executions in an equitable manner among the funds and other accounts that have concurrently authorized a transaction in such security. The investment adviser and its affiliates serve as investment adviser for certain accounts that are designed to be substantially similar to another account. This type of account will often generate a large number of relatively small trades when it is rebalanced to its reference fund due to differing cash flows or when the account is initially started up. The investment adviser may not aggregate program trades or electronic list trades executed as part of this process. Non-aggregated trades performed for these accounts will be allocated entirely to that account. This is done only when the investment adviser believes doing so will not have a material impact on the price or quality of other transactions.

The investment adviser currently owns a minority interest in IEX Group and alternative trading systems, Luminex ATS and LeveL ATS (through a minority interest in their common parent holding company). The investment adviser, or brokers with whom the investment adviser places orders, may place orders on these or other exchanges or alternative trading systems in which it, or one of its affiliates, has an ownership interest, provided such ownership interest is less than five percent of the total ownership interests in the entity. The investment adviser is subject to the same best execution obligations when trading on any such exchange or alternative trading systems.

Purchase and sale transactions may be effected directly among and between certain funds or accounts advised by the investment adviser or its affiliates, including the fund. The investment adviser maintains cross-trade policies and procedures and places a cross-trade only when such a trade is in the best interest of all participating clients and is not prohibited by the participating funds' or accounts' investment management agreement or applicable law.

The investment adviser may place orders for the fund's portfolio transactions with broker-dealers who have sold shares of the funds managed by the investment adviser or its affiliated companies; however, it does not consider whether a broker-dealer has sold shares of the funds managed by the investment adviser or its affiliated companies when placing any such orders for the fund's portfolio transactions.

Purchases and sales of futures contracts for the fund will be effected through executing brokers and FCMs that specialize in the types of futures contracts that the fund expects to hold. The investment adviser will use reasonable efforts to choose executing brokers and FCMs capable of providing the services necessary to obtain the most favorable price and execution available. The full range and quality of services available will be considered in making these determinations. The investment adviser will monitor the executing brokers and FCMs used for purchases and sales of futures contracts for their ability to execute trades based on many factors, such as the sizes of the orders, the difficulty of executions, the operational facilities of the firm involved and other factors.

Forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers. The cost to the fund of engaging in such contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because such contracts are entered into on a principal basis, their prices usually include undisclosed compensation to the market maker reflecting the spread between the bid and ask prices for the contracts. The fund may incur additional fees in connection with the purchase or sale of certain contracts.

No brokerage commissions were paid by the fund on portfolio transactions for the period from April 24, 2025 (seeding date) to December 31, 2025.

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Sub-adviser

The sub-adviser places orders with broker-dealers for portfolio transactions in the portion of the fund managed by the sub-adviser. Such portfolio transactions will generally be effected as follows.

With respect to interests in Senior Loans and asset-based finance investments, the fund generally will engage in privately negotiated transactions for purchase or sale in which the sub-adviser will negotiate on behalf of the fund (although a more developed market may exist for certain Senior Loans). Prior to the fund making such investments, the sub-adviser conducts due diligence analysis and a comprehensive review and discussion with respect to the sub-adviser's sourcing advantages, analysis and diligence findings. Once an investment is made by the fund, with respect to such investments, the sub-adviser carefully monitors the relevant position and formally re-underwrites its credit decision approximately every three months. If the sub-adviser is not convinced that capital is still best invested in a position, a plan to intelligently exit is developed and implemented. The central step in the sub-adviser's investment process is the performance of company, industry, capital structure and legal analysis on each such investment. Key elements of this exercise include, but are not limited to, a review of the corporate structure of a target company, defining and understanding the legal, regulatory and tax regimes in which a target company operates, a target company's key valuation drivers, and an examination of the broader macro and tax environments. The fund will, from time to time, be required to pay fees, or give up a portion of interest and any fees payable to the fund, to the lender selling participations or assignments to the fund. The sub-adviser will determine the lenders from whom the fund will purchase assignments and participations by considering their professional ability, level of service, relationship with a borrower, financial condition, credit standards and quality of management. The illiquidity of many Senior Loans may restrict the ability of the sub-adviser to locate in a timely manner persons willing to purchase the fund's interests in Senior Loans at a fair price should the fund desire to sell such interests. Affiliates of the sub-adviser may participate in the primary and secondary market for Senior Loans. Because of certain limitations imposed by the 1940 Act, this may restrict the fund's ability to acquire some Senior Loans. The sub-adviser does not believe that this will have a material effect on the fund's ability to acquire Senior Loans consistent with its investment policies.

The portfolio securities in which the sub-adviser invests on behalf of the fund are normally purchased directly from the issuer or in the over-the-counter ("OTC") market from an underwriter or market maker for the securities. Purchases from underwriters of portfolio securities include a commission or concession paid by the issuer to the underwriter and purchases from dealers serving as market makers include a spread or markup to the dealer between the bid and asked price. Sales to dealers are effected at bid prices.

The fund will, from time to time, also purchase certain money market instruments directly from an issuer, in which case no commissions or discounts are paid (although the fund could indirectly bear fees and expenses of any money market funds in which it invests), or could purchase and sell listed securities on an exchange, which are effected through brokers who charge a commission for their services.

In effecting securities transactions, the sub-adviser will seek to obtain the best execution of orders. Commission rates are a component of price and are considered along with other relevant factors. In determining the broker or dealer to be used and the commission rates to be paid, the sub-adviser will consider the utility and reliability of brokerage services, including execution capability and performance, financial responsibility, investment information, market insights, other research provided by such brokers, and access to analysts, management and idea generation. Accordingly, the commissions charged by any such broker may be greater than the amount another firm might charge if the sub-adviser determines in good faith that the amount of such commissions is reasonable in relation to the value of the brokerage services and research information provided by such brokers. Consistent with the requirements of best execution, brokerage commissions on accounts may be directed to

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brokers in recognition of investment research and information furnished as well as for services rendered in execution of orders by such brokers. By allocating transactions in this manner, the sub-adviser may be able to supplement its research and analysis with the views and information of brokerage firms. The sub-adviser may also allocate a portion of its brokerage business to firms whose employees participate as brokers in the introduction of investors to the sub-adviser or who agree to bear the expense of capital introduction, marketing or related services by third parties. Eligible research or brokerage services provided by brokers through which portfolio transactions for the sub-adviser are executed may include research reports on particular industries and companies, economic surveys and analyses, recommendations as to specific securities, online quotations, news and research services, financial publications and other products and services (e.g., software based applications for market quotes and news, database programs providing investment and industry data) providing lawful and appropriate assistance to the portfolio managers and their designees in the performance of their investment decision-making responsibilities on behalf of the sub-adviser and other accounts which their affiliates manage (collectively, "Soft Dollar Items"). The sub-adviser and its affiliates generally use such products and services (if any) for the benefit of all of their accounts. Soft Dollar Items may be provided directly by brokers, by third parties at the direction of brokers or purchased on behalf of the fund and its affiliates with credits or rebates provided by brokers. Any Soft Dollar Items obtained in connection with portfolio transactions for the fund are intended to fall within the "safe harbor" of Section 28(e) of the Exchange Act.

The sub-adviser may also place portfolio transactions, to the extent permitted by law, with brokerage firms affiliated with the fund or the sub-adviser if they reasonably believe that the quality of execution and the commission are comparable to those available from other qualified firms. Similarly, to the extent permitted by law and subject to the same considerations on quality of execution and comparable commission rates, the sub-adviser may direct an executing broker to pay a portion or all of any commissions, concessions or discounts to a firm supplying research or other services. The sub-adviser may place portfolio transactions at or about the same time for other advisory accounts, including other investment companies. The sub-adviser will seek to allocate portfolio transactions equitably whenever concurrent decisions are made to purchase or sell securities for the fund and another advisory account. In some cases, this procedure could have an adverse effect on the price or the amount of securities available to the fund. In making such allocations among the fund and other advisory accounts, the main factors considered by the sub-adviser are the respective sizes of the fund and other advisory accounts, the respective investment objectives, the relative size of portfolio holdings of the same or comparable securities, the availability of cash for investment, the size of investment commitments generally held and opinions of the persons responsible for recommending the investment.

The placing and execution of orders for the fund also is subject to restrictions under U.S. securities laws, including certain prohibitions against trading among the fund and its affiliates (including the sub-adviser or its affiliates). Certain broker-dealers, through which the fund may effect securities transactions, may be affiliated persons (as defined in the 1940 Act) of the fund or affiliated persons of such affiliates. The Board has adopted certain policies incorporating the standards of Rule 17e-1 issued by the SEC under the 1940 Act which require that the commissions paid to affiliates of the fund be reasonable and fair compared to the commissions, fees or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities during a comparable period of time. The rule and procedures also contain review requirements and require the sub-adviser to furnish reports to the trustees and to maintain records in connection with such reviews. In addition, the fund will, from time to time, purchase securities in a placement for which affiliates of the sub-adviser have acted as agent to or for issuers, consistent with applicable rules adopted by the SEC or regulatory authorization, if necessary. The fund will not purchase securities from or sell securities to any affiliate of the sub-adviser acting as principal. The sub-adviser is prohibited from directing brokerage transactions on the basis of the referral of clients or the sale of shares of advised investment companies.

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Other

The fund is required to disclose information regarding investments in the securities of its "regular" broker-dealers (or parent companies of its regular broker-dealers) that derive more than 15% of their revenue from broker-dealer, underwriter or investment adviser activities. A regular broker-dealer is (*a*) one of the 10 broker-dealers that received from the fund the largest amount of brokerage commissions by participating, directly or indirectly, in the fund's portfolio transactions during the fund's most recently completed fiscal year; (*b*) one of the 10 broker-dealers that engaged as principal in the largest dollar amount of portfolio transactions of the fund during the fund's most recently completed fiscal year; or (*c*) one of the 10 broker-dealers that sold the largest amount of securities of the fund during the fund's most recently completed fiscal year.

For the period from April 24, 2025 (seeding date) to December 31, 2025, the fund's regular broker-dealers included Bank of America, N.A., Citigroup Inc., Goldman Sachs Group, Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC. For the period from April 24, 2025 (seeding date) to December 31, 2025, the fund held debt securities of Bank of America, N.A. in the amount of $538,000, Citigroup Inc. in the amount of $664,000, Goldman Sachs Group, Inc. in the amount of $562,000, Morgan Stanley & Co. LLC in the amount of $614,000 and Wells Fargo Securities, LLC in the amount of $614,000.

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**Price of shares**

The fund is a closed-end interval fund and, to provide liquidity and the ability to receive NAV on a disposition of at least a portion of your Shares, makes periodic offers to repurchase Shares. The repurchase price will be the NAV of the fund as determined at the close of business on a date (the "Repurchase Pricing Date") that will generally be the same date as the Repurchase Request Deadline, but that may be up to fourteen (14) calendar days following the Repurchase Request Deadline, or on the next business day if the fourteenth day is not a business day.

Shares are purchased at the net asset value price next determined after the purchase order is received by the fund or the Transfer Agent provided that your request contains all information and legal documentation necessary to process the transaction.

The offering or net asset value price is effective for orders received prior to the time of determination of the net asset value and, in the case of orders placed with dealers or their authorized designees, accepted by the Principal Underwriter, the Transfer Agent, a dealer or any of their designees. In the case of orders sent directly to the fund or the Transfer Agent, an investment dealer should be indicated. The dealer is responsible for promptly transmitting purchase and sell orders to the Principal Underwriter.

Prices that appear in newspapers and websites do not always indicate prices at which you will be purchasing shares of the fund, since such prices generally reflect the previous day's closing price, while purchases are made at the next calculated price. The price you pay for shares, the offering price, is based on the net asset value per share. Net asset value is computed by adding a class's share of the value of a fund's investments, cash and other assets, subtracting the class's share of the fund's liabilities allocated to the class, and dividing the result by the number of shares of that class that are outstanding. Realized investment income and gain is included in the fund's net asset value until the ex-dividend date, when the declared dividend amount is treated as a fund liability. The net asset value 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. If the New York Stock Exchange makes a scheduled (e.g., the day after Thanksgiving) or an unscheduled close prior to 4 p.m. New York time, the net asset value of the fund will be determined at approximately the time the New York Stock Exchange closes on that day. If on such a day market quotations and prices from third-party pricing services are not based as of the time of the early close of the New York Stock Exchange but are as of a later time (up to approximately 4 p.m. New York time), for example because the market remains open after the close of the New York Stock Exchange, those later market quotations and prices will be used in determining the fund's net asset value.

Orders in good order received after the New York Stock Exchange closes (scheduled or unscheduled) will be processed at the net asset value (plus any applicable sales charge) calculated on the following business day. The New York Stock Exchange is currently closed on weekends and on the following holidays: New Year's Day; Martin Luther King Jr. Day; Presidents' Day; Good Friday; Memorial Day; Juneteenth National Independence Day; Independence Day; Labor Day; Thanksgiving Day; and Christmas Day. Each share class of the fund has a separately calculated net asset value (and share price).

Orders received by the investment dealer or authorized designee, the Transfer Agent or the fund after the time of the determination of the net asset value will be entered at the next calculated offering price. Note that investment dealers or other intermediaries may have their own rules about share transactions and may have earlier cut-off times than those of the fund. For more information about how to purchase through your intermediary, contact your intermediary directly.

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All portfolio securities of the fund are valued, and the net asset values per share for each share class are determined, as indicated below. The fund follows standard industry practice by typically reflecting changes in its holdings of portfolio securities on the first business day following a portfolio trade.

Equity securities, including depositary receipts, exchange-traded funds, and certain convertible preferred stocks that trade on an exchange or market, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.

Exchange-traded options and futures contracts are generally valued at the official closing price or the official settlement price on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Options not traded on exchanges are generally valued at evaluated prices obtained from third-party pricing vendors.

Fixed income securities, including short-term securities and loans other than directly originated loans, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more inputs that may include, among other things, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, underlying equity of the issuer, interest rate volatilities, 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, prepayment information, default rates, delinquency and loss assumptions, financial or collateral characteristics or performance, credit enhancements, liquidation value calculations, specific deal information and other reference data.

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund's investment adviser.

Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor.

Swaps, including interest rate swaps, total return swaps and positions in credit default swap indices, are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include 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 investment adviser are valued at fair value as determined in good faith under fair value guidelines adopted by the investment adviser and approved by the fund's board. Subject to board oversight, the fund's board has designated the fund's investment adviser to make fair valuation determinations, which are directed by a valuation committee established by the fund's investment adviser. The board receives regular reports describing fair valued securities and the valuation methods used.

As a general principle, these guidelines consider relevant company, market and other data and considerations to determine the price that the fund might reasonably expect to receive if such fair valued securities were sold in an orderly transaction. Fair valuations may differ materially from valuations that would have been used had greater market activity occurred. The investment adviser's valuation committee considers relevant indications of value that are reasonably and timely available to

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it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities and transactions, 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. The valuation committee employs additional fair value procedures to address issues related to equity securities that trade principally in markets outside the United States. Such securities may trade in markets that open and close at different times, reflecting time zone differences. If significant events occur after the close of a market (and before the fund's net asset values are next determined) which affect the value of equity securities held in the fund's portfolio, appropriate adjustments from closing market prices may be made to reflect these events. Events of this type could include, for example, earthquakes and other natural disasters or significant price changes in other markets (e.g., U.S. stock markets).

Directly originated loans are valued on an individual loan basis. The fair value of each loan may be informed by the inputs of third-party services. These valuations will incorporate borrower-specific information such as credit performance, significant events affecting the borrower or underlying collateral, and relevant market developments each business day that the New York Stock Exchange is open.

Certain short-term securities, such as variable rate demand notes or repurchase agreements involving securities fully collateralized by cash or U.S. government securities, are valued at par.

Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars, prior to the next determination of the net asset value of the fund's shares, at the exchange rates obtained from a third-party pricing vendor.

Each class of shares represents interests in the same portfolio of investments and is identical in all respects to each other class, except for differences relating to distribution, service and other charges and expenses, certain voting rights, differences relating to eligible investors, the designation of each class of shares, conversion features and exchange privileges. Expenses attributable to the fund, but not to a particular class of shares, are borne by each class pro rata based on the relative aggregate net assets of the classes. Expenses directly attributable to a class of shares are borne by that class of shares. Liabilities attributable to particular share classes, such as liabilities for repurchase of fund shares, are deducted from total assets attributable to such share classes.

Net assets so obtained for each share class are then divided by the total number of shares outstanding of that share class, and the result, rounded to the nearest cent, is the net asset value per share for that class.

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**Taxes and distributions**

*<u>Disclaimer:</u>* Some of the following information may not apply to certain shareholders, including those holding fund shares in a tax-favored account, such as a retirement plan or education savings account. Shareholders should consult their tax advisors about the application of federal, state and local tax law in light of their particular situation.

**Taxation as a regulated investment company** — The fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), so that it will not be liable for federal tax on income and capital gains distributed to shareholders. In order to qualify as a regulated investment company, and avoid being subject to federal income taxes, the fund intends to distribute substantially all of its net investment income and realized net capital gains on a fiscal year basis, and intends to comply with other tests applicable to regulated investment companies under Subchapter M, including the asset diversification and qualifying income tests. The asset diversification test requires that at the close of each quarter of the fund's taxable year that (i) at least 50% of the fund's assets be invested in cash and cash items, government securities, securities of other funds and other securities which, with respect to any one issuer, represent neither more than 5% of the assets of the fund nor more than 10% of the voting securities of the issuer, and (ii) no more than 25% of the fund's assets be invested in the securities of any one issuer (other than government securities or the securities of other funds), the securities (other than the securities of other funds) of two or more issuers that the fund controls and are engaged in similar trades or businesses, or the securities of one or more qualified publicly traded partnerships. The qualifying income test requires that the fund derive in each taxable year at least 90% of its gross income from dividends, interest, payments with respect to loans of certain securities, gains from the sale of stock or other securities, net income from certain "qualified publicly traded partnerships," or other income derived with respect to the fund's business of investing in such stock or securities.

The Code includes savings provisions allowing the fund to cure inadvertent failures of certain qualification tests required under Subchapter M. However, should the fund fail to qualify under Subchapter M, the fund would be subject to federal, and possibly state, corporate taxes on its taxable income and gains.

Amounts not distributed by the fund on a timely basis in accordance with a calendar year distribution requirement may be subject to a nondeductible 4% excise tax. Unless an applicable exception applies, to avoid the tax, the fund must distribute during each calendar year an amount equal to the sum of (*a*) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (*b*) at least 98.2% of its capital gains in excess of its capital losses for the twelve month period ending on October 31, and (*c*) all ordinary income and capital gains for previous years that were not distributed during such years and on which the fund paid no U.S. federal income tax.

Dividends paid by the fund from ordinary income or from an excess of net short-term capital gain over net long-term capital loss are taxable to shareholders as ordinary income dividends. Shareholders of the fund that are individuals and meet certain holding period requirements with respect to their fund shares may be eligible for reduced tax rates on "qualified dividend income," if any, distributed by the fund to such shareholders. In the event the fund's distribution of net investment income exceeds its earnings and profits for tax purposes, a portion of such distribution may be classified as return of capital. Returns of capital distributions decrease your cost basis and are not taxable until your cost basis has been reduced to zero. If your cost basis is zero, returns of capital distributions are treated as capital gains.

The fund may declare a capital gain distribution consisting of the excess of net realized long-term capital gains over net realized short-term capital losses. Net capital gains for a fiscal year are computed by taking into account any capital loss carryforward of the fund.

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The fund may retain a portion of net capital gain for reinvestment and may elect to treat such capital gain as having been distributed to shareholders of the fund. Shareholders may receive a credit for the tax that the fund paid on such undistributed net capital gain and would increase the basis in their shares of the fund by the difference between the amount of includible gains and the tax deemed paid by the shareholder.

Distributions of net capital gain that the fund properly reports as a capital gain distribution generally will be taxable as long-term capital gain, regardless of the length of time the shares of the fund have been held by a shareholder. Any loss realized upon the repurchase of shares held at the time of repurchase for six months or less from the date of their purchase will be treated as a long-term capital loss to the extent of any capital gain distributions (including any undistributed amounts treated as distributed capital gains, as described above) during such six-month period.

Capital gain and income distributions by the fund result in a reduction in the net asset value of the fund's shares. Investors should consider the tax implications of buying shares prior to a distribution. The price of shares purchased at that time may include the amount of a forthcoming distribution. Those purchasing fund shares at a time when the fund has realized but not yet distributed income or capital gains that is reflected in the price of the shares will subsequently receive a partial return of their investment capital upon payment of the distribution, which will be taxable to them as a dividend or other fund distribution, as described above.

Certain distributions reported by the fund as Section 163(j) interest dividends may be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the Code. Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that the fund is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the fund's business interest income over the sum of the fund's (i) business interest expense and (ii) other deductions properly allocable to the fund's business interest income.

Individuals (and certain other non-corporate entities) are generally eligible for a 20% deduction with respect to taxable ordinary REIT dividends through 2025. Applicable Treasury regulations allow the fund to pass through to its shareholders such taxable ordinary REIT dividends. Accordingly, individual (and certain other non-corporate) shareholders of the fund that have received such taxable ordinary REIT dividends may be able to take advantage of this 20% deduction with respect to any such amounts passed through.

**Repurchases and exchanges of fund shares —** Repurchases of shares, including exchanges for shares of other PPS Funds or American Funds, may result in federal, state and local tax consequences (gain or loss) to the shareholder.

Any loss realized on a redemption or exchange of shares of the fund will be disallowed to the extent substantially identical shares are reacquired within the 61-day period beginning 30 days before and ending 30 days after the shares are disposed of. Any loss disallowed under this rule will be added to the shareholder's tax basis in the new shares purchased.

If a shareholder exchanges or otherwise disposes of shares of the fund within 90 days of having acquired such shares, and if, as a result of having acquired those shares, the shareholder subsequently pays a reduced or no sales charge for shares of the fund, or of a different fund acquired before January 31<sup>st</sup> of the year following the year the shareholder exchanged or otherwise disposed of the original fund shares, the sales charge previously incurred in acquiring the fund's shares will not be taken into account (to the extent such previous sales charges do not exceed the reduction in sales

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charges) for the purposes of determining the amount of gain or loss on the exchange, but will be treated as having been incurred in the acquisition of such other fund(s).

**Tax consequences of investing in non-U.S. securities —** Dividend and interest income received by the fund from sources outside the United States may be subject to withholding and other taxes imposed by such foreign jurisdictions. Tax conventions between certain countries and the United States, however, may reduce or eliminate these foreign taxes. Some foreign countries impose taxes on capital gains with respect to investments by foreign investors.

If more than 50% of the value of the total assets of the fund at the close of the taxable year consists of securities of foreign corporations, the fund may elect to pass through to shareholders the foreign taxes paid by the fund. If such an election is made, shareholders may claim a credit or deduction on their federal income tax returns for, and will be required to treat as part of the amounts distributed to them, their pro rata portion of qualified taxes paid by the fund to foreign countries. The application of the foreign tax credit depends upon the particular circumstances of each shareholder.

Foreign currency gains and losses, including the portion of gain or loss on the sale of debt securities attributable to fluctuations in foreign exchange rates, are generally taxable as ordinary income or loss. These gains or losses may increase or decrease the amount of dividends payable by the fund to shareholders. A fund may elect to treat gain and loss on certain foreign currency contracts as capital gain and loss instead of ordinary income or loss.

If the fund invests in stock of certain passive foreign investment companies (PFICs), the fund intends to mark-to-market these securities and recognize any gains at the end of its fiscal and excise tax years. Deductions for losses are allowable only to the extent of any previously recognized gains. Both gains and losses will be treated as ordinary income or loss, and the fund is required to distribute any resulting income. If the fund is unable to identify an investment as a PFIC security and thus does not make a timely mark-to-market election, the fund may be subject to adverse tax consequences.

**Tax consequences of investing in derivatives** — The fund may enter into transactions involving derivatives, such as futures, swaps, options and forward contracts. Special tax rules may apply to these types of transactions that could defer losses to the fund, accelerate the fund's income, alter the holding period of certain securities or change the classification of capital gains. These tax rules may therefore impact the amount, timing and character of fund distributions.

**Discount —** Certain bonds acquired by the fund, such as zero coupon bonds, may be treated as bonds that were originally issued at a discount. Original issue discount represents interest for federal income tax purposes and is generally defined as the difference between the price at which a bond was issued (or the price at which it was deemed issued for federal income tax purposes) and its stated redemption price at maturity. Original issue discount is treated for federal income tax purposes as tax exempt income earned by a fund over the term of the bond, and therefore is subject to the distribution requirements of the Code. The annual amount of income earned on such a bond by a fund generally is determined on the basis of a constant yield to maturity which takes into account the semiannual compounding of accrued interest (including original issue discount). Certain bonds acquired by the fund may also provide for contingent interest and/or principal. In such a case, rules similar to those for original issue discount bonds would require the accrual of income based on an assumed yield that may exceed the actual interest payments on the bond.

Some of the bonds may be acquired by a fund on the secondary market at a discount which exceeds the original issue discount, if any, on such bonds. This additional discount constitutes market discount for federal income tax purposes. Any gain recognized on the disposition of any bond having market discount generally will be treated as taxable ordinary income to the extent it does not exceed the accrued market discount on such bond (unless a fund elects to include market discount in income in

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the taxable years to which it is attributable). Realized accrued market discount on obligations that pay tax-exempt interest is nonetheless taxable. Generally, market discount accrues on a daily basis for each day the bond is held by a fund at a constant rate over the time remaining to the bond's maturity. In the case of any debt instrument having a fixed maturity date of not more than one year from date of issue, the gain realized on disposition will be treated as short-term capital gain. Some of the bonds acquired by a fund with a fixed maturity date of one year or less from the date of their issuance may be treated as having original issue discount or, in certain cases, "acquisition discount" (generally, the excess of a bond's stated redemption price at maturity over its acquisition price). A fund will be required to include any such original issue discount or acquisition discount in taxable ordinary income. The rate at which such acquisition discount and market discount accrues, and is thus included in a fund's investment company taxable income, will depend upon which of the permitted accrual methods the fund elects.

**Other tax considerations —** After the end of each calendar year, individual shareholders holding fund shares in taxable accounts will receive a statement of the federal income tax status of all distributions. Shareholders of the fund also may be subject to state and local taxes on distributions received from the fund.

Shareholders may obtain more information about cost basis online at capitalgroup.com/costbasis.

Under the backup withholding provisions of the Code, the fund generally will be required to withhold federal income tax on all payments made to a shareholder if the shareholder either does not furnish the fund with the shareholder's correct taxpayer identification number or fails to certify that the shareholder is not subject to backup withholding. Backup withholding also applies if the IRS notifies the shareholder or the fund that the taxpayer identification number provided by the shareholder is incorrect or that the shareholder has previously failed to properly report interest or dividend income.

The foregoing discussion of U.S. federal income tax law relates solely to the application of that law to U.S. persons (i.e., U.S. citizens and legal residents and U.S. corporations, partnerships, trusts and estates). Each shareholder who is not a U.S. person should consider the U.S. and foreign tax consequences of ownership of shares of the fund, including the possibility that such a shareholder may be subject to U.S. withholding taxes.

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**Purchase and exchange of shares**

**Purchases by individuals —** As described in the prospectus, you may generally open an account and purchase fund shares by contacting a financial professional or investment dealer authorized to sell the fund's shares. You may make investments by any of the following means:

**Contacting your financial professional —** Deliver or mail a check to your financial professional.

**By mail —** For initial investments, you may mail a check, made payable to the fund, directly to the address indicated on the account application. Please indicate an investment dealer on the account application. You may make additional investments by filling out the "Account Additions" form at the bottom of a recent transaction confirmation and mailing the form, along with a check made payable to the fund, using the envelope provided with your confirmation.

The amount of time it takes for us to receive regular U.S. postal mail may vary and there is no assurance that we will receive such mail on the day you expect. Mailing addresses for regular U.S. postal mail can be found in the prospectus. To send investments or correspondence to us via overnight mail or courier service, use either of the following addresses:

American Funds

12711 North Meridian Street

Carmel, IN 46032-9181

American Funds

5300 Robin Hood Road

Norfolk, VA 23513-2407

**By telephone —** Calling American Funds Service Company. Please see the "Shareholder account services and privileges" section of this statement of additional information for more information regarding this service.

**By Internet —** Using capitalgroup.com. Please see the "Shareholder account services and privileges" section of this statement of additional information for more information regarding this service.

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**By wire —** If you are making a wire transfer, instruct your bank to wire funds to:

Wells Fargo Bank

ABA Routing No. 121000248

Account No. 4600-076178

Your bank should include the following information when wiring funds:

For credit to the account of:

American Funds Service Company

(fund's name)

For further credit to:

(shareholder's fund account number)

(shareholder's name)

You may contact American Funds Service Company at (800) 421-4225 if you have questions about making wire transfers.

**Other purchase information —** The fund and the Principal Underwriter reserve the right to reject any purchase order.

Class R-6 shares may be made available to certain charitable foundations organized and maintained by The Capital Group Companies, Inc. or its affiliates. Class R-6 shares are also available to corporate investment accounts established by The Capital Group Companies, Inc. and its affiliates, and to post employment benefit plans.

**Purchase minimums and maximums —** All investments are subject to the purchase minimums and maximums described in the prospectus. The initial purchase minimum of $1,000 (applicable to all share classes other than Class F-3 shares held and serviced by the fund's transfer agent) may be waived or reduced in certain cases. The following account types may be established without meeting the initial purchase minimum:

· Retirement accounts that are funded with employer contributions; and

· Accounts that are funded with monies set by court decree.

The following account types may be established without meeting the initial purchase minimum, but shareholders wishing to invest in two or more funds must meet the normal initial purchase minimum of each fund:

· Accounts that are funded with (a) transfers of assets, (b) rollovers from retirement plans, (c) rollovers from 529 college savings plans or (d) required minimum distribution exchanges; and

· American Funds U.S. Government Money Market Fund accounts registered in the name of clients of Capital Group Private Client Services.

Certain accounts held on the fund's books, known as omnibus accounts, contain multiple underlying accounts that are invested in shares of the fund. These underlying accounts are maintained by entities such as financial intermediaries and are subject to the applicable initial purchase minimums as described in the prospectus and this statement of additional information. However, in the case where

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the entity maintaining these accounts aggregates the accounts' purchase orders for fund shares, such accounts are not required to meet the fund's minimum amount for subsequent purchases.

**Exchanges —** Any exchange of shares of the fund for shares of another fund as described below will be permitted only in connection with the fund's periodic repurchase offers.

Unless indicated otherwise in this prospectus, you may only exchange shares without a sales charge into other Capital Group KKR Public-Private+ Funds ("PPS") and American Funds (collectively, the "Capital Group Funds") within the same share class. Clients of Capital Group Private Client Services may exchange the shares of the fund for those of any other fund(s) managed by Capital Research and Management Company or its affiliates.

Exchange purchases are subject to the minimum investment requirements of the fund purchased and no sales charge generally applies. However, exchanges of shares from American Funds U.S. Government Money Market Fund are subject to applicable sales charges, unless the American Funds U.S. Government Money Market Fund shares were acquired by an exchange from a fund having a sales charge, or by reinvestment or cross-reinvestment of dividends or capital gain distributions.

Class A-2 shares and Class A-3 shares may be exchanged without a sales charge into the same share class only of other PPS Funds (but not other Capital Group Funds).

Exchanges of Class F shares generally may only be made through fee-based programs of investment firms that have special agreements with the fund's distributor and certain registered investment advisors. Class F-3 shares held by foreign investment companies may generally not be exchanged for any other shares of the fund or other Capital Group Funds.

You may exchange shares of other classes by contacting your financial professional by calling American Funds Service Company at (800) 421-4225 or using capitalgroup.com, or faxing (see "American Funds Service Company service areas" in the prospectus for the appropriate fax numbers) the Transfer Agent. For more information, see "Shareholder account services and privileges" in this statement of additional information. **These transactions have the same tax consequences as ordinary sales and purchases.**

Shares held in employer-sponsored retirement plans may be exchanged into other Capital Group Funds by contacting your plan administrator or recordkeeper. Exchange redemptions and purchases are processed simultaneously at the share prices next determined after the exchange order is received (see "Price of shares" in this statement of additional information).

**Moving between share classes**

If you wish to "move" your investment between share classes (within the same fund or between different funds), we generally will process your request as an exchange of the shares you currently hold for shares in the new class or fund. Below is more information about how sales charges are handled for various scenarios. For purposes of this section titled "Moving between share classes," references to "Class F" shares include Class F-2 as well as Class F-3 shares while references to "Class A" shares do not include Class A-2 or Class A-3 shares.

**Exchanging Class F shares for Class A shares —** You can exchange Class F shares held in a qualified fee-based program for Class A shares without paying an initial Class A sales charge if you are leaving or have left the fee-based program. If you have already redeemed your Class F shares, the foregoing requirements apply and you must purchase Class A shares within 90 days after redeeming your Class F shares to receive the Class A shares without paying an initial Class A sales charge.

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**Exchanging Class A for Class F shares —** If you are part of a qualified fee-based program or approved self-directed platform and you wish to exchange your Class A for Class F shares to be held in the program, any Class A sales charges (including contingent deferred sales charges) that you paid or are payable will not be credited back to your account.

**Exchanging Class A shares for Class R shares —** Provided it is eligible to invest in Class R shares, a retirement plan currently invested in Class A shares may exchange its shares for Class R shares. Any Class A sales charges that the retirement plan previously paid will not be credited back to the plan's account. No contingent deferred sales charge will be assessed as part of the share class conversion.

**Moving between Class F shares —** If you are part of a qualified fee-based program that offers Class F shares, you may exchange your Class F shares for any other Class F shares to be held in the program. For example, if you hold Class F-2 shares, you may exchange your shares for Class F-3 shares to be held in the program.

**Moving between other share classes —** If you desire to move your investment between share classes and the particular scenario is not described in this statement of additional information, please contact American Funds Service Company at (800) 421-4225 for more information.

**Non-reportable transactions —** Automatic conversions described in the prospectus will be non-reportable for tax purposes. In addition, an exchange of shares from one share class of a fund to another share class of the same fund will be treated as a non-reportable exchange for tax purposes, provided that the exchange request is received in writing by American Funds Service Company and processed as a single transaction.

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**Sales charges**

**Class A purchases**

Class A shares may be offered at net asset value to companies exchanging securities with the fund through a merger, acquisition or exchange offer and to certain individuals meeting the criteria described above who invested in Class A shares before Class F-2 shares were made available under this privilege.

**Class F-2 purchases**

If requested, Class F-2 shares will be sold to:

(1) current or retired directors, trustees, officers
 and advisory board members of, and certain lawyers who provide services to the funds managed by Capital Research and Management Company,
 current or retired employees of The Capital Group Companies, Inc. and its affiliated companies, certain family members of the above
 persons, and trusts or plans primarily for such persons;

(2) The Capital Group Companies, Inc. and its
 affiliated companies; and

(3) current employees of KKR & Co. and its
 affiliates and trusts or plans primarily for such persons.

Once an account in Class F-2 is established under this privilege, additional investments can be made in Class F-2 for the life of the account. Depending on the financial intermediary holding your account, these privileges may be unavailable. Investors should consult their financial intermediary for further information.

**Moving between accounts —** Investments in this fund or other PPS Funds by certain account types may be moved to other account types without incurring additional Class A sales charges. These transactions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·repurchase proceeds from a non-retirement account (for example, a joint tenant account) used to purchase fund shares in an IRA or other individual-type retirement account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·required minimum distributions from an IRA or other individual-type retirement account used to purchase fund shares in a non-retirement account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·death distributions paid to a beneficiary's account that are used by the beneficiary to purchase fund shares in a different account.

These privileges are generally available only if your account is held directly with the fund's transfer agent or if the financial intermediary holding your account has the systems, policies and procedures to support providing the privileges on its systems. Investors should consult their financial intermediary for further information.

**Loan repayments —** Repayments on loans taken from a retirement plan are not subject to sales charges if American Funds Service Company is notified of the repayment.

**Dealer commissions and compensation —** Commissions are paid to dealers who initiate and are responsible for certain Class A and A-2 share purchases not subject to initial sales charges.

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In the case of Class A shares, commissions (up to 0.75%) are paid on purchases that consist of purchases of $500,000 or more. Commissions on such Class A investments (other than IRA rollover assets that roll over at no sales charge under the fund's IRA rollover policy as described in the prospectus) are paid to dealers at the following rates: 0.75% on amounts of at least $500,000 but less than $10 million, 0.50% on amounts of at least $10 million but less than $25 million and 0.25% on amounts of at least $25 million.

In the case of Class A-2 shares, commissions of 1.00% are paid on purchases that consist of purchases of $250,000 or more.

Commissions are based on cumulative investments over the life of the account with no adjustment for redemptions, transfers, or market declines. For example, if a shareholder has accumulated investments in Class A shares in excess of $10 million (but less than $25 million) and subsequently redeems all or a portion of the account(s), purchases following the redemption will generate a dealer commission of 0.50%.

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**Sales charge reductions and waivers**

**Reducing your Class A or Class A-2 sales charge —** As described in the prospectus, there are various ways to reduce your sales charge when purchasing Class A or Class A-2 shares. Additional information about Class A or Class A-2 sales charge reductions is provided below.

**Statement of intention —** By establishing a statement of intention (the "Statement"), you enter into a nonbinding commitment to purchase eligible shares of certain funds over a 13-month period and receive the same sales charge (expressed as a percentage of your purchases) as if all shares had been purchased at once, unless the Statement is upgraded as described below. With respect to Class A sales charges, a statement of intention may include eligible shares of all Capital Group Funds (excluding American Funds U.S. Government Money Market Fund). In the case of Class A-2 sales charges, a statement of intention may only include eligible shares of the PPS Funds.

The Statement period starts on the date on which your first purchase made toward satisfying the Statement is processed. Your accumulated holdings (as described in the paragraph below titled "Rights of accumulation") eligible to be aggregated as of the day immediately before the start of the Statement period may be credited toward satisfying the Statement.

You may revise the commitment you have made in your Statement upward at any time during the Statement period. If your prior commitment has not been met by the time of the revision, the Statement period during which purchases must be made will remain unchanged. Purchases made from the date of the revision will receive the reduced sales charge, if any, resulting from the revised Statement. If your prior commitment has been met by the time of the revision, your original Statement will be considered met and a new Statement will be established.

The Statement will be considered completed if the shareholder dies within the 13-month Statement period. Commissions to dealers will not be adjusted or paid on the difference between the Statement amount and the amount actually invested before the shareholder's death.

When a shareholder elects to use a Statement, shares equal to 5% of the dollar amount specified in the Statement may be held in escrow in the shareholder's account out of the initial purchase (or subsequent purchases, if necessary) by the Transfer Agent. All dividends and any capital gain distributions on shares held in escrow will be credited to the shareholder's account in shares (or paid in cash, if requested). If the intended investment is not completed within the specified Statement period the investments made during the statement period will be adjusted to reflect the difference between the sales charge actually paid and the sales charge which would have been paid if the total of such purchases had been made at a single time. Any dealers assigned to the shareholder's account at the time a purchase was made during the Statement period will receive a corresponding commission adjustment if appropriate.

In addition, if you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to apply purchases under such contracts and policies to a Statement.

Shareholders purchasing shares at a reduced sales charge under a Statement indicate their acceptance of these terms and those in the prospectus with their first purchase.

The Statement period may be extended in cases where the fund's distributor determines it is appropriate to do so; for example in periods when there are extenuating circumstances such

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as a natural disaster that may limit an individual's ability to meet the investment required under the Statement.

**Aggregation —** Class A sales charges may be reduced by combining all of your investments in PPS Funds or the American Funds. Class A-2 sales charges may be reduced by combining your investments in PPS Funds only. Solely with respect to Class A shares, qualifying investments for aggregation include purchases of eligible classes of shares of the Capital Group Funds made by you and your "immediate family" as defined in the prospectus, if all parties are purchasing shares for their own accounts and/or:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·individual-type employee benefit plans, such as an IRA, single-participant Keogh-type plan, or a participant account of a 403(b) plan that is treated as an individual-type plan for sales charge purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·SEP and SIMPLE IRA accounts in plans established after November 15, 2004, by an employer adopting any plan document other than a prototype plan produced by Capital Client Group, Inc. or an affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·business accounts solely controlled by you or your immediate family (for example, you own the entire business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·trust accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor's death the trust account may be aggregated with such beneficiary's own accounts; for trusts with multiple primary beneficiaries, upon the trustor's death the trustees of the trust may instruct American Funds Service Company to establish separate trust accounts for each primary beneficiary; each primary beneficiary's separate trust account may then be aggregated with such beneficiary's own accounts); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·endowments or foundations established and controlled by you or your immediate family.

Individual purchases by a trustee(s) or other fiduciary(ies) may also be aggregated if the investments are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·for a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plans described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·made for two or more employee benefit plans of a single employer or of affiliated employers as defined in the 1940 Act, excluding the individual-type employee benefit plans described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·for a diversified common trust fund or other diversified pooled account not specifically formed for the purpose of accumulating fund shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·for nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by such organizations, or any employer-sponsored retirement plans established for the benefit of the employees of such organizations, their endowments, or their foundations.

Purchases made for nominee or street name accounts (securities held in the name of an investment dealer or another nominee such as a bank trust department instead of the customer) may not be aggregated with those made for other accounts and may not be aggregated with other nominee or street name accounts unless otherwise qualified as described above.

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Joint accounts may be aggregated with other accounts belonging to the primary owner and/or his or her immediate family. The primary owner of a joint account is the individual responsible for taxes on the account.

**Concurrent purchases —** As described in the prospectus, you may reduce your Class A sales charge by combining simultaneous purchases of all eligible classes of shares in Capital Group Funds. Shares of American Funds U.S. Government Money Market Fund purchased through an exchange, reinvestment or cross-reinvestment from a fund having a sales charge also qualify. However, direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. If you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on or before March 31, 2007, you may continue to combine purchases made under such contracts and policies to reduce your Class A sales charge.

Class A-2 sales charge may be reduced by combining simultaneous purchases of all eligible classes of shares in the PPS Funds (but not the American Funds or Emerging Markets Equities Fund, Inc.).

**Rights of accumulation —** Subject to the limitations described in the aggregation policy, you may take into account your accumulated holdings in all eligible share classes of Capital Group Funds to determine your Class A sales charge on investments in accounts eligible to be aggregated. Direct purchases of American Funds U.S. Government Money Market Fund Class A shares are excluded. Subject to your investment dealer's or recordkeeper's capabilities, your accumulated holdings will be calculated as the higher of (*a*) the current value of your existing holdings (the "market value") as of the day prior to your Capital Group Funds investment or (*b*) the amount you invested (including reinvested dividends and capital gains, but excluding capital appreciation) less any withdrawals (the "cost value"). Depending on the entity on whose books your account is held, the value of your holdings in that account may not be eligible for calculation at cost value. For example, accounts held in nominee or street name may not be eligible for calculation at cost value and instead may be calculated at market value for purposes of rights of accumulation.

Notwithstanding the foregoing, Class A-2 sales charges may be reduced by combining your accumulated holdings of all classes of shares in the PPS Funds (but not the American Funds or Emerging Markets Equities Fund, Inc.).

The value of all of your holdings in accounts established in calendar year 2005 or earlier will be assigned an initial cost value equal to the market value of those holdings as of the last business day of 2005. Thereafter, the cost value of such accounts will increase or decrease according to actual investments or withdrawals.

You must contact your financial professional or American Funds Service Company if you have additional information that is relevant to the calculation of the value of your holdings.

When determining your Class A sales charge, if your investment is not in an employer-sponsored retirement plan, you may also continue to take into account the market value (as of the day prior to your Capital Group Funds investment) of your individual holdings in various American Legacy variable annuity contracts and variable life insurance policies that were established on or before March 31, 2007. An employer-sponsored retirement plan may also continue to take into account the market value of its investments in American Legacy Retirement Investment Plans that were established on or before March 31, 2007.

Capital Group KKR Core Plus+ — Page 95

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If you make a gift of Class A shares, upon your request, you may purchase the shares at the sales charge discount allowed under rights of accumulation of all of your Capital Group Funds and applicable American Legacy accounts.

**CDSC waivers for Class A shares —** As noted in the prospectus, a contingent deferred sales charge ("CDSC") will be waived for repurchases due to death or post-purchase disability of a shareholder (this generally excludes accounts registered in the names of trusts and other entities). In the case of joint tenant accounts, if one joint tenant dies, a surviving joint tenant, at the time he or she notifies the Transfer Agent of the other joint tenant's death and removes the decedent's name from the account, may redeem shares from the account without incurring a CDSC. Repurchases made after the Transfer Agent is notified of the death of a joint tenant will be subject to a CDSC.

In addition, a CDSC will be waived for required minimum distributions taken from retirement accounts in accordance with IRS regulations, if they do not exceed 12% of the value of an "account" (defined below) annually (the "12% limit"). For purposes of this paragraph, "account" means your investment in the applicable class of shares of the particular fund from which you are making the redemption.

The CDSC on Class A shares may be waived in cases where the fund's transfer agent determines the benefit to the fund of collecting the CDSC would be outweighed by the cost of applying it.

CDSC waivers are allowed only in the cases listed here and in the prospectus.

Capital Group KKR Core Plus+ — Page 96

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**Repurchase of shares**

The fund makes quarterly offers to repurchase between 5% and 25% of its outstanding shares at net asset value. The fund currently expects to offer to repurchase 10% of its outstanding shares, subject to approval of the Board. Notices of each repurchase offer are sent to shareholders at least 21 days before the "Repurchase Request Deadline" (i.e., the date by which shareholders must request that their shares be repurchased).

The section titled "Periodic repurchase offers" in the fund's prospectus discusses the type and timing of notice for repurchase offers, the effects of oversubscribed repurchase offers, the determination of the repurchase price, payment by the fund for shares requested to be repurchased, the consequences of repurchase offers and other details regarding repurchase offers, including associated risks. The fund's fundamental policy with respect to repurchase offers is discussed in this statement of additional information under "Fund policies."

Repurchases generally are funded from available cash, cash from the sale of Shares or sales of portfolio securities. While the fund does not currently intend to fund repurchases with borrowings in the normal course, it may borrow for temporary and extraordinary purposes, including to fund repurchases. Under the requirements of the 1940 Act, the aggregate amount of the fund's borrowings will be limited to one third of the total assets of the fund on an aggregate basis, immediately after such borrowings. The fees and expenses of borrowings will be borne entirely by fund shareholders and will reduce the investment return of the shares as well as any net investment income.

A signature guarantee may be required for certain requests for repurchase. In such an event, your signature may be guaranteed by a domestic stock exchange or the Financial Industry Regulatory Authority, bank, savings association or credit union that is an eligible guarantor institution. The Transfer Agent reserves the right to require a signature guarantee on any such requests for repurchase.

Additional documentation may be required for sales of shares held in corporate, partnership or fiduciary accounts. You must include with your written request any shares you wish to have repurchased that are in certificate form.

If you hold multiple funds and a CDSC applies to the shares you are requesting to be repurchased, the CDSC will be calculated based on the applicable class of shares of the particular fund from which you are making such request.

Capital Group KKR Core Plus+ — Page 97

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**Shareholder account services and privileges**

The following services and privileges are generally available to all shareholders. However, certain services and privileges described in the prospectus and this statement of additional information may not be available if your account is held with an investment dealer or through an employer-sponsored retirement plan.

**Automatic investment plan —** An automatic investment plan enables you to make monthly or quarterly investments in the PPS Funds or American Funds through automatic debits from your bank account. To set up a plan, you must fill out an account application and specify the amount that you would like to invest and the date on which you would like your investments to occur. The plan will begin within 30 days after your account application is received. Your bank account will be debited on the day or a few days before your investment is made, depending on the bank's capabilities. The Transfer Agent will then invest your money into the fund you specified on or around the date you specified. If the date you specified falls on a weekend or holiday, your money will be invested on the following business day. However, if the following business day falls in the next month, your money will be invested on the business day immediately preceding the weekend or holiday. If your bank account cannot be debited due to insufficient funds, a stop-payment or the closing of the account, the plan may be terminated and the related investment reversed. You may change the amount of the investment or discontinue the plan at any time by contacting the Transfer Agent.

**Cross-reinvestment of dividends and distributions —** For all share classes, you may cross-reinvest dividends and capital gains (distributions) into other funds in the same share class at net asset value, subject to the following conditions:

(1)the aggregate value of your account(s) in the fund(s) paying distributions equals or exceeds $5,000 (this is waived if the value of the account in the fund receiving the distributions equals or exceeds that fund's minimum initial investment requirement);

(2)if the value of the account of the fund receiving distributions is below the minimum initial investment requirement, distributions must be automatically reinvested; and

(3)if you discontinue the cross-reinvestment of distributions, the value of the account of the fund receiving distributions must equal or exceed the minimum initial investment requirement. If you do not meet this requirement within 90 days of notification, the fund has the right to automatically redeem the account.

Depending on the financial intermediary holding your account, your reinvestment privileges may be unavailable or differ from those described in this statement of additional information. Investors should consult their financial intermediary for further information.

**Automatic exchanges —** For all share classes, you may automatically exchange shares of the same class in amounts of $50 or more among any Capital Group Funds. Such exchanges shall be permitted only in connection with the fund's periodic repurchase offers.

**Account statements —** Your account is opened in accordance with your registration instructions. Transactions in the account, such as additional investments, will be reflected on regular confirmation statements from the Transfer Agent. Dividend and capital gain reinvestments, purchases through automatic investment plans and certain retirement plans, as well as automatic exchanges, will be confirmed at least quarterly.

**American Funds Service Company and capitalgroup.com —** You may check your share balance, the price of your shares or your most recent account transaction; or exchange shares by calling American

Capital Group KKR Core Plus+ — Page 98

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Funds Service Company at (800) 421-4225 or using capitalgroup.com. Repurchases and exchanges through American Funds Service Company and capitalgroup.com are subject to the conditions noted above and in "Telephone and Internet purchases, repurchases and exchanges" below. You will need your fund number (see the list of American Funds under the "General information — fund numbers" section in this statement of additional information), personal identification number (generally the last four digits of your Social Security number or other tax identification number associated with your account) and account number.

Generally, all shareholders are automatically eligible to use these services. However, if you are not currently authorized to do so, please contact American Funds Service Company for assistance. Once you establish this privilege, you, your financial professional or any person with your account information may use these services.

**Telephone and Internet purchases, repurchases and exchanges —** By using the telephone or the Internet (including capitalgroup.com), or fax purchase, redemption and/or exchange options, you agree to hold the fund, the investment adviser, the sub-adviser, the Transfer Agent, any of its affiliates or mutual funds managed by such affiliates, and each of their respective directors, trustees, officers, employees and agents harmless from any losses, expenses, costs or liabilities (including attorney fees) that may be incurred in connection with the exercise of these privileges. Generally, all shareholders are automatically eligible to use these services. However, you may elect to opt out of these services by writing the Transfer Agent (you may also reinstate them at any time by writing the Transfer Agent). If the Transfer Agent does not employ reasonable procedures to confirm that the instructions received from any person with appropriate account information are genuine, it and/or the fund may be liable for losses due to unauthorized or fraudulent instructions. In the event that shareholders are unable to reach the fund by telephone because of technical difficulties, market conditions or a natural disaster, repurchase and exchange requests may be made in writing only.

**Share certificates —** Shares are credited to your account. The fund does not issue share certificates.

Capital Group KKR Core Plus+ — Page 99

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**General information**

**Custodian of assets —** Securities and cash owned by the fund, including proceeds from the sale of shares of the fund and of securities in the fund's portfolio, are held by The Bank of New York Mellon, 240 Greenwich Street, New York, NY 10286, as custodian. If the fund holds securities of issuers outside the United States, the custodian may hold these securities pursuant to subcustodial arrangements in banks outside the United States or branches of U.S. banks outside the United States.

**Transfer agent services —** American Funds Service Company, a wholly owned subsidiary of the investment adviser, maintains the records of shareholder accounts, processes purchases and repurchases of the fund's shares, acts as dividend and capital gain distribution disbursing agent, and performs other related shareholder service functions. The principal office of American Funds Service Company is located at 6455 Irvine Center Drive, Irvine, CA 92618. Transfer agent fees are paid according to a fee schedule, based on the number of accounts serviced or a percentage of fund assets, contained in a Shareholder Services Agreement between the fund and American Funds Service Company.

In the case of certain shareholder accounts, third parties who may be unaffiliated with the investment adviser provide transfer agency and shareholder services in place of American Funds Service Company. These services are rendered under agreements with American Funds Service Company or its affiliates and the third parties receive compensation according to such agreements. Compensation for transfer agency and shareholder services, whether paid to American Funds Service Company or such third parties, is ultimately paid from fund assets and is reflected in the expenses of the fund as disclosed in the prospectus.

For the period from April 24, 2025 (seeding date) to December 31, 2025, transfer agent fees, gross of any payments made by American Funds Service Company to third parties, were:

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| | |
|:---|:---|
|  | Transfer agent fee |
| Class A | $1000 |
| Class A-2 | —<sup>1</sup> |
| **Class A-3<sup>2</sup>** | —<sup>1</sup> |
| Class F-2 | 21000 |
| Class F-3 | 1000 |
| Class R-6 | —<sup>1</sup> |

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<sup>1</sup>Amount less than $1,000.

<sup>2</sup>Class A-3 began investment operations on September 2, 2025.

Capital Group KKR Core Plus+ — Page 100

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**Independent registered public accounting firm —** Deloitte & Touche LLP ("D&T"), 695 Town Center Drive, Costa Mesa, CA 92626, serves as the fund's independent registered public accounting firm, providing audit services and review of certain documents to be filed with the SEC. Deloitte Tax LLP prepares tax returns for the fund. The financial statements and financial highlights of the fund included in this statement of additional information that are from the fund's Form N-CSR for the most recent fiscal year have been audited by D&T, an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements are included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. The selection of the fund's independent registered public accounting firm is reviewed and determined annually by the board of trustees.

**Legal counsel —** Stradley Ronon Stevens & Young, LLP, 100 Park Avenue, Suite 2000, New York, NY 10017, serves as legal counsel for the fund.

**Prospectuses, reports to shareholders and proxy statements —** The fund's fiscal year ends on December 31. A registration statement on Form N-2 relating to the Shares offered hereby, has been filed by the fund with the SEC. The prospectus and this statement of additional information do not contain all of the information set forth in the registration statement, including any exhibits and schedules thereto. For further information with respect to the fund and the Shares offered hereby, reference is made to the registration statement. A copy of the registration statement may be reviewed on the EDGAR database on the SEC's website at http://www.sec.gov. Prospective investors can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's e-mail address (publicinfo@sec.gov). Shareholders may request a copy of the fund's current prospectus at no cost by calling (800) 421-4225 or by sending an email request to prospectus@americanfunds.com.

Shareholders may also access the fund's current prospectus, statement of additional information and shareholder reports at capitalgroup.com/prospectus. The fund's annual financial statements are audited by the fund's independent registered public accounting firm, D&T. In addition, shareholders may also receive proxy statements for the fund. In an effort to reduce the volume of mail shareholders receive from the fund when a household owns more than one account, the Transfer Agent has taken steps to eliminate duplicate mailings of shareholder reports and proxy statements. To receive additional copies of a report or proxy statement, shareholders should contact the Transfer Agent.

Shareholders may also elect to receive annual reports and semi-annual reports electronically by signing up for electronic delivery on our website, capitalgroup.com. Shareholders who elect to receive documents electronically will receive such documents in electronic form and will not receive documents in paper form by mail. A shareholder who elects electronic delivery is able to cancel this service at any time and return to receiving updated summary prospectuses and other reports in paper form by mail.

Prospectuses, annual reports and semi-annual reports that are mailed to shareholders by the Capital Group organization are printed with ink containing soy and/or vegetable oil on paper containing recycled fibers.

Capital Group KKR Core Plus+ — Page 101

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**Codes of ethics —** The fund and Capital Research and Management Company and its affiliated companies, including the fund's Principal Underwriter, have adopted codes of ethics that allow for personal investments, including securities in which the fund may invest from time to time. These codes include a ban on acquisitions of securities pursuant to an initial public offering; restrictions on acquisitions of private placement securities; preclearance and reporting requirements; review of duplicate confirmation statements; annual recertification of compliance with codes of ethics; blackout periods on personal investing for certain investment personnel; ban on short-term trading profits for investment personnel; limitations on service as a director of publicly traded companies; disclosure of personal securities transactions; and policies regarding political contributions.

The sub-adviser also adopted codes of ethics that establish procedures for personal investments and restrict certain personal securities transactions. Personnel subject to these codes may invest in securities for their personal investment accounts, including securities that may be purchased or held by the fund, so long as such investments are made in accordance with the code's requirements.

The code of ethics is available on the EDGAR Database on the SEC's website at http://www.sec.gov. You may also obtain copies of each code of ethics, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

Capital Group KKR Core Plus+ — Page 102

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**Other information —** The fund reserves the right to modify the privileges described in this statement of additional information at any time.

The fund's financial statements, including the investment portfolio and the report of the fund's independent registered public accounting firm contained in the fund's Form N-CSR, are included in this statement of additional information.

Capital Group KKR Core Plus+ — Page 103

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Fund numbers — Here are the fund numbers for use when making share transactions:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers |
| Fund | **Class**<br>**A** | **Class**<br>**A-2** | **Class**<br>**A-3** | **Class**<br>**C** | **Class**<br>**T** | **Class**<br>**F-1** | **Class**<br>**F-2** | **Class**<br>**F-3** |
| Stock and stock/fixed income funds |  |  |  |  |  |  |  |  |
| AMCAP Fund<sup>®</sup> | 002 | N/A | N/A | 302 | 43002 | 402 | 602 | 702 |
| American Balanced Fund<sup>®</sup> | 011 | N/A | N/A | 311 | 43011 | 411 | 611 | 711 |
| American Funds<sup>®</sup> Developing World Growth and Income Fund | 30100 | N/A | N/A | 33100 | 43100 | 34100 | 36100 | 37100 |
| American Funds<sup>®</sup> Global Balanced Fund | 037 | N/A | N/A | 337 | 43037 | 437 | 637 | 737 |
| American Funds<sup>®</sup> Global Insight Fund | 30122 | N/A | N/A | 33122 | 43122 | 34122 | 36122 | 37122 |
| American Funds<sup>®</sup> International Vantage Fund | 30123 | N/A | N/A | 33123 | 43123 | 34123 | 36123 | 37123 |
| American Mutual Fund<sup>®</sup> | 003 | N/A | N/A | 303 | 43003 | 403 | 603 | 703 |
| Capital Group KKR U.S. Equity+ | 30402 | 39402 | 61402 | N/A | N/A | N/A | 36402 | 37402 |
| Capital Income Builder<sup>®</sup> | 012 | N/A | N/A | 312 | 43012 | 412 | 612 | 712 |
| Capital World Growth and Income Fund<sup>®</sup> | 033 | N/A | N/A | 333 | 43033 | 433 | 633 | 733 |
| EUPAC Fund™ | 016 | N/A | N/A | 316 | 43016 | 416 | 616 | 716 |
| Fundamental Investors<sup>®</sup> | 010 | N/A | N/A | 310 | 43010 | 410 | 610 | 710 |
| The Growth Fund of America<sup>®</sup> | 005 | N/A | N/A | 305 | 43005 | 405 | 605 | 705 |
| The Income Fund of America<sup>®</sup> | 006 | N/A | N/A | 306 | 43006 | 406 | 606 | 706 |
| International Growth and Income Fund | 034 | N/A | N/A | 334 | 43034 | 434 | 634 | 734 |
| The Investment Company of America<sup>®</sup> | 004 | N/A | N/A | 304 | 43004 | 404 | 604 | 704 |
| The New Economy Fund<sup>®</sup> | 014 | N/A | N/A | 314 | 43014 | 414 | 614 | 714 |
| New Perspective Fund<sup>®</sup> | 007 | N/A | N/A | 307 | 43007 | 407 | 607 | 707 |
| New World Fund<sup>®</sup> | 036 | N/A | N/A | 336 | 43036 | 436 | 636 | 736 |
| SMALLCAP World Fund<sup>®</sup> | 035 | N/A | N/A | 335 | 43035 | 435 | 635 | 735 |
| Washington Mutual Investors Fund | 001 | N/A | N/A | 301 | 43001 | 401 | 601 | 701 |
| Fixed income funds |  |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> Core Plus Bond Fund | 30410 | N/A | N/A | 33410 | N/A | 34410 | 36410 | 37410 |
| American Funds Emerging Markets Bond Fund <sup>®</sup> | 30114 | N/A | N/A | 33114 | 43114 | 34114 | 36114 | 37114 |
| American Funds Corporate Bond Fund <sup>®</sup> | 032 | N/A | N/A | 332 | 43032 | 432 | 632 | 732 |
| American Funds Inflation Linked Bond Fund<sup>®</sup> | 060 | N/A | N/A | 360 | 43060 | 460 | 660 | 760 |
| American Funds Mortgage Fund<sup>®</sup> | 042 | N/A | N/A | 342 | 43042 | 442 | 642 | 742 |
| American Funds<sup>®</sup> Multi-Sector Income Fund | 30126 | N/A | N/A | 33126 | 43126 | 34126 | 36126 | 37126 |
| American Funds Short-Term Tax-Exempt<br>Bond Fund<sup>®</sup> | 039 | N/A | N/A | N/A | 43039 | 439 | 639 | 739 |
| American Funds<sup>®</sup> Strategic Bond Fund | 30112 | N/A | N/A | 33112 | 43112 | 34112 | 36112 | 37112 |
| American Funds Tax-Exempt Fund of<br>New York<sup>®</sup> | 041 | N/A | N/A | 341 | 43041 | 441 | 641 | 741 |
| American High-Income Municipal Bond Fund<sup>®</sup> | 040 | N/A | N/A | 340 | 43040 | 440 | 640 | 740 |
| American High-Income Trust<sup>®</sup> | 021 | N/A | N/A | 321 | 43021 | 421 | 621 | 721 |
| The Bond Fund of America<sup>®</sup> | 008 | N/A | N/A | 308 | 43008 | 408 | 608 | 708 |
| Capital Group KKR Core Plus+ | 30400 | 39400 | 61400 | N/A | N/A | N/A | 36400 | 37400 |
| Capital Group KKR Multi-Sector+ | 30401 | 39401 | 61401 | N/A | N/A | N/A | 36401 | 37401 |
| Capital World Bond Fund<sup>®</sup> | 031 | N/A | N/A | 331 | 43031 | 431 | 631 | 731 |
| Intermediate Bond Fund of America<sup>®</sup> | 023 | N/A | N/A | 323 | 43023 | 423 | 623 | 723 |
| Limited Term Tax-Exempt Bond Fund<br>of America<sup>®</sup> | 043 | N/A | N/A | 343 | 43043 | 443 | 643 | 743 |
| Short-Term Bond Fund of America<sup>®</sup> | 048 | N/A | N/A | 348 | 43048 | 448 | 648 | 748 |
| The Tax-Exempt Bond Fund of America<sup>®</sup> | 019 | N/A | N/A | 319 | 43019 | 419 | 619 | 719 |
| The Tax-Exempt Fund of California<sup>®</sup> | 020 | N/A | N/A | 320 | 43020 | 420 | 620 | 720 |
| U.S. Government Securities Fund<sup>®</sup> | 022 | N/A | N/A | 322 | 43022 | 422 | 622 | 722 |

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Capital Group KKR Core Plus+ — Page 104

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers |
| Fund | **Class**<br>**A** | **Class**<br>**A-2** | **Class**<br>**A-3** | **Class**<br>**C** | **Class**<br>**T** | **Class**<br>**F-1** | **Class**<br>**F-2** | **Class**<br>**F-3** |
| Money market fund |  |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> U.S. Government <br>Money Market Fund | 059 | N/A | N/A | 359 | 43059 | 459 | 659 | 759 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers |
| Fund | **Class** <br>**529-A** | **Class**<br>**529-C** | **Class**<br>**529-E** | **Class**<br>**529-T** | **Class**<br>**529-F-1** | **Class**<br>**529-F-2** | **Class**<br>**529-F-3** | **Class**<br>**ABLE-A** | **Class**<br>**ABLE-F-2** |
| Stock and stock/fixed income funds |  |  |  |  |  |  |  |  |  |
| AMCAP Fund | 1002 | 1302 | 1502 | 46002 | 1402 | 1602 | 1702 | N/A | N/A |
| American Balanced Fund | 1011 | 1311 | 1511 | 46011 | 1411 | 1611 | 1711 | N/A | N/A |
| American Funds Developing World Growth and Income Fund | 10100 | 13100 | 15100 | 46100 | 14100 | 16100 | 17100 | N/A | N/A |
| American Funds Global Balanced Fund | 1037 | 1337 | 1537 | 46037 | 1437 | 1637 | 1737 | N/A | N/A |
| American Funds Global Insight Fund | 10122 | 13122 | 15122 | 46122 | 14122 | 16122 | 17122 | N/A | N/A |
| American Funds International Vantage Fund | 10123 | 13123 | 15123 | 46123 | 14123 | 16123 | 17123 | N/A | N/A |
| American Mutual Fund | 1003 | 1303 | 1503 | 46003 | 1403 | 1603 | 1703 | N/A | N/A |
| Capital Income Builder | 1012 | 1312 | 1512 | 46012 | 1412 | 1612 | 1712 | N/A | N/A |
| Capital World Growth and Income Fund | 1033 | 1333 | 1533 | 46033 | 1433 | 1633 | 1733 | N/A | N/A |
| EUPAC Fund | 1016 | 1316 | 1516 | 46016 | 1416 | 1616 | 1716 | N/A | N/A |
| Fundamental Investors | 1010 | 1310 | 1510 | 46010 | 1410 | 1610 | 1710 | N/A | N/A |
| The Growth Fund of America | 1005 | 1305 | 1505 | 46005 | 1405 | 1605 | 1705 | N/A | N/A |
| The Income Fund of America | 1006 | 1306 | 1506 | 46006 | 1406 | 1606 | 1706 | N/A | N/A |
| International Growth and Income Fund | 1034 | 1334 | 1534 | 46034 | 1434 | 1634 | 1734 | N/A | N/A |
| The Investment Company of America | 1004 | 1304 | 1504 | 46004 | 1404 | 1604 | 1704 | N/A | N/A |
| The New Economy Fund | 1014 | 1314 | 1514 | 46014 | 1414 | 1614 | 1714 | N/A | N/A |
| New Perspective Fund | 1007 | 1307 | 1507 | 46007 | 1407 | 1607 | 1707 | N/A | N/A |
| New World Fund | 1036 | 1336 | 1536 | 46036 | 1436 | 1636 | 1736 | N/A | N/A |
| SMALLCAP World Fund | 1035 | 1335 | 1535 | 46035 | 1435 | 1635 | 1735 | N/A | N/A |
| Washington Mutual Investors Fund | 1001 | 1301 | 1501 | 46001 | 1401 | 1601 | 1701 | N/A | N/A |
| Fixed income funds |  |  |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> Core Plus Bond Fund | 10410 | 13410 | 15410 | N/A | 14410 | 16410 | 17410 | N/A | N/A |
| American Funds Emerging Markets Bond Fund | 10114 | 13114 | 15114 | 46114 | 14114 | 16114 | 17114 | N/A | N/A |
| American Funds Corporate Bond Fund | 1032 | 1332 | 1532 | 46032 | 1432 | 1632 | 1732 | N/A | N/A |
| American Funds Inflation Linked Bond Fund | 1060 | 1360 | 1560 | 46060 | 1460 | 1660 | 1760 | N/A | N/A |
| American Funds Mortgage Fund | 1042 | 1342 | 1542 | 46042 | 1442 | 1642 | 1742 | N/A | N/A |
| American Funds Multi-Sector Income Fund | 10126 | 13126 | 15126 | 46126 | 14126 | 16126 | 17126 | N/A | N/A |
| American Funds Strategic Bond Fund | 10112 | 13112 | 15112 | 46112 | 14112 | 16112 | 17112 | N/A | N/A |
| American High-Income Trust | 1021 | 1321 | 1521 | 46021 | 1421 | 1621 | 1721 | N/A | N/A |
| The Bond Fund of America | 1008 | 1308 | 1508 | 46008 | 1408 | 1608 | 1708 | N/A | N/A |
| Capital World Bond Fund | 1031 | 1331 | 1531 | 46031 | 1431 | 1631 | 1731 | N/A | N/A |
| Intermediate Bond Fund of America | 1023 | 1323 | 1523 | 46023 | 1423 | 1623 | 1723 | N/A | N/A |
| Short-Term Bond Fund of America | 1048 | 1348 | 1548 | 46048 | 1448 | 1648 | 1748 | N/A | N/A |
| U.S. Government Securities Fund | 1022 | 1322 | 1522 | 46022 | 1422 | 1622 | 1722 | N/A | N/A |
| Money market fund |  |  |  |  |  |  |  |  |  |
| American Funds U.S. Government <br>Money Market Fund | 1059 | 1359 | 1559 | 46059 | 1459 | 1659 | 1759 | 48059 | 60059 |

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Capital Group KKR Core Plus+ — Page 105

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers |
| Fund | **Class**<br>**R-1** | **Class**<br>**R-2** | **Class**<br>**R-2E** | **Class**<br>**R-3** | **Class**<br>**R-4** | **Class**<br>**R-5E** | **Class**<br>**R-5** | **Class**<br>**R-6** |
| Stock and stock/fixed income funds |  |  |  |  |  |  |  |  |
| AMCAP Fund | 2102 | 2202 | 4102 | 2302 | 2402 | 2702 | 2502 | 2602 |
| American Balanced Fund | 2111 | 2211 | 4111 | 2311 | 2411 | 2711 | 2511 | 2611 |
| American Funds Developing World Growth and Income Fund | 21100 | 22100 | 41100 | 23100 | 24100 | 27100 | 25100 | 26100 |
| American Funds Global Balanced Fund | 2137 | 2237 | 4137 | 2337 | 2437 | 2737 | 2537 | 2637 |
| American Funds Global Insight Fund | 21122 | 22122 | 41122 | 23122 | 24122 | 27122 | 25122 | 26122 |
| American Funds International Vantage Fund | 21123 | 22123 | 41123 | 23123 | 24123 | 27123 | 25123 | 26123 |
| American Mutual Fund | 2103 | 2203 | 4103 | 2303 | 2403 | 2703 | 2503 | 2603 |
| Capital Group KKR U.S. Equity+ | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 26402 |
| Capital Income Builder | 2112 | 2212 | 4112 | 2312 | 2412 | 2712 | 2512 | 2612 |
| Capital World Growth and Income Fund | 2133 | 2233 | 4133 | 2333 | 2433 | 2733 | 2533 | 2633 |
| EUPAC Fund | 2116 | 2216 | 4116 | 2316 | 2416 | 2716 | 2516 | 2616 |
| Fundamental Investors | 2110 | 2210 | 4110 | 2310 | 2410 | 2710 | 2510 | 2610 |
| The Growth Fund of America | 2105 | 2205 | 4105 | 2305 | 2405 | 2705 | 2505 | 2605 |
| The Income Fund of America | 2106 | 2206 | 4106 | 2306 | 2406 | 2706 | 2506 | 2606 |
| International Growth and Income Fund | 2134 | 2234 | 41034 | 2334 | 2434 | 27034 | 2534 | 2634 |
| The Investment Company of America | 2104 | 2204 | 4104 | 2304 | 2404 | 2704 | 2504 | 2604 |
| The New Economy Fund | 2114 | 2214 | 4114 | 2314 | 2414 | 2714 | 2514 | 2614 |
| New Perspective Fund | 2107 | 2207 | 4107 | 2307 | 2407 | 2707 | 2507 | 2607 |
| New World Fund | 2136 | 2236 | 4136 | 2336 | 2436 | 2736 | 2536 | 2636 |
| SMALLCAP World Fund | 2135 | 2235 | 4135 | 2335 | 2435 | 2735 | 2535 | 2635 |
| Washington Mutual Investors Fund | 2101 | 2201 | 4101 | 2301 | 2401 | 2701 | 2501 | 2601 |
| Fixed income funds |  |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> Core Plus Bond Fund | 21410 | 22410 | 41410 | 23410 | 24410 | 27410 | 25410 | 26410 |
| American Funds Emerging Markets Bond Fund | 21114 | 22114 | 41114 | 23114 | 24114 | 27114 | 25114 | 26114 |
| American Funds Corporate Bond Fund | 2132 | 2232 | 4132 | 2332 | 2432 | 2732 | 2532 | 2632 |
| American Funds Inflation Linked Bond Fund | 2160 | 2260 | 4160 | 2360 | 2460 | 2760 | 2560 | 2660 |
| American Funds Mortgage Fund | 2142 | 2242 | 4142 | 2342 | 2442 | 2742 | 2542 | 2642 |
| American Funds Multi-Sector Income Fund | 21126 | 22126 | 41126 | 23126 | 24126 | 27126 | 25126 | 26126 |
| American Funds Strategic Bond Fund | 21112 | 22112 | 41112 | 23112 | 24112 | 27112 | 25112 | 26112 |
| American High-Income Trust | 2121 | 2221 | 4121 | 2321 | 2421 | 2721 | 2521 | 2621 |
| The Bond Fund of America | 2108 | 2208 | 4108 | 2308 | 2408 | 2708 | 2508 | 2608 |
| Capital Group KKR Core Plus+ | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 26400 |
| Capital Group KKR Multi-Sector+ | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 26401 |
| Capital World Bond Fund | 2131 | 2231 | 4131 | 2331 | 2431 | 2731 | 2531 | 2631 |
| Intermediate Bond Fund of America | 2123 | 2223 | 4123 | 2323 | 2423 | 2723 | 2523 | 2623 |
| Short-Term Bond Fund of America | 2148 | 2248 | 4148 | 2348 | 2448 | 2748 | 2548 | 2648 |
| U.S. Government Securities Fund | 2122 | 2222 | 4122 | 2322 | 2422 | 2722 | 2522 | 2622 |
| Money market fund |  |  |  |  |  |  |  |  |
| American Funds U.S. Government <br>Money Market Fund | 2159 | 2259 | 4159 | 2359 | 2459 | 2759 | 2559 | 2659 |

---

Capital Group KKR Core Plus+ — Page 106

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers |
| Fund | Class A | Class C | Class T | Class F-1 | Class F-2 | Class F-3 |
| American Funds Target Date Retirement Series<sup>®</sup> |  |  |  |  |  |  |
| American Funds<sup>®</sup> 2070 Target Date Retirement Fund | 30187 | 33187 | 43187 | 34187 | 36187 | 37187 |
| American Funds<sup>®</sup> 2065 Target Date Retirement Fund | 30185 | 33185 | 43185 | 34185 | 36185 | 37185 |
| American Funds 2060 Target Date Retirement Fund<sup>®</sup> | 083 | 383 | 43083 | 483 | 683 | 783 |
| American Funds 2055 Target Date Retirement Fund<sup>®</sup> | 082 | 382 | 43082 | 482 | 682 | 782 |
| American Funds 2050 Target Date Retirement Fund<sup>®</sup> | 069 | 369 | 43069 | 469 | 669 | 769 |
| American Funds 2045 Target Date Retirement Fund<sup>®</sup> | 068 | 368 | 43068 | 468 | 668 | 768 |
| American Funds 2040 Target Date Retirement Fund<sup>®</sup> | 067 | 367 | 43067 | 467 | 667 | 767 |
| American Funds 2035 Target Date Retirement Fund<sup>®</sup> | 066 | 366 | 43066 | 466 | 36066 | 766 |
| American Funds 2030 Target Date Retirement Fund<sup>®</sup> | 065 | 365 | 43065 | 465 | 665 | 765 |
| American Funds<sup>®</sup> 2025 Target Date Retirement Income Fund | 064 | 364 | 43064 | 464 | 664 | 764 |
| American Funds<sup>®</sup> 2020 Target Date Retirement Income Fund | 063 | 363 | 43063 | 463 | 663 | 763 |
| American Funds<sup>®</sup> 2015 Target Date Retirement Income Fund | 062 | 362 | 43062 | 462 | 662 | 762 |
| American Funds<sup>®</sup> 2010 Target Date Retirement Income Fund | 061 | 361 | 43061 | 461 | 661 | 761 |

---

Capital Group KKR Core Plus+ — Page 107

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers |
| Fund | **Class**<br>**R-1** | **Class**<br>**R-2** | **Class**<br>**R-2E** | **Class**<br>**R-3** | **Class**<br>**R-4** | **Class**<br>**R-5E** | **Class**<br>**R-5** | **Class**<br>**R-6** |
| American Funds Target Date Retirement Series<sup>®</sup> |  |  |  |  |  |  |  |  |
| American Funds 2070<br>Target Date Retirement Fund | 21187 | 22187 | 41187 | 23187 | 24187 | 27187 | 25187 | 26187 |
| American Funds 2065<br>Target Date Retirement Fund | 21185 | 22185 | 41185 | 23185 | 24185 | 27185 | 25185 | 26185 |
| American Funds 2060 <br>Target Date Retirement Fund | 2183 | 2283 | 4183 | 2383 | 2483 | 2783 | 2583 | 2683 |
| American Funds 2055<br>Target Date Retirement Fund | 2182 | 2282 | 4182 | 2382 | 2482 | 2782 | 2582 | 2682 |
| American Funds 2050<br>Target Date Retirement Fund | 2169 | 2269 | 4169 | 2369 | 2469 | 2769 | 2569 | 2669 |
| American Funds 2045<br>Target Date Retirement Fund | 2168 | 2268 | 4168 | 2368 | 2468 | 2768 | 2568 | 2668 |
| American Funds 2040<br>Target Date Retirement Fund | 2167 | 2267 | 4167 | 2367 | 2467 | 2767 | 2567 | 2667 |
| American Funds 2035<br>Target Date Retirement Fund | 2166 | 2266 | 4166 | 2366 | 2466 | 2766 | 2566 | 2666 |
| American Funds 2030<br>Target Date Retirement Fund | 2165 | 2265 | 4165 | 2365 | 2465 | 2765 | 2565 | 2665 |
| American Funds 2025<br>Target Date Retirement Income Fund | 2164 | 2264 | 4164 | 2364 | 2464 | 2764 | 2564 | 2664 |
| American Funds 2020<br>Target Date Retirement Income Fund | 2163 | 2263 | 4163 | 2363 | 2463 | 2763 | 2563 | 2663 |
| American Funds 2015<br>Target Date Retirement Income Fund | 2162 | 2262 | 4162 | 2362 | 2462 | 2762 | 2562 | 2662 |
| American Funds 2010<br>Target Date Retirement Income Fund | 2161 | 2261 | 4161 | 2361 | 2461 | 2761 | 2561 | 2661 |

---

Capital Group KKR Core Plus+ — Page 108

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers |
| Fund | **Class** <br>**529-A** | **Class** <br>**529-C** | **Class** <br>**529-E** | **Class** <br>**529-T** | **Class** <br>**529-F-1** | **Class** <br>**529-F-2** | **Class** <br>**529-F-3** |
| American Funds College Target Date Series<sup>®</sup> |  |  |  |  |  |  |  |
| American Funds<sup>®</sup> College 2042 Fund | 10144 | 13144 | 15144 | 46144 | 14144 | 16144 | 17144 |
| American Funds<sup>®</sup> College 2039 Fund | 10136 | 13136 | 15136 | 46136 | 14136 | 16136 | 17136 |
| American Funds<sup>®</sup> College 2036 Fund | 10125 | 13125 | 15125 | 46125 | 14125 | 16125 | 17125 |
| American Funds College 2033 Fund<sup>®</sup> | 10103 | 13103 | 15103 | 46103 | 14103 | 16103 | 17103 |
| American Funds College 2030 Fund<sup>®</sup> | 1094 | 1394 | 1594 | 46094 | 1494 | 1694 | 1794 |
| American Funds College 2027 Fund<sup>®</sup> | 1093 | 1393 | 1593 | 46093 | 1493 | 1693 | 1793 |
| American Funds College Enrollment Fund<sup>®</sup> | 1088 | 1388 | 1588 | 46088 | 1488 | 1688 | 1788 |

---

Capital Group KKR Core Plus+ — Page 109

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers |
| Fund | Class A | Class C | Class T | Class F-1 | Class F-2 | Class F-3 |
| American Funds<sup>®</sup> Portfolio Series |  |  |  |  |  |  |
| American Funds<sup>®</sup> Global Growth Portfolio | 055 | 355 | 43055 | 455 | 655 | 755 |
| American Funds<sup>®</sup> Growth Portfolio | 053 | 353 | 43053 | 453 | 653 | 753 |
| American Funds<sup>®</sup> Growth and Income Portfolio | 051 | 351 | 43051 | 451 | 651 | 751 |
| American Funds<sup>®</sup> Moderate Growth and Income Portfolio | 050 | 350 | 43050 | 450 | 650 | 750 |
| American Funds<sup>®</sup> Conservative Growth and Income Portfolio | 047 | 347 | 43047 | 447 | 647 | 747 |
| American Funds<sup>®</sup> Tax-Aware Conservative <br>Growth and Income Portfolio | 046 | 346 | 43046 | 446 | 646 | 746 |
| American Funds<sup>®</sup> Preservation Portfolio | 045 | 345 | 43045 | 445 | 645 | 745 |
| American Funds<sup>®</sup> Tax-Exempt Preservation Portfolio | 044 | 344 | 43044 | 444 | 644 | 744 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers |
| Fund | **Class**<br>**529-A** | **Class**<br>**529-C** | **Class**<br>**529-E** | **Class**<br>**529-T** | **Class**<br>**529-F-1** | **Class**<br>**529-F-2** | **Class**<br>**529-F-3** | **Class**<br>**ABLE-A** | **Class**<br>**ABLE-F-2** |
| American Funds Global Growth Portfolio | 1055 | 1355 | 1555 | 46055 | 1455 | 1655 | 1755 | 48055 | 60055 |
| American Funds Growth Portfolio | 1053 | 1353 | 1553 | 46053 | 1453 | 1653 | 1753 | 48053 | 60053 |
| American Funds Growth and Income Portfolio | 1051 | 1351 | 1551 | 46051 | 1451 | 1651 | 1751 | 48051 | 60051 |
| American Funds Moderate Growth and Income Portfolio | 1050 | 1350 | 1550 | 46050 | 1450 | 1650 | 1750 | 48050 | 60050 |
| American Funds Conservative Growth and Income Portfolio | 1047 | 1347 | 1547 | 46047 | 1447 | 1647 | 1747 | 48047 | 60047 |
| American Funds Tax-Aware Conservative Growth and Income Portfolio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| American Funds Preservation Portfolio | 1045 | 1345 | 1545 | 46045 | 1445 | 1645 | 1745 | 48045 | 60045 |
| American Funds Tax-Exempt Preservation Portfolio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers |
| Fund | **Class**<br>**R-1** | **Class**<br>**R-2** | **Class**<br>**R-2E** | **Class**<br>**R-3** | **Class**<br>**R-4** | **Class**<br>**R-5E** | **Class**<br>**R-5** | **Class**<br>**R-6** |
| American Funds Global Growth Portfolio | 2155 | 2255 | 4155 | 2355 | 2455 | 2755 | 2555 | 2655 |
| American Funds Growth Portfolio | 2153 | 2253 | 4153 | 2353 | 2453 | 2753 | 2553 | 2653 |
| American Funds Growth and Income Portfolio | 2151 | 2251 | 4151 | 2351 | 2451 | 2751 | 2551 | 2651 |
| American Funds Moderate Growth and Income Portfolio | 2150 | 2250 | 4150 | 2350 | 2450 | 2750 | 2550 | 2650 |
| American Funds Conservative Growth and Income Portfolio | 2147 | 2247 | 4147 | 2347 | 2447 | 2747 | 2547 | 2647 |
| American Funds Tax-Aware Conservative <br>Growth and Income Portfolio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| American Funds Preservation Portfolio | 2145 | 2245 | 4145 | 2345 | 2445 | 2745 | 2545 | 2645 |
| American Funds Tax-Exempt Preservation Portfolio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---

Capital Group KKR Core Plus+ — Page 110

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers |
| Fund | Class A | Class C | Class T | Class F-1 | Class F-2 | Class F-3 |
| American Funds<sup>®</sup> Retirement Income Portfolio Series |  |  |  |  |  |  |
| American Funds<sup>®</sup> Retirement Income Portfolio – Conservative | 30109 | 33109 | 43109 | 34109 | 36109 | 37109 |
| American Funds<sup>®</sup> Retirement Income Portfolio – Moderate | 30110 | 33110 | 43110 | 34110 | 36110 | 37110 |
| American Funds<sup>®</sup> Retirement Income Portfolio – Enhanced | 30111 | 33111 | 43111 | 34111 | 36111 | 37111 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers | Fund numbers |
| Fund | **Class**<br>**R-1** | **Class**<br>**R-2** | **Class**<br>**R-2E** | **Class**<br>**R-3** | **Class**<br>**R-4** | **Class**<br>**R-5E** | **Class**<br>**R-5** | **Class**<br>**R-6** |
| American Funds Retirement Income Portfolio – Conservative | 21109 | 22109 | 41109 | 23109 | 24109 | 27109 | 25109 | 26109 |
| American Funds Retirement Income Portfolio – Moderate | 21110 | 22110 | 41110 | 23110 | 24110 | 27110 | 25110 | 26110 |
| American Funds Retirement Income Portfolio – Enhanced | 21111 | 22111 | 41111 | 23111 | 24111 | 27111 | 25111 | 26111 |

---

Capital Group KKR Core Plus+ — Page 111

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**Appendix**

The following descriptions of debt security ratings are based on information provided by Moody's Investors Service, S&P Global Ratings and Fitch Ratings, Inc.

**Description of bond ratings**

**Moody's Long-term rating scale**

**Aaa**

Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa**

Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A**

Obligations rated A are considered upper-medium grade and are subject to low credit risk.

**Baa**

Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba**

Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B**

Obligations rated B are considered speculative and are subject to high credit risk.

**Caa**

Obligations rated Caa are judged to be speculative and of poor standing and are subject to very high credit risk.

**Ca**

Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C**

Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

**Note:** Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies and securities firms.

Capital Group KKR Core Plus+ — Page 112

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**S&P Global Ratings Long-term issue credit ratings**

**AAA**

An obligation rated AAA has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA**

An obligation rated AA differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A**

An obligation rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB**

An obligation rated BBB exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB, B, CCC, CC, and C**

Obligations rated BB, B, CCC, CC, and C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

**BB**

An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B**

An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC**

An obligation rated CCC is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC**

An obligation rated CC is currently highly vulnerable to nonpayment. The CC rating is used when a default has not occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

Capital Group KKR Core Plus+ — Page 113

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**C**

An obligation rated C is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D**

An obligation rated D is in default or in breach of an imputed promise. For non-hybrid capital instruments, the D rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The D rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to D if it is subject to a distressed debt restructuring.

#### Plus (+) or minus (–)
The ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

#### NR
Indicates that a rating has not been assigned or is no longer assigned.

Capital Group KKR Core Plus+ — Page 114

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**Fitch Ratings, Inc. Long-term credit ratings**

**AAA**

Highest credit quality. AAA ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA**

Very high credit quality. AA ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A**

High credit quality. A ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.

**BBB**

Good credit quality. BBB ratings indicate that expectations of default risk are low. The capacity for payment of financial commitments is considered adequate but adverse changes in circumstances and economic conditions are more likely to impair this capacity.

**BB**

Speculative. BB ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments.

**B**

Highly speculative. B ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

**CCC**

Substantial credit risk. Default is a real possibility.

**CC**

Very high levels of credit risk. Default of some kind appears probable.

**C**

Exceptionally high levels of credit risk. Default is imminent or inevitable, or the issuer is in standstill. Conditions that are indicative of a C category rating for an issuer include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The issuer has entered into a grace or cure period following nonpayment of a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Fitch Ratings otherwise believes a condition of RD or D to be imminent or inevitable, including through the formal announcement of a distressed debt exchange.

Capital Group KKR Core Plus+ — Page 115

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**RD**

Restricted default. RD ratings indicate an issuer that in Fitch Ratings' opinion has experienced an uncured payment default on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding up procedure, and which has not otherwise ceased operating. This would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The selective payment default on a specific class or currency of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Execution of a distressed debt exchange on one or more material financial obligations.

**D**

Default. D ratings indicate an issuer that in Fitch Ratings' opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding up procedure, or which has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, nonpayment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

Imminent default typically refers to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

**Note:** The modifiers "+" or "–" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the AAA long-term rating category, or to categories below B.

Capital Group KKR Core Plus+ — Page 116

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**Description of commercial paper ratings**

**Moody's**

**Global short-term rating scale**

#### P-1
Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

**P-2**

Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

#### P-3
Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

**NP**

Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

#### S&P Global Ratings
**Commercial paper ratings (highest three ratings)**

**A-1**

A short-term obligation rated A-1 is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2**

A short-term obligation rated A-2 is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3**

A short-term obligation rated A-3 exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

Capital Group KKR Core Plus+ — Page 117

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Investment portfolio December 31, 2025

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**Portfolio by type of security**

Percent of net assets

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![](tm267072d1financiali001.jpg)

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| | |
|:---|:---|
| **Portfolio quality summary\*** | Percent of net assets |
| U.S. Treasury and agency<sup>†</sup> <br>| 5.15% |
| AAA/Aaa | 2.91 |
| AA/Aa | 16.03 |
| A | 7.93 |
| BBB/Baa | 7.43 |
| Below investment grade | 17.30 |
| Unrated | 42.09 |
| Short-term securities & other assets less liabilities | 1.16 |

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\*

Bond ratings, which typically range from 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. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund's investment policies. Securities in the "unrated" category (above) have not been rated by any of the rating agencies noted above; however, the investment adviser or sub-adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with the fund's investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.

<sup>†</sup>

These securities are guaranteed by the full faith and credit of the U.S. government.

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 97.76% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Loans 33.15%** | **Loans 33.15%** | **Loans 33.15%** |
| **Industrials 12.34%** |  |  |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(a)(b)</sup>  | USD50 | $51 |
| Dispatch Acquisition Holdings, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.589% <br> 11/19/2032 <sup>(a)(b)(c)(d)</sup>  | 56 | 55 |
| Dispatch Acquisition Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% <br> 11/19/2032 <sup>(a)(b)(c)(d)</sup>  | 846 | 842 |
| Elk Bidco, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.172% 6/14/2032 <sup>(a)(b)(c)</sup>  | 2403 | 2420 |
| Falconwing Aero Leasing DAC, Term Loan, 6.51% 10/26/2027 <sup>(a)(c)</sup>  | 237 | 236 |
| Falconwing Aero Leasing DAC, Term Loan, 6.50% 12/11/2027 <sup>(a)(c)</sup>  | 237 | 236 |
| Fortna AR, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.493% 6/1/2029 <sup>(a)(b)(c)(d)</sup>  | 3421 | 3421 |
| Horizon CTS Buyer, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 9.555% 3/29/2032 <sup>(a)(b)(c)</sup>  | 127 | 126 |
| Horizon CTS Buyer, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.752% 3/29/2032 <sup>(a)(b)(c)</sup>  | 3035 | 3032 |
| Jeppesen Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.59% 10/31/2032 <sup>(a)(b)(c)</sup>  | 1177 | 1173 |
| Low Voltage Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 4/28/2032 <sup>(a)(b)(c)(d)</sup>  | 2583 | 2599 |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(a)(b)</sup>  | 352 | 328 |
| Pike Group, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.201% 12/17/2032 <sup>(a)(b)(c)</sup>  | 734 | 732 |
| Railpros, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 10.043% 5/24/2032 <sup>(a)(b)(c)(d)</sup>  | 143 | 143 |
| Saber Parent Holdings Corp., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.206% 12/16/2032 <sup>(a)(b)(c)</sup>  | 707 | 706 |
| Setna Aero Lease 3 Borrower, LLC, Term Loan, 5.86% 12/2/2031 <sup>(a)(c)</sup>  | 477 | 477 |
| Sunrun Charis Portfolio 2023, LLC, Term Loan, 6.925% 7/30/2053 <sup>(a)(c)</sup>  | 656 | 684 |
| Sunrun Romulus Portfolio 2024, LLC, Term Loan, 6.477% 1/31/2054 <sup>(a)(c)</sup>  | 776 | 796 |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.451% 2/13/2032 <sup>(a)(b)(c)(d)</sup>  | 29 | 29 |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.477% 2/13/2032 <sup>(a)(b)(c)(d)</sup>  | 111 | 111 |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.484% 2/13/2032 <sup>(a)(b)(c)(d)</sup>  | 3896 | 3908 |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.484% 2/13/2032 <sup>(a)(b)(c)(d)</sup>  | 144 | 144 |
| W. A. Kendall and Co., LLC, Revolver, (3-month USD CME Term SOFR + 5.44%) 10.236% 4/22/2030 <sup>(a)(b)(c)</sup>  | 84 | 84 |
| W. A. Kendall and Co., LLC, Term Loan, (3-month USD CME Term SOFR + 5.75%) 10.043% 4/22/2030 <sup>(a)(b)(c)</sup>  | 211 | 211 |
| W. A. Kendall and Co., LLC, Term Loan, (6-month USD CME Term SOFR + 5.75%) 10.336% 4/22/2030 <sup>(a)(b)(c)</sup>  | 44 | 44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Capital Group KKR Core Plus+<sub>5</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Loans (continued)** | **Loans (continued)** | **Loans (continued)** |
| **Industrials (continued)** |  |  |
| W. A. Kendall and Co., LLC, Term Loan, (6-month USD CME Term SOFR + 5.75%) 10.379% 4/22/2030 <sup>(a)(b)(c)</sup>  | USD726 | $727 |
| West Star Aviation Acquisition, LLC, Revolver, (3-month USD CME Term SOFR + 4.50%) 8.301% 5/20/2032 <sup>(a)(b)(c)</sup>  | 78 | 78 |
| West Star Aviation Acquisition, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.416% <br> 5/20/2032 <sup>(a)(b)(c)</sup>  | 3695 | 3718 |
| Woolpert Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.316% 4/5/2032 <sup>(a)(b)(c)(d)</sup>  | 360 | 363 |
| Woolpert, Inc., Revolver, (3-month USD CME Term SOFR + 4.50%) 8.316% 4/5/2031 <sup>(a)(b)(c)(d)</sup>  | 6 | 6 |
|  |  | 27480 |
| **Financials 9.53%** |  |  |
| Ares Secondaries Pbn Finance Co. IV, LLC, Term Loan, (3-month USD CME Term SOFR + 2.90%) 6.885% <br> 4/14/2039 <sup>(a)(b)(c)</sup>  | 7 | 7 |
| Ares Secondaries Pbn Finance Co. IV, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.735% <br> 4/14/2039 <sup>(a)(b)(c)</sup>  | 5 | 5 |
| Ares Secondaries Pbn Finance Co. IV, LLC, Term Loan, (3-month USD CME Term SOFR + 8.50%) 12.485% <br> 4/14/2039 <sup>(a)(b)(c)</sup>  | 5 | 5 |
| ASF Nia, LP, Term Loan, (3-month USD CME Term SOFR + 2.35%) 6.022% 3/27/2031 <sup>(a)(b)(c)</sup>  | 1116 | 1116 |
| ASF Rembrandt, LP, Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.502% 12/31/2028 <sup>(a)(b)(c)</sup>  | 690 | 690 |
| Astra Service Partners, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.34% 10/10/2032 <sup>(a)(b)(c)</sup>  | 752 | 747 |
| Com Laude Group, Ltd., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.661% 12/30/2032 <sup>(a)(b)(c)</sup>  | 394 | 392 |
| Denali Topco, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.59% 8/26/2032 <sup>(a)(b)(c)</sup>  | 68 | 68 |
| FSS Buyer, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.216% 8/29/2031 <sup>(a)(b)(c)(d)</sup>  | 2471 | 2496 |
| Hbwm Intermediate II, LLC, Revolver, (3-month USD CME Term SOFR + 4.50%) 8.475% 8/18/2031 <sup>(a)(b)(c)</sup>  | 200 | 200 |
| Hbwm Intermediate II, LLC, Term Loan, (1-month USD CME Term SOFR + 4.75%) 8.466% 11/17/2031 <sup>(a)(b)(c)</sup>  | 1804 | 1804 |
| Hbwm Intermediate II, LLC, Term Loan, (1-month USD CME Term SOFR + 4.75%) 8.466% 11/17/2031 <sup>(a)(b)(c)</sup>  | 1500 | 1503 |
| Higginbotham Insurance Agency, Inc., Term Loan, (3-month USD CME Term <br>SOFR + 4.50%) 8.216% 6/11/2031 <sup>(a)(b)(c)(d)</sup>  | 852 | 853 |
| Integrity Marketing Acquisition, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.822% <br> 8/25/2028 <sup>(a)(b)(c)(d)</sup>  | 3184 | 3184 |
| Jamestown Funding Trust, Term Loan, (1-month USD CME Term SOFR + 2.20%) 5.86% 6/15/2072 <sup>(a)(b)(c)(d)</sup>  | 451 | 451 |
| Jamestown Funding Trust, Term Loan, (1-month USD CME Term SOFR + 3.15%) 6.81% 6/15/2072 <sup>(a)(b)(c)(d)</sup>  | 361 | 361 |
| KKR Maguire Levered Borrower, LLC, Term Loan, (3-month USD CME Term SOFR + 2.75%) 6.466% <br> 11/22/2032 <sup>(a)(b)(c)</sup>  | 195 | 195 |
| Koala Investment Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.172% 8/29/2032 <sup>(a)(b)(c)(d)</sup>  | 277 | 275 |
| Oak Funding, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.287% 12/2/2032 <sup>(a)(b)(c)(d)</sup>  | 911 | 907 |
| PPV Intermediate Holdings, LLC, Revolver, (3-month USD CME Term SOFR + 5.75%) 9.627% 8/31/2029 <sup>(a)(b)(c)</sup>  | 28 | 28 |
| PPV Intermediate Holdings, LLC, Term Loan B, (3-month USD CME Term SOFR + 5.75%) 9.572% <br> 8/31/2029 <sup>(a)(b)(c)</sup>  | 2641 | 2641 |
| PPV Intermediate Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 6.00%) 9.822% 8/31/2029 <sup>(a)(b)(c)</sup>  | 40 | 40 |
| Rialto Management Group, LLC, Term Loan, (1-month USD CME Term SOFR + 5.00%) 8.916% 12/5/2030 <sup>(a)(b)(c)</sup>  | 1765 | 1782 |
| Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(a)(b)</sup>  | 110 | 112 |
| VIB Trade Receivable DAC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.445% 4/23/2029 <sup>(a)(b)(c)</sup>  | 1361 | 1361 |
|  |  | 21223 |
| **Information technology 6.34%** |  |  |
| Bonterra, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.436% 3/5/2032 <sup>(a)(b)(c)(d)</sup>  | 106 | 106 |
| Bonterra, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 3/5/2032 <sup>(a)(b)(c)(d)</sup>  | 4013 | 4013 |
| Bonterra, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.687% 3/5/2032 <sup>(a)(b)(c)(d)</sup>  | 708 | 708 |
| Diamondback Acquisition, Inc., Revolver, (3-month USD CME Term SOFR + 4.50%) 8.216% 9/24/2032 <sup>(a)(b)(c)</sup>  | 19 | 19 |
| Diamondback Acquisition, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.416% 9/24/2032 <sup>(a)(b)(c)</sup>  | 746 | 744 |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(a)(b)</sup>  | 160 | 157 |
| Flexera Software, LLC, Term Loan, (3-month EUR-EURIBOR + 4.75%) 6.384% 8/16/2032 <sup>(a)(b)(c)</sup>  | EUR106 | 124 |
| Flexera Software, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.602% 8/16/2032 <sup>(a)(b)(c)</sup>  | USD350 | 350 |
| MEDX Holdings, LLC, Term Loan, (1-month USD CME Term SOFR + 4.75%) 8.466% 7/21/2032 <sup>(a)(b)(c)(d)</sup>  | 3725 | 3734 |
| Navex Global Holding Co., (3-month USD CME Term SOFR + 5.00%) 8.912% 10/14/2032 <sup>(a)(b)(c)(d)</sup>  | 92 | 92 |
| Pros Parent, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.488% 12/9/2032 <sup>(a)(b)(c)</sup>  | 896 | 895 |
| Safety Borrower Holdings, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 10.50% 12/20/2032 <sup>(a)(b)(c)(d)</sup>  | 5 | 6 |
| Safety Borrower Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.451% <br> 12/20/2032 <sup>(a)(b)(c)(d)</sup>  | 607 | 605 |
| Vamos Bidco, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 1/30/2032 <sup>(a)(b)(c)</sup>  | 1435 | 1436 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(a)(b)</sup>  | 223 | 222 |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(a)(b)</sup>  | 90 | 90 |
| Webpros Holding SARL, Revolver, (3-month USD CME Term SOFR + 5.00%) 8.75% 6/4/2032 <sup>(a)(b)(c)(d)</sup>  | 8 | 8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** | Capital Group KKR Core Plus+ |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Loans (continued)** | **Loans (continued)** | **Loans (continued)** |
| **Information technology (continued)** |  |  |
| Webpros Holding SARL, Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.818% 12/4/2032 <sup>(a)(b)(c)(d)</sup>  | USD816 | $804 |
|  |  | 14113 |
| **Materials 1.81%** |  |  |
| Packaging Coordinators Midco, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.59% <br> 1/22/2032 <sup>(a)(b)(c)(d)</sup>  | 4025 | 4033 |
| **Consumer staples 1.55%** |  |  |
| TPSI Receivables, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.572% 1/24/2029 <sup>(a)(b)(c)(d)</sup>  | 3458 | 3458 |
| **Consumer discretionary 0.49%** |  |  |
| ClubCorp Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.672% 7/9/2032 <sup>(a)(b)(c)(d)</sup>  | 425 | 426 |
| HP TLE Buyer, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.752% 7/1/2032 <sup>(a)(b)(c)</sup>  | 662 | 667 |
|  |  | 1093 |
| **Health care 0.39%** |  |  |
| AGS Health BCP Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.322% 8/2/2032 <sup>(a)(b)(c)</sup>  | 224 | 224 |
| AGS Health BCP, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.322% 8/2/2032 <sup>(a)(b)(c)</sup>  | 117 | 117 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(a)(b)</sup>  | 79 | 79 |
| Premise Health Holdings Corp., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.172% 11/8/2032 <sup>(a)(b)(c)</sup>  | 457 | 452 |
|  |  | 872 |
| **Communication services 0.37%** |  |  |
| Medmark Media Communications, Inc., Term Loan, (3-month USD CME Term <br>SOFR + 5.25%) 8.922% 2/16/2030 <sup>(a)(b)(c)(d)</sup>  | 827 | 827 |
| **Energy 0.33%** |  |  |
| John Wood Group PLC, Revolver, (3-month USD CME Term SOFR + 5.50%) 9.284% 10/31/2028 <sup>(a)(b)(c)(d)</sup>  | 722 | 722 |
| **Total loans** |  | 73821 |
| **Corporate bonds and notes 24.30%** | **Corporate bonds and notes 24.30%** | **Corporate bonds and notes 24.30%** |
| **Financials 6.31%** |  |  |
| ACF TD Holdings, LLC 6.46% 5/30/2031 <sup>(c)</sup>  | 2667 | 2731 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(e)</sup>  | 130 | 131 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(e)</sup>  | 110 | 110 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(e)</sup>  | 120 | 121 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(e)</sup>  | 90 | 93 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(e)</sup>  | 40 | 41 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(f)</sup>  | 125 | 130 |
| American International Group, Inc. 5.125% 3/27/2033  | 50 | 51 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(e)</sup>  | 70 | 69 |
| Aon North America, Inc. 5.45% 3/1/2034  | 125 | 130 |
| Ardonagh Finco, Ltd. 7.75% 2/15/2031 <sup>(e)</sup>  | 200 | 210 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(e)</sup>  | 90 | 91 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(e)</sup>  | 46 | 50 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035  | 100 | 101 |
| Bank of America Corp. 1.898% 7/23/2031 (USD-SOFR + 1.53% on 7/23/2030) <sup>(f)</sup>  | 150 | 135 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(f)</sup>  | 200 | 179 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(f)</sup>  | 250 | 224 |
| Blackstone Private Credit Fund 5.95% 7/16/2029  | 216 | 220 |
| Block, Inc. 2.75% 6/1/2026  | 70 | 70 |
| Block, Inc. 5.625% 8/15/2030 <sup>(e)</sup>  | 55 | 56 |
| Block, Inc. 3.50% 6/1/2031  | 30 | 28 |
| Block, Inc. 6.50% 5/15/2032  | 210 | 218 |
| Block, Inc. 6.00% 8/15/2033 <sup>(e)</sup>  | 70 | 72 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027  | 105 | 105 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | 428 | 439 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 106 | 110 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 100 | 102 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Capital Group KKR Core Plus+<sub>7</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** |  |  |
| Citibank, NA 4.914% 5/29/2030  | USD250 | $257 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(f)</sup>  | 200 | 202 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(f)</sup>  | 200 | 205 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(e)</sup>  | 175 | 167 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(e)</sup>  | 90 | 80 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(e)</sup>  | 394 | 366 |
| Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(f)</sup>  | 400 | 413 |
| Goldman Sachs Group, Inc. 4.939% 10/21/2036 (USD-SOFR + 1.33% on 10/21/2035) <sup>(f)</sup>  | 150 | 149 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(e)</sup>  | 110 | 110 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(f)</sup>  | 400 | 413 |
| HUB International, Ltd. 7.25% 6/15/2030 <sup>(e)</sup>  | 215 | 226 |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(e)</sup>  | 340 | 345 |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(e)</sup>  | 210 | 213 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(e)</sup>  | 200 | 190 |
| JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) <sup>(f)</sup>  | 150 | 150 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(f)</sup>  | 25 | 22 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(f)</sup>  | 225 | 236 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 300 | 304 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(f)</sup>  | 500 | 516 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(f)</sup>  | 99 | 98 |
| Navient Corp. 5.00% 3/15/2027  | 100 | 100 |
| Navient Corp. 5.50% 3/15/2029  | 135 | 134 |
| Navient Corp. 9.375% 7/25/2030  | 180 | 200 |
| Navient Corp. 11.50% 3/15/2031  | 70 | 78 |
| Navient Corp. 7.875% 6/15/2032  | 255 | 267 |
| Navient Corp. 5.625% 8/1/2033  | 110 | 101 |
| OneMain Finance Corp. 7.125% 3/15/2026  | 8 | 8 |
| OneMain Finance Corp. 6.125% 5/15/2030  | 330 | 337 |
| OneMain Finance Corp. 7.50% 5/15/2031  | 30 | 32 |
| OneMain Finance Corp. 7.125% 11/15/2031  | 60 | 63 |
| Osaic Financial Services, Inc. 6.50% 11/30/2027  | 22 | 513 |
| Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(e)</sup>  | 20 | 21 |
| Osaic Holdings, Inc. 8.00% 8/1/2033 <sup>(e)</sup>  | 17 | 18 |
| Oxford Finance, LLC 6.375% 2/1/2027 <sup>(e)</sup>  | 60 | 60 |
| PNC Bank, NA 5.373% 7/21/2036 (USD-SOFR + 1.417% on 7/21/2035) <sup>(f)</sup>  | 100 | 103 |
| PNC Financial Services Group, Inc. 5.575% 1/29/2036 (USD-SOFR + 1.394% on 1/29/2035) <sup>(f)</sup>  | 225 | 235 |
| Royal Bank of Canada 4.696% 8/6/2031 (USD-SOFR + 1.06% on 8/6/2030) <sup>(f)</sup>  | 150 | 152 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(e)</sup>  | 30 | 29 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(e)</sup>  | 20 | 20 |
| U.S. Bancorp 5.424% 2/12/2036 (USD-SOFR + 1.411% on 2/12/2035) <sup>(f)</sup>  | 110 | 114 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(e)</sup>  | 75 | 80 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(f)</sup>  | 400 | 408 |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(f)</sup>  | 200 | 206 |
| Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on <br> 11/15/2030) <sup>(f)</sup>  | 100 | 91 |
|  |  | 14049 |
| **Communication services 3.52%** |  |  |
| Alphabet, Inc. 4.70% 11/15/2035  | 102 | 102 |
| Alphabet, Inc. 5.25% 5/15/2055  | 114 | 109 |
| Alphabet, Inc. 5.45% 11/15/2055  | 166 | 163 |
| Alphabet, Inc. 5.30% 5/15/2065  | 49 | 46 |
| Altice France 6.50% 3/15/2032 <sup>(e)</sup>  | 295 | 283 |
| AT&T, Inc. 5.375% 8/15/2035  | 150 | 154 |
| AT&T, Inc. 3.50% 9/15/2053  | 225 | 151 |
| CCO Holdings, LLC 5.00% 2/1/2028 <sup>(e)</sup>  | 130 | 129 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(e)</sup>  | 150 | 143 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(e)</sup>  | 50 | 47 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(e)</sup>  | 535 | 492 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(e)</sup>  | 70 | 61 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup>  | 70 | 60 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 61 | 46 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 180 | 114 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 292 | 189 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 302 | 239 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | Capital Group KKR Core Plus+ |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Communication services (continued)** |  |  |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | USD38 | $36 |
| Charter Communications Operating, LLC 3.85% 4/1/2061  | 100 | 60 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(e)</sup>  | 600 | 637 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(e)</sup>  | 29 | 29 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(e)</sup>  | 100 | 101 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(e)</sup>  | 266 | 277 |
| EchoStar Corp. 10.75% 11/30/2029  | 230 | 255 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(g)</sup>  | 135 | 138 |
| Embarq, LLC 7.995% 6/1/2036  | 100 | 42 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(e)</sup>  | 70 | 71 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(e)</sup>  | 28 | 30 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(e)</sup>  | 100 | 75 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(e)</sup>  | 25 | 26 |
| Meta Platforms, Inc. 4.60% 11/15/2032  | 231 | 233 |
| Meta Platforms, Inc. 4.875% 11/15/2035  | 276 | 276 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 69 | 67 |
| Meta Platforms, Inc. 5.40% 8/15/2054  | 105 | 98 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 149 | 143 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 71 | 68 |
| News Corp. 3.875% 5/15/2029 <sup>(e)</sup>  | 30 | 29 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(e)</sup>  | 30 | 30 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup>  | 90 | 88 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup>  | 150 | 138 |
| Snap, Inc. 6.875% 3/1/2033 <sup>(e)</sup>  | 70 | 73 |
| TEGNA, Inc. 5.00% 9/15/2029  | 240 | 238 |
| T-Mobile USA, Inc. 5.30% 5/15/2035  | 200 | 205 |
| T-Mobile USA, Inc. 4.95% 11/15/2035  | 50 | 50 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(e)</sup>  | 60 | 62 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(e)</sup>  | 130 | 125 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(e)</sup>  | 350 | 376 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 23 | 20 |
| Verizon Communications, Inc. 4.75% 1/15/2033  | 88 | 88 |
| Verizon Communications, Inc. 5.25% 4/2/2035  | 250 | 254 |
| Verizon Communications, Inc. 5.00% 1/15/2036  | 147 | 146 |
| Verizon Communications, Inc. 5.75% 11/30/2045  | 35 | 35 |
| Verizon Communications, Inc. 5.875% 11/30/2055  | 85 | 84 |
| Verizon Communications, Inc. 6.00% 11/30/2065  | 39 | 39 |
| Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(e)</sup>  | 45 | 46 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 150 | 146 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 431 | 304 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 33 | 22 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(e)</sup>  | 20 | 19 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(e)</sup>  | 35 | 34 |
|  |  | 7841 |
| **Health care 3.08%** |  |  |
| AbbVie, Inc. 5.20% 3/15/2035  | 100 | 104 |
| AbbVie, Inc. 5.60% 3/15/2055  | 250 | 251 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(e)</sup>  | 35 | 34 |
| Amgen, Inc. 5.25% 3/2/2033  | 200 | 207 |
| Amgen, Inc. 5.65% 3/2/2053  | 200 | 196 |
| Amneal Pharmaceuticals, LLC 6.875% 8/1/2032 <sup>(e)</sup>  | 35 | 37 |
| AthenaHealth Group, Inc. 6.50% 2/15/2030 <sup>(e)</sup>  | 130 | 130 |
| Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(e)</sup>  | 100 | 100 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(e)</sup>  | 70 | 67 |
| Bayer US Finance, LLC 6.25% 1/21/2029 <sup>(e)</sup>  | 200 | 210 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 200 | 208 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 175 | 172 |
| Centene Corp. 2.45% 7/15/2028  | 30 | 28 |
| Centene Corp. 2.50% 3/1/2031  | 35 | 30 |
| CHS / Community Health Systems, Inc. 5.25% 5/15/2030 <sup>(e)</sup>  | 10 | 9 |
| Cigna Group (The) 5.25% 1/15/2036  | 155 | 158 |
| Cigna Group (The) 6.00% 1/15/2056  | 105 | 108 |
| CVS Health Corp. 5.00% 9/15/2032  | 355 | 362 |
| CVS Health Corp. 5.70% 6/1/2034  | 300 | 315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Capital Group KKR Core Plus+<sub>9</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** |  |  |
| CVS Health Corp. 6.05% 6/1/2054  | USD200 | $199 |
| CVS Health Corp. 6.20% 9/15/2055  | 40 | 41 |
| DaVita, Inc. 4.625% 6/1/2030 <sup>(e)</sup>  | 100 | 97 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(e)</sup>  | 60 | 63 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(e)</sup>  | 90 | 93 |
| Elevance Health, Inc. 5.70% 9/15/2055  | 200 | 196 |
| Eli Lilly and Co. 5.10% 2/12/2035  | 275 | 284 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(e)</sup>  | 50 | 53 |
| Gilead Sciences, Inc. 5.55% 10/15/2053  | 50 | 50 |
| Humana, Inc. 5.375% 4/15/2031  | 225 | 233 |
| IQVIA, Inc. 6.25% 6/1/2032 <sup>(e)</sup>  | 110 | 115 |
| Medline Borrower, LP 3.875% 4/1/2029 <sup>(e)</sup>  | 70 | 68 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(e)</sup>  | 70 | 72 |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(e)</sup>  | 160 | 161 |
| Molina Healthcare, Inc. 6.50% 2/15/2031 <sup>(e)</sup>  | 65 | 67 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(e)</sup>  | 120 | 109 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(e)</sup>  | 317 | 215 |
| Owens & Minor, Inc. 6.25% 4/1/2030 <sup>(e)</sup>  | 120 | 77 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035  | 200 | 204 |
| Tenet Healthcare Corp. 4.25% 6/1/2029  | 275 | 271 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028  | 350 | 364 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 200 | 210 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 40 | 30 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034  | 185 | 190 |
| UnitedHealth Group, Inc. 5.30% 6/15/2035  | 420 | 435 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 125 | 123 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055  | 120 | 123 |
|  |  | 6869 |
| **Consumer discretionary 2.64%** |  |  |
| Advance Auto Parts, Inc. 3.90% 4/15/2030  | 180 | 165 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 80 | 68 |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(e)</sup>  | 50 | 50 |
| Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(e)</sup>  | 115 | 120 |
| Amazon.com, Inc. 4.65% 11/20/2035  | 172 | 171 |
| Amazon.com, Inc. 5.45% 11/20/2055  | 275 | 269 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(e)</sup>  | 110 | 108 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(e)</sup>  | 30 | 31 |
| Carnival Corp. 5.75% 8/1/2032 <sup>(e)</sup>  | 110 | 113 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(e)</sup>  | 160 | 165 |
| Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(e)</sup>  | 200 | 206 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(e)</sup>  | 60 | 58 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(e)</sup>  | 30 | 29 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(e)</sup>  | 110 | 107 |
| Ford Motor Co. 3.25% 2/12/2032  | 400 | 353 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 200 | 210 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029  | 200 | 205 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | 200 | 203 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 200 | 215 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 200 | 207 |
| Ford Motor Credit Co., LLC 5.869% 10/31/2035  | 200 | 198 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 175 | 183 |
| Home Depot, Inc. 4.95% 6/25/2034  | 300 | 307 |
| Hyatt Hotels Corp. 5.75% 3/30/2032  | 175 | 184 |
| Hyundai Capital America 4.90% 6/23/2028 <sup>(e)</sup>  | 93 | 95 |
| Hyundai Capital America 5.30% 1/8/2030 <sup>(e)</sup>  | 325 | 335 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(e)</sup>  | 94 | 96 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(e)</sup>  | 110 | 109 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(e)</sup>  | 80 | 85 |
| Light and Wonder International, Inc. 7.25% 11/15/2029 <sup>(e)</sup>  | 40 | 41 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 95 | 92 |
| Newell Brands, Inc. 7.50% 4/1/2046 <sup>(f)</sup>  | 35 | 29 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(e)</sup>  | 250 | 266 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036  | 201 | 202 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(e)</sup>  | 48 | 43 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | Capital Group KKR Core Plus+ |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** |  |  |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(e)</sup>  | USD50 | $49 |
| Starbucks Corp. 5.00% 2/15/2034  | 34 | 35 |
| Starbucks Corp. 5.40% 5/15/2035  | 70 | 73 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(e)</sup>  | 200 | 196 |
| Wand NewCo 3, Inc. 7.625% 1/30/2032 <sup>(e)</sup>  | 20 | 21 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(e)</sup>  | 185 | 186 |
|  |  | 5878 |
| **Information technology 2.09%** |  |  |
| Amphenol Corp. 4.625% 2/15/2036  | 275 | 270 |
| Amphenol Corp. 5.30% 11/15/2055  | 133 | 127 |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(e)</sup>  | 150 | 160 |
| Analog Devices, Inc. 5.30% 4/1/2054  | 50 | 48 |
| Booz Allen Hamilton, Inc. 4.00% 7/1/2029 <sup>(e)</sup>  | 35 | 34 |
| Broadcom, Inc. 4.90% 2/15/2038  | 463 | 454 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 390 | 401 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(e)</sup>  | 40 | 41 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(e)</sup>  | 460 | 479 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(e)</sup>  | 405 | 423 |
| Cloud Software Group, Inc. 6.625% 8/15/2033 <sup>(e)</sup>  | 50 | 50 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(e)</sup>  | 20 | 20 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(e)</sup>  | 90 | 91 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(e)</sup>  | 40 | 43 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup>  | 150 | 155 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 15 | 14 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 360 | 329 |
| Intel Corp. 3.05% 8/12/2051  | 20 | 12 |
| Intel Corp. 5.60% 2/21/2054  | 115 | 106 |
| Microchip Technology, Inc. 5.05% 2/15/2030  | 185 | 189 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(e)</sup>  | 50 | 54 |
| Oracle Corp. 5.50% 8/3/2035  | 60 | 59 |
| Oracle Corp. 5.20% 9/26/2035  | 200 | 192 |
| Oracle Corp. 6.00% 8/3/2055  | 132 | 117 |
| Oracle Corp. 5.95% 9/26/2055  | 100 | 89 |
| Oracle Corp. 6.10% 9/26/2065  | 100 | 88 |
| Synopsys, Inc. 5.15% 4/1/2035  | 70 | 71 |
| Synopsys, Inc. 5.70% 4/1/2055  | 125 | 124 |
| Texas Instruments, Inc. 5.10% 5/23/2035  | 80 | 83 |
| Texas Instruments, Inc. 5.15% 2/8/2054  | 85 | 80 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(e)</sup>  | 50 | 51 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(e)</sup>  | 79 | 81 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(e)</sup>  | 50 | 49 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(e)</sup>  | 75 | 77 |
|  |  | 4661 |
| **Energy 1.45%** |  |  |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(e)</sup>  | 95 | 96 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(e)</sup>  | 171 | 172 |
| Caturus Energy, LLC 8.50% 2/15/2030 <sup>(e)</sup>  | 50 | 52 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(e)</sup>  | 20 | 21 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(e)</sup>  | 25 | 27 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(e)</sup>  | 55 | 57 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(e)</sup>  | 50 | 49 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(e)</sup>  | 50 | 52 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(e)</sup>  | 120 | 114 |
| Devon Energy Corp. 5.75% 9/15/2054  | 225 | 207 |
| Diamondback Energy, Inc. 5.75% 4/18/2054  | 105 | 99 |
| DT Midstream, Inc. 4.375% 6/15/2031 <sup>(e)</sup>  | 90 | 88 |
| Energy Transfer, LP 6.00% 2/1/2029 <sup>(e)</sup>  | 20 | 20 |
| Energy Transfer, LP 5.20% 4/1/2030  | 50 | 52 |
| Enterprise Products Operating, LLC 5.20% 1/15/2036  | 20 | 20 |
| EQT Corp. 4.75% 1/15/2031  | 70 | 70 |
| EQT Corp. 3.625% 5/15/2031 <sup>(e)</sup>  | 75 | 71 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(e)</sup>  | 30 | 30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Capital Group KKR Core Plus+<sub>11</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** |  |  |
| Genesis Energy, LP 7.875% 5/15/2032  | USD30 | $31 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(e)</sup>  | 40 | 41 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(e)</sup>  | 20 | 21 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(e)</sup>  | 10 | 10 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(e)</sup>  | 125 | 123 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(e)</sup>  | 80 | 81 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(e)</sup>  | 40 | 38 |
| Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(e)</sup>  | 40 | 38 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(e)</sup>  | 50 | 51 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(e)(h)</sup>  | 1100 | 319 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(e)</sup>  | 50 | 52 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(e)</sup>  | 90 | 93 |
| Noble Finance II, LLC 8.00% 4/15/2030 <sup>(e)</sup>  | 40 | 42 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(e)</sup>  | 18 | 18 |
| Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(e)</sup>  | 50 | 52 |
| Sunoco, LP 4.50% 5/15/2029  | 30 | 29 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(e)</sup>  | 20 | 20 |
| Sunoco, LP 7.25% 5/1/2032 <sup>(e)</sup>  | 110 | 116 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(e)</sup>  | 30 | 30 |
| Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant <br>Maturity + 4.23% on 9/18/2030) <sup>(e)(f)</sup>  | 50 | 51 |
| Superior Plus, LP 4.50% 3/15/2029 <sup>(e)</sup>  | 30 | 29 |
| Transocean International, Ltd. 8.75% 2/15/2030 <sup>(e)</sup>  | 30 | 31 |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(e)</sup>  | 15 | 16 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(e)</sup>  | 32 | 33 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(e)</sup>  | 70 | 66 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(e)</sup>  | 285 | 260 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(e)</sup>  | 80 | 80 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(e)</sup>  | 40 | 41 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(e)</sup>  | 25 | 25 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(e)</sup>  | 75 | 81 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(e)</sup>  | 25 | 26 |
|  |  | 3241 |
| **Real estate 1.21%** |  |  |
| Boston Properties, LP 5.75% 1/15/2035  | 225 | 231 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(e)</sup>  | 90 | 89 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup>  | 40 | 40 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup>  | 70 | 68 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup>  | 50 | 48 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup>  | 205 | 203 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 40 | 39 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 230 | 217 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 90 | 85 |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 <sup>(e)</sup>  | 20 | 20 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 30 | 31 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 450 | 436 |
| MPT Operating Partnership, LP 3.50% 3/15/2031  | 100 | 73 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(e)</sup>  | 200 | 214 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(e)</sup>  | 40 | 39 |
| Service Properties Trust 4.95% 2/15/2027  | 150 | 151 |
| Service Properties Trust 8.00% 9/30/2027 <sup>(e)</sup>  | 55 | 50 |
| Service Properties Trust 3.95% 1/15/2028  | 120 | 113 |
| Service Properties Trust 4.95% 10/1/2029  | 360 | 314 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup>  | 215 | 226 |
|  |  | 2687 |
| **Industrials 1.10%** |  |  |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(e)</sup>  | 30 | 29 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(e)</sup>  | 150 | 158 |
| Avis Budget Car Rental, LLC 4.75% 4/1/2028 <sup>(e)</sup>  | 30 | 29 |
| Avis Budget Car Rental, LLC 5.375% 3/1/2029 <sup>(e)</sup>  | 50 | 49 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(e)</sup>  | 20 | 21 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup>  | 200 | 207 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** | Capital Group KKR Core Plus+ |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** |  |  |
| Boeing Co. (The) 3.25% 2/1/2028  | USD100 | $98 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(e)</sup>  | 50 | 48 |
| Clean Harbors, Inc. 5.75% 10/15/2033 <sup>(e)</sup>  | 75 | 77 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(e)</sup>  | 150 | 148 |
| CSX Corp. 5.05% 6/15/2035  | 325 | 331 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(e)</sup>  | 55 | 57 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(e)</sup>  | 45 | 48 |
| EquipmentShare.com, Inc. 8.00% 3/15/2033 <sup>(e)</sup>  | 25 | 26 |
| Garda World Security Corp. 6.50% 1/15/2031 <sup>(e)</sup>  | 50 | 51 |
| Icahn Enterprises, LP 6.25% 5/15/2026  | 6 | 6 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 140 | 138 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 120 | 120 |
| Norfolk Southern Corp. 4.45% 3/1/2033  | 19 | 19 |
| Norfolk Southern Corp. 5.10% 5/1/2035  | 35 | 36 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 100 | 96 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(e)</sup>  | 60 | 58 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(e)</sup>  | 150 | 124 |
| TransDigm, Inc. 6.375% 3/1/2029 <sup>(e)</sup>  | 95 | 98 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(e)</sup>  | 90 | 94 |
| Union Pacific Corp. 5.10% 2/20/2035  | 176 | 182 |
| Union Pacific Corp. 3.50% 2/14/2053  | 15 | 11 |
| Union Pacific Corp. 5.60% 12/1/2054  | 83 | 83 |
|  |  | 2442 |
| **Materials 1.05%** |  |  |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 58 | 59 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(e)</sup>  | 25 | 26 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(e)</sup>  | 140 | 144 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(e)</sup>  | 40 | 39 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(e)</sup>  | 60 | 63 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(e)</sup>  | 70 | 72 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(e)</sup>  | 110 | 115 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(e)</sup>  | 150 | 106 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(e)</sup>  | 80 | 80 |
| Dow Chemical Co. (The) 5.95% 3/15/2055  | 250 | 228 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(e)</sup>  | 210 | 221 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 <sup>(e)(f)(g)</sup>  | 83 | 48 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(e)</sup>  | 142 | 128 |
| LYB International Finance III, LLC 5.50% 3/1/2034  | 19 | 19 |
| LYB International Finance III, LLC 6.15% 5/15/2035  | 11 | 11 |
| LYB International Finance III, LLC 5.875% 1/15/2036  | 130 | 129 |
| Methanex Corp. 5.125% 10/15/2027  | 100 | 101 |
| Methanex Corp. 5.25% 12/15/2029  | 40 | 40 |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(e)</sup>  | 200 | 207 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(e)</sup>  | 50 | 53 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(e)</sup>  | 140 | 146 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(e)</sup>  | 40 | 42 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(e)</sup>  | 20 | 21 |
| Rio Tinto Finance (USA) PLC 5.75% 3/14/2055  | 100 | 102 |
| Samarco Mineracao SA 9.00% 6/30/2031 (9.00% PIK on 12/30/2026) <sup>(f)(g)</sup>  | 71 | 72 |
| Samarco Mineracao SA 9.00% 6/30/2031 (9.00% PIK on 12/30/2026) <sup>(f)(g)</sup>  | 60 | 61 |
|  |  | 2333 |
| **Consumer staples 0.99%** |  |  |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(e)</sup>  | 70 | 67 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 20 | 20 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(e)</sup>  | 90 | 89 |
| BAT Capital Corp. 4.625% 3/22/2033  | 78 | 78 |
| BAT Capital Corp. 6.25% 8/15/2055  | 200 | 207 |
| Imperial Brands Finance PLC 5.625% 7/1/2035 <sup>(e)</sup>  | 200 | 206 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(e)</sup>  | 90 | 87 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup>  | 265 | 272 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(e)</sup>  | 150 | 150 |
| Mondelez International, Inc. 5.125% 5/6/2035  | 38 | 39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Capital Group KKR Core Plus+<sub>13</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples (continued)** |  |  |
| Philip Morris International, Inc. 4.375% 4/30/2030  | USD269 | $271 |
| Philip Morris International, Inc. 4.90% 11/1/2034  | 300 | 303 |
| Philip Morris International, Inc. 4.875% 4/30/2035  | 51 | 51 |
| Philip Morris International, Inc. 4.625% 10/29/2035  | 137 | 134 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(e)</sup>  | 60 | 58 |
| TreeHouse Foods, Inc. 4.00% 9/1/2028  | 110 | 110 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(e)</sup>  | 70 | 70 |
|  |  | 2212 |
| **Utilities 0.59%** |  |  |
| Duke Energy Florida, LLC 4.85% 12/1/2035  | 50 | 50 |
| Edison International 6.25% 3/15/2030  | 275 | 288 |
| Florida Power & Light Co. 5.70% 3/15/2055  | 75 | 76 |
| Long Ridge Energy, LLC 8.75% 2/15/2032 <sup>(e)</sup>  | 120 | 128 |
| Northern States Power Co. 5.40% 3/15/2054  | 75 | 73 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 100 | 85 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 75 | 51 |
| PacifiCorp 5.50% 5/15/2054  | 50 | 45 |
| PG&E Corp. 5.25% 7/1/2030  | 140 | 139 |
| Southern California Edison Co. 5.45% 3/1/2035  | 175 | 177 |
| Southern California Edison Co. 6.20% 9/15/2055  | 50 | 50 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(e)</sup>  | 140 | 148 |
|  |  | 1310 |
| **Municipals 0.27%** |  |  |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 425 | 437 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035  | 155 | 163 |
|  |  | 600 |
| **Total corporate bonds and notes** | **Total corporate bonds and notes** | 54123 |
| **Mortgage-backed obligations 21.41%** | **Mortgage-backed obligations 21.41%** | **Mortgage-backed obligations 21.41%** |
| **Federal agency mortgage-backed obligations 12.90%** |  |  |
| Fannie Mae Pool #CA8827 2.50% 2/1/2051 <sup>(i)</sup>  | 367 | 311 |
| Fannie Mae Pool #BQ7729 2.50% 3/1/2051 <sup>(i)</sup>  | 380 | 321 |
| Fannie Mae Pool #BR3771 2.00% 4/1/2051 <sup>(i)</sup>  | 215 | 174 |
| Fannie Mae Pool #FM6965 2.50% 4/1/2051 <sup>(i)</sup>  | 647 | 549 |
| Fannie Mae Pool #FM7751 2.00% 5/1/2051 <sup>(i)</sup>  | 296 | 239 |
| Fannie Mae Pool #CB0844 2.50% 6/1/2051 <sup>(i)</sup>  | 805 | 682 |
| Fannie Mae Pool #FM8720 2.00% 8/1/2051 <sup>(i)</sup>  | 219 | 177 |
| Fannie Mae Pool #BV7491 3.00% 8/1/2051 <sup>(i)</sup>  | 463 | 411 |
| Fannie Mae Pool #BT7309 2.00% 9/1/2051 <sup>(i)</sup>  | 703 | 569 |
| Fannie Mae Pool #CB2041 2.50% 11/1/2051 <sup>(i)</sup>  | 40 | 34 |
| Fannie Mae Pool #FS0490 2.00% 1/1/2052 <sup>(i)</sup>  | 205 | 166 |
| Fannie Mae Pool #BT2052 2.00% 3/1/2052 <sup>(i)</sup>  | 430 | 348 |
| Fannie Mae Pool #FS6031 2.00% 6/1/2052 <sup>(i)</sup>  | 88 | 72 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(i)</sup>  | 483 | 409 |
| Fannie Mae Pool #BX4574 3.00% 8/1/2053 <sup>(i)</sup>  | 475 | 421 |
| Fannie Mae Pool #DB6296 6.50% 6/1/2054 <sup>(i)</sup>  | 107 | 111 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(i)</sup>  | 4196 | 4259 |
| Fannie Mae Pool #MA5643 4.00% 3/1/2055 <sup>(i)</sup>  | 423 | 401 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(i)</sup>  | 6994 | 7185 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(i)</sup>  | 2416 | 2511 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(i)</sup>  | 500 | 526 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(i)</sup>  | 1143 | 1188 |
| Freddie Mac Pool #QC5857 3.00% 8/1/2051 <sup>(i)</sup>  | 677 | 600 |
| Freddie Mac Pool #SD0963 3.50% 1/1/2052 <sup>(i)</sup>  | 533 | 495 |
| Freddie Mac Pool #QD6951 2.00% 2/1/2052 <sup>(i)</sup>  | 27 | 22 |
| Freddie Mac Pool #RA6771 2.00% 2/1/2052 <sup>(i)</sup>  | 207 | 167 |
| Freddie Mac Pool #SD4635 3.00% 6/1/2052 <sup>(i)</sup>  | 336 | 298 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(i)</sup>  | 66 | 56 |
| Freddie Mac Pool #SD4520 3.50% 7/1/2052 <sup>(i)</sup>  | 128 | 119 |
| Freddie Mac Pool #SD8312 2.50% 1/1/2053 <sup>(i)</sup>  | 774 | 658 |
| Freddie Mac Pool #SD8505 5.00% 2/1/2055 <sup>(i)</sup>  | 957 | 955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** | Capital Group KKR Core Plus+ |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |
| Freddie Mac Pool #QY1746 4.00% 4/1/2055 <sup>(i)</sup>  | USD324 | $308 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(i)</sup>  | 200 | 205 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(i)</sup>  | 74 | 77 |
| Freddie Mac Pool #RQ0082 4.00% 1/1/2056 <sup>(i)</sup>  | 1000 | 949 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(i)(j)</sup>  | 357 | 316 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(i)(j)</sup>  | 1375 | 1342 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2056 <sup>(i)(j)</sup>  | 525 | 524 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(i)(j)</sup>  | 538 | 560 |
|  |  | 28715 |
| **Collateralized mortgage-backed obligations 4.68%** |  |  |
| BRAVO Residential Funding Trust, Series 2024-NQM7, Class A1, 5.554% 10/27/2064 <br>(6.554% on 10/1/2028) <sup>(e)(f)(i)</sup>  | 703 | 709 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on 5/1/2027) <sup>(e)(f)(i)</sup>  | 184 | 186 |
| COLT Funding, LLC, Series 2024-INV3, Class A1, 5.443% 9/25/2069 (6.443% on 8/1/2028) <sup>(e)(f)(i)</sup>  | 121 | 122 |
| Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 <sup>(e)(f)(i)</sup>  | 213 | 207 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average <br> USD-SOFR + 2.90%) 6.774% 4/25/2042 <sup>(b)(e)(i)</sup>  | 1561 | 1601 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA2, Class B2, (30-day Average <br> USD-SOFR + 7.714%) 11.589% 3/25/2050 <sup>(b)(e)(i)</sup>  | 50 | 61 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA4, Class B2, (30-day Average <br> USD-SOFR + 9.514%) 13.389% 9/25/2050 <sup>(b)(e)(i)</sup>  | 345 | 447 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA1, Class B2, (30-day Average <br> USD-SOFR + 5.214%) 9.089% 1/25/2050 <sup>(b)(e)(i)</sup>  | 440 | 490 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA5, Class B2, (30-day Average <br> USD-SOFR + 11.50%) 15.374% 10/25/2050 <sup>(b)(e)(i)</sup>  | 660 | 915 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA6, Class B2, (30-day Average <br> USD-SOFR + 5.65%) 9.524% 12/25/2050 <sup>(b)(e)(i)</sup>  | 1095 | 1264 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class AIOS, 0.327% 9/25/2070 <sup>(b)(e)(i)</sup>  | 7062 | 43 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class AIOS, 1.959% 9/25/2070 <sup>(b)(e)(i)</sup>  | 7062 | 417 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class B1, 6.432% 9/25/2070 <sup>(b)(e)(i)</sup>  | 197 | 195 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class B2, 7.134% 9/25/2070 <sup>(b)(e)(i)</sup>  | 226 | 222 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class B3, 7.134% 9/25/2070 <sup>(b)(e)(i)</sup>  | 115 | 108 |
| Onslow Bay Financial, LLC, Series 2025-NQM14, Class A1A, 5.162% 7/25/2065 (6.162% on 7/1/2029) <sup>(e)(f)(i)</sup>  | 524 | 526 |
| Progress Residential Trust, Series 2024-SFR1, Class A, 3.35% 2/17/2041 <sup>(e)(i)</sup>  | 99 | 96 |
| Progress Residential Trust, Series 2024-SFR1, Class E2, 3.85% 2/17/2041 <sup>(e)(i)</sup>  | 664 | 632 |
| Progress Residential Trust, Series 2025-SFR3, Class D, 3.39% 7/17/2042 <sup>(e)(i)</sup>  | 800 | 736 |
| Tricon Residential Trust, Series 2023-SFR2, Class A, 5.00% 12/17/2040 <sup>(e)(i)</sup>  | 130 | 131 |
| Verus Securitization Trust, Series 2023-INV3, Class B2, 8.171% 11/25/2068 <sup>(b)(e)(i)</sup>  | 809 | 813 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(b)(e)(i)</sup>  | 495 | 498 |
|  |  | 10419 |
| **Commercial mortgage-backed securities 3.83%** |  |  |
| ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.743%) 5.494% 6/15/2030 <sup>(b)(e)(i)</sup>  | 142 | 143 |
| Bank Commercial Mortgage Trust, Series 2023-5YR1, Class B, 6.457% 4/15/2056 <sup>(b)(i)</sup>  | 1087 | 1123 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-5C27, Class C, 6.70% 7/15/2057 <sup>(b)(i)</sup>  | 240 | 248 |
| Barclays Commercial Mortgage Securities, LLC, Series 2025-5C34, Class A3, 5.659% 5/15/2058 <sup>(i)</sup>  | 666 | 698 |
| Benchmark Mortgage Trust, Series 2018-B7, Class B, 4.842% 5/15/2053 <sup>(b)(i)</sup>  | 300 | 280 |
| Benchmark Mortgage Trust, Series 2020-B22, Class AM, 2.163% 1/15/2054 <sup>(i)</sup>  | 203 | 174 |
| Benchmark Mortgage Trust, Series 2022-B32, Class A5, 3.002% 1/15/2055 <sup>(b)(i)</sup>  | 190 | 170 |
| BMO Mortgage Trust, Series 2025-5C10, Class B, 6.445% 5/15/2058 <sup>(b)(i)</sup>  | 1000 | 1044 |
| BX Trust, Series 2025-VOLT, Class D, (1-month USD CME Term SOFR + 2.75%) 6.50% 12/15/2044 <sup>(b)(e)(i)</sup>  | 512 | 513 |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049 <sup>(i)</sup>  | 340 | 338 |
| Commercial Mortgage Trust, Series 2019-GC44, Class AM, 3.263% 8/15/2057 <sup>(i)</sup>  | 1000 | 937 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/2043 <sup>(b)(e)(i)</sup>  | 250 | 257 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/12/2040 <sup>(e)(i)</sup>  | 250 | 258 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.145% 8/10/2042 <sup>(b)(e)(i)</sup>  | 175 | 179 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class E, (1-month USD CME Term SOFR + 3.15%) 6.90% <br> 12/15/2039 <sup>(b)(e)(i)</sup>  | 500 | 504 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class D, 8.198% 5/10/2039 <sup>(b)(e)(i)</sup>  | 100 | 102 |
| Multifamily Connecticut Avenue Securities, Series 2023-01, Class M7, (30-day Average USD-SOFR + 4.00%) <br> 7.874% 11/25/2053 <sup>(b)(e)(i)</sup>  | 379 | 391 |
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%) <br> 6.274% 5/25/2055 <sup>(b)(e)(i)</sup>  | 289 | 290 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **15** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** |  |  |
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M2, (30-day Average USD-SOFR + 3.10%) <br> 6.974% 5/25/2055 <sup>(b)(e)(i)</sup>  | USD258 | $259 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class D, 6.213% 11/5/2038 <sup>(b)(e)(i)</sup>  | 264 | 266 |
| SCG Hotel Issuer, Inc., Series 2025-SNIP, Class A, 5.75% 9/15/2042 <sup>(b)(e)(i)</sup>  | 360 | 361 |
|  |  | 8535 |
| **Total mortgage-backed obligations** | **Total mortgage-backed obligations** | 47669 |
| **Asset-backed obligations 13.33%** | **Asset-backed obligations 13.33%** | **Asset-backed obligations 13.33%** |
| **Other asset-backed securities 6.48%** |  |  |
| ACHD Trust, Series 2025-DS1, Class A, 5.978% 1/9/2034 <sup>(e)(i)</sup>  | 100 | 100 |
| Affirm, Inc., Series 2024, Class 1A, 5.61% 2/15/2029 <sup>(e)(i)</sup>  | 100 | 100 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(e)(i)</sup>  | 658 | 660 |
| Centersquare Issuer, LLC, Series 2025-5A, Class A2, 5.30% 12/27/2055 <sup>(i)</sup>  | 1103 | 1091 |
| Global SC Finance SRL, Series 2025-1H, Class A, 6.169% 9/20/2045 <sup>(e)(i)</sup>  | 398 | 400 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(e)(i)</sup>  | 2613 | 2513 |
| Grayrock Fund IV ABS Issuer, LLC, Series 2025-1, Class A, 6.118% 2/15/2041 <sup>(c)(d)(i)</sup>  | 2026 | 2026 |
| Grayrock Fund IV ABS Issuer, LLC, Series 2025-1, Class B, 11.243% 2/15/2041 <sup>(c)(d)(i)</sup>  | 474 | 474 |
| MESA Trust, Series 2025-1, Class A, 5.20% 6/25/2060 <sup>(c)(e)(i)</sup>  | 1965 | 1965 |
| MESA Trust, Series 2025-1, Class B, 5.70% 6/25/2060 <sup>(c)(e)(i)</sup>  | 217 | 217 |
| MESA Trust, Series 2025-1, Class C, 6.45% 6/25/2060 <sup>(c)(e)(i)</sup>  | 183 | 183 |
| MESA Trust, Series 2025-1, Class A, 15.00% 6/25/2060 <sup>(c)(e)(i)</sup>  | 135 | 135 |
| MMP Capital, Series 2025-A, Class A, 5.36% 12/15/2031 <sup>(e)(i)</sup>  | 79 | 80 |
| MMP Capital, Series 2025-A, Class B, 5.72% 12/15/2031 <sup>(e)(i)</sup>  | 282 | 288 |
| OWN Equipment Fund III, Series 2025-2M, Class C, 8.77% 3/27/2034 <sup>(e)(i)</sup>  | 500 | 502 |
| PK ALIFT Loan Funding, Series 2025-2, Class A, 4.75% 3/15/2043 <sup>(e)(i)</sup>  | 244 | 245 |
| SSI ABS Issuer, LLC, Series 2025-1, Class A, 6.15% 7/25/2065 <sup>(e)(i)</sup>  | 421 | 427 |
| SSI ABS Issuer, LLC, Series 2025-1, Class B, 7.82% 7/25/2065 <sup>(e)(i)</sup>  | 396 | 402 |
| Sunrun Julius Issuer, Series 2023-2A, Class A1, 6.60% 1/30/2059 <sup>(e)(i)</sup>  | 714 | 724 |
| Sunrun Jupiter Issuer, LLC, Series 2022-1A, Class A, 4.75% 7/30/2057 <sup>(e)(i)</sup>  | 357 | 346 |
| Sunrun Neptune Issuer, LLC, Series 2024-1A, Class A, 6.27% 2/1/2055 <sup>(e)(i)</sup>  | 112 | 111 |
| SunStrong Issuer, LLC, Series 2025-1, Class A2, 5.95% 12/28/2055 <sup>(e)(i)</sup>  | 1223 | 1220 |
| U.S. Bank National Association, Series 2025-SUP2, Class B1, 4.818% 9/25/2032 <sup>(e)(i)</sup>  | 230 | 231 |
|  |  | 14440 |
| **Home equity 4.51%** |  |  |
| Unison Trust, Series 2025-1, Class A, 6.00% 7/25/2055 <sup>(i)</sup>  | 1530 | 1437 |
| Unlock HEA Trust, Series 2025-2, Class A, 6.00% 11/25/2041 <sup>(e)(i)</sup>  | 322 | 323 |
| Unlock HEA Trust, Series 2025-2, Class B, 7.25% 11/25/2041 <sup>(e)(i)</sup>  | 168 | 166 |
| Unlock HEA Trust, Series 2025-3, Class A, 5.75% 12/25/2041 <sup>(e)(i)</sup>  | 1999 | 1994 |
| Unlock HEA Trust, Series 2025-3, Class B, 7.25% 12/25/2041 <sup>(e)(i)</sup>  | 501 | 495 |
| Woodward Capital Management, Series 2024-CES8, Class B2, 8.391% 11/25/2044 <sup>(e)(i)</sup>  | 3000 | 3052 |
| Woodward Capital Management, Series 2025-CES1, Class B1, 7.653% 1/25/2045 <sup>(b)(e)(i)</sup>  | 2500 | 2567 |
|  |  | 10034 |
| **Auto loan 1.79%** |  |  |
| American Credit Acceptance Receivables Trust, Series 2023-1, Class E, 9.79% 12/12/2029 <sup>(e)(i)</sup>  | 800 | 819 |
| American Credit Acceptance Receivables Trust, Series 2022-4, Class E, 10.00% 1/14/2030 <sup>(e)(i)</sup>  | 800 | 816 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2022-1A, Class B, 4.30% 8/21/2028 <sup>(e)(i)</sup>  | 420 | 420 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-7, Class B, 6.44% 8/21/2028 <sup>(e)(i)</sup>  | 100 | 103 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6A, Class D, 7.37% 12/20/2029 <sup>(e)(i)</sup>  | 100 | 103 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-8A, Class D, 7.52% 2/20/2030 <sup>(e)(i)</sup>  | 100 | 103 |
| Credit Acceptance Auto Loan Trust, Series 2024-3A, Class C, 5.39% 1/16/2035 <sup>(e)(i)</sup>  | 120 | 121 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028 <sup>(e)(i)</sup>  | 500 | 489 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(e)(i)</sup>  | 336 | 330 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class D, 9.22% 1/25/2029 <sup>(e)(i)</sup>  | 283 | 293 |
| Hertz Vehicle Financing, LLC, Series 2025-5A, Class D, 7.74% 5/25/2030 <sup>(e)(i)</sup>  | 385 | 388 |
|  |  | 3985 |
| **Credit card 0.33%** |  |  |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class D, 5.82% 9/15/2029 <sup>(e)(i)</sup>  | 322 | 323 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(e)(i)</sup>  | 220 | 221 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | Capital Group KKR Core Plus+ |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Credit card (continued)** |  |  |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class D, 5.80% 9/15/2031 <sup>(e)(i)</sup>  | USD200 | $200 |
|  |  | 744 |
| **Student loan 0.22%** |  |  |
| DRB Prime Student Loan Trust, Series 2017-B, Class R, 0% 8/25/2042 <sup>(c)(e)(i)</sup>  | — <br><sup>(k</sup>)<br>| 69 |
| JPTR Trust, Series 2025-1, Class R, 0% 12/25/2055 <sup>(c)(i)</sup>  | 30 | 30 |
| JPTR Trust, Series 2025-1, Class A-FX, 4.95% 12/25/2055 <sup>(c)(i)</sup>  | 248 | 248 |
| JPTR Trust, Series 2025-1, Class A-FL, (3-month USD CME Term SOFR + 1.20%) 5.077% 12/25/2055 <sup>(b)(c)(i)</sup>  | 19 | 19 |
| JPTR Trust, Series 2025-1, Class B, 5.45% 12/25/2055 <sup>(c)(i)</sup>  | 42 | 42 |
| JPTR Trust, Series 2025-1, Class C, 5.65% 12/25/2055 <sup>(c)(i)</sup>  | 10 | 10 |
| JPTR Trust, Series 2025-1, Class D, 6.25% 12/25/2055 <sup>(c)(i)</sup>  | 7 | 7 |
| SMB Private Education Loan Trust, Series 2022-D, Class C, 6.58% 10/15/2058 <sup>(e)(i)</sup>  | 51 | 53 |
|  |  | 478 |
| **Total asset-backed obligations** |  | 29681 |
| **U.S. Treasury bonds & notes 5.15%** | **U.S. Treasury bonds & notes 5.15%** | **U.S. Treasury bonds & notes 5.15%** |
| **U.S. Treasury 4.99%** |  |  |
| U.S. Treasury 3.375% 11/30/2027  | — <br><sup>(k</sup>)<br>| 1 |
| U.S. Treasury 3.375% 12/31/2027  | 4964 | 4954 |
| U.S. Treasury 4.00% 11/15/2035  | 290 | 286 |
| U.S. Treasury 4.625% 11/15/2045 <sup>(l)</sup>  | 2907 | 2844 |
| U.S. Treasury 4.75% 8/15/2055 <sup>(l)</sup>  | 3068 | 3023 |
|  |  | 11108 |
| **U.S. Treasury inflation-protected securities 0.16%** |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026 <sup>(m)</sup>  | 62 | 62 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 <sup>(m)</sup>  | 316 | 300 |
|  |  | 362 |
| **Total U.S. Treasury bonds & notes** | **Total U.S. Treasury bonds & notes** | 11470 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.42%** | **Bonds & notes of governments & government agencies outside the U.S. 0.42%** | **Bonds & notes of governments & government agencies outside the U.S. 0.42%** |
| **Mexico 0.18%** |  |  |
| United Mexican States 4.75% 4/27/2032  | 200 | 195 |
| United Mexican States 6.875% 5/13/2037  | 200 | 214 |
|  |  | 409 |
| **State of Kuwait 0.09%** |  |  |
| Kuwait (State of) 4.652% 10/9/2035 <sup>(e)</sup> <br>| 200 | 200 |
| **Canada 0.08%** |  |  |
| Ontario (Province of) 3.90% 9/4/2030  | 173 | 173 |
| **Peru 0.07%** |  |  |
| Peru (Republic of) 2.783% 1/23/2031  | 80 | 74 |
| Peru (Republic of) 5.875% 8/8/2054  | 30 | 30 |
| Peru (Republic of) 2.78% 12/1/2060  | 100 | 55 |
|  |  | 159 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 941 |
| **Total bonds, notes & other debt instruments** (cost: $215,862,000) | **Total bonds, notes & other debt instruments** (cost: $215,862,000) | 217705 |
| Common stock and other investments 1.00% | Shares |  |
| **Financials 0.67%** | **Financials 0.67%** | **Financials 0.67%** |
| Kasper 2, LP <sup>(c)(n)(o)</sup>  | 13139000 | 1365 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **17** |

---

------

---

| | | |
|:---|:---|:---|
| Common stock and other investments (continued) | Shares | Value<br> (000)<br>|
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| KKR Maguire Aggregator, LLC <sup>(c)(n)(o)</sup>  | 140059 | $140 |
|  |  | 1505 |
| **Industrials 0.33%** | **Industrials 0.33%** | **Industrials 0.33%** |
| KSC I Aircraft, LP <sup>(c)(n)(o)</sup>  | 729034 | 729 |
| **Energy 0.00%** | **Energy 0.00%** | **Energy 0.00%** |
| New Fortress Energy, Inc., Class A <sup>(n)</sup>  | 4124 | 5 |
| **Total common stock and other investments** (cost: $2,209,000) |  | 2239 |
| Convertible bonds & notes 0.08% | Principal amount<br> (000)<br>|  |
| **Communication services 0.03%** | **Communication services 0.03%** | **Communication services 0.03%** |
| EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(g)</sup>  | USD21 | 68 |
| **Information technology 0.05%** | **Information technology 0.05%** | **Information technology 0.05%** |
| Strategy, Inc., 0% 12/1/2029  | 130 | 107 |
| **Total convertible bonds & notes** (cost: $142,000) |  | 175 |
| Short-term securities 3.74% | Shares |  |
| **Money market investments 3.74%** | **Money market investments 3.74%** | **Money market investments 3.74%** |
| Capital Group Central Cash Fund 3.79% <sup>(p)(q)</sup>  | 83313 | 8332 |
| **Total short-term securities** (cost: $8,331,000) |  | 8332 |
| **Total investment securities 102.58%** (cost: $226,544,000) | **Total investment securities 102.58%** (cost: $226,544,000) | 228451 |
| Other assets less liabilities (2.58)% |  | (5755)<br>|
| **Net assets 100.00%** | **Net assets 100.00%** | $222696 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 281 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD58,670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(13)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 494 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130)<br>|
| 10 Year U.S. Treasury Note Futures | Long | 243 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (190)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 66 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7591)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| U.S. Treasury Long Term Bonds Futures | Long | 46 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
| U.S. Treasury Ultra Long-Term Bonds Futures | Long | 43 | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(446)<br>|

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 1313 | NOK | 13270 | JPMorgan Chase & Co. | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4)<br>|
| USD | 124 | EUR | 105 | Morgan Stanley | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(k)</sup><br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **18** | Capital Group KKR Core Plus+ |

---

------

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| SOFR | Annual | 3.475% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 11/3/2032 | USD3,540 | &nbsp;&nbsp;&nbsp;&nbsp; $24 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $24 |
| SOFR | Annual | 3.648% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2035 | 2560 | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28 |
| SOFR | Annual | 3.482% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2035 | 2899 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| SOFR | Annual | 3.480% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2035 | 2897 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| SOFR | Annual | 3.482% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; 10/2/2035 | 2824 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $105 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $105 |

---

**Credit default swaps**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount<sup>(r)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025<sup>(s)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | USD2,023 | &nbsp;&nbsp;&nbsp;&nbsp; $154 | &nbsp;&nbsp;&nbsp;&nbsp; $153 | &nbsp;&nbsp;&nbsp;&nbsp; $1 |
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | 2337 | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $207 | &nbsp;&nbsp;&nbsp;&nbsp; $207 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(k)</sup><br>|

---

**Investments in affiliates**<sup>(q)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>4/24/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 3.74%** |  |  |  |  |  |  |  |
| **Money market investments 3.74%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79%<sup>(p)</sup>  | $— | &nbsp;&nbsp; $208488 | &nbsp;&nbsp; $200172 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $8332 | &nbsp;&nbsp; $641 |

---

**Restricted securities**<sup>(d)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Bonterra, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% <br> 3/5/2032 <sup>(a)(b)(c)</sup> <br>| 4/24/2025 - 8/27/2025 | $3975<br>| $4013 | 1.80<br> %<br>|
| Bonterra, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.687% <br> 3/5/2032 <sup>(a)(b)(c)</sup> <br>| 5/29/2025 | 705<br>| 708 | 0.32 |
| Bonterra, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.436% <br> 3/5/2032 <sup>(a)(b)(c)</sup> <br>| 4/24/2025 | 105<br>| 106 | 0.05 |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.484% <br> 2/13/2032 <sup>(a)(b)(c)</sup> <br>| 6/17/2025 - 8/27/2025 | 3893<br>| 3908 | 1.76 |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.484% <br> 2/13/2032 <sup>(a)(b)(c)</sup> <br>| 6/17/2025 - 8/27/2025 | 143<br>| 144 | 0.06 |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.477% <br> 2/13/2032 <sup>(a)(b)(c)</sup> <br>| 6/17/2025 | 110<br>| 111 | 0.05 |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.451% <br> 2/13/2032 <sup>(a)(b)(c)</sup> <br>| 6/17/2025 | 29<br>| 29 | 0.01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **19** |

---

------

**Restricted securities**<sup>(d)</sup> (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date(s)<br>| Cost<br> (000)<br>| Value<br> (000)<br>| Percent<br> of net<br> assets<br>|
| Packaging Coordinators Midco, Inc., Term Loan, (3-month USD CME Term SOFR + <br> 4.50%) 8.59% 1/22/2032 <sup>(a)(b)(c)</sup> <br>| 8/27/2025 | $4018<br>| $4033 | 1.81<br> %<br>|
| MEDX Holdings, LLC, Term Loan, (1-month USD CME Term SOFR + 4.75%) 8.466% <br> 7/21/2032 <sup>(a)(b)(c)</sup> <br>| 7/21/2025 - 8/27/2025 | 3696<br>| 3734 | 1.68 |
| TPSI Receivables, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.572% <br> 1/24/2029 <sup>(a)(b)(c)</sup> <br>| 4/24/2025 | 3407<br>| 3458 | 1.55 |
| Fortna AR, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.493% <br> 6/1/2029 <sup>(a)(b)(c)</sup> <br>| 4/24/2025 | 3377<br>| 3421 | 1.54 |
| Integrity Marketing Acquisition, LLC, Term Loan, (3-month USD CME Term SOFR + <br> 5.00%) 8.822% 8/25/2028 <sup>(a)(b)(c)</sup> <br>| 4/24/2025 | 3178<br>| 3184 | 1.43 |
| Low Voltage Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) <br> 8.422% 4/28/2032 <sup>(a)(b)(c)</sup> <br>| 4/30/2025 - 5/29/2025 | 2566<br>| 2599 | 1.17 |
| Grayrock Fund IV ABS Issuer, LLC, Series 2025-1, Class A, 6.118% 2/15/2041 <sup>(c)(i)</sup> <br>| 12/29/2025 | 2026<br>| 2026 | 0.91 |
| Grayrock Fund IV ABS Issuer, LLC, Series 2025-1, Class B, 11.243% 2/15/2041 <sup>(c)(i)</sup> <br>| 12/29/2025 | 474<br>| 474 | 0.21 |
| FSS Buyer, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.216% <br> 8/29/2031 <sup>(a)(b)(c)</sup> <br>| 4/24/2025 | 2461<br>| 2496 | 1.12 |
| Oak Funding, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.287% <br> 12/2/2032 <sup>(a)(b)(c)</sup> <br>| 12/2/2025 | 907<br>| 907 | 0.41 |
| Dispatch Acquisition Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + <br> 4.75%) 8.422% 11/19/2032 <sup>(a)(b)(c)</sup> <br>| 11/19/2025 | 842<br>| 842 | 0.38 |
| Dispatch Acquisition Holdings, LLC, Revolver, (3-month USD CME Term SOFR + <br> 4.75%) 8.589% 11/19/2032 <sup>(a)(b)(c)</sup> <br>| 11/19/2025 | 55<br>| 55 | 0.02 |
| Higginbotham Insurance Agency, Inc., Term Loan, (3-month USD CME Term <br>SOFR + 4.50%) 8.216% 6/11/2031 <sup>(a)(b)(c)</sup> <br>| 12/11/2025 | 852<br>| 853 | 0.38 |
| Medmark Media Communications, Inc., Term Loan, (3-month USD CME Term <br>SOFR + 5.25%) 8.922% 2/16/2030 <sup>(a)(b)(c)</sup> <br>| 12/4/2025 | 827<br>| 827 | 0.37 |
| Jamestown Funding Trust, Term Loan, (1-month USD CME Term SOFR + 2.20%) <br> 5.86% 6/15/2072 <sup>(a)(b)(c)</sup> <br>| 6/13/2025 | 451<br>| 451 | 0.21 |
| Jamestown Funding Trust, Term Loan, (1-month USD CME Term SOFR + 3.15%) <br> 6.81% 6/15/2072 <sup>(a)(b)(c)</sup> <br>| 6/13/2025 | 361<br>| 361 | 0.16 |
| Webpros Holding SARL, Term Loan, (3-month USD CME Term SOFR + 5.00%) <br> 8.818% 12/4/2032 <sup>(a)(b)(c)</sup> <br>| 12/5/2025 | 804<br>| 804 | 0.36 |
| Webpros Holding SARL, Revolver, (3-month USD CME Term SOFR + 5.00%) 8.75% <br> 6/4/2032 <sup>(a)(b)(c)</sup> <br>| 12/5/2025 | 8<br>| 8 | 0.01 |
| John Wood Group PLC, Revolver, (3-month USD CME Term SOFR + 5.50%) 9.284% <br> 10/31/2028 <sup>(a)(b)(c)</sup> <br>| 9/9/2025 | 720<br>| 722 | 0.32 |
| Safety Borrower Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + <br> 4.75%) 8.451% 12/20/2032 <sup>(a)(b)(c)</sup> <br>| 12/19/2025 | 606<br>| 605 | 0.27 |
| Safety Borrower Holdings, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) <br> 10.50% 12/20/2032 <sup>(a)(b)(c)</sup> <br>| 12/19/2025 | 6<br>| 6 | 0.01 |
| ClubCorp Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) <br> 8.672% 7/9/2032 <sup>(a)(b)(c)</sup> <br>| 7/10/2025 | 422<br>| 426 | 0.19 |
| Woolpert Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) <br> 8.316% 4/5/2032 <sup>(a)(b)(c)</sup> <br>| 9/26/2025 | 360<br>| 363 | 0.17 |
| Woolpert, Inc., Revolver, (3-month USD CME Term SOFR + 4.50%) 8.316% <br> 4/5/2031 <sup>(a)(b)(c)</sup> <br>| 9/26/2025 | 6<br>| 6 | 0.00 <br><sup>(t)</sup><br>|
| Koala Investment Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + <br> 4.50%) 8.172% 8/29/2032 <sup>(a)(b)(c)</sup> <br>| 8/29/2025 | 275<br>| 275 | 0.12 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **20** | Capital Group KKR Core Plus+ |

---

------

**Restricted securities**<sup>(d)</sup> (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date(s)<br>| Cost<br> (000)<br>| Value<br> (000)<br>| Percent<br> of net<br> assets<br>|
| Railpros, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 10.043% <br> 5/24/2032 <sup>(a)(b)(c)</sup> <br>| 8/4/2025 | $143<br>| $143 | 0.06<br> %<br>|
| Navex Global Holding Co., (3-month USD CME Term SOFR + 5.00%) 8.912% <br> 10/14/2032 <sup>(a)(b)(c)</sup> <br>| 10/14/2025 | 92<br>| 92 | 0.04 |
| **Total** |  | $41900<br>| $42190 | 18.95<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale.

<sup>(b)</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>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(e)</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 $58,827,000, which represented 26.42% of the net assets of the fund. 

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

<sup>(g)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(h)</sup> Scheduled interest and/or principal payment was not received.

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

<sup>(j)</sup> Represents securities transacted on a TBA basis.

<sup>(k)</sup> Amount less than one thousand.

<sup>(l)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,881,000, which represented 1.29% of the net assets of the fund. 

<sup>(m)</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>(n)</sup> Non-income producing.

<sup>(o)</sup> Special purpose vehicle.

<sup>(p)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(q)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(r)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(s)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

<sup>(t)</sup> Amount less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Key to abbreviation(s)** |
| CME = CME Group |
| DAC = Designated Activity Company |
| EUR = Euro |
| EURIBOR = Euro Interbank Offered Rate |
| NOK = Norwegian Krone |
| PIK = Payment In Kind |
| REIT = Real Estate Investment Trust |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. Dollar |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **21** |

---

------

Financial statements

**Statement of assets and liabilities** at December 31, 2025

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment securities, at value: |  |  |
| Unaffiliated issuers (cost: $218,213) | $220119 |  |
| Affiliated issuers (cost: $8,331) | 8332 | $228451 |
| Cash |  | 947 |
| Net unrealized appreciation on unfunded commitments\* |  | 56 |
| Receivables for: |  |  |
| Sales of investments | 3549 |  |
| Sales of fund's shares | 494 |  |
| Dividends and interest | 1555 |  |
| Variation margin on futures contracts | 12 |  |
| Variation margin on centrally cleared swap contracts | 27 |  |
| Expense reimbursement | 385 | 6022 |
|  |  | 235476 |
| **Liabilities:** |  |  |
| Unrealized depreciation on open forward currency contracts |  | 4 |
| Payables for: |  |  |
| Purchases of investments | 8489 |  |
| Dividends on fund's shares | 2949 |  |
| Investment advisory services | 806 |  |
| Services provided by related parties | 41 |  |
| Trustees' deferred compensation | 52 |  |
| Variation margin on futures contracts | 154 |  |
| Other | 285 | 12776 |
| Commitments and contingencies\* |  |  |
| **Net assets at December 31, 2025** |  | $222696 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of beneficial interest |  | $220457 |
| Total distributable earnings (accumulated loss) |  | 2239 |
| **Net assets at December 31, 2025** |  | $222696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Refer to Note 5 for further information on unfunded commitments and Note 7 for further information on the expense recoupment.

------

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

**Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized (21,927 total shares outstanding)** 

---

| | | | |
|:---|:---|:---|:---|
|  | Net assets | Shares <br>outstanding<br>| Net asset value <br>per share<br>|
| Class A | $1906 | 188 | $10.16 |
| Class A-2 | 10 | 1 | 10.16 |
| Class A-3 | 1490 | 147 | 10.16 |
| Class F-2 | 53470 | 5265 | 10.16 |
| Class F-3 | 165810 | 16325 | 10.16 |
| Class R-6 | 10 | 1 | 10.16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** | Capital Group KKR Core Plus+ |

---

------

Financial statements (continued)

**Statement of operations** for the period ended December 31, 2025<sup>1</sup>

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Investment income:** |  |  |
| Income: |  |  |
| Interest from unaffiliated issuers | $8212 |  |
| Dividends from affiliated issuers  | 641 | $8853 |
| Fees and expenses<sup>2</sup>: |  |  |
| Investment advisory services | 807 |  |
| Distribution services | 3 |  |
| Transfer agent services | 23 |  |
| Administrative services | 40 |  |
| Reports to shareholders | — <br><sup>3</sup><br>|  |
| Accounting and administrative services | 170 |  |
| Trustees' compensation | 156 |  |
| Auditing and legal | 196 |  |
| Registration statement and prospectus | 84 |  |
| Custodian | — <br><sup>3</sup><br>|  |
| Independent valuation services | 27 |  |
| Other | 16 |  |
| Total fees and expenses before waivers/reimbursements | 1522 |  |
| Less: |  |  |
| Expense reimbursement | (960)<br>|  |
| Recoupment of expense reimbursement | 575 |  |
| Net expense reimbursement | (385)<br>|  |
| Total fees and expenses after waivers/reimbursements |  | 1137 |
| Net investment income |  | 7716 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments: |  |  |
| Unaffiliated issuers | 1023 |  |
| Affiliated issuers | 15 |  |
| Options written | 14 |  |
| Futures contracts | 661 |  |
| Forward currency contracts | 25 |  |
| Swap contracts | 857 |  |
| Currency transactions | (3)<br>| 2592 |
| Net unrealized appreciation (depreciation) on: |  |  |
| Investments: |  |  |
| Unaffiliated issuers | 1962 |  |
| Affiliated issuers | 1 |  |
| Futures contracts | (446)<br>|  |
| Forward currency contracts | (4)<br>|  |
| Swap contracts | 105 | 1618 |
| Net realized gain (loss) and unrealized appreciation (depreciation): |  | 4210 |
| **Net increase (decrease) in net assets resulting from operations** |  | $11926 |

---

<sup>1</sup>

For the period April 24, 2025 through December 31, 2025.

<sup>2</sup>

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

<sup>3</sup>

Amount less than one thousand.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **23** |

---

------

Financial statements (continued)

**Statement of changes in net assets**

------

(dollars in thousands)

---

| | |
|:---|:---|
|  | **Period ended** <br>**December 31,**<br>|
|  | **2025\*** |
| **Operations:** |  |
| Net investment income | $7716 |
| Net realized gain (loss) | 2592 |
| Net unrealized appreciation (depreciation) | 1618 |
| Net increase (decrease) in net assets resulting from operations | 11926 |
| **Distributions paid or accrued to shareholders** | (9687)<br>|
| **Net capital share transactions** | 220457 |
| **Total increase (decrease) in net assets** | 222696 |
| **Net Assets:** |  |
| Beginning of period |  |
| End of period | $222696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* For the period April 24, 2025 through December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **24** | Capital Group KKR Core Plus+ |

---

------

Financial statements (continued)

**Statement of cash flows** for the period ended December 31, 2025\*

------

(dollars in thousands)

---

| | |
|:---|:---|
| **Cash flows from operating activities:** |  |
| Net increase in net assets resulting from operations | $11926 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by <br> (used in) operating activities:<br>|  |
| Purchases of investment securities | (720934)<br>|
| Proceeds from sales and repayments of investment securities | 505200 |
| Net purchases, sales and maturities of short-term investments | (9467)<br>|
| Payment-in-kind income | (13)<br>|
| Net realized (gain) loss on investments | (1038)<br>|
| Net unrealized (appreciation) depreciation on investments and forward currency contracts | (1959)<br>|
| Net amortization of premium (accretion of discount) | (292)<br>|
| Changes in assets and liabilities: |  |
| (Increase) decrease in receivables for sales of investments | (3549)<br>|
| (Increase) decrease in receivables for dividends and interest | (1555)<br>|
| (Increase) decrease in receivables for variation margin on futures contracts | (12)<br>|
| (Increase) decrease in receivables for variation margin on centrally cleared swap contracts | (27)<br>|
| (Increase) decrease in receivables for expense reimbursement | (385)<br>|
| Increase (decrease) in payables for purchases of investments | 8489 |
| Increase (decrease) in payables for investment advisory services | 806<br>|
| Increase (decrease) in payables for variation margin on futures contracts | 154<br>|
| Increase (decrease) in payables for services provided by related parties | 41<br>|
| Increase (decrease) in other payables | 285 |
| Increase (decrease) in payables for trustees' deferred compensation | 52<br>|
| Net cash provided by (used in) operating activities | (212278)<br>|
| **Cash flows from financing activities:** |  |
| Distributions paid to shareholders | (6661)<br>|
| Proceeds from sales of fund's shares | 220149 |
| Payments on shares repurchased | (263)<br>|
| Net cash provided by (used in) financing activities | 213225 |
| **Net increase (decrease) in cash** | 947 |
| Cash at beginning of period | —<br>|
| **Cash at end of period** | $947 |
| **Supplemental disclosure of cash flow information:** |  |
| Reinvestment of distributions | $77 |

---

\*

For the period April 24, 2025 through December 31, 2025.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **25** |

---

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

------

Capital Group KKR Core Plus+ (the "fund") was organized on October 4, 2024 as a Delaware statutory trust. The fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a nondiversified, closed-end management investment company operating as an interval fund, and its shares are registered under the Securities Act of 1933. The fund's investment objective is to provide a high level of current income and seek maximum total return, consistent with preservation of capital. The fund will seek to allocate approximately 60% of its net assets to public debt assets and approximately 40% to private credit assets. Capital Research and Management Company ("CRMC") is the fund's investment adviser. KKR Credit Advisors (US) LLC ("KKR") is the fund's sub-adviser and primarily manages private credit assets held by the fund.

The fund has six share classes consisting of five retail share classes (Classes A, A-2, A-3, F-2 and F-3) and one retirement plan share class (Class R-6). The retirement plan share class is generally offered only through eligible employer-sponsored retirement plans. The fund's share classes are described further in the following table:

---

| | | |
|:---|:---|:---|
| **Share class** | **Initial sales charge** | **Contingent deferred sales charge upon redemption** |
| Class A | Up to 3.75% | &nbsp;&nbsp; 0.75% for redemptions within 18 months of purchase for investments of $500,000 or <br> more |
| Class A-2 | Up to 2.00% | &nbsp;&nbsp; 1.00% for redemptions within one year of purchase for investments of $250,000 or <br> more |
| Class A-3 |  |  |
| Classes F-2 and F-3 |  |  |
| Class R-6 |  |  |

---

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 ("FASB"). 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. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Operating segments** — The fund represents a single operating segment as the operating results of the fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the fund's Principal Executive Officer and Principal Financial Officer, serves as the fund's chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **26** | Capital Group KKR Core Plus+ |

---

------

**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.

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the fund's statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**3. Valuation**

------

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.

Equity securities, including depositary receipts, exchange-traded funds, and certain convertible preferred stocks that trade on an exchange or market, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.

Fixed-income securities, including short-term securities and loans other than directly originated loans, 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** | **Example of standard inputs** |
| All | &nbsp;&nbsp; Benchmark yields, transactions, bids, offers, quotations from dealers and <br> trading systems, new issues, spreads and other relationships observed in <br> the markets among comparable securities; and proprietary pricing models <br> such as yield measures calculated using factors such as cash flows, financial <br> or collateral characteristics or performance and other reference data <br> (collectively referred to as "standard inputs")<br>|
| 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 | &nbsp;&nbsp; Standard inputs and cash flows, prepayment information, default rates, <br> delinquency and loss assumptions, credit enhancements and specific deal <br> information<br>|
| Municipal securities | &nbsp;&nbsp; Standard inputs and, for certain distressed securities, cash flows or <br> liquidation values using a net present value calculation based on inputs that <br> include, but are not limited to, financial statements and debt contracts<br>|

---

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund's investment adviser. The Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series ("Central Funds"), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF's portfolio securities. The underlying securities are valued based on the policies and procedures in CCF's statement of additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **27** |

---

------

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. 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, 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, 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. Directly originated loans are valued on an individual loan basis. The fair value of each loan may be informed by the inputs of third-party services. These valuations will incorporate borrower-specific information such as credit performance, significant events affecting the borrower or underlying collateral, and relevant market developments each business day that the New York Stock Exchange is open. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

**Processes and structure** — The fund's board of trustees has designated the fund's investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The fund's board and audit committee also regularly review reports that describe fair value determinations and methods.

**Classifications** — The fund's investment adviser classifies the fund's assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The fund's valuation levels as of December 31, 2025, were as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Loans | $— | $1039 | $72782 | $73821 |
| Corporate bonds and notes |  | 51392 | 2731 | 54123 |
| Mortgage-backed obligations |  | 47669 |  | 47669 |
| Asset-backed obligations |  | 24256 | 5425 | 29681 |
| U.S. Treasury bonds & notes |  | 11470 |  | 11470 |
| Bonds & notes of governments & government agencies outside <br> the U.S.<br>|  | 941 |  | 941 |
| Common stock and other investments | 5 |  | 2234 | 2239 |
| Convertible bonds & notes |  | 175 |  | 175 |
| Short-term securities | 8332 |  |  | 8332 |
| Total | $8337 | $136942 | $83172 | $228451 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **28** | Capital Group KKR Core Plus+ |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  | **Other investments**<sup>1</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $27 | $— | $— | $27 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 105 |  | 105 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 1 |  | 1 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (473)<br>|  |  | (473)<br>|
| Unrealized depreciation on forward currency contracts |  | (4)<br>|  | (4)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (1)<br>|  | (1)<br>|
| Total | $(446)<br>| $101 | $— | $(345)<br>|

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<sup>1</sup>

Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the period April 24, 2025 through December 31, 2025 (dollars in thousands):

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning** <br>**value at** <br>**April 24, 2025**<br>| **Transfers** <br>**into** <br>**Level 3**<sup>2</sup> <br>| **Purchases** | **Sales** <br>**and** <br>**paydowns**<br>| **Accrued** <br>**premiums/** <br>**discounts**<br>| **Net** <br>**realized** <br>**gain (loss)**<sup>3</sup> <br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<sup>3</sup> <br>| **Transfers** <br>**out of** <br>**Level 3**<sup>2</sup> <br>| **Ending** <br>**value at** <br>**12/31/2025**<br>|
| Loans | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $73384 | &nbsp;&nbsp; $(1201)<br>| &nbsp;&nbsp; $38 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $560 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72782 |
| Corporate <br> bonds and <br> notes<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2667<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2731 |
| Asset-<br> backed <br> obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5420 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5425 |
| Common <br> stock and <br> other <br> investments<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2186 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2234 |
| Total | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83657 | &nbsp;&nbsp; $(1201)<br>| &nbsp;&nbsp; $23 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $692 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83172 |
| Net unrealized appreciation (depreciation) on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) on Level 3 investment securities held at December 31, 2025 |  | &nbsp;&nbsp; $692 |

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<sup>2</sup> 

Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup>

Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations.

**Unobservable inputs** — Valuation of the fund's Level 3 securities is 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 following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at** <br>**12/31/2025**<br>| &nbsp;&nbsp; **Valuation** <br>**technique(s)**<br>| &nbsp;&nbsp; **Unobservable** <br>**inputs**<br>| **Range** <br>**(if applicable)**<br>| &nbsp;&nbsp; **Weighted** <br>**average\***<br>| &nbsp;&nbsp; **Impact to** <br>**valuation from** <br>**an increase in** <br>**input**<sup>†</sup><br>|
| Loans | 72782 | Yield analysis | Yield | 6%-10% | 8% | Decrease |
| Loans | 72782 | Yield analysis | Discount margin | 2%-10% | 8% | Decrease |
| Loans | 72782 | Transaction | Transaction price | Not <br>applicable<br>| &nbsp;&nbsp; Not <br>applicable<br>| &nbsp;&nbsp; Not <br>applicable<br>|
| Corporate bonds and <br> notes<br>| 2731 | Yield analysis | Yield | 6% | 6% | Decrease |
| Asset-backed <br> obligations | 5425 | Yield analysis | Yield | 5%-18% | 6% | Decrease |
| Asset-backed <br> obligations | 5425 | Transaction | Transaction price | Not <br>applicable<br>| &nbsp;&nbsp; Not <br>applicable<br>| &nbsp;&nbsp; Not <br>applicable<br>|
| Common stock and <br> other investments | $2234 | Yield analysis | Yield | 9%-10% | 10% | Decrease |
| Common stock and <br> other investments | $2234 | Transaction | Transaction price | Not <br>applicable<br>| &nbsp;&nbsp; Not <br>applicable<br>| &nbsp;&nbsp; Not <br>applicable<br>|
| Total | $83172 |  |  |  |  |  |

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\*

Weighted average is by relative fair value.

<sup>†</sup>

This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **29** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Risk factors**

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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 or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; 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), bank failures 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.

**Repurchase offers risk** — The fund is an interval fund and, in order to provide liquidity to shareholders, the fund, subject to applicable law, will conduct periodic repurchase offers of 5% to 25% of its outstanding shares at net asset value, subject to approval of the board. The fund expects initially to conduct quarterly repurchase offers for 10% of its outstanding shares under ordinary circumstances. As a result, shareholders may be unable to liquidate all or a given percentage of their investment in the fund during a particular repurchase offer. Some shareholders, in anticipation of proration, may request that more shares be repurchased than they wish to have repurchased in a particular month, thereby increasing the likelihood that proration will occur. A shareholder may be subject to market and other risks, and the net asset value per share of shares subject of a repurchase request in a repurchase offer may decline to the extent there is any delay between the repurchase request deadline and the date on which the net asset value for tendered shares is determined. Such fluctuations may be exacerbated by currency fluctuations to the extent the fund invests in securities denominated in currencies other than the U.S. dollar. The net asset value on the repurchase request deadline or the repurchase pricing date may be higher or lower than on the date a shareholder submits a repurchase request.

The fund believes that these repurchase offers are generally beneficial to the fund's shareholders, and repurchases generally will be funded from available cash, cash from the sale of shares or sales of portfolio securities. However, repurchase offers and the need to fund repurchase obligations may affect the ability of the fund to be fully invested or force the fund to maintain a higher percentage of its assets in liquid investments than would otherwise be the case, which could adversely affect the fund's investment performance. In addition, diminution in the size of the fund through repurchases may result in an increased expense ratio for shareholders who do not submit a repurchase request, may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant) and, unless offset by sufficient sales of fund shares, may limit the ability of the fund to participate in new investment opportunities or to achieve its investment objective.

**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 the issuer's financial condition or credit rating, 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. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. To the extent that the market prices of securities of issuers in the same or related industries or sectors tend to move in the same direction at the same time, and these issuers make up a sizeable portion of the market, events affecting one issuer, industry or sector or the securities markets generally may have a larger impact. If such issuers represent a substantial portion of major market indices, or the economy, a downturn in the prices of their securities may have a disproportionate adverse effect on the overall market, even if other segments of the market perform well. The fund's portfolio managers invest in issuers based on their level of investment conviction. At times, the fund may invest more significantly in a single issuer, which could increase the fund's volatility and the risk of loss arising from the factors described above.

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

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-based finance securities, are less likely to refinance existing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **30** | Capital Group KKR Core Plus+ |

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debt securities, causing the average life of such securities to extend. A general change 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 repurchase requests from fund shareholders. 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 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. Changes in actual or perceived creditworthiness may occur quickly. 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 investment adviser and the sub-adviser rely on their own credit analysts to research issuers and issues in assessing credit and default risks.

**Investing in lower rated debt instruments** — Lower rated debt securities or instruments, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations (also known as "junk bonds"), generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty.

**Investing in illiquid investments and liquidity risk** — The sub-adviser expects to invest primarily in private, illiquid securities. Illiquid assets may be more difficult to value, especially in changing markets. In addition, illiquid securities are typically subject to restrictions on resale and the fund may be legally, contractually or otherwise prohibited from selling or disposing certain investments for a period of time. 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 to try to limit losses, or may be forced to sell at a loss.

Fund holdings in general may be or may become difficult or impossible to sell, particularly during times of market turmoil. In addition legal or contractual restrictions on resale, liquidity may be impacted by the lack of an active market for a holding 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 or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings.

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries 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 are domiciled, operate or generate revenue or to which the securities are tied economically. 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, sanctions, 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 regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, than those in the U.S. As a result, the fund's investments outside the U.S. may be subject to limited available information and, may be more difficult to value than investments in the U.S; the fund may be unable to pursue legal remedies or obtain and enforce judgments in local courts; and repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval. 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, which could impact the liquidity of the fund's portfolio. 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 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 such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **31** |

---

------

recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. 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, more vulnerable to market manipulation, and 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.

**Investing in mortgage-related and other asset-based finance securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-based finance securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. Investments in such securities may include collateralized debt obligations, such as collateralized loan obligations and collateralized mortgage obligations, and may, from time to time, include lower-rated tranches of these instruments. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-based finance securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-based finance securities are paid off could be extended, reducing the fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-based finance securities are subject to similar risks, as well as additional risks associated with the assets underlying those securities.

**Interest rate risk** — The values and liquidity of the securities held by the fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. 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. The fund may invest in variable and floating rate securities. When the fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

**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 cause the fund to lose significantly more than 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. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Investing in future delivery contracts** — The fund may enter into transactions involving future delivery contracts, such as to-be-announced (TBA) contracts and mortgage dollar rolls. These contracts involve the purchase or sale of mortgage-backed securities for settlement at a future date and predetermined price. When the fund enters into a TBA commitment for the sale of mortgage-backed securities (which may be referred to as having a short position in such TBA securities), the fund may or may not hold the types of mortgage-backed securities required to be delivered. The fund may choose to roll these transactions in lieu of settling them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **32** | Capital Group KKR Core Plus+ |

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------

When the fund rolls the purchase of these types of future delivery transactions, the fund simultaneously sells the mortgage-backed securities for delivery in the current month and repurchases substantially similar securities for delivery at a future date at a predetermined price. When the fund rolls the sale of these transactions rather than settling them, the fund simultaneously purchases the mortgage-backed securities for delivery in the current month and sells substantially similar securities for delivery at a future date at a predetermined price. Such roll transactions can increase the turnover rate of the fund and may increase the risk that market prices may move unfavorably between the original and new contracts, potentially resulting in losses or reduced returns for the fund.

**Investing in inflation-linked bonds** — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

Investing in inflation-linked bonds may also reduce the fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.

**Currency** — The prices of, and the income generated by, debt securities held by the fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of the fund's securities denominated in such currencies would generally fall and vice versa.

**Investing in subordinated and unsecured or partially secured loans** — The fund will, from time to time, invest in unsecured loans and secured subordinated loans, including second and lower lien loans. Second lien loans are generally second in line in terms of repayment priority. A second lien loan could have a claim on the same collateral pool as the first lien or it could be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than Senior Loans of the same borrower.

**Investing in securities backed by the U.S. government** — U.S. government securities are subject to market risk, interest rate risk and credit risk. 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. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets.

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.

**Valuation risk** — Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for loans or fixed-income instruments to trade. Loans and fixed-income instruments are generally valued at evaluated prices obtained from third-party pricing vendors and generally trade on an OTC market which could be anywhere in the world where the buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of loans or fixed-income instruments generally carries more risk than that of common stock. In addition, other market participants may value securities differently than the fund. As a result, the fund may be subject to the risk that when a loan or fixed-income instrument is sold in the market, the amount received by the fund is less than the value carried on the fund's books. These risks are heightened with respect to private fixed-income instruments, which rarely have readily available market quotations. As a result, such securities require the investment adviser to estimate, in accordance with their valuation policies, the fair value of such investments on the valuation date. Fair value pricing is based on subjective judgments, significant unobservable inputs and may differ materially from the value that would be realized if the security were to be sold. Absent bad faith or manifest error, valuation determinations of the investment adviser will be conclusive and binding on shareholders of the fund.

**Nondiversification** — As a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund. A fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political, geographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **33** |

---

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affect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund's shares can be expected to fluctuate more than might be the case if the fund were more broadly diversified.

**Dependence on investment adviser and sub-adviser —** The fund's strategy to invest in publicly-traded fixed income securities and private credit loans and securities is highly dependent on the strategic partnership between, and the investment advisory services provided by, both the investment adviser and the sub-adviser. As a result, the investment adviser and sub-adviser have agreed that the investment adviser will terminate its own Investment Advisory and Service Agreement with the fund if it or the board of the fund provides notice of termination or non-renewal of the investment adviser's Subadvisory Agreement with KKR Credit with respect to the fund without cause. If the Subadvisory Agreement and/or the Investment Advisory and Service Agreement is terminated for any reason, the fund would incur costs in order to find a replacement adviser and, in the event it were unable to find a replacement adviser, may be forced to liquidate.

**Management** — The investment adviser and sub-adviser to the fund actively manage 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 or sub-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**

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**Index-linked bonds** — The fund has invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

**Mortgage dollar rolls** — The fund has entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund's portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the fund's financial highlights table.

**Loans** — The fund has entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. These loans are often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The fund also invests in loans originated or negotiated by non-bank lenders in private markets, including first-lien loans, unsecured loans and secured subordinated loans (such as second and lower lien loans). Due to their unsecured or partially secured status, lower lien loans involve a higher degree of risk overall than senior loans of the same borrower. A loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal. There may be no active trading market for some loans, and the fund may not be able to readily dispose of certain loans at desired prices.

**Unfunded commitments** — The fund has participated in transactions that involve unfunded commitments, which may obligate the fund to make certain investments, including unsettled bank loan purchase transactions. The table below presents the fund's unfunded commitments as of December 31, 2025 (dollars in thousands). Net unrealized appreciation is disclosed as net unrealized appreciation on unfunded commitments in the fund's statement of assets and liabilities and is included in net unrealized appreciation or depreciation on investments in unaffiliated issuers in the fund's statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Loan commitment** | &nbsp;&nbsp;&nbsp; **Unfunded** <br>**commitment**<br>| &nbsp;&nbsp;&nbsp; **Unrealized appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation)**<br>|
| AGS Health BCP Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; $102 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> \*<br>|
| AGS Health BCP, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Ares Secondaries Pbn Finance Co. IV, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 1827 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| Astra Service Partners, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| Bonterra, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| ClubCorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Com Laude Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Denali Topco, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Diamondback Acquisition, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Dispatch Acquisition Holdings, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Elk Bidco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 952 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

Refer to the end of the table(s) for footnote(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **34** | Capital Group KKR Core Plus+ |

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------

---

| | | |
|:---|:---|:---|
| **Loan commitment** | &nbsp;&nbsp;&nbsp; **Unfunded**<br> **commitment**<br>| &nbsp;&nbsp;&nbsp; **Unrealized appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(depreciation)**<br>|
| Falconwing Aero Leasing DAC | &nbsp;&nbsp;&nbsp;&nbsp; $280 | &nbsp;&nbsp;&nbsp;&nbsp; $4 |
| Flexera Software, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| FSS Buyer, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Hbwm Intermediate II, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Higginbotham Insurance Agency, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Horizon CTS Buyer, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 587 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| HP TLE Buyer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Jeppesen Holdings, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| John Wood Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| KKR Maguire Levered Borrower, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Koala Investment Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Medmark Media Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Med-Metrix, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 742 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| Navex Global Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Oak Funding, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Pike Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| PPV Intermediate Holdings, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Premise Health Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| Pros Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Railpros, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Rialto Management Group, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Saber Parent Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Safety Borrower Holdings, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Setna Aero Lease 3 Borrower, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| TPSI Receivables, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Truck-Lite Co., LLC | &nbsp;&nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Vamos Bidco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| VIB Trade Receivable DAC | &nbsp;&nbsp;&nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| W. A. Kendall and Co., LLC | &nbsp;&nbsp;&nbsp;&nbsp; 949 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Webpros Holding SARL | &nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*<br>|
| West Star Aviation Acquisition, LLC | &nbsp;&nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Woolpert, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $13252 | &nbsp;&nbsp;&nbsp;&nbsp; $56 |
| \*Amount less than one thousand. |  |  |

---

**Option contracts** — The fund has entered into option contracts, which give the purchaser of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument underlying the option) at a specified exercise price. The writer of an option on a security has the obligation, upon exercise of the option, to cash settle or deliver the underlying currency or instrument upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying currency or instrument and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the currency or instrument underlying the option (or to deliver the cash value of the instrument underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or cash settles) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying currency or instrument (or cash settle) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying currency or instrument with risk limited to the cost of the option if the price of the underlying currency or instrument falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying currency or instrument does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option's underlying currency or instrument if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **35** |

---

------

into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying currency or instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities in the fund's statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in the fund's statement of assets and liabilities. The net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments for purchased options and in options written for written options in the fund's statement of operations.

Option contracts can take different forms. The fund has entered into the following types of option contract:

**Options on futures** — The fund has entered into options on futures contracts to seek to manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An option on a futures contract gives the holder of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date. As of December 31, 2025, the fund did not have any options on future contracts. The average month-end notional amount of options on futures while held was $4,095,000.

**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 $115,934,000.

**Forward currency contracts —** The fund has entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The fund's investment adviser uses forward currency contracts to manage the fund's exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the fund's investment adviser values forward currency contracts and records unrealized appreciation or depreciation for open forward currency contracts in the fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the forward currency contract is closed or offset by another contract with the same broker for the same settlement date and currency.

Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in the fund's statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in the fund's statement of operations. The average month-end notional amount of open forward currency contracts while held was $2,482,000.

**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **36** | Capital Group KKR Core Plus+ |

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------

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:

**Interest rate swaps** — The fund has entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark, or on an inflation index such as the U.S. Consumer Price Index (which is a measure that examines the weighted average of prices of a basket of consumer goods and services and measures changes in the purchasing power of the U.S. dollar and the rate of inflation). In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the fund's current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party. The average month-end notional amount of interest rate swaps while held was $13,835,000.

**Credit default swap indices** — The fund has entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSI"), 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 $14,246,000.

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 option contracts, futures contracts, forward currency contracts, interest rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **37** |

---

------

swaps and credit default swaps as of December 31, 2025, or for the period April 24, 2025 through December 31, 2025 (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation\* | $27 | Unrealized depreciation\* | $473 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open forward <br> currency contracts<br>|  | &nbsp;&nbsp; Unrealized depreciation on open forward <br> currency contracts<br>| 4 |
| Swap (centrally <br>cleared)<br>| Interest | Unrealized appreciation\* | 105 | Unrealized depreciation\* |  |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation\* | 1 | Unrealized depreciation\* | 1 |
|  |  |  | $133 |  | $478 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk Type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Options purchased <br>(equity style)<br>| Interest | Net realized gain (loss) on investments | $(42)<br>| &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br>on investments<br>| $— |
| Options written <br>(equity style)<br>| Interest | Net realized gain (loss) on options written | 14 | &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br>on options written<br>|  |
| Futures | Interest | Net realized gain (loss) on futures contracts | 661 | &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br>on futures contracts<br>| (446)<br>|
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br>currency contracts<br>| 25 | &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br>on forward currency contracts<br>| (4)<br>|
| Swap | Interest | Net realized gain (loss) on swap contracts | (40)<br>| &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br>on swap contracts<br>| 105 |
| Swap | Credit | Net realized gain (loss) on swap contracts | 897 | &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on swap contracts<br>| — <br><sup>†</sup><br>|
|  |  |  | $1515 |  | $(345)<br>|

---

\*

Includes cumulative appreciation/depreciation on futures contracts, centrally cleared interest rate swaps 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.

<sup>†</sup>

Amount less than one thousand.

**Collateral** — The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to its use of option contracts, futures contracts, forward currency contracts, interest rate swaps, credit default swaps and future delivery contracts. For options on futures, futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the fund pledges collateral for initial and variation margin by contract. For forward currency contracts, the fund either receives or pledges collateral based on the net gain or loss on unsettled contracts by counterparties. For future delivery contracts, the fund either receives or pledges collateral based on the net gain or loss on unsettled contracts by certain counterparties. 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.

**Rights of offset** — The fund has entered into enforceable master netting agreements with certain counterparties for forward currency contracts, where on any date amounts payable by each party to the other (in the same currency with respect to the same transaction) may be closed or offset by each party's payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency ("close-out netting"). For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statement of assets and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **38** | Capital Group KKR Core Plus+ |

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------

The following table presents the fund's forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the fund's statement of assets and liabilities. The net amount column shows the impact of offsetting on the fund's statement of assets and liabilities as of December 31, 2025, if close-out netting was exercised (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Liabilities:  |  |  |  |  |  |
| JPMorgan Chase & Co. | &nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4 |
| Morgan Stanley | &nbsp;&nbsp; — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|
| Total | &nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4 |

---

\*

Collateral is shown on a settlement basis.

<sup>†</sup>

Amount less than one thousand.

**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 December 31, 2025, 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. The fund generally 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 currency gains and losses, short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; cost of investments sold; 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.

As of December 31, 2025, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

---

| | |
|:---|:---|
| Undistributed ordinary income | $206 |
| Gross unrealized appreciation on investment securities | 2808 |
| Gross unrealized depreciation on investment securities | (935)<br>|
| Net unrealized appreciation on investment securities | 1873 |
| Cost of investment securities | 226578 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **39** |

---

------

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

---

| | |
|:---|:---|
| <br>**Share class** | **Period ended** <br>**December 31,**<br>**2025**<sup>1</sup> <br>|
| Class A | &nbsp;&nbsp; $45 |
| Class A-2 | &nbsp;&nbsp; — <br><sup>2</sup><br>|
| Class A-3<sup>3</sup> <br>| &nbsp;&nbsp; 23 |
| Class F-2 | &nbsp;&nbsp; 1629 |
| Class F-3 | &nbsp;&nbsp; 7989 |
| Class R-6 | &nbsp;&nbsp; 1 |
| Total | &nbsp;&nbsp; $9687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period April 24, 2025 through December 31, 2025.

<sup>2</sup> Amount less than one thousand.

<sup>3</sup> Class A-3 shares began investment operations on September 2, 2025.

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

------

CRMC, the fund's investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the principal underwriter of the fund's shares, and American Funds Service Company® ("AFS"), the fund's transfer agent. CRMC, CCG 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 an annual rate of 0.61% of daily net assets. Sub-advisory fees for the fund are paid by CRMC to KKR. The fund is not responsible for paying any sub-advisory fees.

**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 the share classes indicated below. 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 0.75% 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 CCG for paying service fees, to firms that have entered into agreements with CCG 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% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30% |
| Class A-2 | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Class A-3 | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |

---

For Class A and A-2 shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by CCG for certain shares sold without a sales charge. These share classes reimburse CCG for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of December 31, 2025, unreimbursed expenses subject to reimbursement totaled $5,000 for Class A shares. There were no unreimbursed expenses subject to reimbursement for Class A-2 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. Under this agreement, the fund also pays sub-transfer agency fees to AFS. These fees are paid by AFS 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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **40** | Capital Group KKR Core Plus+ |

---

------

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.

For the period April 24, 2025 through December 31, 2025, class-specific expenses under the agreements were as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>|
| Class A | $1 | $1 | $—<br> \*<br>|
| Class A-2 |  | —<br> \*<br>| —<br> \*<br>|
| Class A-3<sup>†</sup> <br>| 2 | —<br> \*<br>| —<br> \*<br>|
| Class F-2 | Not applicable | 21 | 6 |
| Class F-3 | Not applicable | 1 | 34 |
| Class R-6 | Not applicable | —<br> \*<br>| —<br> \*<br>|
| Total class-specific expenses | $3 | $23 | $40 |

---

\*

Amount less than one thousand.

<sup>†</sup>

Class A-3 shares began investment operations on September 2, 2025.

**Expense reimbursement** — CRMC and KKR have entered into an expense limitation agreement under which CRMC and KKR have agreed to reimburse the fund to the extent certain fund offering and operating expenses ("specified expenses") exceed 0.20% of the average daily net assets of each share class ("expense limit"). The expense limit is calculated on a class-by-class basis and is exclusive of (i) advisory fees, including sub-advisory fees and administrative services fees, (ii) distribution or shareholder servicing fees, (iii) transfer agency fees, (iv) certain portfolio transaction and other investment-related costs, (v) interest expense and other financing costs, (vi) taxes, (vii) acquired fund fees and expenses, (viii) litigation and indemnification expenses, (ix) judgments, and (x) extraordinary expenses. CRMC and KKR may recoup their respective share of amounts reimbursed during the previous thirty-six months, to the extent the fund's estimated annualized specified expenses, calculated on a monthly basis, is less than the expense limit for such month. The 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 and KKR. Expense reimbursement of $385,000 in the fund's statement of operations reflects $960,000 of reimbursements and $575,000 in recoupments during the period April 24, 2025 through December 31, 2025.

**Organizational and initial offering expenses** — CRMC and KKR have agreed to bear the organizational and initial offering expenses incurred with respect to the fund. CRMC and KKR do not intend to recoup these expenses.

**Accounting and administrative services –** The fund has a sub-administration agreement with Bank of New York ("BNY") under which the fund compensates BNY for providing accounting and administrative services to each of the fund's share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY is not a related party to the fund.

**Trustees deferred compensation** — The board of trustees has adopted a deferred compensation plan. 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 Capital Group Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees' compensation of $156,000 in the fund's statement of operations reflects current fees.

**Affiliated officers and trustees** — Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, CCG and AFS. No affiliated officers or trustees will receive 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 may purchase investment securities from, or sell 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. When such transactions occur, each transaction is executed at the current market

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **41** |

---

------

price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. During the period ended December 31, 2025, the fund did not engage in any such purchase or sale transactions with any related funds.

**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**<sup>1</sup> | **Sales**<sup>1</sup> | **Reinvestment of**<br> **distributions** | **Reinvestment of**<br> **distributions** | **Repurchases**<sup>1</sup> | **Repurchases**<sup>1</sup> | **Net increase**<br> **(decrease)** | **Net increase**<br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **For the period April 24, 2025 through December 31, 2025** | **For the period April 24, 2025 through December 31, 2025** | **For the period April 24, 2025 through December 31, 2025** | **For the period April 24, 2025 through December 31, 2025** | **For the period April 24, 2025 through December 31, 2025** | **For the period April 24, 2025 through December 31, 2025** | **For the period April 24, 2025 through December 31, 2025** | **For the period April 24, 2025 through December 31, 2025** | **For the period April 24, 2025 through December 31, 2025** |
| Class A | $1947 | 191 | &nbsp;&nbsp;&nbsp; $1 | — <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; $(32)<br>| (3)<br>| &nbsp;&nbsp;&nbsp; $1916 | 188 |
| Class A-2 | 10 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 10 | 1 |
| Class A-3<sup>3</sup> <br>| 1486 | 145 | &nbsp;&nbsp;&nbsp; 18 | 2 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1504 | 147 |
| Class F-2 | 53805 | 5282 | &nbsp;&nbsp;&nbsp; 58 | 6 | &nbsp;&nbsp;&nbsp; (231)<br>| (23)<br>| &nbsp;&nbsp;&nbsp; 53632 | 5265 |
| Class F-3 | 163385 | 16325 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 163385 | 16325 |
| Class R-6 | 10 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 10 | 1 |
| Total net increase (decrease) | $220643 | 21945 | &nbsp;&nbsp;&nbsp; $77 | 8 | &nbsp;&nbsp;&nbsp; $(263)<br>| (26)<br>| &nbsp;&nbsp;&nbsp; $220457 | 21927 |

---

<sup>1</sup>

Includes exchanges between share classes of the fund.

<sup>2</sup>

Amount less than one thousand.

<sup>3</sup>

Class A-3 shares began investment operations on September 2, 2025.

**10. Repurchase offers**

------

As a closed-end interval fund, pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended ("Rule 23c-3"), the fund has adopted a fundamental policy to either conduct quarterly repurchase offers of between 5% and 25% of its outstanding shares at net asset value per share or, if permitted by SEC exemptive relief or amendments to Rule 23c-3, make monthly repurchase offers to repurchase not less than 5% of its outstanding shares in any month and not more than 25% of its outstanding shares in any three-month period, in each case unless suspended or postponed in accordance with regulatory requirements. The fund currently conducts quarterly repurchase offers for up to10% of its outstanding shares under ordinary circumstances, subject to approval of the board of trustees.

Repurchases generally are funded from available cash, cash from the sale of shares or sales of portfolio securities. While the fund believes repurchases are generally beneficial to shareholders, repurchase offers and the need to fund repurchase obligations may affect the ability of the fund to be fully invested, which may reduce returns. In addition, diminution in the size of the fund through repurchases without offsetting new sales, may result in untimely sales of portfolio securities (with imputed transaction costs, which may be significant) and a higher expense ratio, and may limit the ability of the fund to participate in new investment opportunities. The fund may also sell portfolio securities to meet repurchase obligations which, in certain circumstances, may adversely affect the market for loans and reduce the fund's value.

The fund will initially make quarterly repurchase offers. The date on which the repurchase price for shares is determined will occur no later than the 14th day after the repurchase request deadline (or the next business day, if the 14th day is not a business day). When a repurchase offer commences, the fund sends written notice to each shareholder at least 21 business days before the repurchase request deadline. The purchase price will be the net asset value of the fund as determined at the close of business on the repurchase pricing date.

In the event a repurchase offer is oversubscribed, the fund may but is not required to repurchase additional shares up to a maximum amount of 2% of the outstanding shares of the fund in any three-month period. If the fund determines not to repurchase additional shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **42** | Capital Group KKR Core Plus+ |

---

------

beyond the repurchase offer amount, or if shareholders request that the fund repurchase an amount of shares greater than that which the fund is entitled to repurchase, the fund will repurchase such shares on a pro rata basis.

For the period April 24, 2025 through December 31, 2025, repurchase offers were as follows (dollars and shares in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Commencement** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase** <br>**request** <br>**deadline** <br>**/pricing date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**outstanding** <br>**shares requested** <br>**for repurchase**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase** <br>**price**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Amount** <br>**repurchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of** <br>**outstanding** <br>**shares** <br>**repurchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**outstanding** <br>**shares** <br>**repurchased**<br>|
| 10/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| $10.21 | &nbsp;&nbsp;&nbsp;&nbsp; $263 | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|

---

**11. Investment transactions**

------

The fund engaged in purchases and sales of investment securities, excluding in-kind transactions, short-term securities and U.S. government obligations, if any, of $193,589,000 and $21,883,000, respectively, during the period April 24, 2025 through December 31, 2025.

**12. Ownership concentration**

------

On April 24, 2025, CRMC and KKR each made equal seed capital investments in exchange for fund shares. As of December 31, 2025, CRMC and KKR each held 34%, and collectively held 68%, of the fund's outstanding shares.

**13. Subsequent events**

------

Subsequent events have been evaluated through February 27, 2026, the date the financial statements were available to be issued. On February 18, 2026, the fund completed a quarterly repurchase offer, which resulted in 43,674 repurchased shares for $445,000. The shares repurchased represented 0.20% of the fund's outstanding shares on the repurchase pricing date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **43** |

---

------

Financial highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Period ended** | <br>**Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| <br>**Net assets** <br>**value,** <br>**end** <br>**of period**<br>| <br>**Total return**<sup>2,3,4</sup> <br>| <br>**Net assets,** <br>**end of** <br>**year** <br>**(in millions)**<br>| <br>**Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse** <br>**ments**<sup>5,6</sup> <br>| <br>**Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse** <br>**ments**<sup>2,5,6</sup> <br>| <br>**Ratio of** <br>**net income** <br>**(loss) to** <br>**average** <br>**net assets**<sup>2,5</sup> <br>|
| **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** | **Class A:** |
| 12/31/2025<sup>7,8</sup> <br>| $10.00 | $0.38 | $0.24 | $0.62 | $(0.41)<br>| $(0.05)<br>| $(0.46)<br>| $10.16 | 5.17<br> %<br>| $2 | 1.59<br> %<br>| 1.33<br> %<br>| 5.53<br> %<br>|
| **Class A-2:** | **Class A-2:** | **Class A-2:** | **Class A-2:** | **Class A-2:** | **Class A-2:** | **Class A-2:** | **Class A-2:** | **Class A-2:** | **Class A-2:** | **Class A-2:** | **Class A-2:** | **Class A-2:** | **Class A-2:** |
| 12/31/2025<sup>7,8</sup> <br>| 10.00 | 0.39 | 0.24 | 0.63 | (0.42)<br>| (0.05)<br>| (0.47)<br>| 10.16 | 5.29 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| 1.35 <br><sup>9</sup><br>| 1.09 <br><sup>9</sup><br>| 5.59 <br><sup>9</sup><br>|
| **Class A-3:** | **Class A-3:** | **Class A-3:** | **Class A-3:** | **Class A-3:** | **Class A-3:** | **Class A-3:** | **Class A-3:** | **Class A-3:** | **Class A-3:** | **Class A-3:** | **Class A-3:** | **Class A-3:** | **Class A-3:** |
| 12/31/2025<sup>8,11</sup> <br>| 10.19 | 0.18 | 0.06 | 0.24 | (0.22)<br>| (0.05)<br>| (0.27)<br>| 10.16 | 2.40 | 1 | 1.85 | 1.59 | 5.45 |
| **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** | **Class F-2:** |
| 12/31/2025<sup>7,8</sup> <br>| 10.00 | 0.41 | 0.23 | 0.64 | (0.43)<br>| (0.05)<br>| (0.48)<br>| 10.16 | 5.36 | 54 | 1.21 | 0.95 | 5.82 |
| **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** | **Class F-3:** |
| 12/31/2025<sup>7,8</sup> <br>| 10.00 | 0.41 | 0.24 | 0.65 | (0.44)<br>| (0.05)<br>| (0.49)<br>| 10.16 | 5.47 | 166 | 1.10 | 0.84 | 5.84 |
| **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** | **Class R-6:** |
| 12/31/2025<sup>7,8</sup> <br>| 10.00 | 0.41 | 0.24 | 0.65 | (0.44)<br>| (0.05)<br>| (0.49)<br>| 10.16 | 5.47 | — <br><sup>10</sup><br>| 1.10 | 0.84 | 5.83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio turnover rate for all share classes**<sup>12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Period ended December 31,** <br>**2025**<sup>3,7,8,13</sup><br>|
| Including mortgage dollar roll transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267<br> %<br>|
| Excluding mortgage dollar roll transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> This column reflects the impact of certain fee waivers and/or expense reimbursements less recoupments.

<sup>3</sup> Not annualized. 

<sup>4</sup> Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>5</sup> Annualized.

<sup>6</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>7</sup> For the period April 24, 2025 through December 31, 2025, except total return. Total return shown is measured from April 29, 2025, when shares were first offered to the public, and does not include performance during the seed period. If performance during the seed period were included, total return would be approximately 1.05% higher than amounts shown. 

<sup>8</sup> Based on operations for a period that is less than a full year.

<sup>9</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and KKR. Certain fees (including, where applicable, 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 A-3 shares began investment operations on September 2, 2025.

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

<sup>13</sup> Rates exclude in-kind transactions, if any.

Refer to the notes to financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **44** | Capital Group KKR Core Plus+ |

---

------

Report of Independent Registered Public Accounting Firm

------

To the shareholders and the Board of Trustees of Capital Group KKR Core Plus+:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Capital Group KKR Core Plus + (the "Fund"), including the investment portfolio, as of December 31, 2025, the related statements of operations, changes in net assets, cash flows, and financial highlights for the period from April 24, 2025 through December 31, 2025, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations, its cash flows, the changes in its net assets, and the financial highlights for the period from April 24, 2025 through December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Costa Mesa, California

February 27, 2026

We have served as the auditor of one or more Capital Group investment companies since 1956.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Capital Group KKR Core Plus+ | **45** |

---

**PART C: OTHER INFORMATION**

**Item 25. Financial Statements and Exhibits**

(1) Financial Statements:

Part A: Financial Highlights

Part B: Incorporated by reference from the Registrant's [Annual Report for the fiscal year ended December 31, 2025](https://www.sec.gov/Archives/edgar/data/2040315/000119312526098087/d111261dncsr.htm) (File No. 811-24016), as filed with the U.S. Securities and Exchange Commission on March 9, 2026 (Accession No. 0001193125-26-098087)

(2) Exhibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Articles of Incorporation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Certificate of Trust dated 10/4/24 – previously filed ([see Pre-Effective Amendment No. X filed 10/29/24](http://www.sec.gov/Archives/edgar/data/2040315/000005193124000972/exha.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Amended and Restated Agreement and Declaration of Trust dated 5/21/25 – previously filed ([see Post-Effective Amendment No. 2 filed 8/28/25](http://www.sec.gov/Archives/edgar/data/2040315/000110465925084697/tm2523785d1_ex99-a2.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **By-laws** - By-laws – previously filed ([see Pre-Effective Amendment No. X filed 10/29/24](http://www.sec.gov/Archives/edgar/data/2040315/000005193124000972/exhb.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Voting Trust Agreement** - Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Instruments Defining Rights of Security Holders** - Multiple Class Plan Pursuant to Rule 18f-3 effective 6/10/25 – previously filed ([see Post-Effective Amendment No. 2 filed 8/28/25](http://www.sec.gov/Archives/edgar/data/2040315/000110465925084697/tm2523785d1_ex99-d.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Dividend Reinvestment Plan** – Dividend Reinvestment Plan effective 4/11/25 – previously filed ([see Post-Effective Amendment No. 2 filed 8/28/25](http://www.sec.gov/Archives/edgar/data/2040315/000110465925084697/tm2523785d1_ex99-e.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Instruments Defining Rights of Long-Term Debt Holders** - Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Investment Advisory Contracts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Investment Advisory and Service Agreement dated 4/11/25 – previously filed ([see Post-Effective Amendment No. 2 filed 8/28/25](http://www.sec.gov/Archives/edgar/data/2040315/000110465925084697/tm2523785d1_ex99-g1.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subadvisory Agreement dated 4/11/25 – previously filed ([see Pre-Effective Amendment No. 3 filed 4/16/25](http://www.sec.gov/Archives/edgar/data/2040315/000110465925035232/tm2510815d1_ex99-xgx2.htm))

Capital Group KKR Core Plus+ – Page C-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Underwriting Contracts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Principal Underwriting Agreement dated 6/10/25 – previously filed ([see Post-Effective Amendment No. 2 filed 8/28/25](http://www.sec.gov/Archives/edgar/data/2040315/000110465925084697/tm2523785d1_ex99-h1.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Rule 12b-1 Plan – Plans of Distribution for Class A and A-2 dated 4/11/25 – previously filed ([see Pre-Effective Amendment No. 3 filed 4/16/25](http://www.sec.gov/Archives/edgar/data/2040315/000110465925035232/tm2510815d1_ex99-xhx2.htm)); Rule12b-1 Plan – Plan of Distribution for Class A-3 dated 6/10/25 – previously filed ([see Post-Effective Amendment No. 2 filed 8/28/25](http://www.sec.gov/Archives/edgar/data/2040315/000110465925084697/tm2523785d1_ex99-h2.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Form of Selling Group Agreement](tm267072d1_ex99-xhx3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Form of Bank/Trust Company Selling Group Agreement](tm267072d1_ex99-xhx4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Form of Class F Share Participation Agreement](tm267072d1_ex99-xhx5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Form of Bank/Trust Company Participation Agreement for Class F Shares](tm267072d1_ex99-xhx6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [**Bonus or Profit Sharing Contracts –** Deferred Compensation Plan effective 1/1/26](tm267072d1_ex99-xi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Custodian Agreements** – Global Custody Agreement dated 4/11/25 – previously filed ([see Pre-Effective Amendment No. 3 filed 4/16/25](http://www.sec.gov/Archives/edgar/data/2040315/000110465925035232/tm2510815d1_ex99-xj.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Other Material Contracts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Shareholder Services Agreement dated 6/10/25 – previously filed ([see Post-Effective Amendment No. 2 filed 8/28/25](http://www.sec.gov/Archives/edgar/data/2040315/000110465925084697/tm2523785d1_ex99-k1.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Administrative Services Agreement dated 6/10/25 – previously filed ([see Post-Effective Amendment No. 2 filed 8/28/25](https://www.sec.gov/Archives/edgar/data/2040315/000110465925084697/tm2523785d1_ex99-k2.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Form of Indemnification Agreement – previously filed ([see Post-Effective Amendment No. 2 filed 8/28/25](http://www.sec.gov/Archives/edgar/data/2040315/000110465925084697/tm2523785d1_ex99-k3.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Expense Limitation Agreement between the Registrant, the Adviser, and the Sub-Adviser dated 4/11/25 – previously filed ([see Pre-Effective Amendment No. 3 filed 4/16/25](http://www.sec.gov/Archives/edgar/data/2040315/000110465925035232/tm2510815d1_ex99-xkx4.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Legal Opinion** – Legal Opinion – previously filed ([see Pre-Effective Amendment No. 3 filed 4/16/25](http://www.sec.gov/Archives/edgar/data/2040315/000110465925035232/tm2510815d1_ex99-xl.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Consent to Service of Process of a Non-U.S. Director, Officer, Investment adviser or Expert** – Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [**Other Opinions** – Consent of Independent Registered Public Accounting Firm](tm267072d1_ex99-xn.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **Omitted Financial Statements** – Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **Initial Capital/Subscription Agreements** – Initial capital agreements dated 4/2/25 – previously filed ([see Pre-Effective Amendment No. 3 filed 4/16/25](http://www.sec.gov/Archives/edgar/data/2040315/000110465925035232/tm2510815d1_ex99-xp.htm))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **Model Plan for Retirement Plan** – Not applicable.

Capital Group KKR Core Plus+ – Page C-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) [Code of Ethics for The Capital Group Companies dated May 2025 and Code of Ethics for Registrant](tm267072d1_ex99-xrx1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Code of Ethics of the Sub-Adviser](tm267072d1_ex99-xrx2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **Calculation of filing fee tables** – Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) [**Powers of Attorney** – Powers of Attorney](tm267072d1_ex99-xt.htm)

**Item 26. Marketing Arrangements**

Reference is made to the Distribution Agreement, which is included as Exhibit (2)(h)(1) hereto.

**Item 27. Other Expenses of Issuance and Distribution**

Not applicable.

**Item 28. Persons Controlled by or Under Common Control with the Registrant**

None.

**Item 29. Number of Holder of Securities**

Set forth below is the number of record holders of securities of the Registrant as of February 28, 2026:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Title of Class</u>** | &nbsp;&nbsp;**<u>Number of Record Holders</u>** |
| &nbsp;&nbsp;Class A Shares | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;Class A-2 Shares | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Class A-3 Shares | &nbsp;&nbsp;32 |
| &nbsp;&nbsp;Class F-2 Shares | &nbsp;&nbsp;186 |
| &nbsp;&nbsp;Class F-3 Shares | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Class R-6 Shares | &nbsp;&nbsp;3 |

---

**Item 30. Indemnification**

The Registrant is a joint-insured under Errors and Omissions Policies, which insure its officers and trustees against certain liabilities. However, in no event will Registrant maintain insurance to indemnify any such person for any act for which Registrant itself is not permitted to indemnify the individual.

Capital Group KKR Core Plus+ – Page C-3

Article 8 of the Registrant's Agreement and Declaration of Trust as well as the indemnification agreements that the Registrant has entered into with each of its trustees who is not an "interested person" of the Registrant (as defined under the 1940 Act), provide in effect that the Registrant will indemnify its officers and trustees against any liability or expenses actually and reasonably incurred by such person in any proceeding arising out of or in connection with his or her service to the Registrant, to the fullest extent permitted by applicable law, subject to certain conditions. In accordance with Section 17(h) and 17(i) of the 1940 Act, and their respective terms, these provisions do not protect any person against any liability to the Registrant or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Securities Act") may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Registrant will comply with the indemnification requirements contained in the 1940 Act, and Release Nos. 7221 (June 9, 1972) and 11330 (September 4, 1980).

**Item 31. Business and other connections of investment adviser**

The descriptions of the Adviser and the Sub-Adviser under the caption "Management and organization" in the prospectus and "investment adviser" and "sub-adviser" in the Statement of Additional Information of this registration statement are incorporated by reference herein. Information as to the directors and officers of the Adviser, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the directors and officers of the Adviser in the last two years, is included in its application for registration as an investment adviser on Form ADV (File No. 801-8055) filed under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and is incorporated herein by reference. The Adviser's principal business address is 333 South Hope Street, Los Angeles, CA 90071.

Information as to the directors and officers of the Sub-Adviser, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the directors and officers of the Sub-Adviser in the last two years, is included in its application for registration as an investment adviser on Form ADV (File No. 801-69633) filed under the Advisers Act and is incorporated herein by reference. The Sub-Adviser's principal business address is 555 California Street, 50th Floor, San Francisco, CA 94104.

Capital Group KKR Core Plus+ – Page C-4

**Item 32. Location of Accounts and Records**

Accounts, books and other records required by Rules 31a-1 and 31a-2 under the 1940 Act, are maintained and held in the offices of the Adviser and Sub-Adviser, as applicable, Capital Research and Management Company, 333 South Hope Street, Los Angeles, California 90071; 6455 Irvine Center Drive, Irvine, California 92618; and/or 5300 Robin Hood Road, Norfolk, Virginia 23513.

Registrant's records covering shareholder accounts are maintained and kept by its transfer agent, American Funds Service Company, 6455 Irvine Center Drive, Irvine, California 92618; 12811 North Meridian Street, Carmel, Indiana 46032; 3500 Wiseman Boulevard, San Antonio, Texas 78251; and 5300 Robin Hood Road, Norfolk, Virginia 23513.

Registrant's records covering portfolio transactions are maintained and kept by its custodian, Bank of New York Melon, 240 Greenwich Street, New York, New York, 10286.

Certain other books and records required to be maintained by the Adviser under Section 4.23 under the Commodity Exchange Act and the rules and regulations promulgated thereunder, including records relating to certain portfolio transactions, are maintained and kept in the offices of Capital Research and Management Company and American Funds Service Company, at the addresses provided above.

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

(1) Not applicable.

(2) Not applicable.

(3) The Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during any period in which offers
 or sales are being made, a post-effective amendment to the registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of the
Securities Act;

Capital Group KKR Core Plus+ – Page C-5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or
 events after the effective date of the registration statement (or the most recent post-effective
 amendment thereof) which, individually or in the aggregate, represent a fundamental change
 in the information set forth in the registration statement. Notwithstanding the foregoing,
 any increase or decrease in volume of securities offered (if the total dollar value of securities
 offered would not exceed that which was registered) and any deviation from the low or high
 end of the estimated maximum offering range may be reflected in the form of prospectus filed
 with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
 price represent no more than 20% change in the maximum aggregate offering price set forth
 in the "Calculation of Registration Fee" table in the effective registration
 statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to include any material information with
 respect to the plan of distribution not previously disclosed in the registration statement
 or any material change to such information in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any
 liability under the Securities Act, each such post-effective amendment shall be deemed to
 be a new registration statement relating to the securities offered therein, and the offering
 of those securities at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to remove from registration by means of
 a post-effective amendment any of the securities being registered which remain unsold at
 the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability
 under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b)
 under the Securities Act as part of a registration statement relating to an offering, other
 than registration statements relying on Rule 430B or prospectuses filed in reliance on Rule
 430A, shall be deemed to be part of and included in the registration statement as of the
 date it is first used after effectiveness. Provided, however, that no statement made in a
 registration statement or prospectus that is part of the registration statement or made in
 a document incorporated or deemed incorporated by reference into the registration statement
 or prospectus that is part of the registration statement will, as to a purchaser with a time
 of contract of sale prior to such first use, supersede or modify any statement that was made
 in the registration statement or prospectus that was part of the registration statement or
 made in any such document immediately prior to such date of first use; and

Capital Group KKR Core Plus+ – Page C-6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that, for the purpose of determining liability
 of the Registrant under the Securities Act to any purchaser in the initial distribution of
 securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus
 of the undersigned Registrant relating to the offering required to be filed pursuant to Rule
 424 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) free writing prospectus relating to the
 offering prepared by or on behalf of the undersigned Registrant or used or referred to by
 the undersigned Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus
 or advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing
 material information about the undersigned Registrant or its securities provided by or on
 behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer
 in the offering made by the undersigned Registrant to the purchaser.

(4) Not applicable.

(5) Not applicable.

(6) Insofar as indemnification for liabilities
 arising under the Securities Act may be permitted to directors, officers and controlling
 persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
 has been advised that in the opinion of the Securities and Exchange Commission such indemnification
 is against public policy as expressed in the Act and is, therefore, unenforceable. In the
 event that a claim for indemnification against such liabilities (other than the payment by
 the Registrant of expenses incurred or paid by a director, officer or controlling person
 of the Registrant in the successful defense of any action, suit or proceeding) is asserted
 by such director, officer or controlling person in connection with the securities being registered,
 the Registrant will, unless in the opinion of its counsel the matter has been settled by
 controlling precedent, submit to a court of appropriate jurisdiction the question whether
 such indemnification by it is against public policy as expressed in the Act and will be governed
 by the final adjudication of such issue.

(7) The Registrant undertakes to send by first
 class mail or other means designed to ensure equally prompt delivery within two business
 days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

Capital Group KKR Core Plus+ – Page C-7

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City and County of Los Angeles, and State of California, on the 6<sup>th</sup> day of March, 2026.

---

| |
|:---|
| CAPITAL GROUP KKR CORE PLUS+ |
| /s/ Michael W. Stockton |
| (Michael W. Stockton, Executive Vice President) |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below on March 6, 2026, by the following persons in the capacities indicated.

---

| | | |
|:---|:---|:---|
|  | **<u>Signature</u>** | **<u>Title</u>** |
| (1) | Principal Executive Officer: | Principal Executive Officer: |
|  | /s/ Michael W. Stockton | Executive Vice President |
|  | (Michael W. Stockton) |  |
| (2) | Principal Financial Officer and Principal Accounting Officer: | Principal Financial Officer and Principal Accounting Officer: |
|  | /s/ Brian C. Janssen | Treasurer |
|  | (Brian C. Janssen) |  |
| (3) | Trustees: | Trustees: |
|  | Walt Burkley\* | Trustee |
|  | Pablo R. González Guajardo\* | Trustee |
|  | William Jones\* | Chair (Independent and Non-Executive) |
|  | Amy Zegart\* | Trustee |
|  | /s/ Michael R. Tom |  |
|  | (Michael R. Tom, pursuant to a power of attorney filed herewith) |  |

---

Counsel represents that this amendment does not contain disclosures that would make the amendment ineligible for effectiveness under the provisions of Rule 486(b).

---

| |
|:---|
| /s/ Clara Kang |
| (Clara Kang, Counsel) |

---

Capital Group KKR Core Plus+ – Page C-8

## Ex-99.(H)(3)

**American Funds Distributors, Inc.**<br> 333 South Hope Street<br> Los Angeles, California 90071<br> Telephone 800/421-5475 ext. 8<br>

Selling Group Agreement

Ladies and Gentlemen:

We have entered into a principal underwriting agreement with each Fund in The American Funds group (Funds) under which we are appointed exclusive agent for the sale of shares. As such agent we offer to sell to you as a member of a Selling Group, shares of the Funds as are qualified for sale in your state, on the terms set forth below. We are acting as an underwriter within the meaning of the applicable rules of the Financial Industry Regulatory Authority (FINRA). In addition, we are the distributor of CollegeAmerica (Program), a college savings program as described in Section 529 of the Internal Revenue Code.

**1. Authorization to Sell**

You are to offer and sell shares only at the regular public price currently determined by the respective Funds in the manner described in their offering Prospectuses. This Agreement on your part runs to us and to the respective Funds and is for the benefit of and enforceable by each. The offering Prospectuses and this Agreement set forth the terms applicable to members of the Selling Group and all other representations or documents are subordinate. You understand that Class 529 shares of the Funds are available only as underlying investments through the Program.

**2. Compensation on Sales of Class A Shares and Class 529-A Shares**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Category 1 Funds.** On sales of Class A shares
 and Class 529-A shares of Funds listed in Category 1 on the attached Schedule A that are accepted by us and for which you are responsible,
 you will be paid dealer concessions as follows:

 **Concession as Sales Charge**

 **Percentage of as Percentage**

 **Purchases Offering Price of Offering Price**

---

| | | |
|:---|:---|:---|
| Less than $25,000 | 5.00% | 5.75% |
| $25,000 but less than $50,000 | 4.25% | 5.00% |
| $50,000 but less than $100,000 | 3.75% | 4.50% |
| $100,000 but less than $250,000 | 2.75% | 3.50% |
| $250,000 but less than $500,000 | 2.00% | 2.50% |
| $500,000 but less than $750,000 | 1.60% | 2.00% |
| $750,000 but less than $1,000,000 | 1.20% | 1.50% |
| $1,000,000 or more | **See below** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Category 2 Funds.** On sales of Class A shares
 and Class 529-A shares of Funds listed in Category 2 on the attached Schedule A that are accepted by us and for which you are responsible,
 you will be paid the same dealer concessions indicated above except as follows:

 **Concession as Sales Charge**

 **Percentage of as Percentage**

 **Purchases Offering Price of Offering Price**

---

| | | |
|:---|:---|:---|
| Less than $100,000 | 3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Category 3 Funds.** On sales of Class A shares and Class 529-A shares of Funds listed in Category 3 on the attached Schedule A that are accepted by us
 and for which you are responsible, you will be paid dealer concessions as follows:

 **Concession as Sales Charge**

 **Percentage of as Percentage**

 **Purchases Offering Price of Offering Price**

---

| | | |
|:---|:---|:---|
| Less than $500,000 | 2.00% | 2.50% |
| $500,000 but less than $750,000 | 1.60% | 2.00% |
| $750,000 but less than $1 million | 1.20% | 1.50% |
| $1 million or more | See below |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Category 4 Funds.** On
 sales of Class A shares and Class 529-A shares of the Funds listed in Category 4 on the attached Schedule A, no dealer concessions
 will be paid.

&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Category 5 Funds**. On sales of Class 529-A shares
 of Funds listed in Category 5 on the attached Schedule A that are accepted by us and for which you are responsible, you will be paid
 dealer concessions as follows:

 **Concession as Sales Charge**

 **Percentage of as Percentage**

 **Purchases Offering Price of Offering Price**

---

| | | |
|:---|:---|:---|
| Less than $100,000 | 3.50% | 4.25% |
| $100,000 but less than $250,000 | 2.75% | 3.50% |
| $250,000 but less than $500,000 | 2.00% | 2.50% |
| $500,000 but less than $750,000 | 1.60% | 2.00% |
| $750,000 but less than $1 million | 1.20% | 1.50% |
| $1 million or more | See below |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Purchases of Class A and Class 529-A shares amounting to $1 million or more** 

**Category 1, Category 2 and Category 5 Funds.** If you initiate and are responsible for sales of Class A shares and Class 529-A shares, a) amounting to $1 million or more or b) made to certain entities described in the Fund Prospectuses, including employer-sponsored defined contribution-type retirement plans that qualify to invest at net asset value under the terms of the Fund Prospectuses, you will be paid a dealer concession of 1.00% on sales to $10 million, plus 0.50% on amounts over $10 million up to $25 million, plus 0.25% on amounts over $25 million.

**Category 3 Funds.** If you initiate and are responsible for sales of Class A shares and Class 529-A shares, a) amounting to $1 million or more or b) made to certain entities described in the Fund Prospectuses, including employer-sponsored defined contribution-type retirement plans that qualify to invest at net asset value under the terms of the Fund Prospectuses, you will be paid a dealer concession of 1.00% on sales to $4 million, plus 0.50% on amounts over $4 million up to $10 million, plus 0.25% on amounts over $10 million.

**All Funds.** No dealer concessions are paid on any other sales of shares at net asset value, except that concessions may be paid to dealers on their sales of fund shares to accounts managed by affiliates of The Capital Group Companies, Inc. as set forth in this Agreement. Sales of shares of Washington Mutual Investors Fund below $1 million made in connection with certain accounts established before September 1, 1969, are subject to reduced concessions and sales charges as described in the Washington Mutual Investors Fund Prospectus. With respect to sales of shares of any tax-exempt fund, the concession schedule for sales of shares to retirement plans is inapplicable. The schedules of sales charges above apply to single purchases, concurrent purchases of two or more of the Funds (except those listed in Category 4 on the attached Schedule A), and purchases made under a statement of intention and pursuant to the right of accumulation, both of which are described in the Prospectuses.

**3. Ongoing Service Fees for Class A and Class 529-A Shares**

We are also authorized to pay you continuing service fees each quarter with respect to the Class A and Class 529-A shares of all the Funds to promote selling efforts and to compensate you for providing certain services to your clients, subject to your compliance with the following terms, which may be revised by us from time to time. Such fee shall be paid within 30 days following the end of the quarter for which such fees are payable (currently the quarters are February, May, August and November). Your eligibility to continue receiving this compensation will be evaluated periodically, and your failure to comply with the terms below may result in our discontinuing service fee payments to you. Initial qualification does not assure continued participation, and this service fee program may be amended or terminated by us at any time as indicated below.

&nbsp;&nbsp;&nbsp;&nbsp;**a.** You agree to cooperate as requested with programs that
 we provide to enhance shareholder service. You also agree to assume an active role in providing investment-related services, examples
 of which may include creating an investment plan, conducting periodic investment reviews, evaluating client investment needs, etc.,
 as well as to encourage your representatives to supplement your provision of shareholder account-related services such as processing
 purchase and redemption transactions, establishing shareholder accounts and providing certain information and assistance with respect
 to the Funds. Redemption levels of shareholder accounts assigned to you will be considered in evaluating your continued participation
 in this service fee program.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** You agree to support our marketing and servicing efforts
 by granting reasonable requests for visits to your offices by our wholesalers.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** You agree to assign an individual to each shareholder
 account on your books and to reassign the account should that individual no longer be assigned to the account. You agree to instruct
 each such individual to regularly contact shareholders having accounts so assigned.

&nbsp;&nbsp;&nbsp;&nbsp;**d.** You agree to pass through either directly or indirectly
 to the individual(s) assigned to such accounts a share of the service fees paid to you pursuant to this Agreement. You recognize
 that the service fee is intended to compensate the individual for providing, and encourage the individual to continue to provide,
 service to the account holder.

&nbsp;&nbsp;&nbsp;&nbsp;**e.** You acknowledge that (i) all service fee payments are
 subject to the limitations contained in each Fund's Plan of Distribution and may be varied or discontinued at any time, (ii)
 in order to receive a service fee for a particular quarter, the fee must amount to at least $10, and (iii) no service fees will be
 paid on shares purchased under the net asset value purchase privilege as described in the Funds' statements of additional information.

&nbsp;&nbsp;&nbsp;&nbsp;**f.** Ongoing compensation under this Agreement is subject
 to your providing the investment related services described above in paragraph (a).

&nbsp;&nbsp;&nbsp;&nbsp;**g.** On Class A and Class 529-A shares of Funds listed in
 Category 1, Category 2, Category 3 and Category 5 on the attached Schedule A, we will pay you a quarterly service fee at the following
 annual rates, based on the average daily net asset value of Class A and Class 529-A shares, respectively, that have been invested
 for 12 months and are held in an account assigned to you at the end of the quarter for which payment is made:

 **Annual Service Fee Rate**

Shares with a first anniversary of purchase before 7-1-88<sup>\*</sup> 0.15%

Shares with a first anniversary of purchase on or after 7-1-88 0.25%

Shares of state-specific tax-exempt funds 0.25%

&nbsp;&nbsp;&nbsp;&nbsp;**h.** On Class A and Class 529-A shares of Funds listed in
 Category 4 on the attached Schedule A, we will pay you a quarterly service fee at the following annual rates, based on the average
 daily net asset value of Class A and Class 529-A shares, respectively, that have been invested for 12 months and are held in an account
 assigned to you at the end of the quarter for which payment is made:

 **Annual Service Fee Rate**

All Shares 0.15%

&nbsp;&nbsp;&nbsp;&nbsp;**i.** Notwithstanding anything to the contrary in the Agreement,
 on Class A and Class 529-A shares of American Funds Inflation Linked Bond Fund and Short-Term Bond Fund of America and Class A of
 American Funds Short Term Tax Exempt Bond Fund, we will pay you a quarterly service fee at the following annual rates, based on the
 average daily net asset value of Class A and Class 529-A shares, respectively, that have been invested for 12 months and are held
 in an account assigned to you at the end of the quarter for which payment is made:

 **Annual Service Fee Rate**

All Shares 0.15%

**4. Compensation on Class C Shares and Class 529-C Shares**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** On sales of Class C shares and Class 529-C shares of
 Funds listed in Category 1, Category 2, Category 3 and

Category 5 on the attached Schedule A that are accepted by us and for which you are responsible, we will pay you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a dealer concession of 0.75% of the amount invested, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an immediate service fee of 0.25% of the amount invested.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** In addition, we will pay you ongoing compensation on
 a quarterly basis at the annual rate of 1.00% of the average daily net asset value of Class C shares and Class 529-C shares of Funds
 listed in Category 1, Category 2, Category 3, Category 4 and Category 5 on the attached Schedule A that have been invested for 12
 months and are held in an account assigned to you at the end of the quarter for which payment is made. The payment of this ongoing
 compensation is subject to the limitations contained in each Fund's Plan of Distribution and may be varied or discontinued
 at any time.

**5. Compensation on Class F-1 Shares**

On Class F-1 shares of the Funds that were converted from Class C shares of the Funds or that were transferred to you and not held in a fee-based program, we will pay you ongoing compensation on a quarterly basis at the annual rate of 0.25% of the average daily net asset value of Class F-1 shares of the Funds listed in Category 1, Category 2, Category 3 and Category 4 on the attached Schedule A that are held in an account assigned to you at the end of the quarter for which payment is made. The payment of this ongoing compensation is subject to the limitations contained in each Fund's Plan of Distribution and may be varied or discontinued at any time. You may not purchase Class F-1 shares of the Funds unless you have executed a separate agreement allowing for the purchase of Class F-1 shares. In addition, no fees shall be payable on Class F-1 shares pursuant to this Agreement if you have executed a separate agreement allowing for the purchase of Class F-1 shares.

**6. Compensation on Class 529-E Shares**

We will pay you ongoing compensation on a quarterly basis at the annual rate of 0.50% of the average daily net asset value of Class 529-E shares of Funds listed in Category 1, Category 2, Category 3, Category 4 and Category 5 on the attached Schedule A that are held in an account assigned to you at the end of the quarter for which payment is made. The payment of this ongoing compensation is subject to the limitations contained in each Fund's Plan of Distribution and may be varied or discontinued at any time.

**7. Retirement Plan Share Classes (R shares) and Account Options (for retirement plans only)**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** We will pay you ongoing compensation on a quarterly
 basis, at the applicable annual rate set forth below, of the average daily net asset value of R shares of Funds listed in Category
 1, Category 2, Category 3 and Category 4 on the attached Schedule A that are held in an employer-sponsored retirement plan (Plan)
 account assigned to you at the end of the quarter for which payment is made. The payment of this ongoing compensation is subject
 to the limitations contained in each Fund's Plan of Distribution and may be varied or discontinued at any time. We expect that
 you will maintain one account for each of your Plan customers on the books of the Funds.

 **R Share Class Annual Compensation Rate**

Class R-1 1.00%

Class R-2 0.75%

Class R-2E 0.60%

Class R-3 0.50%

Class R-4 0.25%

Class R-5 No compensation paid

Class R-5E No compensation paid

Class R-6 No compensation paid

&nbsp;&nbsp;&nbsp;&nbsp;**b.** If you hold Plan accounts in an omnibus account (*i.e.,* multiple Plans in one account on the books of the Funds), Plans that are added to the omnibus account after May 15, 2002 may invest
 only in R shares, and you must execute an Omnibus Addendum to the Selling Group Agreement, which you can obtain by calling our Home
 Office Service Team at 800/421-5475, extension 8.

**8. Order Processing**

Any order by you for the purchase of shares of the respective Funds through us shall be accepted at the time when it is received by us (or any clearing house agency that we may designate from time to time), and at the offering and sale price next determined, unless rejected by us or the respective Funds. In addition to the right to reject any order, the Funds have reserved the right to withhold shares from sale temporarily or permanently. We will not accept any order from you that is placed on a conditional basis or subject to any delay or contingency prior to execution. The procedures relating to the handling of orders shall be subject to instructions that we shall forward from time to time to all members of the Selling Group. The shares purchased will be issued by the respective Funds only against receipt of the purchase price, in collected New York or Los Angeles Clearing House funds subject to deduction of all concessions on such sale (reallowance of any concessions to which you are entitled on purchases at net asset value will be paid through our direct purchase concession system). If payment for the shares purchased is not received within three days after the date of confirmation the sale may be cancelled forthwith, by us or by the respective Funds, without any responsibility or liability on our part or on the part of the Funds, and we and/or the respective Funds may hold you responsible for any loss, expense, liability or damage, including loss of profit suffered by us and/or the respective Funds, resulting from your delay or failure to make payment as aforesaid.

**9. Timeliness of Submitting Orders**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** You are obliged to date and indicate the time of receipt
 of all orders you receive from your customers and to transmit promptly all orders to us in time to provide for processing at the
 price next determined after receipt by you, in accordance with the Prospectuses. You are not to withhold placing with us orders received
 from any customers for the purchase of shares. You shall not purchase shares through us except for the purpose of covering purchase
 orders already received by you, or for your bona fide investment.

**b**. You confirm that your firm has policies and procedures in place to ensure that only those orders received by your firm by 4:00 p.m. Eastern Time on any business day will be submitted to us to receive that business day's price. Orders received by you after 4:00 p.m. Eastern Time must be executed at the price next determined after the order was received by you.

**10. Repurchase of Shares**

If any share is repurchased by any of the Funds or is tendered thereto for redemption within seven business days after confirmation by us of the original purchase order from you for such security, you shall forthwith refund to us the full concessions paid to you on the original sale.

**11. Processing Redemption Requests**

You shall not purchase any share of any of the Funds from a record holder at a price lower than the net asset value next determined by or for the Funds' shares. You shall, however, be permitted to sell any shares for the account of a shareholder<br> of the Funds at the net asset value currently quoted by or for the Funds' shares, and may charge a fair service fee for handling the transaction provided you disclose the fee to the record owner.

**12. Prospectuses and Marketing Materials**

We shall furnish you without charge reasonable quantities of offering Prospectuses (including any supplements currently in effect), current shareholder reports of the Funds, and sales materials issued by us from time to time. In the purchase of shares through us, you are entitled to rely only on the information contained in the offering Prospectus(es). You may not publish any advertisement or distribute sales literature or other written material to the public that makes reference to us or any of the Funds (except material that we furnished to you) without our prior written approval.

**13. Effect of Prospectus**

This Agreement is in all respects subject to statements regarding the sale and repurchase or redemption of shares made in offering Prospectuses of the Funds, and to the applicable Rules of FINRA, which shall control and override any provision to the contrary in this Agreement.

**14. Relationship of Parties**

You shall make available shares of the Funds only through us. In no transaction (whether of purchase or sale) shall you have any authority to act as agent for, partner of, or participant in a joint venture with us or with the Funds or any other entity having either a Selling Group Agreement or other Agreement with us.

**15. State Securities Qualification**

We act solely as agent for the Funds and are not responsible for qualifying the Funds or their shares for sale in any jurisdiction. Upon written request we will provide you with a list of the jurisdictions in which the Funds or their shares are qualified for sale. We also are not responsible for the issuance, form, validity, enforceability or value of Fund shares.

**16. Representations**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** You represent that (i) you are a properly registered
 or licensed broker or dealer under applicable federal and state securities laws and regulations and are complying with and will continue
 to comply with all applicable federal and state laws, rules and regulations, (ii) you are a member of FINRA, (iii) your membership
 with FINRA is not currently suspended or terminated and (iv) to the extent you offer any Class 529 shares, you are properly registered
 to offer such shares.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** We represent that (i) we are acting as an underwriter
 within the meaning of the applicable rules of FINRA and are complying with and will continue to comply with all applicable federal
 and state laws, rules and regulations, (ii) we are a member of FINRA and (iii) our membership with FINRA is not currently suspended
 or terminated.

**c**. Each party to this Agreement represents that it will comply with all applicable laws, including applicable state privacy laws.

&nbsp;&nbsp;&nbsp;&nbsp;**d.** Each party agrees to notify the other party immediately
 in writing if the foregoing representations cease to be true to a material extent.

**17. Confidentiality**

Each party to this Agreement agrees to maintain all information received from the other party pursuant to this Agreement in confidence, and each party agrees not to use any such information for any purpose, or disclose any such information to any person, except as permitted by applicable laws, rules and regulations. This provision shall survive the termination of this Agreement.

**18. Termination**

Either of us may cancel this Agreement at any time by written notice to the other.

**19. Notices**

All communications to us should be sent to the following address:

American Funds Distributors, Inc.

Attn: Contract Administration<br> 3500 Wiseman Boulevard<br> San Antonio, TX 78251-4321

Telephone No.: 800/421-5475, ext 8

Facsimile No.: 210/474-4088

Any notice to you shall be duly given if mailed or sent by overnight courier to you at the address specified by you below.

**20. Miscellaneous**

**a**. Payments of 12b-1 fees to you for payment to your financial advisers in respect of American Funds U.S. Government Money Market Fund are currently suspended for all share classes except Class F-1, R-2, R-2E, R-3 and R-4 shares. Payments for other share classes may resume at a future date, if the fund's investment adviser determines, in its sole discretion, that the yield on the fund's portfolio securities supports such payments. Notwithstanding the foregoing, payments of 12b-1 fees in respect of American Funds U.S. Government Money Market Fund may be discontinued if the fund's investment adviser determines, in its sole discretion, that the yield on the fund's portfolio securities does not support such payments.

**b**. We reserve the right not to pay any compensation more than six (6) months in arrears in respect of accounts and/or assets that were not timely identified as eligible for compensation pursuant to this Agreement.

Execute this Agreement in duplicate and return one of the duplicate originals to us for our file. This Agreement (i) may be amended by notification from us and orders received following such notification shall be deemed to be an acceptance of any such amendment; (ii) may be electronically stored and the electronic copy shall constitute a true, complete, valid, authentic and enforceable record of the Agreement; and (iii) shall be construed in accordance with the laws of the State of California.

Very truly yours,

American Funds Distributors, Inc.

![](tm267072d1ex99xhx3i001.jpg)

By _____________________________________________

Matthew P. O'Connor

President

Accepted

________________________________________________

Firm

By_____________________________________________

Officer or Partner

________________________________________________

Print Name

________________________________________________

Title

Address:

________________________________________________

________________________________________________

Date:

________________________________________________

Schedule A

April 1, 2017

(supersedes all previous versions of Schedule A)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category 1** | A | C | 529-A | 529-C | 529-E | R-1 | R-2 | R-2E | R-3 | R-4 | R-5 | R-5E | R-6 |
| AMCAP Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Balanced Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Developing World Growth and Income Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Global Balanced Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Portfolio Series |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds Balanced Portfolio | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds Global Growth Portfolio | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds Growth and Income Portfolio | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds Growth Portfolio | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds Income Portfolio | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Retirement Income Portfolio Series | • | • e | na | na | na | • | • | • | • | • | • | • | • |
| American Funds Target Date Retirement Series | • | • e | na | na | na | • | • | • | • | • | • | • | • |
| American Mutual Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| Capital Income Builder | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| Capital World Growth and Income Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| EuroPacific Growth Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| Fundamental Investors | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| The Growth Fund of America | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| The Income Fund of America | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| International Growth and Income Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| The Investment Company of America | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| The New Economy Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| New Perspective Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| New World Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| SMALLCAP World Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| Washington Mutual Investors Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| **Category 2** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| American Funds Corporate Bond Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Emerging Markets Bond Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Mortgage Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Portfolio Series |  |  |  |  |  |  |  |  |  |  |  |  |  |
| American Funds Tax-Advantaged Income Portfolio | • | • e | na | na | na | na | na | na | na | na | na | na | na |
| American Funds Strategic Bond Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Tax-Exempt Fund of New York | • | • e | na | na | na | na | na | na | na | na | na | na | na |
| American High-Income Municipal Bond Fund | • | • e | na | na | na | na | na | na | na | na | na | na | na |
| American High-Income Trust | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| The Bond Fund of America | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| Capital World Bond Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>C | <br>529-A | <br>529-C | <br>529-E | <br>R-1 | <br>R-2 | <br>R-2E | <br>R-3 | <br>R-4 | <br>R-5 | <br>R-5E | <br>R-6 |
| **Category 2 *(continuation)*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| The Tax-Exempt Bond Fund of America | • | • e | na | na | na | na | na | na | na | na | na | na | na |
| The Tax-Exempt Fund of California | • | • e | na | na | na | na | na | na | na | na | na | na | na |
| U.S. Government Securities Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| **Category 3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| American Funds College Enrollment Fund | na | na | • | • | • | na | na | na | na | na | na | na | na |
| American Funds Inflation Linked Bond Fund | • | e | • | e | • | • | • | • | • | • | • | • | • |
| American Funds Portfolio Series |  |  |  |  |  |  |  |  |  |  |  |  |  |
| American Funds Preservation Portfolio | <br> •  | <br> • e | <br> •  | <br> •  | <br> •  | <br> •  | <br> •  | <br> •  | <br> •  | <br> •  | <br> •  | <br> •  | <br> •  |
| American Funds Tax-Exempt Preservation Portfolio | • | • e | na | na | na | na | na | na | na | na | na | na | na |
| American Funds Short-Term Tax-Exempt Bond Fund | • | na e | na | na | na | na | na | na | na | na | na | na | na |
| Intermediate Bond Fund of America | • | e | • | e | • | • | • | • | • | • | • | • | • |
| Limited Term Tax-Exempt Bond Fund of America | • | e | na | na | na | na | na | na | na | na | na | na | na |
| Short-Term Bond Fund of America | • | e | • | e | • | • | • | • | • | • | • | • | • |
| **Category 4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| American Funds U.S. Government Money Market Fund | • | e | • | e | • | • | • | • | • | • | • | • | • |
| <br> **Category 5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| American Funds College Target Date Series (all funds except American Funds College Enrollment Fund) | na | na | • | • | • | na | na | na | na | na | na | na | na |

---

*Class F-1, Class F-2, Class F-3, and Class 529-F-1 shares are available for purchase pursuant to a separate agreement.*

• *Share class is available* 

e *Share class is available for exchanges only*

na *Share class is not available* 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Schedule B**

**<u>Retirement Plan Recordkeeping Solutions</u>**

American Funds Retirement Plan Services makes available retirement plan recordkeeping solutions. As a member of the Selling Group, you have access to these retirement plan recordkeeping solutions under the terms set forth below. With respect to sales you make through our retirement plan recordkeeping solutions, we will pay you as servicing dealer ongoing compensation on a quarterly basis, at the applicable annual rate set forth below, based on the average daily net asset value of Eligible Plan Assets that are held in a Plan assigned to you at the end of the quarter for which payment is made. For purposes of this Agreement, Eligible Plan Assets means total Plan assets (including assets invested in American Funds and other mutual funds or investment options approved for use) maintained on our recordkeeping system, excluding (i) assets held in self-directed brokerage accounts, (ii) employer stock and (iii) any other investment option not approved for use. Compensation will not vary based upon the selection of available investment options and will accrue on a calendar-quarter basis and shall be paid within 30 days following the end of the quarter for which such fees are payable. The payment of this compensation is subject to the limitations contained in each American Funds' Plan of Distribution and may be varied or discontinued at any time.

**1. RecordkeeperDirect (American Funds Only)** 

---

| | |
|:---|:---|
| **Share Class** | **Annual Compensation Rate** |
| Class A Shares\* | 0.25% |
| Class R-2 Shares | 0.75% |
| Class R-3 Shares | 0.50% |
| Class R-4 Shares | 0.25% |
| Class R-5 Shares | No compensation paid |

---

\* Class A shares are not available to new plans. No upfront commissions are paid on Class A shares held through the RecordkeeperDirect Program.

**2. PlanPremier (TPA & Bundled)**

---

| | |
|:---|:---|
| **Eligible Plan Assets** | **Annual Compensation Rate** |
| Eligible Plan Assets that include American Funds Class R-2 Shares | 0.65% |
| Eligible Plan Assets that include American Funds Class R-2E Shares | 0.50% |
| Eligible Plan Assets that include American Funds Class R-3 Shares | 0.35% |
| Eligible Plan Assets that include American Funds Class R-4 Shares\* | 0.25% |
| Eligible Plan Assets that include American Funds Class R-5 Shares | No compensation paid |
| Eligible Plan Assets that include American Funds Class R-5E Shares | No compensation paid |
| Eligible Plan Assets that include American Funds Class R-6 Shares | No compensation paid |

---

\* For certain grandfathered Class R-4 plans, the annual compensation rate is 0.20%.

------

<sup>\*</sup> Except U.S. Government Securities Fund, which pays service fees at the 0.25% rate on all shares held at least 12 months.

## Ex-99.(H)(4)

Bank/Trust Company Selling Group Agreement

Ladies and Gentlemen:

We have entered into a principal underwriting agreement with each Fund in The American Funds Group (Funds) under which we are appointed exclusive agent for the sale of shares. You have indicated that you wish to act as agent for your customers in connection with the purchase, sale and redemption of shares of the Funds as are qualified for sale in your state. We agree to honor your request, subject to the terms set forth below. In addition, we are the distributor of CollegeAmerica (Program), a college savings program as described in Section 529 of the Internal Revenue Code.

**1. Authorization** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** In placing orders for the purchase and sale of shares
 of the Funds, you will be acting as agent for your customers. We shall execute transactions for each of your customers only upon
 your authorization, at the regular public price currently determined by the respective Funds in the manner described in their offering
 Prospectuses. The offering Prospectuses and this Agreement set forth the terms applicable to sales of shares of the Funds through
 you and all other representations or documents are subordinate. You understand that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Class 529 shares of the Funds are available only as
 underlying investments through the Program,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Class F shares are available only pursuant to a Bank/Trust
 Company Class F Share Participation Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Employer-sponsored retirement plans that are not currently
 invested in Class A shares and that wish to invest without a sales charge are not eligible to purchase Class A shares. Such plans
 may invest only in Class R shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) You may not make available to your clients (Client),
 Class C or Class 529-C shares until you have demonstrated to our affiliate, American Funds Service Company, that you have the appropriate
 systems in place to assess the contingent deferred sales charge associated with those share classes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Unless otherwise permitted under this Agreement or any
 other Agreement with us, you may not maintain any non-retirement accounts for your Clients in an omnibus account (*i.e.,* multiple
 Client accounts in one account on the books of the Funds).

&nbsp;&nbsp;&nbsp;&nbsp;**b.** If your firm is providing trading and custodial services
 to other banks and the Client purchasing Shares is a client of another bank, you may not facilitate those transactions unless you
 disclose the identity of the underlying bank representing that client. You shall also disclose the identity of any introducing intermediary
 (for example, broker, consultant, or registered investment advisor) involved in any transaction that you facilitate. The required
 disclosures shall be made in such format as we mutually agree.

**2. Compensation on Sales of Class A Shares and Class 529-A Shares**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Category 1 Funds**: On each purchase order for
 Class A shares and Class 529-A shares of Funds listed in Category 1 on the attached Schedule A that is accepted by us and for which
 you are responsible, you will be paid compensation as follows:

 **Compensation as Sales Charge**

 **Percentage of as Percentage**

 **Purchases Offering Price of Offering Price**

---

| | | |
|:---|:---|:---|
| Less than $25,000 | 5.00% | 5.75% |
| $25,000 but less than $50,000 | 4.25% | 5.00% |
| $50,000 but less than $100,000 | 3.75% | 4.50% |
| $100,000 but less than $250,000 | 2.75% | 3.50% |
| $250,000 but less than $500,000 | 2.00% | 2.50% |
| $500,000 but less than $750,000 | 1.60% | 2.00% |
| $750,000 but less than $1,000,000 | 1.20% | 1.50% |
| $1,000,000 or more | **See below** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Category 2 Funds**: On each purchase order for
 Class A shares and Class 529-A shares of Funds listed in Category 2 on the attached Schedule A that is accepted by us and for which
 you are responsible, you will be paid the same compensation indicated above except as follows:

 **Compensation as Sales Charge**

 **Percentage of as Percentage**

 **Purchases Offering Price of Offering Price**

---

| | | |
|:---|:---|:---|
| Less than $100,000 | 3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Category 3 Funds**. On each purchase order for
 Class A shares and Class 529-A shares of Funds listed in Category 3 on the attached Schedule A, that are accepted by us and
 for which you are responsible, you will be paid compensation as follows:

 **Compensation as Sales Charge**

 **Percentage of as Percentage**

 **Purchases Offering Price of Offering Price**

---

| | | |
|:---|:---|:---|
| Less than $500,000 | 2.00% | 2.50% |
| $500,000 but less than $750,000 | 1.60% | 2.00% |
| $750,000 but less than $1 million | 1.20% | 1.50% |
| $1 million or more | See below |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Category 4 Funds**. On sales of Class A shares
 and Class 529-A shares of Funds listed in Category 4 on the attached Schedule A, no compensation will be paid.

&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Category 5 Funds**. On sales of Class 529-A shares
 of Funds listed in Category 5 on the attached Schedule A that are accepted by us and for which you are responsible, you will be paid
 compensation as follows:

 **Compensation as Sales Charge**

 **Percentage of as Percentage**

 **Purchases Offering Price of Offering Price**

---

| | | |
|:---|:---|:---|
| Less than $100,000 | 3.50% | 4.25% |
| $100,000 but less than $250,000 | 2.75% | 3.50% |
| $250,000 but less than $500,000 | 2.00% | 2.50% |
| $500,000 but less than $750,000 | 1.60% | 2.00% |
| $750,000 but less than $1 million | 1.20% | 1.50% |
| $1 million or more | See below |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**f. Purchases of Class A and Class 529-A shares amounting to $1 million or more** 

**Category 1, Category 2 and Category 5 Funds.** If you initiate and are responsible for sales of Class A shares and Class 529-A shares, a) amounting to $1 million or more or b) made to certain entities described in the Fund Prospectuses, including employer-sponsored defined contribution-type retirement plans that qualify to invest at net asset value under the terms of the Fund Prospectuses, you will be paid a dealer concession of 1.00% on sales to $10 million, plus 0.50% on amounts over $10 million up to $25 million, plus 0.25% on amounts over $25 million.

**Category 3 Funds.** If you initiate and are responsible for sales of Class A shares and Class 529-A shares, a) amounting to $1 million or more or b) made to certain entities described in the Fund Prospectuses, including employer-sponsored defined contribution-type retirement plans that qualify to invest at net asset value under the terms of the Fund Prospectuses, you will be paid a dealer concession of 1.00% on sales to $4 million, plus 0.50% on amounts over $4 million up to $10 million, plus 0.25% on amounts over $10 million.

**All Funds.** No dealer concessions are paid on any other sales of shares at net asset value, except that concessions may be paid to dealers on their sales of fund shares to accounts managed by affiliates of The Capital Group Companies, Inc. as set forth in this Agreement. Sales of shares of Washington Mutual Investors Fund below $1 million made in connection with certain accounts established before September 1, 1969, are subject to reduced concessions and sales charges as described in the Washington Mutual Investors Fund Prospectus. With respect to sales of shares of any tax-exempt fund, the concession schedule for sales of shares to retirement plans is inapplicable. The schedules of sales charges above apply to single purchases, concurrent purchases of two or more of the Funds (except those listed in Category 4 on the attached Schedule A), and purchases made under a statement of intention and pursuant to the right of accumulation, both of which are described in the Prospectuses.

3. Ongoing Service Fees for Class A and Class 529-A Shares

We are also authorized to pay you continuing service fees each quarter with respect to the Class A and Class 529-A, shares of all the Funds to compensate you for providing certain services to your clients, subject to your compliance with the following terms, which may be revised by us from time to time. Such fee shall be paid within 30 days following the end of the quarter for which such fees are payable (currently the quarters are February, May, August and November). Your eligibility to continue receiving this compensation will be evaluated periodically, and your failure to comply with the terms below may result in our discontinuing service fee payments to you. Initial qualification does not assure continued participation, and this service fee program may be amended or terminated by us at any time as indicated below.

&nbsp;&nbsp;&nbsp;&nbsp;**a.** You agree to cooperate as requested with programs that
 we provide to enhance shareholder service. You also agree to assume an active role in providing investment-related services, examples
 of which may include creating an investment plan, conducting periodic investment reviews, evaluating client investment needs, etc.,
 as well as to encourage your representatives to supplement your provision of shareholder account-related services such as processing
 purchase and redemption transactions, establishing shareholder accounts and providing certain information and assistance with respect
 to the Funds. Redemption levels of shareholder accounts assigned to you will be considered in evaluating your continued participation
 in this service fee program.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** You agree to support our marketing and servicing efforts
 by granting reasonable requests for visits to your offices by our wholesalers.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** You agree to assign an individual to each shareholder
 account on your books and to reassign the account should<br>
 that individual no longer be assigned to the account. You agree to instruct each such individual to regularly contact shareholders
 having accounts so assigned.

&nbsp;&nbsp;&nbsp;&nbsp;**d.** You agree to pass through either directly or indirectly
 to the individual(s) assigned to such accounts a share of the service fees paid to you pursuant to this Agreement. You recognize
 that the service fee is intended to compensate the individual for providing, and encourage the individual to continue to provide,
 service to the account holder.

&nbsp;&nbsp;&nbsp;&nbsp;**e.** You acknowledge that (i) all service fee payments are
 subject to the limitations contained in each Fund's Plan of Distribution and may be varied or discontinued at any time; (ii)
 in order to receive a service fee for a particular quarter,<br>
 the fee must amount to at least $10, and (iii) no service fees will be paid on shares purchased under the net asset value purchase
 privilege as described in the Funds' statements of additional information.

&nbsp;&nbsp;&nbsp;&nbsp;**f.** Ongoing compensation under this Agreement is subject
 to your providing the investment related services as described above in paragraph (a).

&nbsp;&nbsp;&nbsp;&nbsp;**g.** On Class A and Class 529-A shares of Funds listed in
 Category 1, Category 2, Category 3 and Category 5 on the attached Schedule A, we will pay you a quarterly service fee at the following
 annual rates, based on the average daily net asset value of Class A and Class 529-A shares, respectively, that have been invested
 for 12 months and are held in an account assigned to you at the end of the quarter for which payment is made:

 **Annual Service Fee Rate**

Shares with a first anniversary of purchase before 7-1-88**<sup>\*</sup>** 0.15%

Shares with a first anniversary of purchase on or after 7-1-88 0.25%

Shares of state-specific tax-exempt funds 0.25%

&nbsp;&nbsp;&nbsp;&nbsp;**h.** On Class A and Class 529-A
 shares of Funds listed in Category 4 on the attached Schedule A, we will pay you a quarterly service fee at the following annual
 rates, based on the average daily net asset value of Class A and Class 529-A shares, respectively, that have been invested for 12
 months and are held in an account assigned to you at the end of the quarter for which payment is made:

 **Annual Service Fee Rate**

All Shares 0.15%

&nbsp;&nbsp;&nbsp;&nbsp;**i.** Notwithstanding anything to the contrary in the Agreement,
 on Class A and Class 529-A shares of American Funds Inflation Linked Bond Fund and Short-Term Bond Fund of America and Class A shares
 of American Funds Short-Term Tax-Exempt Bond Fund, we will pay you a quarterly service fee at the following annual rates, based on
 the average daily net asset value of Class A and Class 529-A shares, respectively, that have been invested for 12 months and are
 held in an account assigned to you at the end of the quarter for which payment is made:

 **Annual Service Fee Rate**

All Shares 0.15%

4. Compensation on Sales of Class C Shares and Class 529-C Shares

&nbsp;&nbsp;&nbsp;&nbsp;**a.** On purchase orders for Class C shares and Class 529-C
 shares of Funds listed in Category 1, Category 2, Category 3 and Category 5 on the attached Schedule A that are accepted by us and
 for which you are responsible, we will pay you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compensation of 0.75% of the amount invested, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an immediate service fee of 0.25% of the amount invested.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** In addition, we will pay you ongoing compensation on
 a quarterly basis at the annual rate of 1.00% of the average daily net asset value of Class C shares and Class 529-C shares of Funds
 listed in Category 1, Category 2, Category 3,, Category 4 and Category 5 on the attached Schedule A that have been invested for 12
 months and are held in an account assigned to you at the end of the quarter for which payment is made. The payment of this ongoing
 compensation is subject to the limitations contained in each Fund's Plan of Distribution and may be varied or discontinued
 at any time.

5. Compensation on Class F-1 Shares

On Class F-1 shares of the Funds that were converted from Class C shares of the Funds or that were transferred to you and not held in a fee-based program, we will pay you ongoing compensation on a quarterly basis at the annual rate of 0.25% of the average daily net asset value of Class F-1 shares of the Funds listed in Category 1, Category 2, Category 3 and Category 4 on the attached Schedule A that are held in an account assigned to you at the end of the quarter for which payment is made. The payment of this ongoing compensation is subject to the limitations contained in each Fund's Plan of Distribution and may be varied or discontinued at any time. You may not purchase Class F-1 shares of the Funds unless you have executed a separate agreement allowing for the purchase of Class F-1 shares. In addition, no fees shall be payable on Class F-1 shares pursuant to this Agreement if you have executed a separate agreement allowing for the purchase of Class F-1 shares.

6. Compensation on Sales of Class 529-E Shares

We will pay you ongoing compensation on a quarterly basis at the annual rate of 0.50% of the average daily net asset

value of Class 529-E shares of Funds listed in Category 1, Category 2, Category 3, Category 4 and Category 5 on the attached Schedule A that are held in an account assigned to you at the end of the quarter for which payment is made.

The payment of this ongoing compensation is subject to the limitations contained in each Fund's Plan of Distribution and may be varied or discontinued at any time.

7. Retirement Plan Share Classes (R shares) and Account Options (for retirement plans only)

&nbsp;&nbsp;&nbsp;&nbsp;**a.** We will pay you ongoing compensation on a quarterly
 basis, at the applicable annual rate set forth below, of the average daily net asset value of R shares of Funds listed in Category
 1, Category 2, Category 3 and Category 4 on the attached Schedule A that are held in an employer-sponsored retirement plan (Plan)
 account assigned to you at the end of the quarter for which payment is made. The payment of this ongoing compensation is subject
 to the limitations contained in each Fund's Plan of Distribution and may be varied or discontinued at any time. We expect that
 you will maintain one account for each of your Plan customers on the books of the Funds.

---

| | |
|:---|:---|
| **R Share Class** | **Annual Compensation Rate** |
| Class R-1 | 1.00% |
| Class R-2 | 0.75% |
| Class R-2E | 0.60% |
| Class R-3 | 0.50% |
| Class R-4 | 0.25% |
| Class R-5 | No compensation paid |
| Class R-5E | No compensation paid |
| Class R-6 | No compensation paid |

---

&nbsp;&nbsp;&nbsp;&nbsp;**b.** If you hold Plan accounts in an omnibus account (*i.e.,* multiple Plans in one account on the books of the Funds), the Plans may invest only in R shares, and you may be required to execute
 an Omnibus Addendum to the Bank/Trust Selling Group Agreement, which you can obtain by calling our Home Office Service Team at 800/421-5475,
 extension 8.

8. Order Processing

Any order by you for the purchase of shares of the respective Funds through us shall be accepted at the time when it is received by us (or any clearinghouse agency that we may designate from time to time), and at the offering and sale price next determined, unless rejected by us or the respective Funds. In addition to the right to reject any order, the Funds have reserved the right to withhold shares from sale temporarily or permanently. We will not accept any order from you that is placed on a conditional basis or subject to any delay or contingency prior to execution. The procedure relating to the handling of orders shall be subject to the rules of the National Securities Clearing Corporation (NSCC) and any instructions that we shall forward from time to time to all members of the Selling Group. The shares purchased will be issued by the respective Funds only against receipt of the purchase price, in collected New York or Los Angeles Clearing House funds subject to deduction of all compensation on such sale (reallowance of any compensation to which you are entitled on purchases at net asset value will be paid through our direct purchase compensation system). If payment for the shares purchased is not received within the time limits set by the NSCC, the sale may be cancelled forthwith, by us or by the respective Funds, without any responsibility or liability on our part or on the part of the Funds, and we and/or the respective Funds may hold you responsible for any loss, expense, liability or damage, including loss of profit suffered by us and/or the respective Funds, resulting from your delay or failure to make payment as aforesaid.

9. Timeliness of Submitting Orders

&nbsp;&nbsp;&nbsp;&nbsp;**a.** You are obliged to date and indicate the time of receipt
 of all orders you receive from your customers and to transmit promptly all orders to us in time to provide for processing at the
 price next determined after receipt by you, in accordance with the Prospectuses. You are not to withhold placing with us orders received
 from any customers for the purchase of shares. You shall not purchase shares through us except for the purpose of covering purchase
 orders already received by you, or for your bona fide investment.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** You confirm that your firm has policies and procedures
 in place to ensure that only those orders received by your firm by 4:00 p.m. Eastern Time on any business day will be submitted to
 us to receive that business day's price. Orders received by you after 4:00 p.m. Eastern Time must be executed at the price
 next determined after the order was received by you.

10. Repurchase of Shares

If any share is repurchased by any of the Funds or is tendered thereto for redemption within seven business days after confirmation by us of the original purchase order from you for such security, you shall forthwith refund to us the full compensation paid to you on the original sale.

11. Processing Redemption Requests

You shall not purchase any share of any of the Funds from a record holder at a price lower than the net asset value next determined by or for the Funds' shares. You shall, however, be permitted to sell any shares for the account of a shareholder of the Funds at the net asset value currently quoted by or for the Funds' shares, and may charge a fair service fee for handling the transaction provided you disclose the fee to the record owner.

12. Prospectuses and Marketing Materials

We shall furnish you without charge reasonable quantities of offering Prospectuses (including any supplements currently in effect) current shareholder reports of the Funds, and sales materials issued by us from time to time. In the purchase of shares through us, you are entitled to rely only on the information contained in the offering Prospectus (es). You may not publish any advertisement or distribute sales literature or other written material to the public that makes reference to us or any of the Funds (except material that we furnished to you) without our prior written approval.

**13. Effect of Prospectus**

This Agreement is in all respects subject to statements regarding the sale and repurchase or redemption of shares made in offering Prospectuses of the Funds, which shall control and override any provision to the contrary in this Agreement.

**14. Relationship of Parties**

You shall make available shares of the Funds only through us. In no transaction (whether of purchase or sale) shall you have any authority to act as agent for, partner of, or participant in a joint venture with us or with the Funds or any other entity having either a Bank Trust Selling Group Agreement or other Agreement with us.

**15. State Securities Qualification**

We act solely as agent for the Funds and are not responsible for qualifying the Funds or their shares for sale in any jurisdiction. Upon written request we will provide you with a list of the jurisdictions in which the Funds or their shares are qualified for sale. We also are not responsible for the issuance, form, validity, enforceability or value of Fund shares.

**16. Representations**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** You represent that (1) you are (a) a properly registered
 or licensed broker or dealer under applicable federal and state securities laws and regulations, a member of the Financial Industry
 Regulatory Authority (FINRA), and your membership with FINRA is not currently suspended or terminated or (b) a "bank" as
 defined in Section 3(a)(6) of the Securities Exchange Act of 1934 (or other financial institution) and not otherwise required to
 register as a broker or dealer under such Act or any state laws; (2) you are complying with and will continue to comply with all
 applicable federal and state laws, rules and regulations; (3) you have received a legal opinion that your receipt of 12b-1 distribution
 fees will not violate any applicable federal or state laws or regulations, and (4) to the extent you offer any Class 529 shares,
 you are permitted by applicable law to offer such shares. You also agree that, if you are a bank or other financial institution as
 set forth above, you will comply with the applicable rules of FINRA, that you will maintain adequate records with respect to your
 customers and their transactions, and that such transactions will be without recourse against you by your customers. We recognize
 that, in addition to applicable provisions of state and federal securities laws, you may be subject to the provisions of other laws
 governing, among other things, the conduct of activities by federal- and state-chartered and supervised financial institutions and
 their affiliated organizations. Because you will be the only entity having a direct relationship with the customer in connection
 with securities purchases hereunder, you will be responsible in that relationship for insuring compliance with all applicable federal
 and state laws, rules and regulations relating to securities purchases hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** We represent that (1) we are acting as an underwriter
 within the meaning of the applicable rules of FINRA and are complying with and will continue to comply with all applicable federal
 and state laws, rules and regulations, (2) we are a member of FINRA and (3) our membership with FINRA is not currently suspended
 or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** Each party to this Agreement represents that it will
 comply with all applicable laws, including applicable state privacy laws.

&nbsp;&nbsp;&nbsp;&nbsp;**d.** Each party agrees to notify the other party immediately
 in writing if the foregoing representations cease to be true to a material extent.

**17. Confidentiality**

Each party to this Agreement agrees to maintain all information received from the other party pursuant to this Agreement in confidence, and each party agrees not to use any such information for any purpose, or disclose any such information to any person, except as permitted by applicable laws, rules and regulations. This provision shall survive the termination of this Agreement.

**18. Termination**

Either of us may cancel this Agreement at any time by written notice to the other.

**19. Notices**

All communications to us should be sent to the following address:

American Funds Distributors, Inc.

Attn: Contract Administration<br> 3500 Wiseman Boulevard<br> San Antonio, TX 78251-4321

Telephone No.: 800/421-5475, extension 8

Facsimile No.: 210/474-4088

Any notice to you shall be duly given if mailed or sent by overnight courier to you at the address specified by you below.

**20. Miscellaneous**

**a**. Payments of 12b-1 fees to you for payment to your financial advisers in respect of American Funds U.S. Government Money Market Fund are currently suspended for all share classes except Class F-1, R-2, R-2E, R-3 and R-4 shares. Payments for other share classes may resume at a future date, if the fund's investment adviser determines, in its sole discretion, that the yield on the fund's portfolio securities supports such payments. Notwithstanding the foregoing, payments of 12b-1 fees in respect of American Funds U.S. Government Money Market Fund may be discontinued if the fund's investment adviser determines, in its sole discretion, that the yield on the fund's portfolio securities does not support such payments.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** We reserve the right not to pay any compensation more
 than six (6) months in arrears in respect of accounts and/or assets that were not timely identified as eligible for compensation
 pursuant to this Agreement.

Execute this Agreement in duplicate and return one of the duplicate originals to us for our file. This Agreement (i) may be amended by notification from us and orders received following such notification shall be deemed to be an acceptance of any such amendment; (ii) may be electronically stored and the electronic copy shall constitute a true, complete, valid, authentic and enforceable record of the Agreement; and (iii) shall be construed in accordance with the laws of the State of California.

Very truly yours,

American Funds Distributors, Inc.

![](tm267072d1ex99xhx4i001.jpg)

By: ____________________________________

Matthew P. O'Connor

President

Accepted

________________________________________________

Firm

By_____________________________________________

Officer or Partner

Print Name: ___________________________________________

Title: _________________________________________________

Address: _____________________________________________

_____________________________________________

Date: _____________________________________________

Schedule A

April 1, 2017

(supersedes all previous versions of Schedule A)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category 1** | A | C | 529-A | 529-C | 529-E | R-1 | R-2 | R-2E | R-3 | R-4 | R-5 | R-5E | R-6 |
| AMCAP Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Balanced Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Developing World Growth and Income Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Global Balanced Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Portfolio Series |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds Balanced Portfolio | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds Global Growth Portfolio | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds Growth and Income Portfolio | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds Growth Portfolio | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds Income Portfolio | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Retirement Income Portfolio Series | • | • e | na | na | na | • | • | • | • | • | • | • | • |
| American Funds Target Date Retirement Series | • | • e | na | na | na | • | • | • | • | • | • | • | • |
| American Mutual Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| Capital Income Builder | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| Capital World Growth and Income Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| EuroPacific Growth Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| Fundamental Investors | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| The Growth Fund of America | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| The Income Fund of America | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| International Growth and Income Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| The Investment Company of America | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| The New Economy Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| New Perspective Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| New World Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| SMALLCAP World Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| Washington Mutual Investors Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| **Category 2** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| American Funds Corporate Bond Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Emerging Markets Bond Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Mortgage Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Portfolio Series |  |  |  |  |  |  |  |  |  |  |  |  |  |
| American Funds Tax-Advantaged Income Portfolio | • | • e | na | na | na | na | na | na | na | na | na | na | na |
| American Funds Strategic Bond Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| American Funds Tax-Exempt Fund of New York | • | • e | na | na | na | na | na | na | na | na | na | na | na |
| American High-Income Municipal Bond Fund | • | • e | na | na | na | na | na | na | na | na | na | na | na |
| American High-Income Trust | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| The Bond Fund of America | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| Capital World Bond Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>C | <br>529-A | <br>529-C | <br>529-E | <br>R-1 | <br>R-2 | <br>R-2E | <br>R-3 | <br>R-4 | <br>R-5 | <br>R-5E | <br>R-6 |
| **Category 2 *(continuation)*** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| The Tax-Exempt Bond Fund of America | • | • e | na | na | na | na | na | na | na | na | na | na | na |
| The Tax-Exempt Fund of California | • | • e | na | na | na | na | na | na | na | na | na | na | na |
| U.S. Government Securities Fund | • | • e | • | • | • | • | • | • | • | • | • | • | • |
| **Category 3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| American Funds College Enrollment Fund | na | na | • | • | • | na | na | na | na | na | na | na | na |
| American Funds Inflation Linked Bond Fund | • | e | • | e | • | • | • | • | • | • | • | • | • |
| American Funds Portfolio Series |  |  |  |  |  |  |  |  |  |  |  |  |  |
| American Funds Preservation Portfolio | <br> •  | <br> • e | <br> •  | <br> •  | <br> •  | <br> •  | <br> •  | <br> •  | <br> •  | <br> •  | <br> •  | <br> •  | <br> •  |
| American Funds Tax-Exempt Preservation Portfolio | • | • e | na | na | na | na | na | na | na | na | na | na | na |
| American Funds Short-Term Tax-Exempt Bond Fund | • | na e | na | na | na | na | na | na | na | na | na | na | na |
| Intermediate Bond Fund of America | • | e | • | e | • | • | • | • | • | • | • | • | • |
| Limited Term Tax-Exempt Bond Fund of America | • | e | na | na | na | na | na | na | na | na | na | na | na |
| Short-Term Bond Fund of America | • | e | • | e | • | • | • | • | • | • | • | • | • |
| **Category 4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| American Funds U.S. Government Money Market Fund | • | e | • | e | • | • | • | • | • | • | • | • | • |
| <br> **Category 5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| American Funds College Target Date Series (all funds except American Funds College Enrollment Fund) | na | na | • | • | • | na | na | na | na | na | na | na | na |

---

*Class F-1, Class F-2, Class F-3, and Class 529-F-1 shares are available for purchase pursuant to a separate agreement.*

• *Share class is available* 

e *Share class is available for exchanges only*

na *Share class is not available* 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Schedule B**

**<u>Retirement Plan Recordkeeping Solutions</u>**

American Funds Retirement Plan Services makes available retirement plan recordkeeping solutions. As a member of the Selling Group, you have access to these retirement plan recordkeeping solutions under the terms set forth below. With respect to sales you make through our retirement plan recordkeeping solutions, we will pay you as servicing dealer ongoing compensation on a quarterly basis, at the applicable annual rate set forth below, based on the average daily net asset value of Eligible Plan Assets that are held in a Plan assigned to you at the end of the quarter for which payment is made. For purposes of this Agreement, Eligible Plan Assets means total Plan assets (including assets invested in American Funds and other mutual funds or investment options approved for use) maintained on our recordkeeping system, excluding (i) assets held in self-directed brokerage accounts, (ii) employer stock and (iii) any other investment option not approved for use. Compensation will not vary based upon the selection of available investment options and will accrue on a calendar-quarter basis and shall be paid within 30 days following the end of the quarter for which such fees are payable. The payment of this compensation is subject to the limitations contained in each American Funds' Plan of Distribution and may be varied or discontinued at any time.

**1. RecordkeeperDirect (American Funds Only)** 

---

| | |
|:---|:---|
| **Share Class** | **Annual Compensation Rate** |
| Class A Shares\* | 0.25% |
| Class R-2 Shares | 0.75% |
| Class R-3 Shares | 0.50% |
| Class R-4 Shares | 0.25% |
| Class R-5 Shares | No compensation paid |

---

\* Class A shares are not available to new plans. No upfront commissions are paid on Class A shares held through the RecordkeeperDirect Program.

**2. PlanPremier (TPA & Bundled)**

---

| | |
|:---|:---|
| **Eligible Plan Assets** | **Annual Compensation Rate** |
| Eligible Plan Assets that include American Funds Class R-2 Shares | 0.65% |
| Eligible Plan Assets that include American Funds Class R-2E Shares | 0.50% |
| Eligible Plan Assets that include American Funds Class R-3 Shares | 0.35% |
| Eligible Plan Assets that include American Funds Class R-4 Shares\* | 0.25% |
| Eligible Plan Assets that include American Funds Class R-5 Shares | No compensation paid |
| Eligible Plan Assets that include American Funds Class R-5E Shares | No compensation paid |
| Eligible Plan Assets that include American Funds Class R-6 Shares | No compensation paid |

---

\* For certain grandfathered Class R-4 plans, the annual compensation rate is 0.20%.

 

 

------

**<sup>\*</sup>** Except U.S. Government Securities Fund, which pays service fees at the 0.25% rate on all shares held at least 12 months.

## Ex-99.(H)(5)

Class F Share Participation Agreement

Ladies and Gentlemen:

We have entered into a principal underwriting agreement with each Fund in The American Funds Group (Funds) under which we are appointed exclusive agent for the sale of Class F-1 shares, Class F-2 shares, and Class F-3 shares of the Funds (together Shares or Class F shares). You have represented that you maintain a fee-based program(s) or you place trades for your representatives, your affiliates, or third-party broker-dealers that maintain fee-based programs (Program or Programs) under which your or their clients (Clients) may purchase shares of participating open-end investment companies at net asset value. We are willing to make available to you Shares of the Funds as are qualified for sale in your state for purchase by Clients through the Program(s), subject to the terms and conditions below and the Fund Prospectuses.

**1. Authorization to Sell**

You may offer to non-retirement plan Clients that are participating in the Program, Shares of the Funds only at the regular public price currently determined by the respective Funds in the manner described in their offering Prospectuses. The offering Prospectuses and this Agreement set forth the terms applicable to your making Fund Shares available to your clients and all other representations or documents are subordinate. If you offer Class A shares of the Funds on a load-waived basis pursuant to an Addendum to your American Funds Selling Group Agreement, that Addendum is terminated as to any new accounts effective March 15, 2001. However, you may continue to offer Class A shares of the Funds on a load-waived basis to accounts existing on March 15, 2001. Class F shares are not available to retirement plan Clients, only Class R shares may be used. The terms of your Selling Group Agreement with us will control that arrangement.

2. Compensation for Sales of Fund Shares

&nbsp;&nbsp;&nbsp;&nbsp;**a.** In consideration of your making Class F-1 shares of
 the Funds available through the Program, we will pay you compensation on a quarterly basis at the annual rate of 0.25% of the average
 daily net asset value of Class F-1 shares of Funds listed on Schedule A that are held in an account assigned to you. Such fee shall
 be paid within 30 days following the end of the quarter for which such fees are payable (currently the quarters are February, May,
 August and November). In order to receive a service fee for a particular quarter, the fee must amount to at least $10. The payment
 of this compensation is subject to the limitations contained in each Fund's Plan of Distribution and may be varied or discontinued
 at any time. No compensation shall be paid under this Agreement on Class F-2 or Class F-3 shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** If you offer American Funds U.S. Government Money Market
 Fund, you acknowledge and agree that we may discontinue making payments of 12b-1 fees in respect of American Funds U.S. Government
 Money Market Fund if the

fund's investment adviser determines, in its sole discretion, that the yield on the fund's portfolio securities does not support such payments. We currently intend to make these payments under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** You agree that if you are assigned to an account holding
 Class F-1 shares of the Funds that were converted from Class C shares of the Funds and those Class F-1 shares are held outside of
 a Program, you will pass through a portion of the fee paid under this section to the financial adviser associated with the account.

3. Compensation for Services

You may be eligible to receive compensation for providing certain services in respect of Shares of the Funds if you meet the requirements of and enter into a Dealer Services Agreement with American Funds Service Company.

4. Order Processing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Any order by you for the purchase of Shares of the respective Funds through us shall be accepted at the time when it is

received by us (or any clearing house agency that we may designate from time to time), and at the offering and sale price

next determined, unless rejected by us or the respective Funds. In addition to the right to reject any order, the Funds

have reserved the right to withhold Shares from sale temporarily or permanently. We will not accept any order from you

that is placed on a conditional basis or subject to any delay or contingency prior to execution. The Shares purchased will

be issued by the respective Funds only against receipt of the purchase price, in collected New York or Los Angeles

Clearing House funds. If payment for the Shares purchased is not received within three days after the date of

confirmation the sale may be cancelled, by us or by the respective Funds, without any responsibility or liability on our part

or on the part of the Funds. In such event, we and/or the respective Funds may hold you responsible for any loss,

expense, liability or damage, including loss of profit suffered by us and/or the respective Funds resulting from your delay

or failure to make payment as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** You shall place orders for the purchase and redemption
 of Shares as described in the Dealer Services Agreement with American Funds Service Company.

5. Timeliness of Submitting Orders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** You are obliged to date and indicate the time of receipt of all orders you receive from your clients and to transmit

promptly all orders to us in time to provide for processing at the price next determined after receipt by you, in accordance with the Prospectuses. You are not to withhold placing with us orders received from any customers for the purchase of Shares. You shall not purchase Shares through us except for the purpose of covering purchase orders already received by you, or for your bona fide investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** You confirm that you have policies and procedures in place to ensure that only those orders received by you by 4:00 p.m.

Eastern Time on any business day will be submitted to us to receive that business day's price. Orders received by you after 4:00 p.m. Eastern Time must be executed at the price next determined after the order was received by you.

6. Processing Redemption Requests

You shall not purchase any Share of any of the Funds from a record holder at a price lower than the net asset value next determined by or for the Funds' Shares. You shall, however, be permitted to sell any shares for the account of a shareholder of the Funds at the net asset value currently quoted by or for the Funds' shares, and may charge a fair service fee for handling the transaction provided you disclose the fee to the record owner.

7. Prospectuses and Marketing Materials

We shall furnish you without charge reasonable quantities of offering Prospectuses (including any supplements currently in effect), current shareholder reports of the Funds, and sales materials issued by us from time to time. In the purchase of Shares through us, you are entitled to rely only on the information contained in the offering Prospectus(es). You may not publish any advertisement or distribute sales literature or other written material to the public that makes reference to us or any of the Funds (except material that we furnished to you) without our prior written approval.

8. Effect of Prospectus

This Agreement is in all respects subject to statements regarding the sale and repurchase or redemption of Shares made in offering Prospectuses of the Funds, and to the applicable Rules of the Financial Industry Regulatory Authority (FINRA), which shall control and override any provision to the contrary in this Agreement

9. Relationship of Parties

You shall make available Shares of the Funds only through us. In no transaction (whether of purchase or sale) shall you have any authority to act as agent for, partner of, or participant in a joint venture with us or with the Funds or any other entity having an Agreement with us.

10. State Securities Qualification

We act solely as agent for the Funds and are not responsible for qualifying the Funds or their Shares for sale in any jurisdiction. Upon written request, we will provide you with a list of the jurisdictions in which the Funds or their Shares are qualified for sale. We also are not responsible for the issuance, form, validity, enforceability or value of Fund Shares.

11. Representations

&nbsp;&nbsp;&nbsp;&nbsp;**a.** You represent that you are (a)(i) a properly registered
 or licensed broker or dealer under applicable federal and state securities laws and regulations, (ii) a member of FINRA and (iii)
 not currently under an order suspending or terminating your membership with FINRA, or (b) an entity that is affiliated with a FINRA-registered
 broker-dealer firm. (The provisions of this section do not apply to a broker or dealer located in a foreign country and doing business
 outside the jurisdiction of the United States.)

&nbsp;&nbsp;&nbsp;&nbsp;**b.** Each party to this Agreement represents that it will
 comply with all applicable laws, including applicable state privacy laws.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** Each party agrees to notify the other party immediately
 in writing if the foregoing representations cease to be true to a material extent.

**12. Confidentiality**

Each party to this Agreement agrees to maintain all information received from the other party pursuant to this Agreement in confidence, and each party agrees not to use any such information for any purpose, or disclose any such information to any person, except as permitted by applicable laws, rules and regulations. This provision shall survive the termination of this Agreement.

13. Termination

Either of us may cancel this Agreement at any time by written notice to the other.

14. Notices

All communications to us should be sent to the following address:

American Funds Distributors, Inc.

Attn: Contract Administration<br> 3500 Wiseman Boulevard<br> San Antonio, TX 78251-4321

Telephone No.: 800/421-5475, ext 8

Facsimile No.: 210/474-4088

Any notice to you shall be duly given if mailed or sent by overnight courier to you at the address specified by you below.

**15. Miscellaneous**

We reserve the right not to pay any compensation more than six (6) months in arrears in respect of accounts and/or assets that were not timely identified as eligible for compensation pursuant to this Agreement.

\* \* \* \* \*

Execute this Agreement in duplicate and return one of the duplicate originals to us for our file. This Agreement (i) may be amended by notification from us and orders received following such notification shall be deemed to be an acceptance of any such amendment; (ii) may be electronically stored and the electronic copy shall constitute a true, complete, valid, authentic and enforceable record of the Agreement; and (iii) shall be construed in accordance with the laws of the State of California.

Very truly yours,

American Funds Distributors, Inc.

![](tm267072d1ex99xhx5i001.gif)

By

Matthew P. O'Connor

President

Accepted:

<u>________________________________________________</u> 

Firm

By_____________________________________________

Officer or Partner

________________________________________________

Print Name

________________________________________________

Title

Address:

________________________________________________

________________________________________________

Date:

________________________________________________

Schedule A

July 29, 2016

(supersedes all previous versions of Schedule A)

---

| | |
|:---|:---|
| <br> AMCAP Fund | EuroPacific Growth Fund |
| American Balanced Fund | Fundamental Investors |
| American Funds Corporate Bond Fund | The Growth Fund of America |
| American Funds Developing World Growth and Income Fund | The Income Fund of America |
| American Funds Emerging Markets Bond Fund | Intermediate Bond Fund of America |
| American Funds Global Balanced Fund | International Growth and Income Fund |
| American Funds Inflation Linked Bond Fund | The Investment Company of America |
| American Funds Mortgage Fund | Limited Term Tax-Exempt Bond Fund of America |
| American Funds Portfolio Series | The New Economy Fund |
| American Funds Retirement Income Portfolio Series | New Perspective Fund |
| American Funds Short-Term Tax-Exempt Bond Fund | New World Fund |
| American Funds Strategic Bond Fund | Short-Term Bond Fund of America |
| American Funds Target Date Retirement Series | SMALLCAP World Fund |
| American Funds Tax-Exempt Fund of New York | The Tax-Exempt Bond Fund of America |
| American Funds U.S. Government Money Market Fund | The Tax-Exempt Fund of California |
| American High-Income Municipal Bond Fund | U.S. Government Securities Fund |
| American High-Income Trust | Washington Mutual Investors Fund |
| American Mutual Fund |  |
| The Bond Fund of America |  |
| Capital Income Builder |  |
| Capital World Bond Fund |  |
| Capital World Growth and Income Fund |  |

---

## Ex-99.(H)(6)

Bank/Trust Company Participation Agreement

for Class F Shares

Ladies and Gentlemen:

We have entered into a principal underwriting agreement with each Fund in The American Funds Group (Funds) under which we are appointed exclusive agent for the sale of Class F-1 shares, Class F-2 shares and Class F-3 shares of the Funds (together Shares or Class F shares). You have represented that you maintain fee-based program(s) (Program) under which you and your clients (Clients) may purchase shares of participating open-end investment companies at net asset value and you charge those Clients an asset-based fee or other fees tied to the value of their holdings. You have indicated that you wish to act as agent for your customers in connection with the purchase and redemption of Shares of the Funds as are qualified for sale in your state for purchase by Clients through the Program(s), subject to the terms set forth below and in the Fund Prospectuses.

**1. Authorization** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** You may offer to non-retirement plan Clients that are
 participating in the Program, Shares of the Funds only at the regular public price currently determined by the respective Funds in
 the manner described in their offering Prospectuses. The offering Prospectuses and this Agreement set forth the terms applicable
 to sales of Shares of the Funds through you and all other representations or documents are subordinate. In placing orders for the
 purchase and sale of Shares of the Funds, you will be acting as agent for your customers. We shall execute transactions for each
 of your customers only upon your authorization. Class F shares are not available to retirement plan Clients, only Class R shares
 may be used and the terms of your American Funds Bank/Trust Company Selling Group Agreement will control that arrangement.

2. Compensation for Sales of Fund Shares

 **a.** In consideration of your making Class F-1 shares of the Funds available through the Program, we will pay you compensation from the Funds' 12b-1 Plans on a quarterly basis at the annual rate of 0.25% of the average daily net asset value of Class F-1 shares of Funds listed on Schedule A that are held in an account assigned to you. Such fee shall be paid within 30 days following the end of the quarter for which such fees are payable (currently the quarters are February, May, August and November). In order to receive a service fee for a particular quarter, the fee must amount to at least $10. The payment of this compensation is subject to the limitations contained in each Fund's Plan of Distribution and may be varied or discontinued at any time. No compensation shall be paid under this Agreement on Class F-2 shares or Class F-3 shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** If you offer American Funds U.S. Government Money Market
 Fund, you acknowledge and agree that we may discontinue making payments of 12b-1 fees in respect of American Funds U.S. Government
 Money Market Fund if the fund's investment advisor determines, in its sole discretion, that the yield on the fund's portfolio
 securities does not support such payments. We currently intend to make these payments under this Agreement.

 **c.** You represent that you have received a legal opinion that your receipt of 12b-1 distribution fees will not violate any applicable federal or state laws or regulations.

3. Compensation for Services

You may be eligible to receive compensation for providing certain services in respect of Shares of the Funds if you meet the requirements of and enter into a Bank Services Agreement with American Funds Service Company.

**4. Order Processing**

Any order by you for the purchase of Shares of the respective Funds through us shall be accepted at the time when it is received by us (or any clearinghouse agency that we may designate from time to time), and at the offering and sale price next determined, unless rejected by us or the respective Funds. In addition to the right to reject any order, the Funds have reserved the right to withhold Shares from sale temporarily or permanently. We will not accept any order from you that is placed on a conditional basis or subject to any delay or contingency prior to execution. The procedure relating to the handling of orders shall be subject to the rules of the National Securities Clearing Corporation (NSCC) and any instructions that we shall forward from time to time to all members of the Selling Group. The Shares purchased will be issued by the respective Funds only against receipt of the purchase price, in collected New York or Los Angeles Clearing House funds subject to deduction of all compensation on such sale (reallowance of any compensation to which you are entitled on purchases at net asset value will be paid through our direct purchase compensation system). If payment for the Shares purchased is not received within the time limits set forth by the NSCC, the sale may be cancelled forthwith, by us or by the respective Funds, without any responsibility or liability on our part or on the part of the Funds, and we and/or the respective Funds may hold you responsible for any loss, expense, liability or damage, including loss of profit suffered by us and/or the respective Funds resulting from your delay or failure to make payment as aforesaid.

**5. Timeliness of Submitting Orders**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** You are obliged to date and indicate the time of receipt
 of all orders you receive from your customers and to transmit promptly all orders to us in time to provide for processing at the
 price next determined after receipt by you, in accordance with the Prospectuses. You are not to withhold placing with us orders received
 from any customers for the purchase of Shares. You shall not purchase Shares through us except for the purpose of covering purchase
 orders already received by you, or for your bona fide investment.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** You confirm that you have policies and procedures in
 place to ensure that only those orders received by you by 4:00 p.m. Eastern Time on any business day will be submitted to us to receive
 that business day's price. Orders received by you after 4:00 p.m. Eastern Time must be executed at the price next determined
 after the order was received by you.

**6. Processing Redemption Requests**

You shall not purchase any share of any of the Funds from a record holder at a price lower than the net asset value next determined by or for the Funds' Shares. You shall, however, be permitted to sell any Shares for the account of a shareholder of the Funds at the net asset value currently quoted by or for the Funds' Shares, and may charge a fair service fee for handling the transaction provided you disclose the fee to the record owner.

**7. Prospectuses and Marketing Materials**

We shall furnish you without charge reasonable quantities of offering Prospectuses (including any supplements currently in effect) current shareholder reports of the Funds, and sales materials issued by us from time to time. In the purchase of Shares through us, you are entitled to rely only on the information contained in the offering Prospectus(es). You may not publish any advertisement or distribute sales literature or other written material to the public that makes reference to us or any of the Funds (except material that we furnished to you) without our prior written approval.

**8. Effect of Prospectus**

This Agreement is in all respects subject to statements regarding the sale and repurchase or redemption of Shares made in offering Prospectuses of the Funds, which shall control and override any provision to the contrary in this Agreement. Notwithstanding any contrary provision in this Agreement, you shall comply with the terms of the Prospectuses of the Funds.

**9. Relationship of Parties**

You shall make available Shares of the Funds only through us. In no transaction (whether of purchase or sale) shall you have any authority to act as agent for, partner of, or participant in a joint venture with us or with the Funds or any other entity having either a Bank Selling Group Agreement or other Agreement with us.

**10. State Securities Qualification**

We act solely as agent for the Funds and are not responsible for qualifying the Funds or their Shares for sale in any jurisdiction. Upon written request we will provide you with a list of the jurisdictions in which the Funds or their Shares are qualified for sale. We also are not responsible for the issuance, form, validity, enforceability or value of Fund Shares.

**11. Representations**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** You represent that you are (a) a properly registered
 or licensed broker or dealer under applicable federal and state securities laws and regulations, a member of the Financial Industry
 Regulatory Authority (FINRA), and your membership with FINRA is not currently suspended or terminated or (b) a "bank" as
 defined in Section 3(a)(6) of the Securities Exchange Act of 1934 (or other financial institution) and not otherwise required to
 register as a broker or dealer under such Act or any state laws. You agree to notify us immediately in writing if this representation
 ceases to be true. You also agree that, if you are a bank or other financial institution as set forth above, you will comply with
 the applicable rules of FINRA, that you will maintain adequate records with respect to your customers and their transactions, and
 that such transactions will be without recourse against you by your customers. We recognize that, in addition to applicable provisions
 of state and federal securities laws, you may be subject to the provisions of other laws governing, among other things, the conduct
 of activities by federal and state-

chartered and supervised financial institutions and their affiliated organizations. Because you will be the only entity having a direct relationship with the customer in connection with securities purchases hereunder, you will be responsible in that relationship for insuring compliance with all applicable federal and state laws and regulations relating to securities purchases hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** Each party to this Agreement represents that it will
 comply with all applicable laws, including applicable state privacy laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** Each party agrees to notify the other party immediately in writing if the foregoing representations cease to be true to a material extent.

**12. Confidentiality**

Each party to this Agreement agrees to maintain all information received from the other party pursuant to this Agreement in confidence, and each party agrees not to use any such information for any purpose, or disclose any such information to any person, except as permitted by applicable laws, rules and regulations. This provision shall survive the termination of this Agreement.

**13. Termination**

Either of us may cancel this Agreement at any time by written notice to the other.

**14. Notices**

All communications to us should be sent to the following address:

American Funds Distributors, Inc.

Attn: Contract Administration

3500 Wiseman Boulevard

San Antonio, TX 78251-4321

Telephone No.: 800/421-5475, ext 8

Facsimile No.: 210/474-4088

Any notice to you shall be duly given if mailed or sent by overnight courier to you at the address specified by you below.

**15. Miscellaneous**

We reserve the right not to pay any compensation more than six (6) months in arrears in respect of accounts and/or assets that were not timely identified as eligible for compensation pursuant to this Agreement.

\* \* \* \* \*

Execute this Agreement in duplicate and return one of the duplicate originals to us for our file. This Agreement: (i) may be amended by notification from us and orders received following such notification shall be deemed to be an acceptance of any such amendment; (ii) may be electronically stored and the electronic copy shall constitute a true, complete, valid, authentic and enforceable record of the Agreement; and (iii) shall be construed in accordance with the laws of the State of California.

Very truly yours,

American Funds Distributors, Inc.

![](tm267072d1ex99xhx6i001.jpg)

By ______________________________________

**Matthew P. O'Connor** 

President

Accepted

__________________________________________

Firm

By_______________________________________

Officer or Partner

Address:

__________________________________________

__________________________________________

Date:

__________________________________________

Schedule A

July 29, 2016

(supersedes all previous versions of Schedule A)

---

| | |
|:---|:---|
| <br> AMCAP Fund | EuroPacific Growth Fund |
| American Balanced Fund | Fundamental Investors |
| American Funds Corporate Bond Fund | The Growth Fund of America |
| American Funds Developing World Growth and Income Fund | The Income Fund of America |
| American Funds Emerging Markets Bond Fund | Intermediate Bond Fund of America |
| American Funds Global Balanced Fund | International Growth and Income Fund |
| American Funds Inflation Linked Bond Fund | The Investment Company of America |
| American Funds Mortgage Fund | Limited Term Tax-Exempt Bond Fund of America |
| American Funds Portfolio Series | The New Economy Fund |
| American Funds Retirement Income Portfolio Series | New Perspective Fund |
| American Funds Short-Term Tax-Exempt Bond Fund | New World Fund |
| American Funds Strategic Bond Fund | Short-Term Bond Fund of America |
| American Funds Target Date Retirement Series | SMALLCAP World Fund |
| American Funds Tax-Exempt Fund of New York | The Tax-Exempt Bond Fund of America |
| American Funds U.S. Government Money Market Fund | The Tax-Exempt Fund of California |
| American High-Income Municipal Bond Fund | U.S. Government Securities Fund |
| American High-Income Trust | Washington Mutual Investors Fund |
| American Mutual Fund |  |
| The Bond Fund of America |  |
| Capital Income Builder |  |
| Capital World Bond Fund |  |
| Capital World Growth and Income Fund |  |

---

## Ex-99.(I)

**DEFERRED COMPENSATION PLAN**

(Amended and restated, effective as of January 1, 2026)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Paragraph Title** | **Page No** |
| **1. Definitions** | **2** |
| **2. Introduction** | **5** |
| **3. Plan Oversight; Administration and Amendment** | **5** |
| **3.1. Plan Oversight and Operation** | **5** |
| **3.2. Plan Interpretation and Administration** | **5** |
| **3.3. Plan Amendment** | **5** |
| **3.4. Plan Termination** | **6** |
| **4. Election to Defer Payments** | **6** |
| **4.1. Election to Defer** | **6** |
| **4.2. Current Independent Board Members** | **6** |
| **4.2.a. Newly Elected or Appointed Independent Board Members** | **6** |
| **4.3. Modification or Revocation of Election to Defer** | **6** |
| **5. Beneficiary Designation** | **6** |
| **6. Deferred Payment Account** | **7** |
| **6.1. Crediting Amounts** | **7** |
| **6.2. Change of Investment Designation** | **7** |
| **6.3. Exchange Requests** | **7** |
| **6.4. Plan Participants Serving on Money Market Fund Boards** | **8** |
| **6.5. Plan Participant Electing Installment Payout Option under Section 7.4.a** | **8** |
| **6.5.a. Alternative Instructions under Section 6.5** | **8** |
| **7. Timing and Manner of Payments** | **8** |
| **7.1. Timing of Payments** | **8** |
| **7.2. Manner of Payment – Lump Sum** | **8** |
| **7.3. Alternative Payment Methods** | **9** |
| **7.4. Death of Plan Participant** | **9** |
| **7.4.a. Optional Payment Method upon Death for Post-2004 Deferrals** | **9** |
| **7.5. Disability of Plan Participant** | **10** |
| **7.6. Unforeseeable Emergency** | **10** |
| **7.7. Modification or Revocation for Post-2004 Deferrals** | **10** |
| **7.7.a. Special Transition Rule** | **11** |

---

---

| | |
|:---|:---|
| **7.8. Modification or Revocation for Pre-2005 Deferrals** | **11** |
| **8. Miscellaneous** | **11** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **DEFINITIONS** 

1.1. Administrator. An individual designated by CRMC to process forms and receive Plan related communications from Plan Participants and otherwise assist the Committee in the administration of the Plan.

1.2. Beneficiary(ies). The person or persons last designated in writing by a Plan Participant in accordance with procedures established by the Committee to receive the amounts payable under the Plan in the event of the Plan Participant's death. A Plan Participant may designate a *Primary Beneficiary(ies)* to receive amounts payable under the Plan upon the Plan Participant's death. A Plan Participant may also name a *Contingent Beneficiary(ies)* to receive amounts payable under the Plan upon the Participant's death if there is no surviving Primary Beneficiary(ies).

1.3. Board(s). The Board of Directors or Trustees of a Fund(s).

1.4. Committee. A group of Independent Board Members responsible for oversight and operation of the Plan. The Committee must consist of a minimum of three members, each currently serving as an Independent Board Member of at least one Fund. Each Fund, by the affirmative vote of at least a majority of its Board (including a majority of the Fund's Independent Board Members) shall appoint the initial members of the Committee. Thereafter, the Committee shall determine its membership by majority vote.

1.5. CRMC. Capital Research and Management Company.

1.6. Date of Crediting. The Date of Crediting for compensation deferred by a Plan Participant will be as soon as administratively practicable after the date such compensation would otherwise be paid.

1.7. Deferred Payment Account(s). An account established in the name of the Plan Participant on the books of each Fund serviced by the Plan Participant. Such account shall reflect the number of Phantom Shares credited to the Plan Participant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Deferred Payment Account will be divided into two
 separate Deferred Payment Accounts. One account will contain deferrals made prior to January 1, 2005, including any earnings thereon
 ()"*pre-2005 deferrals* "). The other account will contain deferrals made on or after January 1, 2005, including any
 earnings thereon ()"*post-2004 deferrals* ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For those participants residing outside the U.S., Deferred
 Payment Accounts will further be divided into two separate accounts, "U.S." and "Non-U.S.," to provide appropriate
 tax reporting.

1.8. Disabled or Disability. A Plan Participant is disabled when he or she is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

1.9. Election Forms. The three forms listed below as prescribed by the Administrator:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Beneficiary Designation Form*. A form indicating
 the beneficiary designations of a Plan Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Deferral Election Form*. A form indicating the
 compensation to be deferred under the Plan and the timing and manner of distribution. This form must be filed with the Administrator
 prior to the first day of the calendar year to which it first applies. Notwithstanding the foregoing, any person who is first elected
 or appointed an Independent Board Member of the Fund may file this form before or within 30 days after first becoming an Independent
 Board Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Rate of Return Election Form*. A form indicating
 the percentages of deferrals allocated to each Fund.

1.10. Fixed Dollar Installment Method. One of the two alternative methods to a lump-sum available for payments under the Plan other than for reasons of death, Disability or Unforeseeable Emergency. The amount of each installment shall equal the fixed dollar amount previously selected by the Plan Participant on the Deferral Election Form. A Plan Participant's Deferred Payment Account subject to the Fixed Dollar Installment method shall be adjusted by the amount of each such installment payment by reducing the number of Phantom Shares of each Fund credited to the Deferred Payment Account using the net asset values per Class F-2 share as of the last day of the calendar quarter immediately preceding the date of payment. These reductions shall occur proportionately so that, with respect to each such Fund, the ratio of the value of all Phantom Shares of the Fund to the value of the Deferred Payment Account shall remain the same before and after each installment payment.

1.11. Fund(s). A mutual fund advised by CRMC, collectively the "Funds."

1.12. Independent Board Member(s). Directors or trustees, and as applicable, advisory board members and director or trustee emeriti who are not considered "interested persons" of any Participating Fund.

1.13 Money Market Fund. A mutual fund managed by CRMC that invests solely in money market instruments.

1.14. Participating Funds. Mutual funds managed by CRMC that have adopted the Plan.

1.15. Permissible Payment Event. A Permissible Payment Event is any one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date specified on the Deferral Election Form by
 the Plan Participant that is objectively determinable at the time compensation is deferred under the Plan and is at least twenty-four
 months past the date of the first deferral election made by the Plan Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The date on which the Plan Participant is no longer
 an Independent Board Member of any Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The date the Plan Participant dies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The date the Administrator receives notification that
 the Plan Participant is Disabled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The date the Committee determines that the Plan Participant
 has an Unforeseeable Emergency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) For pre-2005 deferrals only, a distribution event permissible
 under the terms of the Plan in effect on January 1, 2004.

1.16. Phantom Shares. Fictional shares of the Fund(s) that a Plan Participant has selected on the Rate of Return Election Form that have been credited to his or her Deferred Payment Account(s). Phantom Shares shall have the same economic characteristics as actual Class F-2 shares in terms of mirroring changes in net asset value and reflecting corporate actions (including, without limitation, receipt of dividends and capital gains distributions). However, because Phantom Shares are fictional, they shall not entitle any Plan Participant to vote on matters of any sort, including those affecting the Funds.

1.17. Plan or Deferred Compensation Plan. The deferred compensation plan adopted by the Participating Funds.

1.18. Plan Participant(s). An Independent Board Member who has elected to defer compensation under the Plan, or is receiving payments under the Plan in respect of prior service as an Independent Board Member.

1.19. Unforeseeable Emergency. The following events may constitute an Unforeseeable Emergency under the Plan: (i) severe financial hardship of the Plan Participant or his or her Beneficiary(ies) resulting from illness or accident of the Plan Participant or Beneficiary(ies) and such spouses or dependents of the Plan Participant or Beneficiary(ies); (ii) loss of the Plan Participant's or Beneficiary(ies)' property due to casualty or (iii) similar extraordinary unforeseeable circumstances beyond the control of the Plan Participant or the Beneficiary(ies). The Committee, in its sole discretion, will determine if the Plan Participant has an Unforeseeable Emergency, after taking into account the extent to which such Unforeseeable Emergency is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Plan Participant's assets (to the extent the liquidation of such assets would not itself cause an Unforeseeable Emergency).

1.20. Variable Dollar Installment Method. One of the two alternative methods to a lump-sum available for payments under the Plan other than for reasons of death, Disability or Unforeseeable Emergency. The amount of each installment shall be determined for a Deferred Payment Account by multiplying the number of Phantom Shares of a Fund(s) allocated to the Deferred Payment Account by a fraction, the numerator of which shall be one and the denominator of which shall be the then remaining number of unpaid installments (including the installment then to be paid), and multiplying the resulting number of Phantom Shares by the net asset value per Class F-2 share of such Fund(s) as of the last day of the calendar quarter immediately preceding the date of payment. A Plan Participant's Deferred Payment Account subject to the Variable Dollar Installment method shall be adjusted by the amount of each such installment payment by reducing the number of Phantom Shares of each Fund credited to the Deferred Payment Account. These reductions shall occur proportionately so that, with respect to each such Fund, the ratio of the value of all Phantom Shares of the Fund to the value of the Deferred Payment Account shall remain the same before and after each installment payment. For this purpose, net asset values per Class F-2 share as of the

last day of the calendar quarter immediately preceding the date of payment shall be used in calculating pre- and post-payment values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **INTRODUCTION** 

With effect on January 1, 2005, each Participating Fund has adopted, by the affirmative vote of at least a majority of its Board (including a majority of its Board members who are not interested persons of the mutual fund), this Plan for Independent Board Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **PLAN OVERSIGHT; ADMINISTRATION AND AMENDMENT** 

3.1. Plan Oversight and Operation. The Committee shall enforce the Plan in accordance with its terms, shall be charged with the general administration of the Plan, and shall have all powers necessary to accomplish its purposes. The Committee may utilize the services of the Administrator to conduct routine Plan administration.

3.2. Plan Interpretation and Administration. The Committee shall have full discretion to construe and interpret the terms and provisions of the Plan, which interpretation or construction shall be final and binding on all parties, including, but not limited to, the Funds and any Plan Participant or Beneficiary. The Committee shall administer such terms and provisions in a uniform and non-discriminatory manner and in full accordance with any and all laws and regulations applicable to the Plan.

3.3. Plan Amendment. The Committee may approve any amendment to the Plan; provided, however, (i) that no such amendment shall adversely affect the right of Plan Participants to receive amounts previously credited to their Deferred Payment Accounts; and (ii) each Independent Board Member shall receive notification of any such proposed amendment to the Plan at least ten (10) days prior to the Committee's consideration of such amendment. Upon receipt of such notification, an Independent Board Member may communicate to the Committee for its consideration any concern or objection to the proposed amendment.

3.4. Plan Termination. The Committee may recommend to the Boards the termination of the Plan; provided, however, that no such termination shall adversely affect the right of Plan Participants to receive amounts previously credited to their Deferred Payment Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **ELECTION TO DEFER PAYMENTS** 

4.1. Election to Defer. Pursuant to the Plan, Independent Board Members may elect to have all or any portion of payment of their compensation deferred as provided herein. An Independent Board Member who elects to participate in the Plan shall file copies of the Election Forms with the Administrator. An Independent Board Member will not be treated as a Plan Participant and no amount will be deferred under the Plan until the Election Forms are received by the Administrator and determined by the Administrator to be complete and in good order.

4.2. Current Independent Board Members. A deferral election made by a Plan Participant who timely files the Election Forms with the Administrator shall become effective and apply with respect to compensation earned during the calendar year following the filing of the deferral election, and each subsequent calendar year, unless modified or revoked in accordance with the terms of this Plan. During the period from such filing and prior to the effectiveness of such election, the most recently filed and effective Deferral Election Form shall apply to all amounts payable to the Plan Participant under the Plan.

4.2.a. Newly Elected or Appointed Independent Board Members. Any person who is first elected or appointed an Independent Board Member of the Fund during a calendar year and who timely files the Election Forms with the Administrator may elect to defer any unpaid and future compensation during such calendar year. Unless revoked or modified in accordance with the terms of this Plan, a deferral election made pursuant to this paragraph will apply for each subsequent calendar year after the year of the deferral election.

4.3. Modification or Revocation of an Election to Defer. A Plan Participant may modify or revoke an election to defer, as to future compensation, effective on the first day of the next calendar year, which modification or revocation shall remain in effect for each subsequent calendar year (until modified or revoked in accordance with the Plan), by filing a new Deferral Election Form with the Administrator prior to the beginning of such next calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **BENEFICIARY DESIGNATION** 

Each Plan Participant shall designate on the Beneficiary Election Form the Primary and, if applicable, Contingent Beneficiary(ies) he or she desires to receive amounts payable under the Plan in the event of the Plan Participant's death. A Plan Participant may from time to time change his or her designated Primary or Contingent Beneficiary(ies) without the consent of such Beneficiary(ies) by filing a new Beneficiary Election Form with the Administrator.

At the time of death of a Plan Participant, if there is no living designated Primary Beneficiary(ies), the designated Contingent Beneficiary(ies), if any, shall be the Beneficiary. If there are no living Primary or Contingent Beneficiary(ies), the Plan Participant's surviving spouse shall be the Beneficiary. If there is no surviving spouse, the Plan Participant's estate shall be the Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **DEFERRED PAYMENT ACCOUNT** 

6.1. Crediting Amounts. A Plan Participant may select one or more Funds in which his or her deferred compensation is invested for purposes of crediting earnings, by filing the Rate of Return Election Form with the Administrator. Any compensation deferred by a Plan Participant shall be credited to his or her Deferred Payment Account on the books of each Fund served by the Plan Participant in the form of Phantom Shares of the Fund(s) that the Plan Participant has selected.

The number of Phantom Shares credited to a Plan Participant's Deferred Payment Account shall be the number of whole and fractional Phantom Shares determined by dividing the amount of the deferred compensation invested in the particular Fund(s) by the net asset value per Class F-2 share of such Fund(s) as of the Date of Crediting.

6.2. Change of Investment Designation. A Plan Participant may change the designation of the Fund(s) in which his or her future deferred compensation is invested through the participant website or by filing a revised Rate of Return Election Form with, or by telephoning, the Administrator. The Administrator will confirm promptly in writing to the Plan Participant any change of investment designation accomplished by telephone. Any change of investment designation shall be effective only with respect to compensation deferred after receipt of such request. If a request is received after 1:00pm PT, the change in investment designation will be effective the next business day.

6.3. Exchange Requests. By contacting the Administrator or using the participant website, a Plan Participant may request to exchange Phantom Shares of one or more Funds previously credited to a Deferred Payment Account for Phantom Shares of another Fund(s) based on their relative net asset values per Class F-2 share next determined. The Administrator will confirm promptly in writing to the Plan Participant any exchange request made by telephone. An exchange request will be effective after receipt of such request. If a request is received after the close of the New York Stock Exchange, the exchange will be effective on the next business day. An exchange request may relate to one or more Deferred Payment Accounts; however, no more than 12 exchange requests will be processed each calendar year for all amounts credited under this Plan to any one Plan Participant. For purposes of this limitation, all exchange requests received in one day shall be treated as one exchange request.

6.4. Plan Participants Serving on Money Market Fund Boards. Notwithstanding the other provisions of Section 6, a Plan Participant serving on the Board of a Money Market Fund may select only the American Funds U.S. Government Money Market Fund in which his or her compensation is invested for purposes of crediting earnings. In addition, no exchanges will be permitted in a Deferred Payment Account on the books of a Money Market Fund.

6.5. Plan Participant Electing Installment Payout Option under Section 7.4.a. When a Plan Participant elects the limited installment payout option described in Section 7.4.a, all post-2004 deferrals will be exchanged into the appropriate American Funds Target Date Retirement Fund based upon the age of the surviving spouse Beneficiary at the time of the Participant's death unless alternative instructions are provided in accordance with Section 6.5.a. Such exchange will occur as soon as administratively practicable, but in no event later than thirty (30) days from the date that the Plan Administrator is notified of the Plan Participant's death. Once this exchange occurs, no further exchanges will be permitted for post-2004 deferrals.

6.5.a. Alternative Instructions under Section 6.5. A Plan Participant electing the limited installment payout option described in Section 7.4.a. may instruct the Administrator to exchange all post-2004 deferrals into one or more Funds, rather than the appropriate American Funds Target Date Retirement Fund as provided for in Section 6.5. A Plan Participant may change instructions provided under this Section 6.5.a. no more than 12 times each calendar year. To be effective, such instructions must be received by the Administrator prior to the Plan Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **TIMING AND MANNER OF PAYMENTS** 

7.1. Timing of Payments. Amounts credited to a Deferred Payment Account under the Plan to a Plan Participant shall be paid to the Plan Participant in accordance with the terms of the Plan only upon the occurrence of a Permissible Payment Event.

7.2. Manner of Payment – Lump Sum. Upon the occurrence of a Permissible Payment Event, the amount of payment to a Participant shall be determined by multiplying the number of Phantom Shares of a Fund(s) that have been allocated to the Plan Participant's Deferred Payment Account subject to the Permissible Payment Event, by the net asset value per Class F-2 share of such Fund(s) as of the date of the Permissible Payment Event.

The payment shall be made to the Plan Participant as soon as administratively practicable, but in no event later than thirty (30) days from the date of the Permissible Payment Event.

7.3. Alternative Payment Methods. A Plan Participant entitled to payment for reasons *other than* death, Disability or Unforeseeable Emergency, may elect, instead of a lump-sum payment, to receive annual or quarterly installment payments as specified by the Plan Participant on the Deferral Election Form.

The Plan Participant may elect either the Variable Dollar Installment Method or the Fixed Dollar Installment Method for a period not to exceed thirty (30) years. Once installment payments begin under either method, they cannot be stopped, except in case of death, Disability or Unforeseeable Emergency. Under either method, the first payment to a Plan Participant shall be calculated as of last day of the calendar quarter that contains the Permissible Payment Event. This first payment shall be made to the Plan Participant as soon as administratively practicable thereafter, but in no event later than thirty (30) days after the end of the calendar quarter that contains the Permissible Payment Event. Subsequent payments shall be made within thirty (30) days of the close of future calendar quarters or years, consistent with the Plan Participant's election of either quarterly or annual installments. As of December 31, 2006, Plan Participants receiving payments under either one of the alternative payment methods will continue to receive payments under the payment schedule existing on that date.

In no event shall a payment under the Fixed Dollar Installment Method relating to a Deferred Payment Account exceed the value of the Deferred Payment Account as of the last day of the calendar quarter immediately preceding the date of payment. If any balance credited to a Plan Participant's Deferred Payment Account remains positive on the date 30 years from the date of the initial payment to the Plan Participant, then such remaining balance shall be paid to the Plan Participant as soon as practicable thereafter in a single lump sum payment.

The right to a series of installment payments with respect to post-2004 deferrals under the Plan shall be treated as a right to a series of separate payments.

7.4. Death of Plan Participant. If the Plan Participant dies at any time before all amounts in his or her Deferred Payment Accounts have been paid, such remaining amounts shall be paid in a lump-sum to the Plan Participant's Beneficiary(ies).

7.4.a. Optional Payment Method upon Death for Post-2004 Deferrals. With respect to post-2004 deferrals under the Plan, a Plan Participant may elect for his or her spouse Beneficiary to receive any remaining installment payments due the Plan Participant at his or her death if all four of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The spouse was married to the Plan Participant at the
 time of the Plan Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The spouse was designated as the sole Beneficiary under
 the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) At the time of the Plan Participant's death, the
 timing and manner of distribution election in effect for such Plan Participant was one of the alternative payment methods described
 in Section 7.3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Plan Participant had begun receiving installment
 payments described under Section 7.3 of the Plan at the time of his or her death.

An election under this Section 7.4.a must be made at least 12 months before the first scheduled payment under the Plan Participant's current timing and manner of payment designation.

All installment payments made to a spouse Beneficiary under this section will be made under the same timing and manner of payment election made by the Plan Participant and in effect at the time of the Plan Participant's death. No changes to the timing or manner of payment will be permitted.

If the spouse Beneficiary dies while there are still post-2004 account balances in the Plan, all remaining post-2004 account balances will be paid to the estate of the spouse Beneficiary as soon as administratively practicable, but in no event later than thirty (30) days from the date of the spouse Beneficiary's death.

7.5. Disability of Plan Participant. In the event the Plan Participant shall become Disabled before all amounts credited to the Plan Participant's Deferred Payment Accounts have been paid to him or her, such remaining amounts shall be paid in a lump sum to the Plan Participant.

7.6. Unforeseeable Emergency. If the Committee determines that the Plan Participant has an Unforeseeable Emergency, the Committee may make a lump sum payment to the Plan Participant from his or her Deferred Payment Account(s) in an amount not to exceed the amount necessary to satisfy the emergency need plus any taxes that may be owed on the payment. In the event the payment is less than the value of all of the Plan Participant's Deferred Payment Accounts, the Deferred Payment Accounts shall be reduced proportionately so that, with respect to each such Fund, the ratio of the value of all Phantom Shares of the Fund to the value of the Deferred Payment Account shall remain the same before and after payment.

7.7. Modification or Revocation for Post-2004 Deferrals. A Plan Participant's designation as to timing and manner of payments of post-2004 deferrals under the Plan may be modified or revoked by filing a written election with the Administrator. Such designation will not be effective for at least 12 months. To be valid the new designation must (i) be made at least 12 months before the first scheduled payment under the current designation and (ii) delay the first payment by at least 5 years from the date the first payment would otherwise have been made under the current designation. No other modification of the designation as to the timing or manner of payment will be valid.

7.7.a. Special Transition Rule. Under U.S. Treasury transition relief that extends through December 31, 2008 (or such later date as may be included in further Treasury guidance) a Plan Participant may change the timing or manner of payment of post-2004 deferrals without regard to the limitations described in paragraph 7.7. A Plan Participant may not, however, change the timing of payment with respect to deferrals that would have been paid in the year that he or she uses the transition relief. Furthermore, a Plan Participant may not accelerate post-2004 deferrals into the year that he or she takes advantage of the transition relief.

7.8. Modification or Revocation for Pre-2005 Deferrals. A Plan Participant's designation as to timing and manner of payments of pre-2005 deferrals under the Plan may be modified or revoked by filing a written election with the Administrator. However, any subsequent designation that would result in a change in the timing of a payment under the Plan or a change in the manner of payments under the Plan shall not be effective unless such subsequent designation is made not less than 12 months prior to the date of the first scheduled payment under the

Plan. With respect to such pre-2005 deferrals, the Committee may, in its sole discretion, accelerate the payment of any pre-2005 deferral.

**8. MISCELLANEOUS**

8.1. Purchase of Underlying Shares. To the extent a Plan Participant's Deferred Payment Account has been credited with Phantom Shares of a Fund other than the Fund responsible for payment of the compensation being deferred, a Fund may, but shall not be obligated to, purchase and maintain Class F-2 shares of such other Fund in amounts equal in value to such Phantom Shares.

8.2. Unsecured Promise to Pay. Amounts credited to a Plan Participant's Deferred Payment Account under this Plan shall not be evidenced by any note or other security, funded or secured in any way. No assets of a Fund (including, without limitation, shares of other Funds) shall be segregated for the account of any Plan Participant (or Beneficiary), and Plan Participants (and Beneficiaries) shall be general unsecured creditors for payments due under the Plan.

8.3. Withholding Taxes. The Administrator shall deduct, any federal, state or local taxes and other charges required by law to be withheld.

8.4. Statements. The Administrator, on behalf of each Fund, shall furnish to each Plan Participant a statement showing the balance credited to his or her Deferred Payment Account at least annually.

8.5. Assignment. No amount in a Plan Participant's Deferred Payment Account may be assigned or transferred by the Plan Participant except by will or the law of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. Governing Law; Severability. The Plan shall be construed,
 governed and administered in accordance with the laws and regulations of the United States Treasury Department and the State of California.
 The Plan is subject to applicable law and regulation and, in the event of changes in such law or regulation, shall be construed and
 applied in a manner in which the intent of its terms and provisions are best preserved. In the event that one or more provisions
 of the Plan are held invalid, illegal or unenforceable in any respect on the basis of any particular circumstances or in any jurisdiction,
 the validity, legality and enforceability of such provision or provisions under other circumstances or in other jurisdictions and
 of the remaining provisions shall not in any way be affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. Washington Management Corporation. Washington Management
 Corporation ("WMC") provided services to the Washington Mutual Investors Fund, The Tax Exempt Fund of Maryland, and The
 Tax Exempt Fund of Virginia (collectively, the "WMC Funds"). WMC became a wholly-owned subsidiary of CRMC, effective
 as of December 21, 2012, and ceased to provide services to the WMC Funds after September 1, 2014.

The WMC Funds maintained the Deferred Compensation Plan for Independent Board Members of the WMC Funds (the "WMC Plan"). Effective as of March 21, 2013, each WMC Fund, by the affirmative vote of at least a majority of its Board (including a majority of its Board members who are not interested persons of the mutual fund), merged the WMC Plan into, and adopted, the Plan.

The terms of the Plan shall govern amounts deferred under the WMC Plan, provided that, in the case of a former participant in the WMC Plan, a reference to the terms of the Plan in effect on January 1, 2004 shall be deemed a reference to the terms of the WMC Plan in effect on January 1, 2004. The timing and form of payments of amounts deferred under the WMC Plan as well as elections to defer made under the terms of the WMC Plan shall not be affected by the merger. The terms of this Plan and the merger of the WMC Plan into the Plan are intended to comply with section 409A of the Code.

**Deferral Election Form**

**I am a participant in the Deferred Compensation Plan and I wish my compensation from Board service to all funds deferred as follows:**

**I elect to defer the following portion of my compensation from the Participating Funds and designated above:**

Compensation as an Independent Board Member: ___________%

or

Compensation as an Independent Board Member excluding money market funds (MMF and CCF): ___________%

I understand that, to be effective, this election must be filed with the Administrator of the Plan prior to the first day of the first calendar year to which it applies, except as provided in Section 4.2.a. of the Plan. Once effective, this election will continue until revoked or modified in accordance with the terms of the Plan.

**I hereby specify that I shall be entitled to payment of my deferred compensation upon the occurrence of either Permissible Payment Event indicated below (check one), or any other Permissible Payment Event:**

[ ] The date on which I am no longer an Independent Board Member of any fund managed by CRMC

[ ] The following date which is objectively determinable at the time my compensation is deferred and is at least twenty-four months past the date of the first deferral election made by me (cannot be an "event"): ___________________________

**I hereby specify that payments from my Deferred Payment Account(s) for the fund(s) listed above be made beginning within thirty (30) days of the close of the calendar quarter containing the Permissible Payment Event (outlined above):**

[ ] In a single lump sum payment

OR

[ ] In annual

[ ] In quarterly variable dollar installment payments over a period of:

___ 5 years ___ 10 years ___ 15 years ___ ______ years (not to exceed 30)

OR

[ ] In annual

[ ] In quarterly fixed dollar payments of $__________ each; however, in no event shall any installment payment exceed the balance credited to my Deferred Payment Account on the date immediately preceding the date of payment.

AND (for multiple payments)

Applicable to Post-2004 deferrals only; continue any remaining installment payments due at my death to my surviving spouse beneficiary per the conditions stated in section 7.4.a of the Plan. Absent this election, post-2004 deferrals will be paid in a lump sum at death.

Name (please print): ____________________________

Date: ____________________________

Signature: ____________________________

SSN or ITIN: ____________________________

**Beneficiary Election Form**

**I hereby designate the following beneficiary(ies) to receive any death benefit payable on account of my participation in the Deferred Compensation Plan.**

**Primary Beneficiary(ies)**

Name: ____________________________

% Share: ____________________________

Address: ____________________________

Relationship: ____________________________

Date of Birth: ____________________________

Social Security #: ____________________________

Trust Name and Date (if beneficiary is a trust): ____________________________

Trustee of Trust: ____________________________

Name: ____________________________

% Share: ____________________________

Address: ____________________________

Relationship: ____________________________

Date of Birth: ____________________________

Social Security #: ____________________________

Trust Name and Date (if beneficiary is a trust): ____________________________

Trustee of Trust: ____________________________

**Contingent Beneficiary(ies)**

Name: ____________________________

% Share: ____________________________

Address: ____________________________

Relationship: ____________________________

Date of Birth: ____________________________

Social Security #: ____________________________

Trust Name and Date (if beneficiary is a trust): ____________________________

Trustee of Trust: ____________________________

Name: ____________________________

% Share: ____________________________

Address: ____________________________

Relationship: ____________________________

Date of Birth: ____________________________

Social Security #: ____________________________

Trust Name and Date (if beneficiary is a trust): ____________________________

Trustee of Trust: ____________________________

I understand that payment will be made to my Contingent Beneficiary(ies) only if there is no surviving Primary Beneficiary(ies).

Participant's Name (please print): ____________________________

Date: ____________________________

Participant's Signature: ____________________________

Date: ____________________________

**Rate of Return Election Form**

**I am a participant in the Deferred Compensation Plan and I wish my compensation from Board service to all funds invested as follows:**

**With respect to future earnings, I hereby elect to have amounts credited to my Deferred Payment Account(s) for the fund(s) listed below invested in Class F-2 shares of the specified funds:**

**\*I understand that if I serve on the Board of a money market fund, I may only have amounts credited to my Deferred Payment Account for that money market fund with respect to future earnings invested in the applicable Class F-2 shares of MMF.**

---

| |
|:---|
| **FUNDS** |
| AMCAP Fund (AMCAP)% |
| American Balanced Fund (AMBAL)% |
| American Funds Core Plus Bond Fund (AFCP)% |
| American Funds Corporate Bond Fund (CBF)% |
| American Funds Developing World Growth and Income Fund (DWGI)% |
| American Funds Emerging Markets Bond Fund (EMBF)% |
| American Funds Fundamental Investors (FI)% |
| American Funds Global Balanced Fund (GBAL)% |
| American Funds Global Insight Fund (GIF)% |
| American Funds Inflation Linked Bond Fund (ILBF)% |
| American Funds International Vantage Fund (IVE)% |
| American Funds U.S. Government Money Market Fund\* (MMF)% |
| American Funds Mortgage Fund (AFMF)% |
| American Funds Multi-Sector Income Fund (MSI)% |
| American Funds Short-Term Tax-Exempt Bond Fund (STEX)% |
| American Funds Strategic Bond Fund (SBF)% |
| American Funds Tax-Exempt Fund of New York (TEFNY)% |
| American High-Income Municipal Bond Fund (AHIM)% |
| American High-Income Trust (AHIT)% |
| American Mutual Fund (AMF)% |
| The Bond Fund of America (BFA)% |
| Capital Income Builder (CIB)% |
| Capital World Bond Fund (WBF)% |
| Capital World Growth and Income Fund (WGI)% |
| EUPAC Fund (EUPAC)% |
| The Growth Fund of America (GFA)% |
| The Income Fund of America (IFA)% |
| Intermediate Bond Fund of America (IBFA)% |
| International Growth and Income Fund (IGI)% |
| The Investment Company of America (ICA)% |
| Limited Term Tax-Exempt Bond Fund of America (LTEX)% |
| The New Economy Fund (NEF)% |
| New Perspective Fund (NPF)% |
| New World Fund, Inc. (NWF)% |
| Short-Term Bond Fund of America (STBF)% |
| SMALLCAP World Fund, Inc. (SCWF)% |

---

---

| |
|:---|
| The Tax-Exempt Bond Fund of America (TEBF)**%** |
| The Tax-Exempt Fund of California (TEFCA)% |
| U.S. Government Securities Fund (GVT)% |
| Washington Mutual Investors Fund (WMIF)% |
| American Funds 2070 Target Date Retirement Fund (AFTD70)% |
| American Funds 2065 Target Date Retirement Fund (AFTD65)% |
| American Funds 2060 Target Date Retirement Fund (AFTD60)% |
| American Funds 2055 Target Date Retirement Fund (AFTD55)% |
| American Funds 2050 Target Date Retirement Fund (AFTD50)% |
| American Funds 2045 Target Date Retirement Fund (AFTD45)% |
| American Funds 2040 Target Date Retirement Fund (AFTD40)% |
| American Funds 2035 Target Date Retirement Fund (AFTD35)% |
| American Funds 2030 Target Date Retirement Fund (AFTD30)% |
| American Funds 2025 Target Date Retirement Income Fund (AFTD25)% |
| American Funds 2020 Target Date Retirement Income Fund (AFTD20)% |
| American Funds 2015 Target Date Retirement Income Fund (AFTD15)% |
| American Funds 2010 Target Date Retirement Income Fund (AFTD10)% |
| American Funds Global Growth Portfolio (PSGG)% |
| American Funds Growth Portfolio (PSG)% |
| American Funds Growth and Income Portfolio (PSGI)% |
| American Funds Moderate Growth and Income Portfolio (PSMGI)% |
| American Funds Conservative Growth and Income Portfolio (PSCGI)% |
| American Funds Tax-Aware Conservative Growth and Income Portfolio (PSTACGI)% |
| American Funds Preservation Portfolio (PSP)% |
| American Funds Tax-Exempt Preservation Portfolio (PSTEP)% |
| American Funds Retirement Income Portfolio Series – Conservative (RIC)% |
| American Funds Retirement Income Portfolio Series – Moderate (RIM)% |
| American Funds Retirement Income Portfolio Series – Enhanced (RIE)% |
| Capital Group KKR Core Plus+ (CPP)% |
| Capital Group KKR Multi-Sector+ (MSP)% |

---

I have read and understand this Rate of Return Election Form. I understand that earnings credited to my Deferred Payment Account(s) under the Plan in accordance with this Form shall be credited in the form of Phantom Shares rather than actual shares. I further state that I have reviewed the prospectus for each designated mutual fund.

&nbsp;&nbsp;&nbsp;&nbsp;· Name (please print): ____________________________

&nbsp;&nbsp;&nbsp;&nbsp;· Date: ____________________________

&nbsp;&nbsp;&nbsp;&nbsp;· Signature: ____________________________

&nbsp;&nbsp;&nbsp;&nbsp;· Date: ____________________________

## Ex-99.(N)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use in this Post-Effective Amendment to Registration Statement No. 333-282864 on Form N-2 of our report dated February 27, 2026, relating to the financial statements and financial highlights of Capital Group KKR Core Plus+ appearing in the Statement of Additional Information, which is part of such Registration Statement, and to the references to us under the headings "Financial highlights" and "Independent registered public accounting firm" in the Prospectus and "Independent registered public accounting firm" and "Prospectuses, reports to shareholders and proxy statements" in the Statement of Additional Information, which are part of such Registration Statement.

/s/ Deloitte & Touche LLP

Costa Mesa, California

March 9, 2026

## Ex-99.(R)(1)

[logo - The Capital Group]

**Code of Ethics**

**May 2025**

Capital Group associates are responsible for maintaining the highest ethical standards. The Code of Ethics is intended to help associates observe exemplary standards of integrity, honesty and trust. It sets out standards for our personal conduct, including personal investing, gifts and entertainment, outside business interests and affiliations, political contributions, insider trading, and client confidentiality.

Our fund shareholders and clients have placed their trust in Capital to manage their assets. As investment advisers, we act as fiduciaries to our clients. This means we owe them both a duty of care and a duty of loyalty.

Capital has earned a reputation over many years for acting with the highest integrity and ethics. Reputations are fragile, however, and Capital's reputation can be harmed if any of us fails to act ethically and in the best interests of our clients. We each must hold ourselves to the highest standards of behavior, regardless of business custom, and strive to avoid even the appearance of impropriety. We all share this responsibility — if you have any doubt whether an action or circumstance is consistent with our standards, raise it.

Associates should be aware that their actions outside of the workplace can reflect on the ethics of our organization and potentially harm our reputation. For this reason, associates should exercise caution and good judgment in order to avoid having their actions outside of the workplace impact Capital, our workplace or our associates.

No set of rules can anticipate every possible situation, so it is essential that associates adhere to the spirit as well as the letter of the Code of Ethics. Any activity that compromises the trust our clients have placed in us, even if it does not expressly violate a rule, has the potential to harm our reputation. Associates are reminded of one of Capital's core principles: that we must do the right thing as a matter of principle, not just in observance of policy.

In addition to the specific policies described below, associates have the following fundamental obligations under the Code of Ethics:

- Associates must avoid those situations that might place, or appear to place, their personal interests in conflict with the interests of Capital, our clients or fund shareholders.

- Associates must not take advantage of their role with Capital to benefit themselves or another party.

- Associates must comply with the laws, rules and regulations that apply to us in the conduct of our business.

- Associates must promptly report violations of the Code of Ethics.

It is important that all associates comply with the Code of Ethics, including its related guidelines and policies. **Failure to do so could result in disciplinary action, including termination.**

Questions regarding the Code of Ethics may be directed to the Code of Ethics Team.

**Working ethically**

In order to maintain the highest ethical standards, Capital strives to recruit, hire and retain exceptional and diverse talent. We can only do so by offering a work environment where associates have a voice, feel respected and can thrive, grow, and bring their most authentic selves to the workplace. In order to help foster such an environment, we have established certain employment policies designed in part to ensure associates interact in a professional, productive and inclusive manner. All associates are expected to be familiar and comply with these and the other policies included in our Associate Handbooks. Because we hold ourselves to the highest ethical standards, our policies often exceed what may be required by law or observed at other companies.

The following sections summarize some of your obligations under the Associate Handbook. Due to their importance to our workplace, violation of the policies in our Associate Handbooks could result in disciplinary action, up to and including termination of employment.

Providing equal employment opportunities and preventing discrimination and harassment

All associates at Capital are responsible for maintaining a professional, inclusive work environment. As an equal opportunity employer, we do not tolerate discrimination. Our policies prohibit unlawful discrimination on the basis of race, religion, color, national origin, ancestry, sex (including gender, gender expression and gender identity), pregnancy, childbirth and related medical conditions, age, physical or mental disability, medical condition, genetic information, marital status, sexual orientation, citizenship status, AIDS/HIV status, political activities or affiliations, military or veteran status, status as a victim of domestic violence, assault or stalking or any other characteristic protected by federal, state or local law.

Harassment is a form of discrimination and violates our commitment to equal employment opportunities. Harassment in violation of our policies occurs when unwelcome comments or conduct based on a protected status unreasonably interfere with an associate's work performance or create an intimidating, hostile or offensive work environment.

We are committed to promptly investigating and taking action to eliminate any discrimination and harassment that occurs in the workplace. When requested by our Human Resources or Legal Department, all associates are expected to cooperate fully in any investigation into a violation of our policies against discrimination and harassment. Our commitment is to address such claims promptly and to take corrective action as appropriate.

Associates are encouraged to report harassment to Human Resources, any manager in the organization or through our Open Line (contact information for Open Line is outlined below in **Reporting requirements**).

Close personal relationships in the office

When associates have a close personal, intimate or familial relationship in the workplace, it can create an actual or potential conflict of interest. It can also negatively impact the work environment. For this reason, Capital requires that all associates report any personal intimate or familial relationship with another associate or a business partner employee to Human Resources. Under this policy, certain relationships are prohibited, such as intimate relationships between managers and associates in their reporting lines.

Interacting with the public

Regardless of whether you are speaking on behalf of Capital or simply using social media for personal use, we expect all associates to maintain both client and firm confidentiality, and to protect the firm's reputation. The lines between public and private, personal and professional, can become blurred, particularly within the realm of social media. By identifying yourself as a Capital associate within a social network, you are connected, either directly or indirectly, to colleagues, managers, clients and investors. Information originally intended for friends and family can be forwarded and, ultimately, lead to unintended consequences. For this reason, associates should exercise extra caution and good judgment and avoid mixing personal and business social networks and ensure that they abide by all local laws and regulations and applicable Capital policies, such as the policy against harassment.

Protecting sensitive information

Capital Group regularly creates, collects, and maintains valuable proprietary information, which is essential to our business operations and the performance of services for our clients. This information derives its value, in part, from not being generally known outside of Capital (hereinafter "Confidential Information"). It includes confidential electronic information in any medium, hard-copy information, and information shared orally or visually (such as by telephone or video conference). The confidentiality, integrity and limited availability of such information is regarded as fundamental to the successful business operations of Capital Group. The purpose of the Confidential Information Policy is to protect our information from disclosure – intentional or inadvertent – and to ensure that associates understand their obligation to protect and maintain its confidentiality.

**Code of Ethics guidelines**

No special treatment from broker-dealers

Associates may not accept negotiated commission rates or any other terms they believe may be more favorable than the broker-dealer grants to accounts with similar characteristics. U.S. broker-dealers are subject to certain rules designed to prevent favoritism toward such accounts. Favors or preferential treatment from broker-dealers may not be accepted. This rule applies to the associate's spouse/spouse equivalent and any immediate family member residing in the same household.

No excessive trading of Capital-affiliated funds

Associates should not engage in excessive trading of the American Funds or other Capital-managed investment vehicles worldwide in order to take advantage of short-term market movements. Excessive activity, such as a frequent pattern of exchanges, could involve actual or potential harm to shareholders or clients. This rule applies to the associate's spouse/spouse equivalent and any immediate family member residing in the same household.

Ban on Initial Public Offerings (IPOs) and Initial Coin Offerings (ICOs)

All associates and immediate family members residing in the same household may not participate in IPOs or ICOs.

Exceptions for participation in IPOs are rarely granted; however, they will be considered on a case-by-case basis (for example, where a family member is employed by the IPO company and IPO shares are considered part of that family member's compensation).

Avoiding conflicts

Associates must avoid conflicts of interest that can occur when their business, financial or other interests interfere, or reasonably appear to interfere, with their duty to serve the interests of Capital and our clients. Conflicts of interest include any situation where financial or other personal factors compromise objectivity or professional judgment. Even the appearance of conflict could negatively impact Capital and harm our reputation.

Portfolio managers and investment analysts should be aware of the potential conflicts that can arise when they invest on behalf of fund shareholders and clients. The investments we make for our clients must be based on their best interests, and should not be, or appear to be, based on the self-interest of our associates. Accordingly, members of the investment group must disclose to the Code of Ethics Team if they or any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship, has a material business, financial or personal relationship with a company that they hold or are eligible

to purchase professionally. Examples of a material relationship include: (1) a family member serving as a senior officer or executive of a portfolio company, (2) significant beneficial ownership of a portfolio company by the associate or their family members, and (3) involvement by the associate or a family member in a significant transaction or business opportunity with a portfolio company.

In addition, associates should avoid conflicts related to Capital's business, and therefore must not:

- Engage in a business that competes, directly or indirectly, with the interests of Capital, or is related to their role or responsibilities at Capital;

- Act for Capital in any transaction or business relationship that involves the associate, members of their family or other people or organizations with whom the associate or their family member(s) have a significant personal connection or financial interest;

- Negotiate with Capital on behalf of any such people or organizations; or

- Use or attempt to use their position at Capital to obtain any improper personal benefit for themselves, family member(s) or any other party.

No policy can anticipate every possible conflict of interest and all associates must be vigilant in guarding against anything that could color our judgment. Any associate who is aware of a transaction or relationship that could reasonably be expected to give rise to a conflict of interest or perceived conflict of interest must disclose the matter promptly to a member of the Code of Ethics Team. If there is any doubt or if something does not feel consistent with our standards, raise the issue.

Any changes in a previously disclosed potential conflict, outside business interest or affiliation that could be relevant to an evaluation of a potential conflict must also be promptly disclosed. Examples of changes to disclose include: (1) a change in research coverage of an investment analyst to include a company with a family member serving as a senior executive (even if the senior executive relationship had previously been disclosed); (2) a change in an associate's role to trader if the associate had previously disclosed a sibling who works as a sell-side trader; and (3) a change in the line of business or activities of an outside business interest of an associate.

Outside business interests/affiliations

Associates should avoid outside business interests or affiliations that may give rise to conflicts of interest or that may create divided loyalties, divert substantial amounts of their time, or compromise their independent judgment.

Associates must obtain approval from the Code of Ethics Team to serve on the board of directors or as an advisory board member of any public or private company. This rule does not apply to: (1) boards of Capital companies or funds; (2) board service that is a direct result of the associate's responsibilities at Capital, such as for portfolio companies of private equity funds managed by Capital; or (3) boards of non-profit and charitable organizations. Associates must disclose to the Code of Ethics Team if they serve on the board of a non-profit or charitable

organization that has issued or has future plans to issue publicly held securities, including debt obligations.

Submit pre-approval to serve on the board of directors or as an advisory board member directly in the compliance reporting application.

In addition, associates must disclose to the Code of Ethics Team if they or any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship:

- serves as a board director or as an advisory board member of,

- holds a senior officer position, such as CEO, CFO or Treasurer with, or

owns 5% or more, individually or together with other such family members, of

any public company or any private company that may be reasonably expected to go public.

In addition to the disclosure obligations set forth above, associates should be mindful of and must disclose to the Code of Ethics Team any other outside business interest or activity that may present a conflict of interest or the appearance of a conflict of interest or that may compromise their independent judgment. For example, associates must disclose if they have a significant interest in a private company that does business with or competes with Capital, even if that company is not reasonably expected to go public.

Family members employed by a financial institution

Associates who are "Covered Associates" (as defined below) must disclose if any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship, is employed by a broker-dealer, investment adviser or other firm that provides investment research or trade execution services to Capital.

Requests for approval or questions may be directed to the Code of Ethics Team.

Other guidelines

Statements and disclosures about Capital, including those made to fund shareholders and clients and in regulatory filings, should be accurate and not misleading.

**Reporting requirements**

Annual certification of the Code of Ethics

All associates are required to certify at least annually that they have read and understand the Code of Ethics. Questions or issues relating to the Code of Ethics should be directed to the associate's manager or the Code of Ethics Team.

Reporting violations

All associates are responsible for complying with the Code of Ethics. As part of that responsibility, associates are obligated to report violations of the Code of Ethics promptly, including: (1) fraud or illegal acts involving any aspect of Capital's business; (2) noncompliance with applicable laws, rules and regulations; (3) intentional or material misstatements in regulatory filings, internal books and records, or client records and reports; or (4) activity that is harmful to fund shareholders or clients. Deviations from controls or procedures that safeguard Capital, including the assets of shareholders and clients, should also be reported. Reported violations of the Code of Ethics will be investigated and appropriate action will be taken, which may include reporting the matter to the firm's regulator if determined to be appropriate by legal counsel. Once a violation has been reported, all associates are required to cooperate with Capital in the internal investigation of any matter by providing honest, truthful and complete information.

Associates may report confidentially to a manager/department head or to the Open Line Committee.

Associates may also contact the Chief Compliance Officers of CB&T, CGPCS, CIInc, CRC, CIAM, CRMC, or legal counsel employed with Capital.

**Capital strictly prohibits retaliation against any associate who in good faith makes a complaint, raises a concern, provides information or otherwise assists in an investigation regarding any conduct that he or she reasonably believes to be in violation of the Code of Ethics. This policy is designed to ensure that associates comply with their obligations to report violations without fear of retaliation.**

**Policies**

Capital's policies regarding gifts and entertainment, political contributions, insider trading and personal investing are summarized below.

Gifts and Entertainment Policy

The Gifts and Entertainment Policy is intended to ensure that gifts and entertainment involving associates do not raise questions of propriety regarding Capital's current or prospective business relationships, or Capital's interactions with government officials. If a gift or entertainment is excessive, repetitive or extravagant, it can raise the appearance of favoritism or the potential for a conflict of interest. By understanding and following the Gifts and Entertainment Policy requirements, associates help Capital safeguard the company and ensure compliance with regulatory rules.

- Associates are prohibited from receiving or extending cash gifts, including cash equivalents, such as credit gift cards or cryptocurrencies. Any gifts from or to a Business Partner, a Business Partner Employee or Contingent Worker who is currently on

assignment at Capital is also prohibited. Associates may also not accept from or give to any one individual or entity a gift or group of gifts exceeding in aggregate US$100 in a 12-month calendar year period if such a person or entity conducts, or may conduct, business with Capital. Trading department associates are subject to different limits and reporting requirements and are generally not permitted to receive gifts. Trading associates may be asked to return gifts received.

Associates must receive approval from their manager and the Code of Ethics Team before accepting or extending entertainment with a market value greater than US$500. This value is cumulative for associates and their invited guests. All ticketed events should be approved by the associate's manager. Trading department associates are prohibited from accepting entertainment, regardless of value, unless the associate or Capital pays.

Submit pre-approval for an entertainment request directly in the compliance reporting application.

Gifts or entertainment extended by a Capital associate and approved by the associate's manager for reimbursement by Capital do not need to be reported (or pre-approved). Trading department associates should report gifts and entertainment extended regardless of reimbursement. Dollar amounts refer to U.S. dollars.

Please note CCG/PCS associates are subject to separate policies regarding extending or receiving gifts and entertainment and are also required under the Gifts and Entertainment Policy to report all gifts and entertainment, regardless of value.

Capital Group is registered as a federal lobbyist and special rules apply to gifts and entertainment involving government officials and employees as a result. Associates must receive approval from Capital's Code of Ethics Team prior to either: (1) hosting a federal government official or employee at a Capital facility if anything of value (e.g. food, tangible item) will be presented to that individual; or (2) providing anything of value to a federal government official or employee if Capital will pay or reimburse for the related cost.

Reporting

The limitations relating to gifts and entertainment apply to all associates as described above, and associates will be asked to complete quarterly disclosures. Associates must report any gift exceeding $50 and business entertainment in which an event exceeds $75 (although it is recommended that associates report all gifts and entertainment). Trading department associates should notify the Code of Ethics Team *when gifts are received* and report such gifts quarterly, whether the gift is received by an individual associate or by a department. In addition, trading associates should report all gifts and entertainment regardless of reimbursement.

Charitable contributions

Associates must not allow Capital's present or anticipated business to be a factor in soliciting political or charitable contributions from outside parties. In addition, it is generally not appropriate to solicit these outside parties or Capital associates for donations to a family-run non-profit organization, family foundation, donor-advised fund or other charitable organization in which an associate or their family members are significantly involved. Board membership alone would not be considered significant involvement.

Entertainment, Gifts and Personal Investing Committee (Committee)

The Committee oversees administration of the Gifts and Entertainment Policy. Questions regarding the Gifts and Entertainment Policy may be directed to the Code of Ethics Team.

Political Contributions Policy

Associates must be cautious when engaging in personal political activities, particularly when supporting officials, candidates, or organizations that may be in a position to influence decisions to award business to investment management firms. Associates should not make political contributions to officials or candidates (in any country) for the purpose of influencing the hiring of a Capital Group company as an advisor to a governmental entity. Associates are encouraged to contact the Code of Ethics Team with any questions about the Political Contributions Policy.

Associates may not use Capital offices or equipment to engage in political fundraising or solicitation activity, for example, hosting a fundraising event at the office or using Capital phones or email systems to help solicit donations for an elected official, a candidate, Political Action Committee (PAC) or political party. Associates may volunteer their time on behalf of a candidate or political organization but should limit volunteer activities to non-work hours.

For contributions or activities supporting candidates or political organizations *within the U.S.*, we have adopted the guidelines set forth below, which apply to associates classified as "Restricted Associates."<br>

Guidelines for political contributions and activities within the U.S.

<br> U.S. Securities and Exchange Commission (SEC) regulations limit political contributions to certain Covered Government Officials by certain employees of investment advisory firms and certain affiliated companies. "Covered Government Official," for purposes of the Political Contributions Policy, is defined as: (1) a state or local official; (2) a candidate for state or local office; or (3) a federal candidate currently holding state or local office.

Many U.S. cities and states have also adopted regulations restricting political contributions by associates of investment management firms seeking to provide services to a governmental entity. Some associates are also subject to these regulations.

Restricted Associates

Certain associates are deemed "Restricted Associates" under the Political Contributions Policy. Restricted Associates include (1) "covered associates" as defined in the SEC's rule relating to political contributions by investment advisers (Rule 206(4)-5 under the Investment Advisors Act of 1940); and (2) other associates who do not meet that definition but whom Capital has determined should be subject to the restrictions on political contributions contained in the Political Contributions Policy based on their roles and responsibilities at Capital. Contributions by Restricted Associates and their spouse/spouse equivalent are subject to specific limitations, pre-approval, and reporting requirements as described below.

Pre-approval of political contributions

Contributions by Restricted Associates to any of the following must be pre-approved:

- State or local officials, or candidates for state or local office

- Federal candidate campaigns and affiliated committees, including federal incumbents and presidential candidates

- Political organizations such as Political Action Committees (PACs), Super PACs and 527 organizations and ballot measure committees

- Non-profit organizations that may engage in political activities, such as 501(c)(4) and 501(c)(6) organizations

Restricted Associates must also obtain pre-approval for U.S. political contributions by their spouse/spouse equivalent to any of the foregoing, as well as contributions to any state, local or federal political party or political party committee, **<u>if</u>** the aggregate contributions by the Restricted Associate and spouse/spouse equivalent to any one candidate or political entity equals or exceeds $100,000 in a calendar year.

Certain documentation is required for contributions to Covered Governmental Officials, PACs or Super PACs, and may be required for contributions to other entities that engage in political activity. See "Required documentation" below for further details. Submit pre-approval requests directly in the compliance reporting application.

Contributions include:

- Monetary contributions, gifts or loans

- "In kind" contributions (for example, donations of goods or services or underwriting or hosting fundraisers)

- Contributions to help pay a debt incurred in connection with an election (including transition or inaugural expenses, and purchasing tickets to inaugural events)

- Contributions to joint fund-raising committees

- Contributions made by a Political Action Committee (PAC) controlled by a Restricted Associate<sup>[1]</sup>

<sup>[1]</sup> "Control" for this purpose includes service as an officer or member of the board (or other governing body) of a PAC.

Required documentation

Restricted Associates must obtain additional documentation from an independent legal authority before they will be approved to contribute to Covered Government Officials. The purpose of the legal documentation is to verify that a specific state or local office does not have the ability to directly or indirectly influence the awarding of business to an investment manager. For contributions to PACs, Super PACs, or other entities that engage in political activities, Restricted Associates may be required to obtain a certification that the entity does not contribute to Covered Government Officials. The Code of Ethics Team will provide language for the documentation when you obtain pre-approval for the contribution.

If a candidate currently holds a state/local office and is running for a different state/local office, legal documentation must be obtained for both the current position and the office for which the candidate is running. Exceptions to the documentation requirements may be granted on a case-by-case basis.

Special political contribution requirements – CollegeAmerica and ABLEAmerica

Certain associates involved with "CollegeAmerica," the American Funds 529 college savings plan and "ABLEAmerica," the American Funds nationwide plan for individuals with disabilities, sponsored by the Commonwealth of Virginia, are subject to additional restrictions which prohibit them from contributing to Virginia political candidates or parties.

Administration of the Political Contributions Policy

The U.S. Public Policy Coordinating Group oversees the administration of the Political Contributions Policy, including considering and granting possible exceptions. Questions regarding the Political Contributions Policy may be directed to the Code of Ethics Team.

Insider Trading Policy

Antifraud provisions of U.S. securities laws as well as the laws of other countries generally prohibit persons in possession of material non-public information from trading on or communicating the information to others. Sanctions for violations can include civil injunctions, permanent bars from the securities industry, civil penalties up to three times the profits made or losses avoided, criminal fines and jail sentences. In addition, trading in fund shares while in possession of material, non-public information that may have an immediate impact on the value of the fund's shares may constitute insider trading.

While investment research analysts are most likely to come in contact with material non-public information, the rules (and sanctions) in this area apply to all Capital associates and extend to activities both within and outside each associate's duties. Associates who believe they have material non-public information should contact any lawyer in the organization.

Personal Investing Policy

*This policy applies only to "Covered Associates." Special rules apply to certain associates in some non-U.S. offices.*

The Personal Investing Policy sets forth specific rules regarding personal investments that apply to "covered" associates. These associates may have access to confidential information that places them in a position of special trust. Under the Code of Ethics, associates are responsible for maintaining the highest ethical standards. Associates are reminded that the requirements of the Code of Ethics apply to personal investing activities, even if the matter is not covered by a specific provision of the Personal Investing Policy.

**Personal investing should be viewed as a privilege, not a right. As such, the Personal Investing Committee may place limitations on the number of preclearance/trade requests and/or transactions associates make.** 

Covered Associates

"Covered Associates" are associates with access to non-public information relating to current or imminent fund/client transactions, investment recommendations or fund portfolio holdings.<br> The Personal Investing Policy applies to the personal investments of Covered Associates, as well as those of any Covered Family Members. Covered Family Members include your spouse or dependent family member, whether they do or do not reside in your household. It also includes any immediate family members or a person with whom you have a committed relationship residing in your household. A family member may be children, siblings, and parents, including adoptive, step and in-law relationships.

Questions regarding coverage status should be directed to the Code of Ethics Team.

Additional rules apply to Investment Access Persons

Under this policy, additional restrictions apply to Investment Access Persons, including:

- Investment Professionals, such as portfolio managers, research analysts, research directors, trading associates, and fundamental research group associates, and

- Other associates in roles that support certain investment group activities or applications, such as private wealth advisors, investment group administrative assistants, global investment control associates, environmental and social governance associates, and investment group technology associates.

These restrictions also apply to any Covered Family Members.

Prohibited transactions

The following transactions are prohibited:

- Initial Public Offering (IPO) investments (this prohibition applies to all Capital associates)

*Note: Exceptions are rarely granted; however, they will be considered on a case-by-case basis (for example, where a family member is employed by the IPO company and IPO shares are considered part of that family member's compensation).*

- Initial Coin Offering (ICO) investments (this prohibition applies to all Capital associates)

- Excessive trading of Capital-affiliated funds

- Spread betting/contracts for difference (CFD) on securities

- Transactions in derivatives on securities and financial contracts, such as options, futures and forwards contracts, with limited exceptions described below

- Short selling of securities – including short selling "against the box," with limited exceptions described below

- Interest rate swaps (IRS), with limited exceptions described below

Exceptions:

- Derivatives, financial contracts, and short selling transactions are permitted only if they are based on non-reportable instruments (such as currencies and commodities) or if they are based on the S&P 500, Russell 2000 or MSCI EAFE indices

- Interest rate swaps are permitted if based on currencies and government bonds of the G7

Reporting requirements

Covered Associates are required to report any securities accounts, holdings and transactions: (1) in which the Covered Associate or any Covered Family Member has a pecuniary interest (in other words, the ability to obtain an economic benefit or otherwise profit from a security) or (2) over which the Covered Associate or any Covered Family Member exercises investment discretion or has direct or indirect influence or control. Quarterly or annual certifications of accounts, holdings and transactions must also be submitted. An electronic reporting platform is available for these disclosures.

Examples of accounts that must be disclosed include: (1) trusts if the Covered Associate or Covered Family Member are the grantor or serve as trustee or custodian or have the ability to appoint or remove the trustee, (2) trusts that you or a Covered Family Member have the power to revoke, (3) trusts for which you or a Covered Family Member are a beneficiary and exercise investment discretion or have direct or indirect influence or control, and (4) accounts of another person or entity if the Covered Associate or Covered Family Member makes or influences

investment decisions, such as by suggesting purchases and sales of securities in the account. The obligation to disclose accounts includes professionally managed accounts. Please see "Professionally managed accounts" in the Personal Investing Policy for more information.

Covered Associates should immediately notify the Code of Ethics Team when opening new securities accounts by logging into the compliance reporting application and entering the account information directly.

All Covered Associates and Covered Family Members must use an approved electronic reporting firm for all U.S.-based brokerage accounts. There are some exceptions to this requirement which include professionally managed accounts, employer-sponsored retirement accounts, and employee stock purchase plans. Contact the Code of Ethics Team with questions.

Account documentation, such as statements, trade confirmations or approved equivalent documentation is required for compliance purposes. This requirement includes employer-sponsored retirement accounts and employee stock purchase plans (ESPP, ESOP, 401(k)). Documentation allowing the acquisition of shares via an employer-sponsored plan may be required.

Pre-approval procedures

**Certain transactions may be exempt from pre-approval; please refer to the Personal Investing Policy for more details.**

Before any purchase or sale of securities subject to pre-approval, including securities that are not publicly traded, Covered Associates must receive approval from the Code of Ethics Team. This requirement applies to any purchase or sale of securities in which the Covered Associate or any Covered Family Member (1) has, or by reason of such transaction may acquire, pecuniary interest (in other words, the ability to obtain an economic benefit or otherwise profit from a security), or (2) exercises investment discretion or direct or indirect influence or control. Transactions in an approved professionally managed account are not subject to pre-approval, except for private investments or other limited offerings which require pre-approval and reporting. Please refer to the Personal Investing Policy for more details on securities that require pre-approval.

**Submitting preclearance/trade requests**

Submit preclearance/trade requests directly in the compliance reporting application.

Requests are reviewed during New York Stock Exchange (NYSE) hours. A response will generally be sent within one business day.

Unless a different period is specified, clearance is good until the close of the NYSE on the day of the request.

If the pre-approved trade has not been executed within the approved timeframe, a preclearance/trade request **must** be submitted again. For this reason, limit orders and margin accounts are strongly discouraged. Preclearance/trade requests should be submitted in the amount intended to trade and in the specific account in which the trade will take place.

Private investments or other limited offerings

Participation in private investments or other limited offerings are subject to special review. The following types of private investments must be pre-approved:

- Hedge funds

- Private companies

- Limited Liability Companies (LLCs)

- Limited Partnerships (LPs)

- Private equity funds

- Private funds

- Private placements

- Private real estate investment companies

- Venture capital funds

In addition, opportunities to acquire a stock that is "limited" (that is, a broker-dealer is only given a certain number of shares to sell and is offering the opportunity to buy) may be subject to the Gifts and Entertainment Policy.

**Pre-approval procedures for private investments**

Submit pre-approval for private investments directly in the compliance reporting application. Pre-approval is also required for additional investments in the same vehicle.

Additional policies for Investment Access Persons and CIKK associates

Ban on short-term trading

Investment Access Persons and CIKK associates are prohibited from engaging in short-term trading of reportable securities.

Associates and their Covered Family Members may not buy and then sell or sell and then buy the same security:

- Within 60 calendar days for Investment Access Persons

- Within 6 months for CIKK associates

This ban applies to transactions in all your accounts as well as accounts held by your Covered Family Members. For example, if you sell ABC company in your account, your spouse cannot purchase ABC company for 60 calendar days in their account.

Failure to comply with this requirement may result in remedial action, including disgorgement of the profits.

Blackout periods

Investment Access Persons may not buy or sell a security during the seven calendar days after Capital has transacted in that security's issuer for a fund or client account.

If Capital transacts in securities of the same issuer within seven calendar days after you transact, your personal transaction may be reviewed to determine the appropriate action, if any. For example, if you received a better price than the fund or client accounts, you may be subject to a price adjustment, and may be asked to donate to a charitable organization. This blackout period helps mitigate the appearance of front running.

Report cross-holdings for certain Investment Professionals

Portfolio managers, research directors and investment analysts are required to report issuers owned personally by you or a Covered Family Member that you also own professionally, on a quarterly basis. If you are a research director or an investment analyst, you are also required to report issuers owned personally by you or a Covered Family Member that are within your research responsibilities. This reporting must be made to the Code of Ethics Team and may be reviewed by various Capital committees.

When recommending a security for purchase or sale in a fund or client account that you or a Covered Family Member own personally, you should first disclose such personal ownership either in writing (in a company write-up) or verbally (when discussing the company at investment meetings) prior to making a recommendation. This disclosure requirement is consistent with both the CFA Institute standards as well as the ICI Advisory Group Guidelines.

Penalties for violating the Personal Investing Policy

Covered Associates may be subject to penalties for violating the Personal Investing Policy, such as restrictions on personal trading, disgorgement of profits, and other disciplinary action, up to and including termination. In addition, information about particular transactions may be provided to an associate's manager, appropriate Human Resources manager and/or a Chief Compliance Officer (CCO) by the Code of Ethics Team if the transactions are in violation of the Personal Investing Policy. These violations may raise conflict of interest-related issues or impact the associate's performance review.

Violations to the Personal Investing Policy include failure to obtain approval before trading and failure to report securities transactions, and accounts and reportable holdings.

Entertainment, Gifts and Personal Investing Committee (Committee)

The Committee oversees the administration of the Personal Investing Policy. Among other duties, the Committee considers certain types of preclearance/trade requests as well as requests for exceptions to the Personal Investing Policy.

Questions regarding the Personal Investing Policy may be directed to the Code of Ethics Team.

**\* \* \* \* \***

Questions regarding the Code of Ethics may be directed to the Code of Ethics Team.

------

[Logo – American Funds®]

The following is representative of the Code of Ethics in effect for each Fund:

**CODE OF ETHICS**

With respect to non-affiliated Board members and all other access persons to the extent that they are not covered by The Capital Group Companies, Inc. policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No Board member shall so use his or her position or knowledge gained therefrom as to create a conflict between his or her personal interest and that of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No Board member shall engage in excessive trading of shares of the fund or any other affiliated fund to take advantage of short-term market movements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each non-affiliated Board member shall report to the Secretary of the Fund not later than thirty (30) days after the end of each calendar quarter any transaction in securities which such Board member has effected during the quarter which the Board member then knows to have been effected within fifteen (15) days before or after a date on which the Fund purchased or sold, or considered the purchase or sale of, the same security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For purposes of this Code of Ethics, transactions involving United States Government securities as defined in the Investment Company Act of 1940, bankers' acceptances, bank certificates of deposit, commercial paper, or shares of registered open-end investment companies are exempt from reporting as are non-volitional transactions such as dividend reinvestment programs and transactions over which the Board member exercises no control.

\* \* \* \*

In addition, the Fund has adopted the following standards in accordance with the requirements of Form N-CSR adopted by the Securities and Exchange Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for the purpose of deterring wrongdoing and promoting: 1) honest and ethical conduct, including handling of actual or apparent conflicts of interest between personal and professional relationships; 2) full, fair, accurate, timely and understandable disclosure in reports and documents that a fund files with or submits to the Commission and in other public communications made by the fund; 3) compliance with applicable governmental laws, rules and regulations; 4) the prompt internal reporting of violations of the Code of Ethics to an appropriate person or persons identified in the Code of Ethics; and 5) accountability for adherence to the Code of Ethics. These provisions shall apply to the principal executive officer or chief executive officer and treasurer ("Covered Officers") of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is the responsibility of Covered Officers to foster, by their words and actions, a corporate culture that encourages honest and ethical conduct, including the ethical resolution of, and appropriate disclosure of conflicts of interest. Covered Officers should work to assure a working environment that is characterized by respect for law and compliance with applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each Covered Officer must act in an honest and ethical manner while conducting the affairs of the Fund, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. Duties of Covered Officers include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acting with integrity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adhering to a high standard of business ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Not using personal influence or personal relationships to improperly influence investment decisions or financial reporting whereby the Covered Officer would benefit personally to the detriment of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Covered Officer should act to promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with or submits to, the Securities and Exchange Commission and in other public communications made by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Covered Officers should familiarize themselves with disclosure requirements applicable to the Fund and disclosure controls and procedures in place to meet these requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Covered Officers must not knowingly misrepresent, or cause others to misrepresent facts about the Fund to others, including the Fund's auditors, independent directors, governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any existing or potential violations of this Code of Ethics should be reported to The Capital Group Companies' Personal Investing Committee. The Personal Investing Committee is authorized to investigate any such violations and report their findings to the Chairman of the Audit Committee of the Fund. The Chairman of the Audit Committee may report violations of the Code of Ethics to the Board or other appropriate entity including the Audit Committee, if he or she believes such a reporting is appropriate. The Personal Investing Committee may also determine the appropriate sanction for any violations of this Code of Ethics, including removal from office, provided that removal from office shall only be carried out with the approval of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Application of this Code of Ethics is the responsibility of the Personal Investing Committee, which shall report periodically to the Chairman of the Audit Committee of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Material amendments to these provisions must be ratified by a majority vote of the Board. As required by applicable rules, substantive amendments to the Code of Ethics must be filed or appropriately disclosed.

## Ex-99.(R)(2)

**KOHLBERG KRAVIS ROBERT& CO. L.P. KKR CREDIT ADVISORS (US) LLC**

**(and Affiliated Funds)**

**CODE OF ETHICS**

**Revised December 2024**

Kohlberg Kravis Roberts & Co. L.P. ("KKR"), KKR Credit Advisors (US) LLC ("KKR Credit"), and their respective investment advisory affiliates1 (collectively, the "**Firm**") are committed to act in the best interests of our clients ("**Clients**") and to conduct our business in accordance with all applicable laws, rules and regulations and the highest ethical standards. We recognize our fiduciary obligation to place the interest of our Clients before the interests of the Firm and our Employees (as defined below). The purpose of this Code of Ethics (the "**Code**") is to set forth the policies of the Firm with regards to certain conflicts of interest and to provide a formal reference for each of our Employees.

The Code consists of the following policies and procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Standard
 of Conduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Personal
 Investment Policy

The Code is predicated on the principle that the Firm owes a duty to act in the best interests of its Clients. The Code applies to the Firm's members, partners, directors, principals and officers (or other persons occupying a similar status or performing a similar function), its employees (including investment professionals, associates, paraprofessionals and executive assistants) and any other person who performs an investment advisory function for the Firm or has access to non-public information regarding the Firm's Client's investments and is subject to the Firm's supervision and control (which may include contingent workers, consultants, advisors, temporary employees or officers of affiliates or other persons that are designated by the CCO (as defined below)) (collectively, "**Employees**").2

The Code is global and may be supplemented by regional and business group policies and procedures, which may include more specific and more restrictive policies and procedures. To the extent that other applicable policies and procedures are more restrictive and specific, they supersede the policies and procedures described herein.

![](tm267072d1ex99xrx2i001.gif)

<sup>1</sup> For purposes of this Code, this term does not include KKR Capital Markets LLC, KKR Capital Markets Partners LLP, KKR Capital Markets (Ireland) Limited, KKR Capital Markets Japan Limited and KKR Capstone. Employees of such entities, however, are subject to the Code.

<sup>2</sup> The use of the defined term "Employee" is not intended to evidence a person's status as an employee or independent contractor.

Employees who violate the Code may be subject to the imposition of sanctions, including but not limited to, a letter of reprimand, refresher Code training, disgorgement of profits and/or restitution of an amount as determined by Compliance, or termination of employment.<sup>3</sup> The Code neither constitutes nor should be construed to constitute a contract of employment for a definite term or a guarantee of continued employment.

Any questions with respect to the Code may be directed to KKR's Chief Compliance Officer ("CCO"). For the purposes of this Code, CCO is defined as the Global CCO, business line or regional CCO and their respective direct reports or other designees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Standard
 of Conduct and Compliance with Applicable Law

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Standard of Conduct.** We are committed to conducting our investment advisory business in accordance
 with the highest legal and ethical standards in furtherance of the interests of our Clients
 and in a manner that is consistent with all applicable laws, rules and regulations. As an
 investment adviser, we recognize that we are in a position of trust and confidence with respect
 to our Clients, and we have a duty to place the interests of our Clients before the interests
 of the Firm and our Employees, which includes an obligation to address or mitigate both conflicts
 of interest and the appearance of any conflicts of interest. Accordingly, we expect the following
 of all Employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 must act with integrity, honesty, competence and in an ethical manner when dealing with the
 public, regulators, Clients, investors, prospective investors and their fellow Employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 must adhere to the highest standards with respect to any potential material conflicts of
 interest with our Clients – simply stated, no Employee should enjoy a benefit at the
 expense of any of our Clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 must preserve the confidentiality of information that they may obtain in the course of our
 business and use such information properly and not in any way adverse to the interests of
 our Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Compliance with Applicable Laws.** In addition to the general principles of conduct set forth above
 and the Personal Investment Policy described below, the Code requires all Employees to comply
 with applicable laws, regulations and rules. With respect to Employees located in the U.S.
 or transacting in U.S. markets, these laws include the Securities Act of 1933, the Securities
 Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940,
 the Investment Advisers Act of 1940, Regulation S-P (which protects the confidentiality of
 private investor information), any rules adopted by the U.S. Securities and Exchange Commission
 ()"**SEC**") under any of the foregoing statutes, anti-money laundering and
 economic sanctions laws and regulations, including the Bank Secrecy Act and Executive Order
 13224 (which require transaction reporting and vetting investors against the OFAC lists of
 terrorist individuals and

![](tm267072d1ex99xrx2i002.gif)

<sup>3</sup> See *KKR Disciplinary Guidance for Violations of KKR Policies and Procedures* for more information on potential sanctions.

organizations, among other things), and any rules adopted by the SEC or the U.S. Department of Treasury. The Code should be read in conjunction with KKR's Compliance Manual (the "**Compliance Manual**"), the KKR Credit Compliance Manual, and any regional or business specific compliance manuals, as applicable, including the Firm's Confidential Information and Inside Information Barrier Policies and Procedures (the "**Information Barrier Procedures**") and the Firm's Global Anti-Bribery/Anti-Corruption Policy (the "**Anti-Bribery Policy**"). In addition, some areas of particular concern include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Insider Trading.** Firm policy and the laws of many countries prohibit trading in securities (including
 equity securities, convertible securities, options, bonds and any derivative of the foregoing)
 of any company or issuer while in possession of material, non-public information (also known
 as "inside information") regarding the company. This prohibition applies to KKR-related
 securities, as well as to the securities of other companies. It applies for any Client account,
 Firm account or Personal Securities Account (as defined below). If you believe you have come
 into possession of inside information, whether or not you consider it to be material, you
 may not execute any trade in the securities of the subject company without first consulting
 with the CCO, who will determine whether such trade would violate Firm policy or applicable
 laws. It is also illegal in many countries to "tip" or pass on inside information
 to any other person if you know or reasonably suspect that the person receiving such information
 from you will misuse such information by trading in securities or passing such information
 on further, even if you do not receive any monetary benefit from the tippee. (Please refer
 to the *Information Barrier Procedures* contained in the Compliance Manual for additional
 guidance.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Market Abuse and Rumors.** Most jurisdictions have laws or regulations that prohibit market abuse
 or manipulative trading activities. Any attempt by an Employee to manipulate or tamper with
 the markets or the prices of securities, options, futures or other financial instruments
 will not be tolerated, including collaborating with others in order to manipulate markets
 or prices. Additionally, most jurisdictions have laws and regulations prohibiting the dissemination
 of false or misleading information. The policy of the Firm is to prohibit the circulation
 of or trading based on unsubstantiated rumors or sensational information that might reasonably
 be expected to affect market conditions for one or more securities, a sector or market, or
 unjustly affect any person or entity. Any such rumors or information heard by an Employee
 from a source within the Firm or directed to the Firm in the course of business should be
 reported to the CCO promptly, and should not be forwarded or shared within or outside the
 Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Frontrunning.** Employees may not engage in what is commonly known as "frontrunning" or "scalping":
 the buying or selling of securities prior to a purchase or sale by a Client, in order to
 benefit from any price movement that may be caused by the Client's transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Antitrust Compliance.** In many countries, the Firm is subject to complex laws (known in some countries
 as "antitrust" or "competition" laws) designed to preserve competition
 among enterprises and to protect consumers from unfair business arrangements and practices.
 You are expected to comply with these laws at all times. Many situations create the potential
 for unlawful anticompetitive conduct and should be avoided. If a competitor, investor or
 any other person or entity tries to discuss subjects with you that raise concerns about anticompetitive
 conduct, you should refuse to do so and terminate the conversation. Such instances should
 be reported to the CCO. (Please refer to the *Antitrust Overview and Guidelines* in
 the Compliance Manual for additional guidance.)

---

| | |
|:---|:---|
| **<sup>e.</sup>** | **Anti-Bribery and Corruption.** The Anti-Bribery Policy requires that all Employees conduct their activities in full compliance with all applicable anti- corruption laws, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act. A failure to do so will place both KKR's business reputation and business success in serious jeopardy and may subject both the Firm and the individuals involved to civil and/or criminal liability, including possible extradition and imprisonment. In sum, giving or offering anything of value to anyone to improperly obtain or retain business or a business advantage is prohibited. 4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Personal
 Investment Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **General.** The Firm's Personal Investment Policy establishes standards and procedures for the
 detection and prevention of activities by which personnel of the Firm, having knowledge of
 the investments and investment intentions of the Firm with respect to any Client, may abuse
 their duties to act in the best interests of our Clients. The Personal Investment Policy
 also deals with the types of conflict of interest situations that the U.S. federal securities
 laws address. The Personal Investment Policy is based on the principle that the Employees
 of the Firm owe a duty to our Clients to conduct personal investments, including personal
 securities transactions, in a manner that does not interfere with Client transactions or
 to otherwise behave in a manner that takes unfair advantage of the Firm's relationship
 with our Clients. The Personal Investment Policy requires that all Employees adhere to this
 general principle as well as comply with all of the specific provisions of the Personal Investment
 Policy that are applicable to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **What Securities are covered by the Firm's Personal Investment Policy?** "**Covered Securities**" under this Personal Investment Policy include U.S. and non-U.S. securities,
 including common stock, preferred stock, debt securities (such as corporate bonds or debentures,
 senior debt and subordinated debt), interests in non-diversified retail investment funds/
 exchange-traded funds ()"**ETFs**") with less than 10

![](tm267072d1ex99xrx2i003.gif)

<sup>4</sup> Employees should refer to the Firm's Global Anti-Bribery Policy for a complete understanding of Anti-Bribery / Anti-Corruption requirements and responsibilities.

underlying holdings, interests in hedge funds, private equity funds or other private funds, investment clubs and other investment vehicles, investment contracts and all derivative instruments of the above such as options, warrants, puts and calls and indexed instruments.

For the purpose of the Firm's Personal Investment Policy, the term "**Covered Securities**" does <u>**not**</u> include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct
 obligations of the U.S. or any non-U.S. government or any agency thereof, including municipal
 bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of registered open-end mutual funds or closed-end funds that are not advised or sub-advised
 by the Firm (or the Firm's affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of unit investment trusts that invest exclusively in shares of registered open-end mutual
 funds that are not advised or sub-advised by the Firm (or the Firm's affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Commodities
 contracts, currencies, currency futures or options on any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ETFs
 with 10 or more underlying holdings, or where the underlying assets are not Covered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Registered
 or exchange-traded pooled investment vehicles with sufficient diversification (such as UCITs
 and VCTs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 issued by money-market funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankers'
 acceptances, bank and brokered certificates of deposit, commercial paper and high-quality
 short-term debt obligations, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **What are "Personal Securities Accounts"?** For these purposes, "Personal Securities
 Accounts" include any brokerage or securities accounts maintained by you, your immediate
 family members5 living in the same household, or family members outside the household who
 are financially dependent upon you, including dependent children. More specifically, Personal
 Securities Accounts include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brokerage
 or securities accounts in your name or in which you have any direct or indirect beneficial
 ownership. (Please note you are deemed to have beneficial ownership if you directly or indirectly,
 through contract, arrangement, understanding or otherwise, share a direct or indirect opportunity
 to profit from the account.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brokerage
 or securities accounts over which you directly or indirectly exercise investment discretion
 (or have the right to exercise discretion).

![](tm267072d1ex99xrx2i001.gif)

<sup>5</sup> The term "immediate family" means any child, stepchild, grandchild, parent, step-parent, grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brokerage
 or securities accounts of your immediate family members (including any relative by blood,
 marriage or domestic partnership) either living in your household or who are financially
 dependent upon you.

All Personal Securities Accounts must be disclosed in ComplySci6 within ten calendar days of an employee's first day at KKR.

Personal Securities Accounts **do not** include cash-only bank accounts or accounts which exclusively hold shares of mutual funds or other investment or instruments that are not Covered Securities (e.g., select 401(k) and 529 Plans). However, Personal Securities Accounts **do** include any account that holds cash or registered mutual fund shares if such account **has the ability** to hold or execute transactions in Covered Securities (even if it does not hold such securities at the present time).

Employee Personal Securities Accounts opened or disclosed on or after January 1, 2024, will generally only be permitted to be maintained at brokerages approved in advance by Compliance. Compliance will maintain an "Approved Broker List" based upon criteria established by the Firm. Compliance will update the Approved Broker List as new relationships with brokerage firms are established or as relationships are terminated or modified. Personal Securities Accounts sought to be opened or maintained at brokerages that do not appear on the Approved Broker List must be approved in ComplySci by the CCO or their designee (see **Exhibit A**, **Approved Broker List**).

**Managed Accounts**

A Managed Account is a Personal Securities Account over which a third-party money manager, investment advisor, or other third-party (the"**Advisor**") who is unaffiliated with the Firm has <u>complete and sole discretionary authority</u>. Securities transactions in Managed Accounts do not require prior approval of the CCO, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Employee has supplied an acknowledgment in substantially the form attached as **Exhibit B**, executed by the Advisor, pursuant to which the Advisor acknowledges his or her understanding
 of KKR's Personal Investment Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Employee does not convey any inside information to the Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Neither
 the Employee nor any other person subject to the Code has the ability to suggest and / or
 direct purchases or sales, or consult with the Advisor as to the particular allocation of
 investments to be made in the account. Moreover, the Employee should only receive a regular
 periodic report of transactions and holdings. While specific investment decisions may not
 be shared with the Employee, summarizing, describing or explaining general account activity
 and strategy is permitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 account is disclosed in ComplySci.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Upon
 request, the Employee should send KKR Compliance quarterly statements showing transaction
 history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Employee completes a quarterly certificate attesting to the above requirements. The form
 of this certificate is attached as **Exhibit C**.

![](tm267072d1ex99xrx2i001.gif)

<sup>6</sup> ComplySci is the Firm's Code of Ethics technology solution. All Employees subject to this Code have access to ComplySci.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Prohibited Transactions.** In accordance with the Firm's policy requiring Employees to avoid
 activities that may conflict with the interest of our Clients or interfere with making decisions
 in the best interests of our Clients, all Employees and Personal Securities Accounts of Employees
 are generally prohibited from purchasing7, directly or indirectly, certain Covered Securities,
 i.e., individual publicly traded equities or debt instruments of corporate issuers, including
 but not limited to, common stock (publicly or privately offered), preferred stock, debt securities
 (such as corporate bonds or debentures), ETFs or other non-diversified pooled investment
 vehicles that contain less than ten (10) underlying investments at the time of the initial
 investment, and options warrants, puts and calls, futures and other derivatives relating
 to specific equity or debt securities. Positions in such securities held prior to employment
 at KKR may be maintained upon joining the Firm and may be exited according to the policies
 described below.

Employees that are involved in management or certain other activities relating to funds domiciled in the European Economic Area must undertake not to use personal hedging strategies or remuneration–or liability–related contracts of insurance to undermine the risk alignment effects embedded in their remuneration arrangements.

Any requests to exit a position in Covered Securities must be pre-cleared with Compliance by submitting a trade request in ComplySci.8

Requests by an employee involving gifting, inheriting or transferring covered securities to or from accounts held by individuals not subject to the Code must be pre-cleared with Compliance.

Under no circumstances may Employees engage in personal securities transactions involving Covered Securities acquired pursuant to an initial public offering.

All securities, including non-Covered Securities, should be held for a minimum of 30 days before selling.

![](tm267072d1ex99xrx2i004.gif)

<sup>7</sup> In limited circumstances and subject to "open window" periods, any Employee who is on the board of directors of a KKR portfolio company may seek pre-approval from the CCO to purchase shares of such KKR portfolio company.

<sup>8</sup> Any proposed transaction in such securities by an Employee or a Personal Securities Account of an Employee must be pre-approved by the CCO in accordance with the pre-clearance procedure outlined in Section B.5.a, below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Permissible
 Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Compliance Pre-Clearance Required.** Employees must obtain Compliance pre-approval via ComplySci for
 the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sales
 of Covered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 or sales of interests in private investment funds (including, but not limited to private
 equity funds and hedge funds) and private companies,<sup>9</sup> including participation
 in any initial coin offering, initial token sale, private fund offering, or private company
 share issuance relating to a cryptocurrency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Indices-linked
 structured notes not advised or sub-advised by the Firm (or the Firm's affiliates).

Requests for pre-approval may be made by logging into ComplySci and submitting a pre-clearance request through the system. Employees may only engage in a pre-approved transaction during the time frame specified by the CCO or his/her designee at the time of approval, which is generally three business days or less. Note for KKR-related limited public offerings (i.e., KKR Infrastructure Conglomerate LLC (KINFRA); KKR Private Equity Conglomerate LLC (KPEC), since the company issues securities for purchase each month, pre-clearance to purchase shares is valid until the next date that purchase requests can be made (e.g., if an Employee submits a request on February 11th, purchase request may be completed by March 1st). In addition, Employees should only engage in such transactions with the intention of establishing a position in the security or investment for <u>not less than 30 days</u>.

In considering a pre-approval request, the CCO may consider, among other things, whether: (a) the securities or investment in question are held by a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the securities or investment in question are under consideration by a Firm investment committee; or (c) there is a conflict of interest, actual or otherwise, with an Employee acquiring, holding or selling the security or investment. If the transaction involves a private placement10, the CCO also may consider whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the investment opportunity was first considered for investment by a Client; (b) the investment opportunity was made available to an Employee by virtue of his or her position with the Firm or with a Client; or (c) the investment opportunity is or may in the future be within KKR's investment mandate. **It is the Firm's policy that the interests of Clients always come before the interests of the Firm and its Employees**.

![](tm267072d1ex99xrx2i002.gif)

<sup>9</sup> Approved transactions in private companies must be made within the time frame indicated by the employee at the time of the request as specified in ComplySci.

<sup>10</sup> See *Guidance on Employees' Personal Investments in Private Companies and Non-KKR Private Funds* for more guidance on this topic*.*

In addition, transactions in shares or interests in KKR-related issuers (*e.g.,* KKR & Co. Inc. (KKR), KKR Income Opportunities Fund (KIO), KKR Real Estate Finance Trust Inc.(KREF), or FS KKR Capital Corp(FSK)) are typically subject to "window periods" when such transactions are permitted. While transactions in KKR-related issuers do not need to be pre-cleared in ComplySci, please check with your respective CCO and/or Legal or Compliance before transacting in any such securities. Trading in options of such securities is prohibited at all times. For further details, please see Policies and Procedures for Trading in Securities of KKR & Co. Inc. by Directors, Section 16 Officers and Employees.

Further, purchases in shares or interests in KKR-related limited public offerings (i.e., KKR Infrastructure Conglomerate LLC (KINFRA); KKR Private Equity Conglomerate LLC (KPEC)) require pre-clearance in ComplySci. Sales of a KKR Related Limited Public Offering do not require preclearance in ComplySci but may only be made within the first two weeks of the sales window. Please check with your respective CCO and/or Legal or Compliance before transacting in any such securities if you have any questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Compliance Pre-Clearance NOT Required.** Employees are generally permitted to make investments in
 the following instruments without seeking prior approval of the CCO, **provided that** such
 investments do not conflict with the Firm's fiduciary duty to its Clients and/or an
 Employee's duty to the Firm11:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct
 obligations of the U.S. government or any agency thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of ETFs (and related options) that contain ten(10) or more underlying investments at the
 time of the initial investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of registered closed end funds and related options;

![](tm267072d1ex99xrx2i003.gif)

<sup>11</sup> Employees should purchase or sell such securities or investments with the intent to maintain the position for at least 30 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of registered open-end mutual funds that are not advised or sub- advised by the Firm (or
 the Firm's affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 of unit investment trusts that invest exclusively in shares of registered open-end mutual
 funds that are not advised or sub-advised by the Firm (or the Firm's affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Commodities
 contracts, currencies, currency futures or options on any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cryptocurrencies
 recognized as currencies by the relevant regulator, such as Bitcoin or Ethereum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Interests
 in Undertakings for the Collective Investment in Transferable Securities ("UCITS"), established and authorized pursuant to European Union law, as
 implemented in the relevant member states of the European Union ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 issued by money-market funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankers'
 acceptances, bank certificates of deposit, commercial paper and high- quality short-term
 debt obligations, including repurchase agreements.

If you are unsure if a security requires pre-approval by Compliance, please submit the trade request in ComplySci or consult your respective CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Acknowledgment and Reporting of all Transactions Involving Covered Securities.** All Employees must submit
 the following reports and acknowledgments under the Personal Investment Policy if they have
 holdings of Covered Securities, including through a Personal Securities Account or otherwise
 engage in transactions involving such securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Code of Ethics and Compliance Acknowledgment.** Within <u>10 calendar days</u> of becoming an
 Employee, Employees must submit to the CCO the Compliance Acknowledgement Form via ComplySci.12
 Employees will also complete this certification on an annual basis.

**Initial Reporting of Securities Holdings and Accounts. All Employees must disclose and upload all Personal Securities Accounts to ComplySci within 10 calendar days of becoming an Employee. PLEASE NOTE THAT IF YOU MAINTAIN ANY ADDITIONAL INVESTMENTS IN COVERED SECURITIES OUTSIDE ANY PERSONAL SECURITIES ACCOUNTS, YOU ARE REQUIRED TO**

![](tm267072d1ex99xrx2i005.gif)

<sup>12</sup> See Exhibit D attached for the form of the **Code of Ethics and Compliance Acknowledgment**. This form should be completed via ComplySci.

**REPORT THOSE HOLDINGS TO THE CCO IN ACCORDANCE WITH THE PROCEDURES OUTLINED ABOVE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Quarterly Reporting of Reportable Securities Transactions and Accounts.** On a quarterly basis, Employees
 will complete certifications confirming all accounts and transactions are properly recorded
 and disclosed (see **Exhibit E**). Upon the disclosure of a Personal Securities Account,
 KKR Compliance will make reasonable efforts to connect eligible Accounts to KKR's electronic
 brokerage account feed through ComplySci.

If an Account is ineligible for the feed, the Employee must upload a statement of all holdings and transactions on a quarterly basis to KKR Compliance through ComplySci. Statements of holdings and transactions must be submitted approximately 30 days after the end of the applicable quarter.

Accounts that hold cryptocurrencies are required to be disclosed if the account allows the accountholder to execute securities transactions in addition to holding cryptocurrency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provision
 of Code of Ethics to Fund Investors

The Firm is required, upon request, to furnish Clients (which, for these purposes, includes investors in our private investment funds) witha copyof the Code. The Client and Partner Group (CPG) will coordinate the distribution of the Code to any Clients and/or investors who request a copy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Prohibited
 Transactions in Mutual Funds

All Employees are reminded that the Firm discourages its Employees from engaging in short- term trading, including trading in mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Exceptions
 to the Code

The CCO may, under very limited circumstances, grant an exception from the requirements of the Code on a case-by-case basis, **provided that**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Employee seeking the exception provides the CCO with a representation (i) detailing the efforts
 made to comply with the requirement from which the Employee seeks an exception and (ii) that
 the requirement would impose significant undue hardship on the Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 CCO believes that the exception would not harm or defraud a Fund or Investment Vehicle, violate
 the general principles stated in the Code or compromise the Employee's or the Firm's
 duties to any Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Employee provides any supporting documentation that the CCO may request from the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Service
 on Boards of Directors and Other Outside Activities

An Employee's service on the board of directors of an outside company could lead to the potential for conflicts of interest and insider trading issues, and may otherwise interfere with an Employee's duties to the Firm. Accordingly, except with respect to KKR portfolio companies, Employees are generally prohibited from serving on the boards of directors of any non KKR-related company (excluding not-for-profit organizations or other charitable organizations), unless the service (i) would not be detrimental to the interests of the Firm or our Clients, (ii) has been approved in writing by the CCO, and (iii) has been approved in writing by the Employee's supervisor (except with regard to non-compensated, non-for profit directorships)13. If an Employee's service on a board of directors is approved, the Information Barrier Procedures may apply. (Please refer to the *Information Barrier Procedures* contained in the Compliance Manual for additional guidance.)

The Firm also generally prohibits Employees from engaging in any other outside business ventures, such as consulting engagements; accepting an executorship, trusteeship or power of attorney (except with respect to a family member); and serving on a creditors committee (except as part of the Employee's duties at the Firm). Accordingly, an Employee must obtain pre-approval from the CCO via ComplySci prior to engaging in any such ventures. The CCO may also instruct the Employee to also seek approval from his/her supervisor. To assist the CCO in monitoring conflicts, upon commencement of employment, all Employees will be required to complete and sign the Initial Conflicts Questionnaire - a copy of the questionnaire is attached hereto as **Exhibit G.** Additionally, all Employees will be required to complete an Annual Conflicts Questionnaire – a copy of the questionnaire is attached hereto as **Exhibit H**.

All Employees are also required to complete a certification via ComplySci on a quarterly basis confirming all outside business activities have been disclosed (the form of the certificate is attached as **Exhibit I**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Gifts
 and Entertainment

Neither the U.S. Foreign Corrupt Practices Act of 1977 (the "FCPA") nor the UK Bribery Act (the "Bribery Act") prohibits the provision of small gifts, non-extravagant entertainment or similar items of nominal value to foreign officials, if these items are not offered with improper intent. In order to address conflicts of interest that may arise when an Employee accepts or gives a gift, favor, entertainment, special accommodation, or other items of value, the Firm places restrictions on gifts and entertainment. 14

Any gift or entertainment exceeding or reasonably expected to exceed the guidelines detailed below must be pre-approved in ComplySci. All gifts and entertainment involving a government or public official, as defined below, must be pre-approved via ComplySci.

![](tm267072d1ex99xrx2i003.gif)

<sup>13</sup> See *Guidance on Employee Outside Business Activities (Non-KKR Related)*.

<sup>14</sup> See the Firm's *Policy on Gifts, Entertainment and other Items of Value* ("G&E Policy") for further information, including Non-U.S. Jurisdictions Limits (Annex A to the G&E Policy), which may be more restrictive than the U.S. limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Gifts.** No Employee may receive any gift, service, or other item of more than $500 (or such lower
 amount depending on the jurisdiction as determined by the Firm) in value per year from any
 person or entity that does or seeks to do business with or on behalf of the Firm without
 the prior written approval of the CCO. No Employee may give or offer any gift of more than
 de minimis value (*i.e.,* $250 for the U.S. or an applicable lower amount) to existing
 investors, prospective investors, or any entity that does business with or on behalf of the
 Firm without the prior written approval of the CCO. Notwithstanding the foregoing, no Employee
 may provide or accept gifts having an aggregate value of $100 per year to or from any person
 associated with a broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Entertainment.** No Employee may provide or accept extravagant or excessive entertainment to or from an
 investor, prospective investor, or any person or entity that does or seeks to do business
 with or on behalf of the Firm. Employees may provide or accept a business entertainment event,
 such as a meal or a sporting event, if the person or entity providing the entertainment is
 present. Transportation and/or lodging may generally not be given or received as part of
 entertainment, as such would be considered a gift. Any event that an Employee reasonably
 expects to exceed the amounts outlined above must be approved in advance by the CCO.

---

| | |
|:---|:---|
| § | Any single business entertainment event *provided* with a value equal to or greater than $USD500 per person must be *approved* via Concur by the employee's supervisor. |

---

---

| | |
|:---|:---|
| § | Any single business entertainment event *accepted* with a value equal to or greater than $USD500 per person must be *approved* by the employee's supervisor via email. |

---

---

| | |
|:---|:---|
| § | Any single business entertainment event *provided or accepted* with a value equal to or greater than $USD1000 per person must be *pre-cleared* with Compliance via ComplySci.15 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Cash.** No Employee may give or accept cash gifts or cash equivalents to or from an investor,
 prospective investor, or any entity that does or seeks to do business with or on behalf of
 the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Government Officials.** Many countries, states and local jurisdictions have laws restricting gifts
 (*e.g.*, meals, entertainment, transportation, lodging or other things of value) that
 may be provided to government officials or their families. Government officials include employees
 of sovereign wealth funds, public pension funds and state- owned business enterprises. In
 addition, the FCPA and the Bribery Act outline very serious prohibitions against bribery,
 including the payment, or promise of payment, of anything of value to foreign officials (including
 any person employed by or representing a foreign government, officials of public international
 organizations and candidates for

![](tm267072d1ex99xrx2i004.gif)

<sup>15</sup> As described further below, additional requirements apply with respect to gifts and entertainment involving government officials.

Foreign office) or others. Payment made indirectly through a consultant, contractor or other intermediary is also prohibited. Pre-clearance from KKR Compliance via ComplySci is required for any gift to a government official or their family regardless of value. See G&E Policy for further information, including restrictions on entertainment of government officials.

In order to maintain compliance with applicable anti-corruption laws, including the FCPA and the Bribery Act, while simultaneously conducting business in accordance with local custom, Employees may provide token gifts only when such offerings are of nominal value, not unlawful under the law of the government official's country, and when such offerings are in keeping with the custom or practice of the government official's country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **U.S. and non-U.S. Political Donations.** Political contributions are subject to strict laws,
 and failure to observe these policies and procedures may result in fines or penalties against
 the Firm or in the Firm's loss of business opportunities with government-sponsored
 investors. A political contribution is a monetary or in-kind contribution to a federal, state
 or local candidate, incumbent officeholder, political party, political action committee,
 section 527 organization, transition or inaugural committee, section 501(c)(4) organization
 or similar organization. Please see KKR's Political Contribution Policy for further
 information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Political Contributions by the Firm.** No political contribution may be made by the Firm and no candidate
 events may be hosted by the Firm without the prior approval of KKR's Head of Global
 Public Affairs and Compliance. This prohibition includes "in-kind" contributions, *i.e.*, contributions of the Firm's property, services or other assets, including
 Employee work time spent on political activities. In addition, the Firm will not reimburse
 an Employee for political contributions made with his or her personal funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Personal Political Contributions.** A "personal political contribution" means a political
 contribution by an Employee, his or her spouse or domestic partner, or his or her dependent
 children. Employees may <u>not</u> make any personal political contribution (including a
 contribution to any political party, candidate for public office, political cause or political
 committee, such as a PAC) to a candidate for

U.S. state or local office, or to a state or local incumbent seeking federal office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 should pre-clear ALL political contributions, including non-US contributions and contributions
 that are permitted under the policy via ComplySci.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· KKR
 Compliance actively monitors employee activity for compliance with this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Union Officials.** Special U.S. Department of Labor reporting requirements apply to service providers,
 such as investment advisers, to Taft-Hartley employee benefit plans. Those service providers
 must make annual reports on Form LM-10 detailing virtually all gifts and entertainment provided
 generally to unions, their officer, employees and agents,

Subject to a de minimis threshold of $250. Accordingly, Employees must receive pre- approval from the CCO for gifts and entertainment provided to such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Loans.** Employees are not generally permitted to obtain any loans from KKR funds, KKR Portfolio Companies,
 or investors in KKR funds without the approval of the CCO. 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Reporting.** Each Employee must report via ComplySci any gifts or entertainment received in connection
 with his or her employment that the Employee reasonably believes exceeded the amounts outlined
 above. The CCO may require that any such gift be returned to the provider or that an entertainment
 expense be repaid by the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Solicited Gifts.** No Employee may use his or her position with the Firm to obtain anything of value
 from a client, supplier, person to whom the Employee refers business, or any other entity
 with which the Firm does business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Referrals.** Employees may not make referrals to clients (*e*. *g*., accountants, attorneys,
 or the like) if the Employee expects to personally benefit in any way from the referral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Firm-Sponsored Events.** Compliance is responsible for ensuring that such events and any gifts distributed
 by the Firm during such events are appropriate in the context of the policy outlined above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Reporting
 Violations

Every Employee must immediately report any violation of the Code to the CCO or, in the CCO's absence, the General Counsel. The Firm will not retaliate against any Employee who reports a violation of the Code in good faith and any retaliation constitutes a further violation of the Code. The CCO will keep records of any material violation of the Code, and of any action taken as a result of the violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Whistleblowers

The Firm has procedures in place to anonymously report violations or suspected violations of accounting, internal controls, auditing, legal and regulatory matters. Consistent with the policies of the Firm, Employees who, in good faith, make a report or provide assistance to the Audit Committee, Management or any other person or group, including any governmental, regulatory or law enforcement body, shall not face retaliation, and the source of any report shall remain anonymous unless compelled by judicial or other legal process or to the extent permitted under applicable law to fully investigate a particular matter.17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Confidentiality
 of Information

![](tm267072d1ex99xrx2i006.gif)

<sup>16</sup> This prohibition does not restrict employees from obtaining loans in the ordinary course from third parties, such as mortgages, car loans, etc.

<sup>17</sup> *See* KKR & Co. Inc.'s Whistleblower Policy.

All information obtained from any person pursuant to this Code will be kept confidential, except that such information will be made available to the SEC or any other regulatory or self-regulatory organization or other entity to the extent permitted or required by law, regulation or this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Administration
 of the Code

The CCO or his/her designees will receive and review all reports submitted pursuant to the Code. The CCO will review the reports to determine that Employees' investments and trades are consistent with requirements and restrictions set forth in the Code and do not otherwise indicate any improper trading activities. The CCO also will ensure that all books and records relating to the Code are properly maintained. The books and records required to be maintained are discussed in detail in the Records Retention Schedule contained in the Compliance Manual, and include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 copy of the Code that is in effect, or at any time within the past five years was in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of any violation of the Code, and of any action taken as a result of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of all written acknowledgements of receipt, review and understanding of the Code from
 each person who is currently, or within the past five years was, an Employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 record of any exception from the Code granted by the CCO, all related documentation supplied
 by the Employee seeking the exception, and the reasons supporting the decision to grant the
 exception.

These books and records must be maintained by the Firm in an easily accessible place for at least five years from the end of the fiscal year during which the record was created, the first two years in an appropriate office of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Sanctions

Any violation of any provision of the Code may result in disciplinary action. The CCO, in consultation with the General Counsel, and, if necessary, other members of senior management, will determine an appropriate sanction. Disciplinary action may include, among other sanctions, a letter of reprimand, additional in-person or web-based training, disgorgement, suspension, demotion or termination of employment. See *KKR Disciplinary Guidance for Violations of KKR Policies and Procedures.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Acknowledgment
 of Receipt and Compliance

The Firm will provide each Employee with a copy of the Code and any amendments hereto. Any questions regarding any provision of the Code or its application should be directed to the CCO. Each Employee must provide the Firm with a written acknowledgement (in the form provided by the Firm) evidencing the fact that such Employee has received and reviewed, and understands,

the Code.18 On an annual basis, all Employees must certify that they have reviewed and complied with Firm policies and procedures (see Exhibit I for the form of such certificate).

**Addendum to KKR's Personal Investment Policy applicable to Employees Associated with a Broker Dealer of KKR (KKR Capital Markets LLC ("KCM") and KKR Capital Markets II LLC ("KCM II"))**

**Personal Securities Accounts Pre-Clearance (FINRA Rule 3210)**

Any associated person19 of KCM or KCM II must obtain prior written approval from the Chief Compliance Officer of KCM / KCM II ("KCM / KCM II CCO") or his/her designee before opening or establishing any Personal Securities Account (as previously defined in the Personal Investment Policy section of the Code of Ethics) in which securities transactions can be effected and in which the associated person has a beneficial interest. Once the KCM/ KCMII CCO or his designee has approved the account, a notification of the associated person's association with KCM / KCM II will be provided to the financial institution where the Personal Securities Account will be maintained.

For any Personal Securities Accounts opened or established prior to the associated person's registration or employment with KCM / KCM II, the associated person must obtain written approval from the KCM

/ KCM II CCO or his/her designee within 30 calendar days of becoming associated. Once the approval has been received, a notification of the associated person's association with KCM will be provided to the financial institution where the Personal Securities Account is maintained.

**Transactions and Accounts not subject to Pre-Clearance**

Transactions in unit investment trusts, municipal fund securities as defined under MSRB Rule D-12, qualified tuition programs pursuant to Section 529 of the Internal Revenue Code and variable contracts or mutual funds, or to accounts that are limited to transactions in such securities, or to Monthly Investment Plan type accounts, do not require prior written approval to open or establish.

![](tm267072d1ex99xrx2i005.gif)

<sup>18</sup> **See Exhibit D**.

<sup>19</sup> The term "Associated Person" shall mean any employee, officer, manager, director, FINRA registered-representative or FINRA-registered principal of KCM and/or KCM II, or other person conducting the business of KCM and/or KCM II. Registered -representatives of KCM and/or KCM II includes dual-hatted employees in the Client and Partner Group ("CPG"), including Private Wealth Partners ("PWP"), and the Credit Solutions Group ("CSG").

## Ex-99.(T)

**POWER OF ATTORNEY**

I, Walter R. Burkley, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- Capital Group KKR Core Plus+ (File No. 333-282864, File No. 811-24016)

- Capital Group KKR Multi-Sector+ (File No. 333-282865, File No. 811-24017)

- Capital Group KKR U.S. Equity+ (File No. 333-289054, File No. 811-24110)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A or Form N-2, as applicable, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or Form N-2 or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at___<u>Los Angeles, CA</u> , on December 11, 2025.

(City, State)

__<u>/s/Walter R. Burkley</u>___________________________________

Walter R. Burkley, Board member

**POWER OF ATTORNEY**

I, Pablo R. González Guajardo, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- AMCAP Fund (File No. 002-26516, File No. 811-01435)

- American Funds Global Balanced Fund (File No. 333-170605, File No. 811-22496)

- American Funds Global Insight Fund (File No. 333-233375, File No. 811-23468)

- American Funds International Vantage Fund (Fund No. 333-233374, File No. 811-23467)

- American Funds U.S. Small and Mid Cap Equity Fund (File No. 333-280621, File No. 811-23979)

- American Mutual Fund (File No. 002-10607, File No. 811-00572)

- Capital Group Conservative Equity ETF (File No. 333-276928, File No. 811-23933)

- Capital Group Dividend Growers ETF (File No. 333-271210, File No. 811-23866)

- Capital Group Equity ETF Trust I (File No.333-281924, File No. 811-24000)

- Capital Group Global Equity ETF (File No. 333-276927, File No. 811-23934)

- Capital Group International Equity ETF (File No. 333-271212, File No. 811-23865)

- Capital Group KKR Core Plus+ (File No. 333-282864, File No. 811-24016)

- Capital Group KKR Multi-Sector+ (File No. 333-282865, File No. 811-24017)

- Capital Group KKR U.S. Equity+ (File No. 333-289054, File No. 811-24110)

- Capital Group U.S. Equity Fund (File No. 333-233376, File No. 811-23469)

- Capital Income Builder (File No. 033-12967, File No. 811-05085)

- Capital World Growth and Income Fund (File No. 033-54444, File No. 811-07338)

- Emerging Markets Equities Fund, Inc. (File No. 333-74995, File No. 811-04692)

- The Investment Company of America (File No. 002-10811, File No. 811-00116)

- The New Economy Fund (File No. 002-83848, File No. 811-03735)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A or Form N-2, as applicable,, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or Form N-2 or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>Mexico City</u> , on January 1, 2026.

(City, State)

<u>/s/ Pablo R. González Guajardo</u> 

Pablo R. González Guajardo, Board member

**POWER OF ATTORNEY**

I, William D. Jones, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- AMCAP Fund (File No. 002-26516, File No. 811-01435)

- American Funds Global Balanced Fund (File No. 333-170605, File No. 811-22496)

- American Funds Global Insight Fund (File No. 333-233375, File No. 811-23468)

- American Funds International Vantage Fund (Fund No. 333-233374, File No. 811-23467)

- American Funds U.S. Small and Mid Cap Equity Fund (File No. 333-280621, File No. 811-23979)

- American Mutual Fund (File No. 002-10607, File No. 811-00572)

- Capital Group Conservative Equity ETF (File No. 333-276928, File No. 811-23933)

- Capital Group Dividend Growers ETF (File No. 333-271210, File No. 811-23866)

- Capital Group Equity ETF Trust I (File No.333-281924, File No. 811-24000)

- Capital Group Global Equity ETF (File No. 333-276927, File No. 811-23934)

- Capital Group International Equity ETF (File No. 333-271212, File No. 811-23865)

- Capital Group KKR Core Plus+ (File No. 333-282864, File No. 811-24016)

- Capital Group KKR Multi-Sector+ (File No. 333-282865, File No. 811-24017)

- Capital Group KKR U.S. Equity+ (File No. 333-289054, File No. 811-24110)

- Capital Group U.S. Equity Fund (File No. 333-233376, File No. 811-23469)

- Capital Income Builder (File No. 033-12967, File No. 811-05085)

- Capital World Growth and Income Fund (File No. 033-54444, File No. 811-07338)

- Emerging Markets Equities Fund, Inc. (File No. 333-74995, File No. 811-04692)

- The Investment Company of America (File No. 002-10811, File No. 811-00116)

- The New Economy Fund (File No. 002-83848, File No. 811-03735)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A or Form N-2, as applicable, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or Form N-2 or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>San Diego, Ca</u> , on January 1, 2026.

(City, State)

<u>/s/ William D. Jones</u> 

William D. Jones, Board member

**POWER OF ATTORNEY**

I, Amy Zegart, the undersigned Board member of the following registered investment companies (collectively, the "Funds"):

- AMCAP Fund (File No. 002-26516, File No. 811-01435)

- American Funds Global Balanced Fund (File No. 333-170605, File No. 811-22496)

- American Funds Global Insight Fund (File No. 333-233375, File No. 811-23468)

- American Funds International Vantage Fund (Fund No. 333-233374, File No. 811-23467)

- American Funds U.S. Small and Mid Cap Equity Fund (File No. 333-280621, File No. 811-23979)

- American Mutual Fund (File No. 002-10607, File No. 811-00572)

- Capital Group Conservative Equity ETF (File No. 333-276928, File No. 811-23933)

- Capital Group Dividend Growers ETF (File No. 333-271210, File No. 811-23866)

- Capital Group Equity ETF Trust I (File No.333-281924, File No. 811-24000)

- Capital Group Global Equity ETF (File No. 333-276927, File No. 811-23934)

- Capital Group International Equity ETF (File No. 333-271212, File No. 811-23865)

- Capital Group KKR Core Plus+ (File No. 333-282864, File No. 811-24016)

- Capital Group KKR Multi-Sector+ (File No. 333-282865, File No. 811-24017)

- Capital Group KKR U.S. Equity+ (File No. 333-289054, File No. 811-24110)

- Capital Group U.S. Equity Fund (File No. 333-233376, File No. 811-23469)

- Capital Income Builder (File No. 033-12967, File No. 811-05085)

- Capital World Growth and Income Fund (File No. 033-54444, File No. 811-07338)

- Emerging Markets Equities Fund, Inc. (File No. 333-74995, File No. 811-04692)

- The Investment Company of America (File No. 002-10811, File No. 811-00116)

- The New Economy Fund (File No. 002-83848, File No. 811-03735)

hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint

---

| | |
|:---|:---|
| Randall F. Buonviri<br> Jennifer L. Butler<br> Patrick C. Castellani<br> Jane Y. Chung<br> Sandra Chuon<br> Mariah L. Coria<br> Susan K. Countess<br> Brian C. Janssen<br> Hong T. Le | Melissa Leyva<br> Gregory F. Niland<br> Marilyn Paramo<br> Becky L. Park<br> W. Michael Pattie<br> Michael W. Stockton<br> Courtney R. Taylor<br> Michael R. Tom<br>|

---

each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A or N-2, as applicable, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or N-2 or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.

EXECUTED at <u>Stanford, CA</u> , on January 1, 2026.

(City, State)

<u>/s/ Amy Zegart</u> 

Amy Zegart, Board member