# EDGAR Filing Document

**Accession Number:** 0001655146
**File Stem:** 0001193125-26-098097
**Filing Date:** 2026-3
**Character Count:** 562866
**Document Hash:** aa1846b6bb1102c3333d0ef3e635019b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-098097.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001193125-26-098097

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN FUNDS STRATEGIC BOND FUND
- **CENTRAL INDEX KEY:** 0001655146

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23101
- **FILM NUMBER:** 26734073

**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 55TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

## Series and Classes Contracts Data

### American Funds Strategic Bond Fund (Series ID: S000052313)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000164459 | Class 529-A   | CANAX           |
| C000164460 | Class F-2     | ANBFX           |
| C000164461 | Class R-1     | RANAX           |
| C000164462 | Class R-2     | RANBX           |
| C000164463 | Class R-2E    | RANHX           |
| C000164464 | Class R-3     | RANCX           |
| C000164465 | Class R-4     | RANEX           |
| C000164466 | Class R-5     | RANFX           |
| C000164467 | Class R-5E    | RANJX           |
| C000164468 | Class R-6     | RANGX           |
| C000164470 | Class 529-C   | CANCX           |
| C000164471 | Class 529-E   | CANEX           |
| C000164472 | Class 529-F-1 | CANFX           |
| C000164473 | Class A       | ANBAX           |
| C000164475 | Class C       | ANBCX           |
| C000164476 | Class F-1     | ANBEX           |
| C000179994 | Class F-3     | ANBGX           |
| C000189484 | Class 529-T   | TSFBX           |
| C000189485 | Class T       | TFSBX           |
| C000224627 | Class 529-F-2 | FSBMX           |
| C000224628 | Class 529-F-3 | FBSSX           |

?xml version='1.0' encoding='ASCII'? b4e78f47-0617-4fea-875f-1cda02b61016

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-23101

#### American Funds Strategic Bond Fund
(Exact name of registrant as specified in charter)

------

6455 Irvine Center Drive

Irvine, California 92618

(Address of principal executive offices)

Becky L. Park

6455 Irvine Center Drive

Irvine, California 92618

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### December 31, 2025
ITEM 1 - Reports to Stockholders

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class A \| ANBAX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-A**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$72 | 0.69% |

---

#### Management's discussion of fund performance
The fund's Class A shares gained 8.18% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-A**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1531847.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class A (with sales charge)2 | 4.11% | (1.95)% | 2.03% |
| American Funds Strategic Bond Fund — Class A (without sales charge)2 | 8.18% | (1.19)% | 2.43% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class A shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-A**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAAARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class C \| ANBCX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-C**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$146 | 1.41% |

---

#### Management's discussion of fund performance
The fund's Class C shares gained 7.56% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-C**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 in ves tment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1531891.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class C (with sales charge)2 | 6.56% | (1.87)% | 1.82% |
| American Funds Strategic Bond Fund — Class C (without sales charge)2 | 7.56% | (1.87)% | 1.82% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class C shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-C**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class T \| TFSBX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$43 | 0.41% |

---

#### Management's discussion of fund performance
The fund's Class T shares gained 8.72% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1532419.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class T (with sales charge)2 | 6.00% | (1.37)% | 2.35% |
| American Funds Strategic Bond Fund — Class T (without sales charge)2 | 8.72% | (0.87)% | 2.65% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.88% |

---

<sup>1</sup> Class T shares were first offered on April 7, 2017.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with acc oun tants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFTTARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class F-1 \| ANBEX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-F1**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$72 | 0.69% |

---

#### Management's discussion of fund performance
The fund's Class F-1 shares gained 8.30% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-F1**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1531935.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class F-12 | 8.30% | (1.16)% | 2.43% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class F-1 shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-F1**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF1ARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class F-2 \| ANBFX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-F2**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$44 | 0.42% |

---

#### Management's discussion of fund performance
The fund's Class F-2 shares gained 8.59% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-F2**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influen ced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1531979.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class F-22 | 8.59% | (0.88)% | 2.71% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class F-2 shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with acc ount ants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-F2**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2ARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class F-3 \| ANBGX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-F3**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$32 | 0.31% |

---

#### Management's discussion of fund performance
The fund's Class F-3 shares gained 8.71% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-F3**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1532375.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class F-32 | 8.71% | (0.78)% | 2.78% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.95% |

---

<sup>1</sup> Class F-3 shares were first offered on January 27, 2017.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with acc ountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-F3**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF3ARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class 529-A \| CANAX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-529A**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-A | &nbsp;&nbsp;$73 | 0.70% |

---

#### Management's discussion of fund performance
The fund's Class 529-A shares gained 8.30% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-529A**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1531671.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class 529-A (with sales charge)2 | 4.56% | (1.86)% | 2.05% |
| American Funds Strategic Bond Fund — Class 529-A (without sales charge)2 | 8.30% | (1.17)% | 2.42% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class 529-A shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with acco un tants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-529A**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5AARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class 529-C \| CANCX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-529C**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-C | &nbsp;&nbsp;$151 | 1.46% |

---

#### Management's discussion of fund performance
The fund's Class 529-C shares gained 7.51% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-529C**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1531715.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class 529-C (with sales charge)2 | 6.51% | (1.92)% | 2.04% |
| American Funds Strategic Bond Fund — Class 529-C (without sales charge)2 | 7.51% | (1.92)% | 2.04% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class 529-C shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with acc oun tants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-529C**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5CARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class 529-E \| CANEX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-529E**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-E | &nbsp;&nbsp;$94 | 0.90% |

---

#### Management's discussion of fund performance
The fund's Class 529-E shares gained 8.08% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-529E**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1531759.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class 529-E2 | 8.08% | (1.37)% | 2.22% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class 529-E shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-529E**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5EARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class 529-T \| TSFBX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-T | &nbsp;&nbsp;$48 | 0.46% |

---

#### Management's discussion of fund performance
The fund's Class 529-T shares gained 8.53% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1532463.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class 529-T (with sales charge)2 | 5.82% | (1.43)% | 2.29% |
| American Funds Strategic Bond Fund — Class 529-T (without sales charge)2 | 8.53% | (0.92)% | 2.59% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.88% |

---

<sup>1</sup> Class 529-T shares were first offered on April 7, 2017.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5TARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class 529-F-1 \| CANFX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-529F1**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-1 | &nbsp;&nbsp;$50 | 0.48% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-1 shares gained 8.65% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-529F1**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1531803.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class 529-F-12 | 8.65% | (0.95)% | 2.65% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class 529-F-1 shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-529F1**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5FARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class 529-F-2 \| FSBMX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-529F2**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-2 | &nbsp;&nbsp;$42 | 0.40% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-2 shares gained 8.61% for the year ended December 31, 2025. That result compares with a 7.30% loss for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-529F2**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1532507.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class 529-F-22 | 8.61% | (0.87)% | (0.46)% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | (0.14)% |

---

<sup>1</sup> Class 529-F-2 shares were first offered on October 30, 2020.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-529F2**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5XARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class 529-F-3 \| FBSSX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-529F3**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-3 | &nbsp;&nbsp;$37 | 0.35% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-3 shares gained 8.79% for the year ended December 31, 2025. That result compares with a 7.30% loss for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-529F3**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1532551.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class 529-F-32 | 8.79% | (0.83)% | (0.41)% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | (0.14)% |

---

<sup>1</sup> Class 529-F-3 shares were first offered on October 30, 2020.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-529F3**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5YARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class R-1 \| RANAX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-R1**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-1 | &nbsp;&nbsp;$145 | 1.40% |

---

#### Management's discussion of fund performance
The fund's Class R-1 shares gained 7.55% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-R1**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1532023.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class R-12 | 7.55% | (1.83)% | 1.82% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class R-1 shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-R1**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR1ARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class R-2 \| RANBX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-R2**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2 | &nbsp;&nbsp;$140 | 1.35% |

---

#### Management's discussion of fund performance
The fund's Class R-2 shares gained 7.65% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-R2**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1532067.jpg)

#### Average annual tota l returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class R-22 | 7.65% | (1.81)% | 1.80% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class R-2 shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-R2**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR2ARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class R-2E \| RANHX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-R2E**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2E | &nbsp;&nbsp;$116 | 1.12% |

---

#### Management's discussion of fund performance
The fund's Class R-2E shares gained 7.84% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-R2E**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1532111.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class R-2E2 | 7.84% | (1.58)% | 2.19% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class R-2E shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-R2E**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2EARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class R-3 \| RANCX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-R3**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-3 | &nbsp;&nbsp;$98 | 0.94% |

---

#### Management's discussion of fund performance
The fund's Class R-3 shares gained 8.06% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-R3**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1532155.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class R-32 | 8.06% | (1.42)% | 2.20% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class R-3 shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-R3**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR3ARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class R-4 \| RANEX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-R4**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-4 | &nbsp;&nbsp;$67 | 0.64% |

---

#### Management's discussion of fund performance
The fund's Class R-4 shares gained 8.35% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-R4**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1532199.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class R-42 | 8.35% | (1.10)% | 2.49% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class R-4 shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-R4**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR4ARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class R-5E \| RANJX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-R5E**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5E | &nbsp;&nbsp;$49 | 0.47% |

---

#### Management's discussion of fund performance
The fund's Class R-5E shares gained 8.53% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-R5E**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1532243.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class R-5E2 | 8.53% | (0.95)% | 2.68% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class R-5E shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with acc ount ants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-R5E**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFE5ARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class R-5 \| RANFX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-R5**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5 | &nbsp;&nbsp;$39 | 0.37% |

---

#### Management's discussion of fund performance
The fund's Class R-5 shares gained 8.64% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-R5**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1532287.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class R-52 | 8.64% | (0.83)% | 2.76% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class R-5 shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-R5**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR5ARX-112-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Strategic Bond Fund
**Class R-6 \| RANGX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Strategic Bond Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **capitalgroup.com/mutual-fund-literature-R6**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-6 | &nbsp;&nbsp;$32 | 0.31% |

---

#### Management's discussion of fund performance
The fund's Class R-6 shares gained 8.70% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/mutual-fund-returns-R6**.

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. For additional information, please refer to **Form 8937 \| Capital Group**.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and investor concern over rising deficits. Corporate bond yields declined during the period but remained near their highest level in over 15 years.

The fund's aggregate interest rate positioning provided a positive contribution to relative returns. Managers were positioned for the yield curve to steepen and paired the position with an active approach to duration. The duration position's strong relative return was partially offset by curve positioning. While the portfolio benefited as the curve steepened, the cost of holding this position overshadowed these gains. The fund's holdings in emerging markets debt and securitized debt posted relative gains. Within securitized, the focus on higher coupon agency mortgage-backed securities contributed. Currency exposure to the Euro, Columbian Peso and British Pound Sterling also provided positive relative contributions.

Conversely, managers were defensively positioned on credit, which hurt relative returns. Despite credit market temporarily weakening early in the second quarter, the environment for credit has generally been supportive. Certain expressions of global duration and curve views detracted from relative results and drove a negative impact from Treasuries overall.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1532331.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Strategic Bond Fund — Class R-62 | 8.70% | (0.78)% | 2.81% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.80% |

---

<sup>1</sup> Class R-6 shares were first offered on March 18, 2016.

<sup>2</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20816 |
| Total number of portfolio holdings | 2474 |
| Total advisory fees paid (in millions) | $54 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 216% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 79% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/mutual-fund-literature-R6**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR6ARX-112-0226© 2026 Capital Group. All rights reserved.

------

#### ITEM 2 - Code of Ethics
The Registrant has adopted a Code of Ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at https://www.capitalgroup.com/individual/pdf/shareholder/cg_code_of_ethics.pdf.

------

#### ITEM 3 - Audit Committee Financial Expert
The Registrant's board has determined that Leslie Stone Heisz, a member of the Registrant's audit committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item. This designation will not increase the designee's duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant's financial statements and condition.

------

#### ITEM 4 - Principal Accountant Fees and Services

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Registrant<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees | (c) Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees |
| **December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;12000 |  |
| **December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223000 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;12000 |  |
| **Adviser and Affiliates<sup>2</sup>** |  |  |  |  |
| **December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable | &nbsp;&nbsp;2010000 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;93000 |
| **December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable | &nbsp;&nbsp;2151000 |  | &nbsp;&nbsp;&nbsp;&nbsp;11000 |

---

---

| | |
|:---|:---|
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Aggregate |
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**non-audit fees** |
| **December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122000 |
| **December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178000 |

---

<sup>1</sup>The audit fees represents fees billed for professional services rendered for the audit and review of the Registrant's annual financial statements. The audit-related fees represents fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant's financial statements, but not reported under "audit fees". The tax fees consist of professional services relating to the preparation of the Registrant's tax returns. The other fees represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported under the "audit fees", "audit-related fees", and "tax fees".

<sup>2</sup>This includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below. The audit-related fees consist of assurance and related services relating to the examination of the Registrant's transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. The tax fees consist of consulting services relating to the Registrant's investments. The other fees consist of subscription services related to an accounting research tool.

<sup>3</sup>Aggregate non-audit fees paid to the Registrant's auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors' independence.

**(e1)(e2)(h)** All audit and permissible non-audit services that the Registrant's audit committee considers compatible with maintaining the independent registered public accounting firm's independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre- approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

**(f)**Not applicable.

**(i)**Not applicable.

**(j)**Not applicable.

------

#### ITEM 5 - Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

------

#### ITEM 6 - Investments
The schedule of investments is included as part of the material filed under Item 7 of this Form.

------

#### ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

![](img9fbc54ca1.jpg)

**American Funds**<sup>®</sup> **Strategic Bond Fund**

Financial Statements and Other Information

N-CSR Items 7-11

for the year ended December 31, 2025

Lit. No. MFGEFP4-112-0226© 2026 Capital Group. All rights reserved.

------

Investment portfolio December 31, 2025

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 83.68% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes 30.79%** | **Corporate bonds and notes 30.79%** | **Corporate bonds and notes 30.79%** |
| **Financials 6.04%** | **Financials 6.04%** | **Financials 6.04%** |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(a)</sup>  | USD8,668 | $8652 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027 <sup>(a)</sup>  | 3000 | 3032 |
| Ally Financial, Inc. 5.548% 7/31/2033 (USD-SOFR + 1.78% on 7/31/2032) <sup>(b)</sup>  | 5108 | 5149 |
| Alpha Bank SA 7.50% 6/16/2027 (1-year EUR Mid-Swap + 5.084% on 6/16/2026) <sup>(b)</sup>  | EUR100 | 120 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(b)</sup>  | 6640 | 8527 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(b)</sup>  | 2615 | 3255 |
| American International Group, Inc. 5.45% 5/7/2035  | USD2,645 | 2756 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(a)</sup>  | 4885 | 5097 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(a)</sup>  | 2064 | 2230 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035  | 4369 | 4418 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055  | 1154 | 1109 |
| Athene Holding, Ltd. 6.625% 5/19/2055  | 20000 | 20385 |
| Bank of America Corp. 3.824% 1/20/2028 (3-month USD CME Term SOFR + 1.837% on 1/20/2027) <sup>(b)</sup>  | 3203 | 3196 |
| Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027) <sup>(b)</sup>  | 17615 | 17872 |
| Bank of America Corp. 5.162% 1/24/2031 (USD-SOFR + 1.00% on 1/24/2030) <sup>(b)</sup>  | 418 | 432 |
| Bank of America Corp. 1.898% 7/23/2031 (USD-SOFR + 1.53% on 7/23/2030) <sup>(b)</sup>  | 4435 | 3985 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(b)</sup>  | 11774 | 10534 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(b)</sup>  | 20757 | 18567 |
| Bank of America Corp. 5.872% 9/15/2034 (USD-SOFR + 1.84% on 9/15/2033) <sup>(b)</sup>  | 130 | 139 |
| BlackRock Funding, Inc. 5.00% 3/14/2034  | 514 | 531 |
| BlackRock Funding, Inc. 5.25% 3/14/2054  | 11678 | 11203 |
| Blackstone Private Credit Fund 5.95% 7/16/2029  | 11358 | 11593 |
| Blackstone Reg Finance Co., LLC 4.95% 2/15/2036  | 1825 | 1813 |
| Block, Inc. 5.625% 8/15/2030 <sup>(a)</sup>  | 3405 | 3476 |
| Block, Inc. 6.50% 5/15/2032  | 14650 | 15244 |
| Block, Inc. 6.00% 8/15/2033 <sup>(a)</sup>  | 4360 | 4478 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031) <sup>(a)(b)</sup>  | 19507 | 17832 |
| BPCE SA 5.936% 5/30/2035 (USD-SOFR + 1.85% on 5/30/2034) <sup>(a)(b)</sup>  | 5442 | 5677 |
| BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) <sup>(a)(b)</sup>  | 12048 | 12866 |
| Bread Financial Holdings, Inc. 6.75% 5/15/2031 <sup>(a)</sup>  | 3765 | 3903 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 5677 | 5818 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | 16746 | 17181 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 2177 | 2267 |
| CaixaBank SA 5.581% 7/3/2036 (USD-SOFR + 1.79% on 7/3/2035) <sup>(a)(b)</sup>  | 7609 | 7821 |
| Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028) <sup>(b)</sup>  | 466 | 479 |
| Capital One Financial Corp. 5.70% 2/1/2030 (USD-SOFR + 1.905% on 2/1/2029) <sup>(b)</sup>  | 6800 | 7077 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(b)</sup>  | 8885 | 9462 |
| Charles Schwab Corp. (The) 5.853% 5/19/2034 (USD-SOFR + 2.50% on 5/19/2033) <sup>(b)</sup>  | 3658 | 3920 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 28980 | 29657 |
| Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031) <sup>(b)</sup>  | 15849 | 14206 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(b)</sup>  | 8085 | 7408 |
| Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032) <sup>(b)</sup>  | 1264 | 1377 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(b)</sup>  | 2341 | 2453 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(b)</sup>  | 28090 | 28748 |
| Citigroup, Inc. 5.174% 9/11/2036 (USD-SOFR + 1.488% on 9/11/2035) <sup>(b)</sup>  | 3912 | 3950 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(a)</sup>  | 11300 | 10774 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(a)</sup>  | 21900 | 19543 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(a)</sup>  | 13001 | 12070 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(a)</sup>  | 5250 | 4732 |
| Corebridge Financial, Inc. 3.85% 4/5/2029  | 583 | 574 |
| Corebridge Financial, Inc. 3.90% 4/5/2032  | 247 | 235 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on <br>4/1/2027) <sup>(a)(b)</sup>  | 12525 | 12554 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(b)</sup>  | 7375 | 7873 |
| Deutsche Bank AG 5.403% 9/11/2035 (USD-SOFR + 2.05% on 9/11/2034) <sup>(b)</sup>  | 460 | 469 |
| Eurobank SA 4.00% 9/24/2030 (1-year EUR Mid-Swap + 2.127% on 9/24/2029) <sup>(b)</sup>  | EUR778 | 940 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(b)</sup>  | 23462 | 29318 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(b)</sup>  | USD236 | 249 |
| Freedom Mortgage Holdings, LLC 9.25% 2/1/2029 <sup>(a)</sup>  | 2400 | 2518 |
| Freedom Mortgage Holdings, LLC 8.375% 4/1/2032 <sup>(a)</sup>  | 2480 | 2613 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(b)</sup>  | 9340 | 9184 |
| Goldman Sachs Group, Inc. 2.65% 10/21/2032 (USD-SOFR + 1.264% on 10/21/2031) <sup>(b)</sup>  | 28713 | 25927 |

---

American Funds Strategic Bond Fund<sub>1</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)** | **Financials (continued)** | **Financials (continued)** |
| Goldman Sachs Group, Inc. 5.851% 4/25/2035 (USD-SOFR + 1.552% on 4/25/2034) <sup>(b)</sup>  | USD257 | $273 |
| Goldman Sachs Group, Inc. 5.33% 7/23/2035 (USD-SOFR + 1.55% on 7/23/2034) <sup>(b)</sup>  | 5269 | 5416 |
| Goldman Sachs Group, Inc. 5.016% 10/23/2035 (USD-SOFR + 1.42% on 10/23/2034) <sup>(b)</sup>  | 6775 | 6814 |
| Goldman Sachs Group, Inc. 4.939% 10/21/2036 (USD-SOFR + 1.33% on 10/21/2035) <sup>(b)</sup>  | 28273 | 28078 |
| Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041) <sup>(b)</sup>  | 8858 | 6866 |
| Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041) <sup>(b)</sup>  | 3203 | 2351 |
| Goldman Sachs Private Credit Corp. 5.875% 1/31/2031 <sup>(a)</sup>  | 18249 | 18279 |
| Howden UK Refinance PLC 7.25% 2/15/2031 <sup>(a)</sup>  | 1645 | 1695 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(b)</sup>  | 8680 | 7893 |
| HSBC Holdings PLC 5.402% 8/11/2033 (USD-SOFR + 2.87% on 8/11/2032) <sup>(b)</sup>  | 8339 | 8644 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(b)</sup>  | 15466 | 15964 |
| HSBC Holdings PLC 5.133% 11/6/2036 (USD-SOFR + 1.43% on 11/6/2035) <sup>(b)</sup>  | 5555 | 5572 |
| IIFL Finance, Ltd. 8.75% 7/24/2028 <sup>(a)</sup>  | 12772 | 13120 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on <br> 6/20/2053) <sup>(a)(b)</sup>  | 9000 | 10701 |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(a)</sup>  | 16850 | 17088 |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(a)</sup>  | 14210 | 14405 |
| ION Platform Finance US, Inc. 9.00% 8/1/2029 <sup>(a)</sup>  | 17675 | 17480 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(a)</sup>  | 11950 | 11354 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(a)</sup>  | 2960 | 3092 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027) <sup>(b)</sup>  | 11000 | 11047 |
| JPMorgan Chase & Co. 4.505% 10/22/2028 (USD-SOFR + 0.86% on 10/22/2027) <sup>(b)</sup>  | 12188 | 12309 |
| JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031) <sup>(b)</sup>  | 1359 | 1227 |
| JPMorgan Chase & Co. 5.766% 4/22/2035 (USD-SOFR + 1.49% on 4/22/2034) <sup>(b)</sup>  | 1474 | 1572 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(b)</sup>  | 7890 | 8281 |
| JPMorgan Chase & Co. 4.81% 10/22/2036 (USD-SOFR + 1.19% on 10/22/2035) <sup>(b)</sup>  | 26663 | 26486 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 1.70% on 10/2/2026) <sup>(b)</sup>  | 5000 | 4939 |
| Marsh & McLennan Cos., Inc. 2.375% 12/15/2031  | 7309 | 6566 |
| Marsh & McLennan Cos., Inc. 5.15% 3/15/2034  | 5113 | 5291 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 27947 | 28321 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 18531 | 17854 |
| Mastercard, Inc. 4.55% 1/15/2035  | 10089 | 10094 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(b)</sup>  | 2463 | 2519 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(b)</sup>  | 196 | 204 |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(b)</sup>  | 1509 | 1327 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(b)</sup>  | 1777 | 1830 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(b)</sup>  | 46303 | 45911 |
| Morgan Stanley 5.942% 2/7/2039 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.80% on 2/7/2039) <sup>(b)</sup>  | 9867 | 10375 |
| Navient Corp. 5.50% 3/15/2029  | 2745 | 2727 |
| Navient Corp. 9.375% 7/25/2030  | 8515 | 9470 |
| Navient Corp. 11.50% 3/15/2031  | 39 | 44 |
| Navient Corp. 7.875% 6/15/2032  | 4255 | 4457 |
| Navient Corp. 5.625% 8/1/2033  | 26200 | 23977 |
| New York Life Global Funding 4.55% 1/28/2033 <sup>(a)</sup>  | 2456 | 2449 |
| OneMain Finance Corp. 6.125% 5/15/2030  | 2610 | 2667 |
| OneMain Finance Corp. 7.50% 5/15/2031  | 18010 | 18962 |
| OneMain Finance Corp. 7.125% 11/15/2031  | 9659 | 10090 |
| OneMain Finance Corp. 7.125% 9/15/2032  | 4515 | 4696 |
| OneMain Finance Corp. 6.50% 3/15/2033  | 4000 | 4048 |
| Osaic Holdings, Inc. 8.00% 8/1/2033 <sup>(a)</sup>  | 1640 | 1715 |
| Oxford Finance, LLC 6.375% 2/1/2027 <sup>(a)</sup>  | 6055 | 6077 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(b)</sup>  | EUR3,077 | 3985 |
| Piraeus Bank SA 5.00% 4/16/2030 (1-year EUR-ICE Swap EURIBOR + 2.245% on 4/16/2029) <sup>(b)</sup>  | 2790 | 3466 |
| PNC Financial Services Group, Inc. 6.037% 10/28/2033 (USD-SOFR + 2.14% on 10/28/2032) <sup>(b)</sup>  | USD16,678 | 18035 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(b)</sup>  | 55220 | 62522 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(b)</sup>  | 343 | 362 |
| PNC Financial Services Group, Inc. 5.401% 7/23/2035 (USD-SOFR + 1.599% on 7/23/2034) <sup>(b)</sup>  | 19295 | 19966 |
| Starwood Property Trust, Inc. 5.75% 1/15/2031 <sup>(a)</sup>  | 7845 | 7939 |
| State Street Corp. 4.784% 10/23/2036 (USD-SOFR + 1.215% on 10/23/2035) <sup>(b)</sup>  | 7055 | 7021 |
| Synchrony Financial 5.45% 3/6/2031 (USD-SOFR + 1.68% on 3/6/2030) <sup>(b)</sup>  | 9266 | 9504 |
| Synchrony Financial 7.25% 2/2/2033  | 7412 | 7968 |
| Synchrony Financial 6.00% 7/29/2036 (USD-SOFR Index + 2.07% on 7/29/2035) <sup>(b)</sup>  | 7294 | 7507 |
| Toronto-Dominion Bank (The) 2.00% 9/10/2031  | 1469 | 1315 |
| Travelers Cos., Inc. 2.55% 4/27/2050  | 334 | 202 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(b)</sup>  | 12783 | 13213 |

---

---

| | |
|:---|:---|
| **2** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** | **Financials (continued)** | **Financials (continued)** |
| Truist Financial Corp. 5.122% 1/26/2034 (USD-SOFR + 1.60% on 1/26/2033) <sup>(b)</sup>  | USD4,378 | $4462 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(b)</sup>  | 1480 | 1575 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(b)</sup>  | 20729 | 21816 |
| Truist Financial Corp. 4.964% 10/23/2036 (USD-SOFR + 1.395% on 10/23/2035) <sup>(b)</sup>  | 10744 | 10634 |
| U.S. Bancorp 5.85% 10/21/2033 (USD-SOFR + 2.09% on 10/21/2032) <sup>(b)</sup>  | 1482 | 1588 |
| U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033) <sup>(b)</sup>  | 1899 | 1913 |
| U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033) <sup>(b)</sup>  | 13502 | 14413 |
| U.S. Bancorp 5.678% 1/23/2035 (USD-SOFR + 1.86% on 1/23/2034) <sup>(b)</sup>  | 25758 | 27213 |
| UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on <br>2/11/2031) <sup>(a)(b)</sup>  | 750 | 666 |
| UBS Group AG 4.375% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 3.313% on 2/10/2031) <sup>(a)(b)</sup>  | 4980 | 4586 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(b)</sup>  | 490 | 500 |
| Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027) <sup>(b)</sup>  | 9160 | 9264 |
| Wells Fargo & Co. 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032) <sup>(b)</sup>  | 4891 | 4968 |
| Wells Fargo & Co. 5.557% 7/25/2034 (USD-SOFR + 1.99% on 7/25/2033) <sup>(b)</sup>  | 956 | 1003 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(b)</sup>  | 15500 | 17167 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(b)</sup>  | 1442 | 1512 |
|  |  | 1258370 |
| **Health care 4.53%** | **Health care 4.53%** | **Health care 4.53%** |
| AbbVie, Inc. 3.20% 11/21/2029  | 1207 | 1171 |
| AbbVie, Inc. 5.05% 3/15/2034  | 32320 | 33226 |
| AbbVie, Inc. 5.35% 3/15/2044  | 1350 | 1335 |
| AbbVie, Inc. 5.40% 3/15/2054  | 4407 | 4288 |
| AbbVie, Inc. 5.50% 3/15/2064  | 1889 | 1836 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(a)</sup>  | 5941 | 5823 |
| Amgen, Inc. 3.00% 2/22/2029  | 600 | 582 |
| Amgen, Inc. 4.05% 8/18/2029  | 16075 | 16065 |
| Amgen, Inc. 5.25% 3/2/2030  | 11990 | 12451 |
| Amgen, Inc. 4.20% 3/1/2033  | 14000 | 13690 |
| Amgen, Inc. 5.25% 3/2/2033  | 53634 | 55536 |
| Amgen, Inc. 4.875% 3/1/2053  | 4975 | 4382 |
| Amgen, Inc. 5.65% 3/2/2053  | 19623 | 19228 |
| Amgen, Inc. 5.75% 3/2/2063  | 11582 | 11310 |
| Ascension Health 4.078% 11/15/2028  | 13466 | 13528 |
| Ascension Health 4.294% 11/15/2030  | 32459 | 32524 |
| Ascension Health 4.923% 11/15/2035  | 24529 | 24576 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 16875 | 17471 |
| Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(a)</sup>  | 5785 | 5758 |
| Banner Health 2.913% 1/1/2051  | 9266 | 5948 |
| Baxter International, Inc. 4.45% 2/15/2029  | 3010 | 3021 |
| Baxter International, Inc. 4.90% 12/15/2030  | 8279 | 8347 |
| Baxter International, Inc. 2.539% 2/1/2032  | 5260 | 4585 |
| Baxter International, Inc. 5.65% 12/15/2035  | 23799 | 24094 |
| Baxter International, Inc. 3.132% 12/1/2051  | 12537 | 7898 |
| Bayer US Finance, LLC 6.50% 11/21/2033 <sup>(a)</sup>  | 1011 | 1095 |
| Bayer US Finance, LLC 6.875% 11/21/2053 <sup>(a)</sup>  | 663 | 718 |
| Baylor Scott & White Holdings 1.777% 11/15/2030  | 17685 | 15880 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 14739 | 15327 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044  | 2825 | 2833 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 8416 | 8271 |
| Centene Corp. 2.45% 7/15/2028  | 24165 | 22646 |
| Centene Corp. 3.00% 10/15/2030  | 3625 | 3246 |
| Centene Corp. 2.50% 3/1/2031  | 6272 | 5420 |
| Centene Corp. 2.625% 8/1/2031  | 8805 | 7580 |
| Cigna Group (The) 2.375% 3/15/2031  | 1713 | 1551 |
| Cigna Group (The) 5.25% 2/15/2034  | 2670 | 2750 |
| Cigna Group (The) 5.25% 1/15/2036  | 15000 | 15281 |
| Cigna Group (The) 6.00% 1/15/2056  | 7500 | 7718 |
| CVS Health Corp. 5.00% 9/15/2032  | 4215 | 4304 |
| CVS Health Corp. 5.70% 6/1/2034  | 4891 | 5127 |
| CVS Health Corp. 5.45% 9/15/2035  | 33121 | 33915 |
| CVS Health Corp. 6.00% 6/1/2044  | 25017 | 25162 |
| CVS Health Corp. 6.05% 6/1/2054  | 26857 | 26721 |

---

American Funds Strategic Bond Fund<sub>3</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)** | **Health care (continued)** | **Health care (continued)** |
| CVS Health Corp. 6.20% 9/15/2055  | USD16,363 | $16625 |
| CVS Health Corp. 6.00% 6/1/2063  | 2281 | 2213 |
| Elevance Health, Inc. 5.00% 1/15/2036  | 18000 | 17900 |
| Elevance Health, Inc. 5.125% 2/15/2053  | 926 | 839 |
| Elevance Health, Inc. 5.70% 9/15/2055  | 6000 | 5882 |
| Eli Lilly and Co. 5.10% 2/12/2035  | 2363 | 2444 |
| Eli Lilly and Co. 5.50% 2/12/2055  | 929 | 931 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(a)</sup>  | 3896 | 4123 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 1710 | 1797 |
| Gilead Sciences, Inc. 5.10% 6/15/2035  | 16744 | 17168 |
| Gilead Sciences, Inc. 2.80% 10/1/2050  | 1462 | 930 |
| HCA, Inc. 3.625% 3/15/2032  | 4659 | 4406 |
| Humana, Inc. 5.375% 4/15/2031  | 1202 | 1243 |
| Humana, Inc. 5.95% 3/15/2034  | 7875 | 8262 |
| Humana, Inc. 5.75% 4/15/2054  | 10171 | 9613 |
| Johnson & Johnson 4.95% 6/1/2034  | 3907 | 4104 |
| Molina Healthcare, Inc. 6.50% 2/15/2031 <sup>(a)</sup>  | 8085 | 8314 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 2755 | 2811 |
| Organon & Co. 4.125% 4/30/2028 <sup>(a)</sup>  | 2510 | 2456 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(a)</sup>  | 20045 | 12810 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 5109 | 5165 |
| Pfizer Investment Enterprises Pte., Ltd. 5.11% 5/19/2043  | 20000 | 19265 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 12206 | 11566 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(a)(c)</sup>  | 803 | 774 |
| Roche Holdings, Inc. 5.593% 11/13/2033 <sup>(a)</sup>  | 4971 | 5324 |
| Roche Holdings, Inc. 4.985% 3/8/2034 <sup>(a)</sup>  | 1154 | 1189 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(a)</sup>  | 2272 | 2268 |
| Roche Holdings, Inc. 2.607% 12/13/2051 <sup>(a)</sup>  | 9473 | 5798 |
| Roche Holdings, Inc. 5.218% 3/8/2054 <sup>(a)</sup>  | 608 | 590 |
| Sotera Health Holdings, LLC 7.375% 6/1/2031 <sup>(a)</sup>  | 7227 | 7589 |
| Summa Health 3.511% 11/15/2051  | 9945 | 8050 |
| Sutter Health 5.164% 8/15/2033  | 9905 | 10208 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035  | 30167 | 30740 |
| Takeda U.S. Financing, Inc. 5.90% 7/7/2055  | 1908 | 1932 |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  | 8625 | 8658 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028  | 3900 | 4050 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 16280 | 16477 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 10106 | 11129 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 9012 | 10388 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 10337 | 7831 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 5265 | 5466 |
| UnitedHealth Group, Inc. 2.00% 5/15/2030  | 5404 | 4931 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032  | 1442 | 1424 |
| UnitedHealth Group, Inc. 5.35% 2/15/2033  | 10110 | 10537 |
| UnitedHealth Group, Inc. 5.00% 4/15/2034  | 1187 | 1208 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034  | 8261 | 8464 |
| UnitedHealth Group, Inc. 5.30% 6/15/2035  | 24288 | 25156 |
| UnitedHealth Group, Inc. 5.50% 7/15/2044  | 21311 | 21166 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051  | 13172 | 8929 |
| UnitedHealth Group, Inc. 4.75% 5/15/2052  | 2830 | 2445 |
| UnitedHealth Group, Inc. 5.875% 2/15/2053  | 7300 | 7374 |
| UnitedHealth Group, Inc. 5.375% 4/15/2054  | 3314 | 3130 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055  | 8663 | 8902 |
| Viatris, Inc. 4.00% 6/22/2050  | 4979 | 3318 |
| West Virginia United Health System Obligated Group 3.129% 6/1/2050  | 2775 | 1753 |
|  |  | 942283 |
| **Communication services 3.22%** | **Communication services 3.22%** | **Communication services 3.22%** |
| Alphabet, Inc. 4.375% 11/15/2032  | 4162 | 4177 |
| Alphabet, Inc. 4.50% 5/15/2035  | 7623 | 7586 |
| Alphabet, Inc. 4.70% 11/15/2035  | 10922 | 10929 |
| Alphabet, Inc. 5.25% 5/15/2055  | 440 | 422 |
| Alphabet, Inc. 5.45% 11/15/2055  | 1503 | 1475 |
| Altice France 6.50% 4/15/2032 <sup>(a)</sup>  | 2160 | 2072 |
| Altice France 6.875% 7/15/2032 <sup>(a)</sup>  | 15840 | 15200 |

---

---

| | |
|:---|:---|
| **4** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** | **Communication services (continued)** | **Communication services (continued)** |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN1,302,560 | $74697 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 1219000 | 68964 |
| AT&T, Inc. 4.35% 3/1/2029  | USD1,250 | 1257 |
| AT&T, Inc. 3.50% 9/15/2053  | 22215 | 14878 |
| AT&T, Inc. 3.55% 9/15/2055  | 2078 | 1385 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(a)</sup>  | 20000 | 18294 |
| CCO Holdings, LLC 4.50% 5/1/2032  | 2550 | 2290 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(a)</sup>  | 19875 | 17420 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(a)</sup>  | 28175 | 23983 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 5599 | 4210 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 2964 | 1873 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 7235 | 4676 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 12946 | 10256 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 11500 | 11034 |
| Comcast Corp. 5.65% 6/1/2054  | 7188 | 6744 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(a)</sup>  | 28890 | 30681 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(a)</sup>  | 7640 | 7740 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(a)</sup>  | 22896 | 23844 |
| EchoStar Corp. 10.75% 11/30/2029  | 29030 | 32124 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(c)</sup>  | 9549 | 9794 |
| Embarq, LLC 7.995% 6/1/2036  | 1250 | 519 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(a)</sup>  | 10778 | 11609 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(a)</sup>  | 1686 | 1266 |
| Gray Media, Inc. 9.625% 7/15/2032 <sup>(a)</sup>  | 3475 | 3609 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(a)</sup>  | 2645 | 2760 |
| Meta Platforms, Inc. 4.60% 11/15/2032  | 1775 | 1790 |
| Meta Platforms, Inc. 4.875% 11/15/2035  | 28113 | 28086 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 9010 | 8754 |
| Meta Platforms, Inc. 4.45% 8/15/2052  | 22500 | 18324 |
| Meta Platforms, Inc. 5.40% 8/15/2054  | 5297 | 4932 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 19444 | 18677 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 9358 | 8934 |
| News Corp. 3.875% 5/15/2029 <sup>(a)</sup>  | 3725 | 3615 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(a)</sup>  | 5559 | 5522 |
| Paramount Global 5.50% 5/15/2033  | 2000 | 1916 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(a)</sup>  | 7042 | 6893 |
| Sirius XM Radio, LLC 5.50% 7/1/2029 <sup>(a)</sup>  | 2919 | 2945 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(a)</sup>  | 6476 | 6163 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(a)</sup>  | 9798 | 9030 |
| Snap, Inc. 6.875% 3/1/2033 <sup>(a)</sup>  | 6125 | 6352 |
| Stagwell Global, LLC 5.625% 8/15/2029 <sup>(a)</sup>  | 5383 | 5253 |
| T-Mobile USA, Inc. 2.55% 2/15/2031  | 19963 | 18244 |
| T-Mobile USA, Inc. 2.875% 2/15/2031  | 3037 | 2820 |
| T-Mobile USA, Inc. 5.30% 5/15/2035  | 2252 | 2310 |
| T-Mobile USA, Inc. 4.95% 11/15/2035  | 560 | 557 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(a)</sup>  | 5082 | 5267 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(a)</sup>  | 6254 | 6012 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(a)</sup>  | 9335 | 9522 |
| Univision Communications, Inc. 8.50% 7/31/2031 <sup>(a)</sup>  | 9750 | 10193 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(a)</sup>  | 4575 | 4921 |
| Verizon Communications, Inc. 2.55% 3/21/2031  | 8188 | 7480 |
| Verizon Communications, Inc. 4.75% 1/15/2033  | 986 | 986 |
| Verizon Communications, Inc. 5.25% 4/2/2035  | 3037 | 3088 |
| Verizon Communications, Inc. 5.00% 1/15/2036  | 1217 | 1207 |
| Verizon Communications, Inc. 5.75% 11/30/2045  | 249 | 247 |
| Verizon Communications, Inc. 3.55% 3/22/2051  | 15000 | 10665 |
| Verizon Communications, Inc. 5.875% 11/30/2055  | 237 | 234 |
| Verizon Communications, Inc. 6.00% 11/30/2065  | 280 | 277 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 29840 | 21074 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 1460 | 966 |
|  |  | 671024 |

---

American Funds Strategic Bond Fund<sub>5</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 2.77%** | **Energy 2.77%** | **Energy 2.77%** |
| 3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup>  | USD6,224 | $6411 |
| AI Candelaria (Spain) SA 5.75% 6/15/2033 <sup>(a)</sup>  | 2990 | 2656 |
| APA Corp. 4.75% 4/15/2043  | 128 | 100 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(a)</sup>  | 4260 | 4288 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(a)</sup>  | 4255 | 4407 |
| Blue Racer Midstream, LLC 7.00% 7/15/2029 <sup>(a)</sup>  | 2608 | 2732 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(a)</sup>  | 1192 | 1199 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(a)</sup>  | 9029 | 9013 |
| Cheniere Energy Partners, LP 4.00% 3/1/2031  | 4438 | 4323 |
| Cheniere Energy Partners, LP 5.95% 6/30/2033  | 13898 | 14743 |
| Chevron Corp. 2.236% 5/11/2030  | 3290 | 3053 |
| Chevron Corp. 3.078% 5/11/2050  | 1094 | 743 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(a)</sup>  | 11652 | 12021 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(a)</sup>  | 2275 | 2386 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(a)</sup>  | 8422 | 8748 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(a)</sup>  | 7899 | 8534 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(a)</sup>  | 2853 | 2965 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(a)</sup>  | 1816 | 1897 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(a)</sup>  | 2794 | 2720 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup>  | 12510 | 13023 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(a)</sup>  | 2193 | 2269 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(a)</sup>  | 4503 | 4369 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(a)</sup>  | 5740 | 5451 |
| Crescent Energy Finance, LLC 8.375% 1/15/2034 <sup>(a)</sup>  | 4705 | 4677 |
| Devon Energy Corp. 5.75% 9/15/2054  | 10306 | 9477 |
| Diamondback Energy, Inc. 5.15% 1/30/2030  | 2904 | 2990 |
| Diamondback Energy, Inc. 5.40% 4/18/2034  | 9785 | 10022 |
| Diamondback Energy, Inc. 5.75% 4/18/2054  | 4775 | 4517 |
| Diamondback Energy, Inc. 5.90% 4/18/2064  | 3201 | 3025 |
| Ecopetrol SA 8.875% 1/13/2033  | 15940 | 17034 |
| Ecopetrol SA 8.375% 1/19/2036  | 9425 | 9706 |
| Energean Israel Finance, Ltd. 5.875% 3/30/2031 <sup>(a)</sup>  | 6445 | 6250 |
| Enterprise Products Operating, LLC 5.20% 1/15/2036  | 564 | 574 |
| EQT Corp. 4.50% 1/15/2029  | 2361 | 2367 |
| Exxon Mobil Corp. 4.227% 3/19/2040  | 1112 | 1021 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 1139 | 818 |
| GeoPark, Ltd. 8.75% 1/31/2030 <sup>(a)</sup>  | 13658 | 12770 |
| GeoPark, Ltd. 8.75% 1/31/2030  | 642 | 600 |
| Global Partners, LP 8.25% 1/15/2032 <sup>(a)</sup>  | 1978 | 2091 |
| Gulfport Energy Operating Corp. 6.75% 9/1/2029 <sup>(a)</sup>  | 4114 | 4254 |
| Hilcorp Energy I, LP 5.75% 2/1/2029 <sup>(a)</sup>  | 1191 | 1181 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(a)</sup>  | 2502 | 2441 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(a)</sup>  | 801 | 765 |
| Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(a)</sup>  | 4216 | 3984 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(a)</sup>  | 7153 | 7335 |
| Hilcorp Energy I, LP 6.875% 5/15/2034 <sup>(a)</sup>  | 1405 | 1318 |
| Kodiak Gas Services, LLC 6.50% 10/1/2033 <sup>(a)</sup>  | 2325 | 2376 |
| Kodiak Gas Services, LLC 6.75% 10/1/2035 <sup>(a)</sup>  | 2325 | 2392 |
| Kraken Oil & Gas Partners, LLC 7.625% 8/15/2029 <sup>(a)</sup>  | 2571 | 2549 |
| Leviathan Bond, Ltd. 6.75% 6/30/2030 <sup>(a)</sup>  | 5495 | 5601 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(a)</sup>  | 3521 | 3539 |
| Modec Finance BV 7.84% 7/15/2026 <sup>(d)(e)</sup>  | 9000 | 9112 |
| MPLX, LP 5.40% 9/15/2035  | 6168 | 6216 |
| Murphy Oil Corp. 6.00% 10/1/2032  | 2492 | 2491 |
| MV24 Capital BV 6.748% 6/1/2034  | 7213 | 7165 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(a)</sup>  | 6375 | 6689 |
| Nabors Industries, Inc. 8.875% 8/15/2031 <sup>(a)</sup>  | 5443 | 5284 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(a)(f)</sup>  | 67862 | 19680 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(a)</sup>  | 1812 | 1882 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(a)</sup>  | 3947 | 4090 |
| Noble Finance II, LLC 8.00% 4/15/2030 <sup>(a)</sup>  | 12064 | 12541 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(a)</sup>  | 6926 | 7001 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(a)</sup>  | 4711 | 5080 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(a)</sup>  | 1992 | 2084 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 10000 | 10161 |
| Petroleos Mexicanos 6.70% 2/16/2032  | 11544 | 11520 |

---

---

| | |
|:---|:---|
| **6** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** | **Energy (continued)** | **Energy (continued)** |
| Petroleos Mexicanos 10.00% 2/7/2033  | USD6,870 | $7965 |
| Petroleos Mexicanos 6.375% 1/23/2045  | 574 | 464 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 1406 | 1157 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 233 | 183 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 1481 | 1328 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 1657 | 1350 |
| Pluspetrol SA 8.50% 5/30/2032 <sup>(a)</sup>  | 11347 | 11546 |
| Raizen Fuels Finance SA 6.70% 2/25/2037 <sup>(a)</sup>  | 12695 | 10276 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(a)</sup>  | 1242 | 1227 |
| Repsol E&P Capital Markets US, LLC 5.976% 9/16/2035 <sup>(a)</sup>  | 7708 | 7864 |
| Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(a)</sup>  | 2840 | 2947 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(a)</sup>  | 3697 | 3858 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(a)</sup>  | 2765 | 2787 |
| Sunoco, LP 7.25% 5/1/2032 <sup>(a)</sup>  | 4281 | 4529 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(a)</sup>  | 2930 | 2931 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(a)</sup>  | 2789 | 2906 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(a)</sup>  | 4456 | 4656 |
| Targa Resources Corp. 5.65% 2/15/2036  | 6148 | 6322 |
| Transocean Aquila, Ltd. 8.00% 9/30/2028 <sup>(a)</sup>  | 2623 | 2698 |
| Transocean International, Ltd. 8.75% 2/15/2030 <sup>(a)</sup>  | 2639 | 2758 |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(a)</sup>  | 1430 | 1500 |
| Transocean, Inc. 8.25% 5/15/2029 <sup>(a)</sup>  | 4864 | 4905 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(a)</sup>  | 4170 | 4133 |
| Transportadora de Gas del Sur SA 8.50% 7/24/2031 <sup>(a)</sup>  | 10200 | 10618 |
| USA Compression Partners, LP 7.125% 3/15/2029 <sup>(a)</sup>  | 7097 | 7350 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(a)</sup>  | 10003 | 10134 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(a)</sup>  | 3678 | 3349 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(a)</sup>  | 9500 | 9628 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(a)</sup>  | 10751 | 10697 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(a)</sup>  | 5515 | 5701 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(a)</sup>  | 2735 | 2787 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(a)</sup>  | 8733 | 9441 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(a)</sup>  | 8095 | 8295 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(a)</sup>  | 3195 | 3266 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(a)</sup>  | 6616 | 7248 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(a)</sup>  | 6025 | 6174 |
| Vista Energy Argentina S.A.U. 8.50% 6/10/2033 <sup>(a)</sup>  | 5960 | 6131 |
| Vista Energy Argentina S.A.U. 7.625% 12/10/2035 <sup>(a)</sup>  | 15610 | 15618 |
| Vital Energy, Inc. 7.875% 4/15/2032 <sup>(a)</sup>  | 10178 | 10035 |
| Wildfire Intermediate Holdings, LLC 7.50% 10/15/2029 <sup>(a)</sup>  | 6180 | 6254 |
|  |  | 577737 |
| **Consumer discretionary 2.58%** | **Consumer discretionary 2.58%** | **Consumer discretionary 2.58%** |
| Advance Auto Parts, Inc. 5.95% 3/9/2028  | 1299 | 1329 |
| Advance Auto Parts, Inc. 7.00% 8/1/2030 <sup>(a)</sup>  | 2025 | 2044 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 2463 | 2099 |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(a)</sup>  | 23400 | 23509 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(a)</sup>  | 1530 | 1510 |
| Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(a)</sup>  | 9673 | 10077 |
| AutoNation, Inc. 5.89% 3/15/2035  | 14825 | 15373 |
| Boyd Gaming Corp. 4.75% 12/1/2027  | 2300 | 2298 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(a)</sup>  | 16000 | 16399 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(a)</sup>  | 11000 | 10843 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(a)</sup>  | 3460 | 3500 |
| Carnival Corp. 7.00% 8/15/2029 <sup>(a)</sup>  | 6150 | 6458 |
| Carnival Corp. 5.75% 3/15/2030 <sup>(a)</sup>  | 6949 | 7152 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(a)</sup>  | 4665 | 4819 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(a)</sup>  | 1635 | 1754 |
| Daimler Trucks Finance North America, LLC 5.125% 1/19/2028 <sup>(a)</sup>  | 24000 | 24467 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(a)</sup>  | 7775 | 7399 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(a)</sup>  | 7121 | 6924 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(a)</sup>  | 2340 | 2226 |
| Ford Motor Co. 4.75% 1/15/2043  | 3085 | 2445 |
| Ford Motor Co. 5.291% 12/8/2046  | 7027 | 5850 |
| Ford Motor Credit Co., LLC 2.70% 8/10/2026  | 7820 | 7746 |

---

American Funds Strategic Bond Fund<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)** |
| **Consumer discretionary (continued)** | **Consumer discretionary (continued)** | **Consumer discretionary (continued)** |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027  | USD20,000 | $20315 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027  | 7775 | 7808 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 10000 | 9852 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 14023 | 14357 |
| Ford Motor Credit Co., LLC 2.90% 2/10/2029  | 1994 | 1875 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030  | 2895 | 3105 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | 3924 | 3986 |
| Ford Motor Credit Co., LLC 6.054% 11/5/2031  | 11239 | 11529 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 9663 | 10383 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034  | 13631 | 13857 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 21000 | 21764 |
| General Motors Financial Co., Inc. 5.625% 4/4/2032  | 4945 | 5152 |
| General Motors Financial Co., Inc. 5.45% 9/6/2034  | 9957 | 10105 |
| General Motors Financial Co., Inc. 6.15% 7/15/2035  | 13972 | 14730 |
| GENM Capital Labuan, Ltd. 3.882% 4/19/2031  | 22000 | 19947 |
| Genting New York, LLC 7.25% 10/1/2029 <sup>(a)</sup>  | 2200 | 2258 |
| Gildan Activewear, Inc. 5.40% 10/7/2035 <sup>(a)</sup>  | 4080 | 4073 |
| Grand Canyon University 4.375% 10/1/2026  | 5001 | 5038 |
| Grand Canyon University 5.125% 10/1/2028  | 6486 | 6451 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(a)</sup>  | 2325 | 2350 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(a)</sup>  | 3403 | 3308 |
| Home Depot, Inc. 4.85% 6/25/2031  | 2295 | 2374 |
| Home Depot, Inc. 4.95% 6/25/2034  | 3335 | 3412 |
| Home Depot, Inc. 5.875% 12/16/2036  | 1970 | 2138 |
| Home Depot, Inc. 4.95% 9/15/2052  | 1382 | 1269 |
| Home Depot, Inc. 5.40% 6/25/2064  | 13717 | 13136 |
| Jacobs Entertainment, Inc. 6.75% 2/15/2029 <sup>(a)</sup>  | 390 | 383 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(a)</sup>  | 4795 | 5075 |
| McDonald's Corp. 5.00% 5/17/2029  | 1424 | 1466 |
| McDonald's Corp. 4.95% 3/3/2035  | 4274 | 4333 |
| McDonald's Corp. 3.625% 9/1/2049  | 907 | 668 |
| McDonald's Corp. 4.20% 4/1/2050  | 2093 | 1694 |
| McDonald's Corp. 5.15% 9/9/2052  | 1483 | 1378 |
| MercadoLibre, Inc. 2.375% 1/14/2026  | 4255 | 4253 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(a)</sup>  | 1350 | 1417 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 5675 | 5549 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 11670 | 11338 |
| Newell Brands, Inc. 7.375% 4/1/2036  | 11665 | 10970 |
| Newell Brands, Inc. 7.50% 4/1/2046  | 1315 | 1099 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(a)</sup>  | 23995 | 25519 |
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(d)</sup>  | 560 | — <br><sup>(g)</sup><br>|
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(d)</sup>  | 2594 | 52 |
| Royal Caribbean Cruises, Ltd. 4.25% 7/1/2026 <sup>(a)</sup>  | 16160 | 16162 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(a)</sup>  | 5000 | 5092 |
| Royal Caribbean Cruises, Ltd. 5.625% 9/30/2031 <sup>(a)</sup>  | 13735 | 14046 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036  | 7103 | 7135 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(a)</sup>  | 2845 | 2531 |
| Starbucks Corp. 5.00% 2/15/2034  | 5061 | 5171 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030  | 2655 | 2585 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(a)</sup>  | 7400 | 7268 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(a)</sup>  | 1735 | 1769 |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(a)</sup>  | 4845 | 5246 |
| ZF North America Capital, Inc. 6.75% 4/23/2030 <sup>(a)</sup>  | 13569 | 13418 |
|  |  | 536410 |
| **Information technology 2.24%** | **Information technology 2.24%** | **Information technology 2.24%** |
| Accenture Capital, Inc. 4.50% 10/4/2034  | 4181 | 4125 |
| Amphenol Corp. 4.40% 2/15/2033  | 4961 | 4910 |
| Amphenol Corp. 4.625% 2/15/2036  | 5355 | 5248 |
| Amphenol Corp. 5.30% 11/15/2055  | 1897 | 1814 |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(a)</sup>  | 5255 | 5608 |
| Analog Devices, Inc. 2.10% 10/1/2031  | 12879 | 11446 |
| Apple, Inc. 4.75% 5/12/2035  | 5002 | 5128 |
| Broadcom, Inc. 5.15% 11/15/2031  | 8371 | 8689 |
| Broadcom, Inc. 4.55% 2/15/2032  | 7771 | 7796 |

---

---

| | |
|:---|:---|
| **8** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Information technology (continued)** | **Information technology (continued)** | **Information technology (continued)** |
| Broadcom, Inc. 3.469% 4/15/2034  | USD4,000 | $3649 |
| Broadcom, Inc. 4.80% 10/15/2034  | 6845 | 6861 |
| Broadcom, Inc. 5.20% 7/15/2035  | 26865 | 27535 |
| Broadcom, Inc. 3.187% 11/15/2036 <sup>(a)</sup>  | 5996 | 5087 |
| Cisco Systems, Inc. 5.05% 2/26/2034  | 28839 | 29686 |
| Cisco Systems, Inc. 5.30% 2/26/2054  | 2050 | 1967 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(a)</sup>  | 13134 | 13688 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(a)</sup>  | 10000 | 10456 |
| Cloud Software Group, Inc. 6.625% 8/15/2033 <sup>(a)</sup>  | 5700 | 5653 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(a)</sup>  | 4475 | 4468 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(a)</sup>  | 2003 | 2015 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)</sup>  | 11875 | 12667 |
| Intel Corp. 3.05% 8/12/2051  | 2130 | 1311 |
| Intel Corp. 5.60% 2/21/2054  | 10973 | 10137 |
| Microchip Technology, Inc. 5.05% 2/15/2030  | 12476 | 12735 |
| Micron Technology, Inc. 6.05% 11/1/2035  | 13898 | 14836 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(a)</sup>  | 14074 | 15284 |
| Oracle Corp. 4.80% 9/26/2032  | 3203 | 3093 |
| Oracle Corp. 5.50% 8/3/2035  | 27359 | 26823 |
| Oracle Corp. 5.20% 9/26/2035  | 17000 | 16293 |
| Oracle Corp. 3.60% 4/1/2050  | 5000 | 3118 |
| Oracle Corp. 3.95% 3/25/2051  | 4145 | 2730 |
| Oracle Corp. 6.00% 8/3/2055  | 23840 | 21043 |
| Oracle Corp. 5.95% 9/26/2055  | 5617 | 4980 |
| Roper Technologies, Inc. 4.90% 10/15/2034  | 16164 | 16134 |
| Roper Technologies, Inc. 5.10% 9/15/2035  | 11055 | 11143 |
| Synopsys, Inc. 5.15% 4/1/2035  | 21121 | 21474 |
| Synopsys, Inc. 5.70% 4/1/2055  | 23164 | 23003 |
| Texas Instruments, Inc. 4.85% 2/8/2034  | 5003 | 5132 |
| Texas Instruments, Inc. 5.10% 5/23/2035  | 8415 | 8681 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(a)</sup>  | 7850 | 8076 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(a)</sup>  | 21568 | 22112 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(c)(e)</sup>  | 8583 | 9356 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(a)</sup>  | 7590 | 7825 |
| X.AI Corp. 12.50% 6/30/2030  | 21465 | 22902 |
|  |  | 466717 |
| **Materials 2.04%** | **Materials 2.04%** | **Materials 2.04%** |
| Ball Corp. 2.875% 8/15/2030  | 13027 | 12054 |
| Ball Corp. 5.50% 9/15/2033  | 21000 | 21425 |
| BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033  | 4431 | 4524 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033  | 22008 | 22892 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 5091 | 5196 |
| Braskem Netherlands Finance BV 4.50% 1/10/2028  | 4397 | 1812 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(a)</sup>  | 8660 | 3396 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031  | 2603 | 1021 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 <sup>(a)</sup>  | 7945 | 3084 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033  | 3000 | 1164 |
| Braskem Netherlands Finance BV 8.00% 10/15/2034 <sup>(a)</sup>  | 12300 | 4774 |
| Celanese US Holdings, LLC 6.85% 11/15/2028  | 11817 | 12372 |
| Celanese US Holdings, LLC 6.50% 4/15/2030  | 15000 | 15087 |
| Celanese US Holdings, LLC 6.879% 7/15/2032  | 6000 | 6249 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 19921 | 21062 |
| Celulosa Arauco y Constitucion SA 6.18% 5/5/2032 <sup>(a)</sup>  | 5270 | 5452 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(a)</sup>  | 9266 | 9603 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(a)</sup>  | 8038 | 8485 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(a)</sup>  | 9266 | 9509 |
| Cleveland-Cliffs, Inc. 7.375% 5/1/2033 <sup>(a)</sup>  | 9266 | 9645 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(a)</sup>  | 2670 | 2792 |
| Consolidated Energy Finance SA 6.50% 5/15/2026 <sup>(a)</sup>  | 785 | 762 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(a)</sup>  | 17300 | 12253 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(a)</sup>  | 4902 | 4932 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 8841 | 8767 |
| Dow Chemical Co. (The) 5.65% 3/15/2036  | 19515 | 19442 |
| Dow Chemical Co. (The) 5.55% 11/30/2048  | 1755 | 1547 |

---

American Funds Strategic Bond Fund<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)** |
| **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
| Dow Chemical Co. (The) 6.90% 5/15/2053  | USD768 | $788 |
| Dow Chemical Co. (The) 5.60% 2/15/2054  | 11556 | 10055 |
| Dow Chemical Co. (The) 5.95% 3/15/2055  | 2343 | 2134 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(a)</sup>  | 11200 | 11808 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(b)(c)</sup>  | 8791 | 5011 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(a)</sup>  | 15035 | 13532 |
| International Flavors & Fragrances, Inc. 2.30% 11/1/2030 <sup>(a)</sup>  | 7758 | 7005 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(a)</sup>  | 913 | 933 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(a)</sup>  | 885 | 909 |
| LYB International Finance III, LLC 5.125% 1/15/2031  | 1120 | 1125 |
| LYB International Finance III, LLC 5.50% 3/1/2034  | 6809 | 6735 |
| LYB International Finance III, LLC 6.15% 5/15/2035  | 6983 | 7161 |
| LYB International Finance III, LLC 5.875% 1/15/2036  | 5102 | 5080 |
| LYB International Finance III, LLC 4.20% 5/1/2050  | 4344 | 3106 |
| LYB International Finance III, LLC 3.625% 4/1/2051  | 8366 | 5400 |
| Magnera Corp. 7.25% 11/15/2031 <sup>(a)</sup>  | 12000 | 11793 |
| Mauser Packaging Solutions Holding Co. 7.875% 4/15/2027 <sup>(a)</sup>  | 7595 | 7329 |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(a)</sup>  | 8590 | 8899 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(a)</sup>  | 8230 | 8645 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(a)</sup>  | 10000 | 9788 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(a)</sup>  | 6005 | 6419 |
| PT Krakatau Posco 6.375% 6/11/2029  | 15000 | 15503 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(a)</sup>  | 1899 | 1984 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(a)</sup>  | 14585 | 14861 |
| Sherwin-Williams Co. 5.15% 8/15/2035  | 4394 | 4474 |
| Vale Overseas, Ltd. 6.40% 6/28/2054  | 8362 | 8542 |
| Vale Overseas, Ltd. 6.00% 2/25/2056 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.431% on <br> 2/25/2031) <sup>(a)(b)</sup>  | 8720 | 8731 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(a)</sup>  | 2165 | 2331 |
| Westlake Corp. 5.55% 11/15/2035  | 4733 | 4735 |
|  |  | 424117 |
| **Consumer staples 2.00%** | **Consumer staples 2.00%** | **Consumer staples 2.00%** |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(a)</sup>  | 5730 | 5510 |
| Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(a)</sup>  | 8500 | 8600 |
| Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(a)</sup>  | 8500 | 8545 |
| Altria Group, Inc. 5.25% 8/6/2035  | 7386 | 7481 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(a)</sup>  | 14000 | 13792 |
| BAT Capital Corp. 2.726% 3/25/2031  | 5000 | 4612 |
| BAT Capital Corp. 4.742% 3/16/2032  | 10000 | 10097 |
| BAT Capital Corp. 6.421% 8/2/2033  | 5707 | 6304 |
| BAT Capital Corp. 6.00% 2/20/2034  | 13898 | 14887 |
| BAT Capital Corp. 5.625% 8/15/2035  | 20234 | 21088 |
| BAT Capital Corp. 5.65% 3/16/2052  | 4750 | 4494 |
| BAT Capital Corp. 7.081% 8/2/2053  | 11800 | 13392 |
| Coca-Cola Co. 4.65% 8/14/2034  | 757 | 773 |
| Coca-Cola Co. 5.20% 1/14/2055  | 4857 | 4686 |
| Coca-Cola Consolidated, Inc. 5.45% 6/1/2034  | 5375 | 5634 |
| Conagra Brands, Inc. 5.75% 8/1/2035  | 4337 | 4431 |
| Constellation Brands, Inc. 4.35% 5/9/2027  | 11513 | 11560 |
| Constellation Brands, Inc. 4.75% 5/9/2032  | 6096 | 6125 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(a)</sup>  | 17825 | 18004 |
| H.J. Heinz Co. 3.00% 6/1/2026  | 2567 | 2556 |
| H.J. Heinz Co. 3.875% 5/15/2027  | 2236 | 2231 |
| Hershey Co. 5.10% 2/24/2035  | 4958 | 5106 |
| Imperial Brands Finance PLC 5.875% 7/1/2034 <sup>(a)</sup>  | 16377 | 17133 |
| Imperial Brands Finance PLC 5.625% 7/1/2035 <sup>(a)</sup>  | 1593 | 1638 |
| Imperial Brands Finance PLC 6.375% 7/1/2055 <sup>(a)</sup>  | 784 | 801 |
| Keurig Dr Pepper, Inc. 5.15% 5/15/2035  | 18353 | 18396 |
| Kronos Acquisition Holdings, Inc. 10.75% 6/30/2032 <sup>(a)</sup>  | 7975 | 3644 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(a)</sup>  | 33888 | 34844 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(a)</sup>  | 6205 | 6258 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(a)</sup>  | 10345 | 10312 |
| Mars, Inc. 5.80% 5/1/2065 <sup>(a)</sup>  | 1765 | 1774 |
| Minerva Luxembourg SA 8.875% 9/13/2033 <sup>(a)</sup>  | 10745 | 11754 |

---

---

| | |
|:---|:---|
| **10** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** | **Consumer staples (continued)** | **Consumer staples (continued)** |
| Philip Morris International, Inc. 4.00% 10/29/2030  | USD4,804 | $4767 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 1634 | 1749 |
| Philip Morris International, Inc. 5.625% 9/7/2033  | 15138 | 16083 |
| Philip Morris International, Inc. 5.25% 2/13/2034  | 9950 | 10288 |
| Philip Morris International, Inc. 4.90% 11/1/2034  | 18531 | 18689 |
| Philip Morris International, Inc. 4.875% 4/30/2035  | 1163 | 1167 |
| Philip Morris International, Inc. 4.625% 10/29/2035  | 8896 | 8707 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(a)</sup>  | 3706 | 3612 |
| Post Holdings, Inc. 4.50% 9/15/2031 <sup>(a)</sup>  | 10118 | 9601 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(a)</sup>  | 25000 | 25275 |
| Procter & Gamble Co. 4.60% 5/1/2035  | 3765 | 3822 |
| Procter & Gamble Co. 4.35% 11/3/2035  | 5228 | 5163 |
| Target Corp. 4.50% 9/15/2034  | 5419 | 5368 |
| Target Corp. 5.00% 4/15/2035  | 5065 | 5134 |
| Walmart, Inc. 4.90% 4/28/2035  | 10051 | 10338 |
|  |  | 416225 |
| **Industrials 1.99%** | **Industrials 1.99%** | **Industrials 1.99%** |
| Ambipar Lux SARL 10.875% 2/5/2033 <sup>(a)</sup>  | 3705 | 655 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(a)</sup>  | 12326 | 12769 |
| Boeing Co. (The) 5.15% 5/1/2030  | 6036 | 6204 |
| Boeing Co. (The) 3.625% 2/1/2031  | 14998 | 14414 |
| Boeing Co. (The) 6.388% 5/1/2031  | 4887 | 5306 |
| Boeing Co. (The) 5.705% 5/1/2040  | 3706 | 3786 |
| Boeing Co. (The) 5.805% 5/1/2050  | 13149 | 12953 |
| Boeing Co. (The) 6.858% 5/1/2054  | 8827 | 9920 |
| Boeing Co. (The) 5.93% 5/1/2060  | 10192 | 10007 |
| Boeing Co. (The) 7.008% 5/1/2064  | 1856 | 2117 |
| Bombardier, Inc. 6.00% 2/15/2028 <sup>(a)</sup>  | 4180 | 4195 |
| Bombardier, Inc. 7.50% 2/1/2029 <sup>(a)</sup>  | 8339 | 8701 |
| Bombardier, Inc. 8.75% 11/15/2030 <sup>(a)</sup>  | 8409 | 9096 |
| Burlington Northern Santa Fe, LLC 3.30% 9/15/2051  | 1611 | 1114 |
| Canadian National Railway Co. 4.375% 9/18/2034  | 1579 | 1556 |
| Canadian Pacific Railway Co. 2.05% 3/5/2030  | 2000 | 1841 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 4184 | 3139 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 12081 | 8024 |
| Caterpillar, Inc. 5.20% 5/15/2035  | 4018 | 4167 |
| Clean Harbors, Inc. 5.75% 10/15/2033 <sup>(a)</sup>  | 7615 | 7827 |
| Embraer Netherlands Finance BV 5.98% 2/11/2035  | 907 | 964 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(a)</sup>  | 5295 | 5509 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(a)</sup>  | 7640 | 8079 |
| EquipmentShare.com, Inc. 8.00% 3/15/2033 <sup>(a)</sup>  | 7675 | 8085 |
| General Dynamics Corp. 4.95% 8/15/2035  | 2533 | 2589 |
| General Electric Co. 4.90% 1/29/2036  | 2900 | 2946 |
| Herc Holdings, Inc. 6.625% 6/15/2029 <sup>(a)</sup>  | 4785 | 4985 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(a)</sup>  | 3555 | 3744 |
| Herc Holdings, Inc. 5.75% 3/15/2031 <sup>(a)</sup>  | 3795 | 3854 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(a)</sup>  | 2075 | 2202 |
| Herc Holdings, Inc. 6.00% 3/15/2034 <sup>(a)</sup>  | 3970 | 4025 |
| Hertz Corp. (The) 4.625% 12/1/2026 <sup>(a)</sup>  | 1681 | 1612 |
| Honeywell International, Inc. 5.00% 3/1/2035  | 24542 | 25008 |
| Icahn Enterprises, LP 6.25% 5/15/2026  | 1168 | 1170 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 11500 | 11351 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 13000 | 12976 |
| Icahn Enterprises, LP 10.00% 11/15/2029 <sup>(a)</sup>  | 2695 | 2696 |
| Ingersoll-Rand, Inc. 5.45% 6/15/2034  | 405 | 422 |
| IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(a)</sup>  | 13660 | 14116 |
| Lockheed Martin Corp. 4.80% 8/15/2034  | 8128 | 8216 |
| NESCO Holdings II, Inc. 5.50% 4/15/2029 <sup>(a)</sup>  | 14000 | 13802 |
| Norfolk Southern Corp. 4.45% 3/1/2033  | 2751 | 2745 |
| Norfolk Southern Corp. 5.55% 3/15/2034  | 6140 | 6481 |
| Norfolk Southern Corp. 5.10% 5/1/2035  | 219 | 224 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 13195 | 12614 |
| Paychex, Inc. 5.60% 4/15/2035  | 1644 | 1723 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(a)</sup>  | 5949 | 6218 |

---

American Funds Strategic Bond Fund<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)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Regal Rexnord Corp. 6.30% 2/15/2030  | USD15,000 | $15904 |
| Regal Rexnord Corp. 6.40% 4/15/2033  | 15000 | 16143 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(a)</sup>  | 5500 | 5292 |
| RTX Corp. 5.375% 2/27/2053  | 11296 | 10913 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(a)</sup>  | 7521 | 6245 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(a)</sup>  | 2265 | 2298 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028 <sup>(a)</sup>  | 2760 | 2777 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(a)(d)</sup>  | 3239 | 3239 |
| TK Elevator U.S. Newco, Inc. 5.25% 7/15/2027 <sup>(a)</sup>  | 2625 | 2627 |
| TransDigm, Inc. 4.875% 5/1/2029  | 1844 | 1841 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(a)</sup>  | 1460 | 1516 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(a)</sup>  | 7095 | 7395 |
| Union Pacific Corp. 5.10% 2/20/2035  | 10609 | 10953 |
| Union Pacific Corp. 2.95% 3/10/2052  | 8448 | 5397 |
| Union Pacific Corp. 3.50% 2/14/2053  | 539 | 383 |
| Union Pacific Corp. 5.60% 12/1/2054  | 1621 | 1618 |
| United Airlines, Inc. 4.375% 4/15/2026 <sup>(a)</sup>  | 3605 | 3603 |
| United Airlines, Inc. 4.625% 4/15/2029 <sup>(a)</sup>  | 2920 | 2909 |
| Verisk Analytics, Inc. 5.125% 2/15/2036  | 14269 | 14369 |
| WESCO Distribution, Inc. 7.25% 6/15/2028 <sup>(a)</sup>  | 3095 | 3142 |
|  |  | 414711 |
| **Utilities 1.92%** | **Utilities 1.92%** | **Utilities 1.92%** |
| Aegea Finance SARL 9.00% 1/20/2031 <sup>(a)</sup>  | 6569 | 6957 |
| AEP Transmission Co., LLC 5.375% 6/15/2035  | 425 | 439 |
| AES Panama Generation Holdings, SRL 4.375% 5/31/2030 <sup>(a)</sup>  | 2661 | 2505 |
| Alabama Power Co. 5.85% 11/15/2033  | 2900 | 3118 |
| Alabama Power Co. 3.00% 3/15/2052  | 964 | 627 |
| Alliant Energy Finance, LLC 3.60% 3/1/2032 <sup>(a)</sup>  | 6800 | 6323 |
| Baltimore Gas and Electric Co. 5.30% 6/1/2034  | 3940 | 4080 |
| CenterPoint Energy Houston Electric, LLC 5.05% 3/1/2035  | 2110 | 2132 |
| Comision Federal de Electricidad 6.45% 1/24/2035 <sup>(a)</sup>  | 7755 | 7992 |
| Consolidated Edison Co. of New York, Inc. 5.375% 5/15/2034  | 2573 | 2674 |
| DTE Electric Co. 5.25% 5/15/2035  | 1350 | 1388 |
| Duke Energy Florida, LLC 5.875% 11/15/2033  | 5192 | 5609 |
| Edison International 4.125% 3/15/2028  | 70 | 69 |
| Edison International 5.45% 6/15/2029  | 1488 | 1516 |
| Edison International 6.95% 11/15/2029  | 656 | 699 |
| Edison International 5.25% 3/15/2032  | 15485 | 15503 |
| Edison International, junior subordinated, 7.875% 6/15/2054 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 3.658% on 6/15/2029) <sup>(b)</sup>  | 8700 | 9139 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)(b)</sup>  | 9103 | 10622 |
| Emera, Inc. 6.75% 6/15/2076 (3-month USD CME Term SOFR + 5.702% on 6/15/2026) <sup>(b)</sup>  | 350 | 353 |
| Eversource Energy 5.50% 1/1/2034  | 2200 | 2263 |
| Eversource Energy 5.95% 7/15/2034  | 1606 | 1702 |
| Florida Power & Light Co. 5.10% 4/1/2033  | 6718 | 6972 |
| Florida Power & Light Co. 5.30% 4/1/2053  | 5391 | 5166 |
| Long Ridge Energy, LLC 8.75% 2/15/2032 <sup>(a)</sup>  | 8260 | 8799 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026  | 104 | 104 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028  | 11450 | 11107 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028  | 141 | 142 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030  | 10477 | 10436 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031  | 16284 | 14676 |
| Pacific Gas and Electric Co. 3.25% 6/1/2031  | 14750 | 13748 |
| Pacific Gas and Electric Co. 5.90% 6/15/2032  | 1338 | 1404 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 22961 | 24806 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 39617 | 33530 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 32504 | 21960 |
| PacifiCorp 5.45% 2/15/2034  | 18118 | 18387 |
| PacifiCorp 3.30% 3/15/2051  | 35 | 22 |
| PacifiCorp 2.90% 6/15/2052  | 2430 | 1425 |
| PacifiCorp 5.35% 12/1/2053  | 17645 | 15515 |
| PacifiCorp 5.50% 5/15/2054  | 22707 | 20310 |
| PacifiCorp 5.80% 1/15/2055  | 10938 | 10215 |

---

---

| | |
|:---|:---|
| **12** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| PG&E Corp. 5.00% 7/1/2028  | USD1,848 | $1849 |
| PG&E Corp. 5.25% 7/1/2030  | 1376 | 1367 |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 3.883% on 3/15/2030) <sup>(b)</sup>  | 22562 | 23512 |
| Public Service Co. of Colorado 2.70% 1/15/2051  | 1662 | 1007 |
| Public Service Electric and Gas Co. 4.85% 8/1/2034  | 5303 | 5349 |
| Southern California Edison Co. 2.85% 8/1/2029  | 1747 | 1657 |
| Southern California Edison Co. 5.25% 3/15/2030  | 4775 | 4900 |
| Southern California Edison Co. 2.75% 2/1/2032  | 9627 | 8584 |
| Southern California Edison Co. 5.20% 6/1/2034  | 2823 | 2840 |
| Southern California Edison Co. 5.45% 3/1/2035  | 1300 | 1319 |
| Southern California Edison Co. 4.00% 4/1/2047  | 1315 | 987 |
| Southern California Edison Co. 3.65% 2/1/2050  | 942 | 659 |
| Southern California Edison Co. 3.45% 2/1/2052  | 9690 | 6448 |
| Southern California Edison Co. 5.90% 3/1/2055  | 1094 | 1058 |
| Southern California Edison Co. 6.20% 9/15/2055  | 2892 | 2916 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(a)</sup>  | 12341 | 13072 |
| Union Electric Co. 5.25% 4/15/2035  | 1125 | 1161 |
| Virginia Electric & Power 2.40% 3/30/2032  | 448 | 399 |
| Virginia Electric & Power 2.45% 12/15/2050  | 7450 | 4291 |
| YPF Energia Electrica SA 7.875% 10/16/2032 <sup>(a)</sup>  | 11150 | 11198 |
|  |  | 399007 |
| **Real estate 1.26%** | **Real estate 1.26%** | **Real estate 1.26%** |
| Boston Properties, LP 6.50% 1/15/2034  | 11823 | 12738 |
| Boston Properties, LP 5.75% 1/15/2035  | 18868 | 19416 |
| Corp. Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031 <sup>(a)</sup>  | 1919 | 1786 |
| Crown Castle, Inc. 5.00% 1/11/2028  | 1877 | 1907 |
| Equinix, Inc. 3.40% 2/15/2052  | 4049 | 2782 |
| ERP Operating, LP 4.65% 9/15/2034  | 1376 | 1365 |
| FibraSOMA 4.375% 7/22/2031 <sup>(a)</sup>  | 7079 | 6245 |
| GLP Capital, LP 4.00% 1/15/2030  | 1853 | 1807 |
| Highwoods Realty, LP 5.35% 1/15/2033  | 18000 | 18028 |
| Hudson Pacific Properties, LP 4.65% 4/1/2029  | 4357 | 4031 |
| Hudson Pacific Properties, LP 3.25% 1/15/2030  | 10858 | 9190 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 4849 | 4733 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 2375 | 2240 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 5421 | 5103 |
| Kilroy Realty, LP 5.875% 10/15/2035  | 8000 | 8041 |
| Kilroy Realty, LP 6.25% 1/15/2036  | 10005 | 10348 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 3868 | 3961 |
| Mid-America Apartments, LP 4.95% 3/1/2035  | 2500 | 2524 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 13723 | 13301 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(a)</sup>  | 33272 | 35557 |
| Piedmont Operating Partnership, LP 5.625% 1/15/2033  | 5072 | 5127 |
| Prologis, LP 5.00% 3/15/2034  | 3430 | 3499 |
| Prologis, LP 5.25% 3/15/2054  | 602 | 572 |
| Public Storage Operating Co. 5.35% 8/1/2053  | 8939 | 8683 |
| Service Properties Trust 4.95% 2/15/2027  | 6850 | 6885 |
| Service Properties Trust 0% 9/30/2027 <sup>(a)</sup>  | 3015 | 2728 |
| Service Properties Trust 3.95% 1/15/2028  | 1650 | 1559 |
| Service Properties Trust 8.375% 6/15/2029  | 13610 | 13694 |
| Service Properties Trust 4.95% 10/1/2029  | 10520 | 9177 |
| Service Properties Trust 4.375% 2/15/2030  | 7365 | 6247 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(a)</sup>  | 5145 | 5415 |
| Service Properties Trust 8.875% 6/15/2032  | 5930 | 5855 |
| Simon Property Group, LP 4.75% 9/26/2034  | 5055 | 5030 |
| Trust 2401 7.70% 1/23/2032 <sup>(a)</sup>  | 612 | 677 |
| Trust Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup>  | 1219 | 1337 |
| VICI Properties, LP 3.75% 2/15/2027 <sup>(a)</sup>  | 955 | 949 |
| VICI Properties, LP 3.875% 2/15/2029 <sup>(a)</sup>  | 6800 | 6677 |
| VICI Properties, LP 4.125% 8/15/2030 <sup>(a)</sup>  | 2645 | 2566 |
| VICI Properties, LP 5.125% 5/15/2032  | 7836 | 7893 |
| VICI Properties, LP 5.625% 4/1/2035  | 1874 | 1914 |
|  |  | 261587 |

---

American Funds Strategic Bond Fund<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)** |
| **Collateralized mortgage-backed obligations 0.17%** | **Collateralized mortgage-backed obligations 0.17%** | **Collateralized mortgage-backed obligations 0.17%** |
| VM Fund I, LLC 8.625% 1/15/2028 <sup>(a)(d)</sup>  | USD34,621 | $34621 |
| **Municipals 0.03%** | **Municipals 0.03%** | **Municipals 0.03%** |
| I-20 Lancaster Fund, LLC 12.00% 1/15/2035 <sup>(a)</sup>  | 6677 | 6613 |
| **Total corporate bonds and notes** |  | 6409422 |
| **Mortgage-backed obligations 24.60%** | **Mortgage-backed obligations 24.60%** | **Mortgage-backed obligations 24.60%** |
| **Federal agency mortgage-backed obligations 17.29%** | **Federal agency mortgage-backed obligations 17.29%** | **Federal agency mortgage-backed obligations 17.29%** |
| Fannie Mae Pool #BC9506 2.50% 9/1/2046 <sup>(h)</sup>  | 10 | 9 |
| Fannie Mae Pool #CB3874 3.00% 6/1/2047 <sup>(h)</sup>  | 88 | 78 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(h)</sup>  | 164347 | 155053 |
| Fannie Mae Pool #BO2975 3.00% 9/1/2049 <sup>(h)</sup>  | 394 | 350 |
| Fannie Mae Pool #CA5220 3.00% 2/1/2050 <sup>(h)</sup>  | 50 | 45 |
| Fannie Mae Pool #FM2793 3.00% 3/1/2050 <sup>(h)</sup>  | 158 | 141 |
| Fannie Mae Pool #FM3635 3.00% 3/1/2050 <sup>(h)</sup>  | 143 | 127 |
| Fannie Mae Pool #FM3688 2.50% 7/1/2050 <sup>(h)</sup>  | 514 | 436 |
| Fannie Mae Pool #BQ0218 3.00% 8/1/2050 <sup>(h)</sup>  | 252 | 224 |
| Fannie Mae Pool #CA6987 2.00% 9/1/2050 <sup>(h)</sup>  | 73540 | 59676 |
| Fannie Mae Pool #FM4279 2.00% 9/1/2050 <sup>(h)</sup>  | 1419 | 1151 |
| Fannie Mae Pool #BQ2143 2.50% 9/1/2050 <sup>(h)</sup>  | 1495 | 1270 |
| Fannie Mae Pool #FM7195 2.50% 9/1/2050 <sup>(h)</sup>  | 7 | 6 |
| Fannie Mae Pool #BQ3719 3.00% 9/1/2050 <sup>(h)</sup>  | 2359 | 2090 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(h)</sup>  | 2266 | 2025 |
| Fannie Mae Pool #BQ3135 2.50% 10/1/2050 <sup>(h)</sup>  | 451 | 382 |
| Fannie Mae Pool #CA7248 2.50% 10/1/2050 <sup>(h)</sup>  | 62 | 52 |
| Fannie Mae Pool #FP0034 2.50% 10/1/2050 <sup>(h)</sup>  | 29 | 24 |
| Fannie Mae Pool #BQ6356 2.00% 11/1/2050 <sup>(h)</sup>  | 34 | 28 |
| Fannie Mae Pool #CA7737 2.50% 11/1/2050 <sup>(h)</sup>  | 34746 | 29846 |
| Fannie Mae Pool #BQ5687 2.50% 11/1/2050 <sup>(h)</sup>  | 18 | 15 |
| Fannie Mae Pool #FM4783 2.00% 12/1/2050 <sup>(h)</sup>  | 36105 | 29300 |
| Fannie Mae Pool #BQ4077 2.00% 12/1/2050 <sup>(h)</sup>  | 10766 | 8740 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(h)</sup>  | 24950 | 20376 |
| Fannie Mae Pool #BR1698 3.00% 1/1/2051 <sup>(h)</sup>  | 915 | 812 |
| Fannie Mae Pool #BR2666 2.00% 2/1/2051 <sup>(h)</sup>  | 7176 | 5921 |
| Fannie Mae Pool #FS7385 2.00% 2/1/2051 <sup>(h)</sup>  | 106 | 86 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(h)</sup>  | 49 | 40 |
| Fannie Mae Pool #FM6128 2.50% 2/1/2051 <sup>(h)</sup>  | 4535 | 3850 |
| Fannie Mae Pool #FM6163 2.50% 2/1/2051 <sup>(h)</sup>  | 85 | 72 |
| Fannie Mae Pool #FM5713 2.50% 2/1/2051 <sup>(h)</sup>  | 81 | 69 |
| Fannie Mae Pool #CA8871 3.00% 2/1/2051 <sup>(h)</sup>  | 742 | 657 |
| Fannie Mae Pool #CA9390 2.50% 3/1/2051 <sup>(h)</sup>  | 35285 | 29869 |
| Fannie Mae Pool #MA4282 2.50% 3/1/2051 <sup>(h)</sup>  | 6305 | 5389 |
| Fannie Mae Pool #BR3314 2.50% 3/1/2051 <sup>(h)</sup>  | 5280 | 4470 |
| Fannie Mae Pool #BQ9471 2.50% 3/1/2051 <sup>(h)</sup>  | 67 | 57 |
| Fannie Mae Pool #FM6764 2.50% 3/1/2051 <sup>(h)</sup>  | 42 | 36 |
| Fannie Mae Pool #FM7210 2.00% 4/1/2051 <sup>(h)</sup>  | 6958 | 5632 |
| Fannie Mae Pool #BR3771 2.00% 4/1/2051 <sup>(h)</sup>  | 2875 | 2328 |
| Fannie Mae Pool #BR7719 2.00% 4/1/2051 <sup>(h)</sup>  | 1050 | 850 |
| Fannie Mae Pool #FM6824 2.00% 4/1/2051 <sup>(h)</sup>  | 370 | 299 |
| Fannie Mae Pool #MA4306 2.50% 4/1/2051 <sup>(h)</sup>  | 25321 | 21619 |
| Fannie Mae Pool #BN9135 2.50% 4/1/2051 <sup>(h)</sup>  | 4357 | 3688 |
| Fannie Mae Pool #BR9703 2.50% 4/1/2051 <sup>(h)</sup>  | 1575 | 1333 |
| Fannie Mae Pool #BR7725 2.50% 4/1/2051 <sup>(h)</sup>  | 1257 | 1064 |
| Fannie Mae Pool #CB0046 3.00% 4/1/2051 <sup>(h)</sup>  | 119877 | 106181 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(h)</sup>  | 38151 | 34069 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(h)</sup>  | 4620 | 4137 |
| Fannie Mae Pool #FM7071 3.00% 4/1/2051 <sup>(h)</sup>  | 367 | 326 |
| Fannie Mae Pool #CB0381 2.00% 5/1/2051 <sup>(h)</sup>  | 789 | 639 |
| Fannie Mae Pool #CB0520 2.50% 5/1/2051 <sup>(h)</sup>  | 2447 | 2072 |
| Fannie Mae Pool #CB0396 2.50% 5/1/2051 <sup>(h)</sup>  | 1866 | 1580 |
| Fannie Mae Pool #BT0971 2.50% 5/1/2051 <sup>(h)</sup>  | 1311 | 1112 |
| Fannie Mae Pool #BR9622 2.50% 5/1/2051 <sup>(h)</sup>  | 437 | 370 |
| Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(h)</sup>  | 143 | 121 |
| Fannie Mae Pool #CB0517 2.50% 5/1/2051 <sup>(h)</sup>  | 115 | 98 |

---

---

| | |
|:---|:---|
| **14** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** | **Federal agency mortgage-backed obligations (continued)** | **Federal agency mortgage-backed obligations (continued)** |
| Fannie Mae Pool #FS5126 2.50% 5/1/2051 <sup>(h)</sup>  | USD67 | $57 |
| Fannie Mae Pool #FP0082 3.00% 5/1/2051 <sup>(h)</sup>  | 2154 | 1908 |
| Fannie Mae Pool #FM7803 2.00% 6/1/2051 <sup>(h)</sup>  | 9477 | 7841 |
| Fannie Mae Pool #FM7672 2.50% 6/1/2051 <sup>(h)</sup>  | 654 | 554 |
| Fannie Mae Pool #CB0910 2.50% 6/1/2051 <sup>(h)</sup>  | 109 | 92 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(h)</sup>  | 3463 | 3092 |
| Fannie Mae Pool #CB1920 3.00% 6/1/2051 <sup>(h)</sup>  | 1869 | 1655 |
| Fannie Mae Pool #BR2026 3.00% 6/1/2051 <sup>(h)</sup>  | 31 | 28 |
| Fannie Mae Pool #CB1186 2.00% 7/1/2051 <sup>(h)</sup>  | 14641 | 11903 |
| Fannie Mae Pool #FM7943 2.00% 7/1/2051 <sup>(h)</sup>  | 10903 | 8826 |
| Fannie Mae Pool #BT1855 2.00% 7/1/2051 <sup>(h)</sup>  | 1569 | 1270 |
| Fannie Mae Pool #BQ0991 2.50% 7/1/2051 <sup>(h)</sup>  | 7293 | 6174 |
| Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(h)</sup>  | 456 | 386 |
| Fannie Mae Pool #BT5004 3.00% 7/1/2051 <sup>(h)</sup>  | 322 | 285 |
| Fannie Mae Pool #FM8197 2.00% 8/1/2051 <sup>(h)</sup>  | 203 | 164 |
| Fannie Mae Pool #CB1394 2.50% 8/1/2051 <sup>(h)</sup>  | 18289 | 15482 |
| Fannie Mae Pool #BT2760 2.50% 8/1/2051 <sup>(h)</sup>  | 18 | 15 |
| Fannie Mae Pool #CB1408 3.00% 8/1/2051 <sup>(h)</sup>  | 1727 | 1536 |
| Fannie Mae Pool #CB1409 3.00% 8/1/2051 <sup>(h)</sup>  | 981 | 869 |
| Fannie Mae Pool #BT0186 3.00% 8/1/2051 <sup>(h)</sup>  | 89 | 79 |
| Fannie Mae Pool #FM8662 3.00% 8/1/2051 <sup>(h)</sup>  | 71 | 63 |
| Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(h)</sup>  | 7726 | 6564 |
| Fannie Mae Pool #BT9828 2.50% 9/1/2051 <sup>(h)</sup>  | 6355 | 5392 |
| Fannie Mae Pool #BT9289 2.50% 9/1/2051 <sup>(h)</sup>  | 534 | 452 |
| Fannie Mae Pool #FM9068 2.50% 10/1/2051 <sup>(h)</sup>  | 8816 | 7570 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(h)</sup>  | 1581 | 1338 |
| Fannie Mae Pool #FM9067 2.50% 10/1/2051 <sup>(h)</sup>  | 907 | 770 |
| Fannie Mae Pool #FS3298 2.50% 10/1/2051 <sup>(h)</sup>  | 240 | 204 |
| Fannie Mae Pool #FM9086 2.50% 10/1/2051 <sup>(h)</sup>  | 23 | 19 |
| Fannie Mae Pool #FM8954 2.50% 10/1/2051 <sup>(h)</sup>  | 18 | 15 |
| Fannie Mae Pool #FS4628 3.00% 10/1/2051 <sup>(h)</sup>  | 6234 | 5567 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(h)</sup>  | 17948 | 14583 |
| Fannie Mae Pool #BU2803 2.50% 11/1/2051 <sup>(h)</sup>  | 7 | 6 |
| Fannie Mae Pool #CB2095 3.00% 11/1/2051 <sup>(h)</sup>  | 17354 | 15405 |
| Fannie Mae Pool #FM9933 3.00% 11/1/2051 <sup>(h)</sup>  | 1767 | 1569 |
| Fannie Mae Pool #FM9350 3.00% 11/1/2051 <sup>(h)</sup>  | 911 | 807 |
| Fannie Mae Pool #BU5859 3.00% 11/1/2051 <sup>(h)</sup>  | 127 | 112 |
| Fannie Mae Pool #CB2097 3.00% 11/1/2051 <sup>(h)</sup>  | 38 | 34 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(h)</sup>  | 2411 | 1958 |
| Fannie Mae Pool #FS0354 2.00% 12/1/2051 <sup>(h)</sup>  | 1124 | 912 |
| Fannie Mae Pool #BQ7452 2.00% 12/1/2051 <sup>(h)</sup>  | 1123 | 910 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051 <sup>(h)</sup>  | 2827 | 2398 |
| Fannie Mae Pool #FS2824 2.50% 12/1/2051 <sup>(h)</sup>  | 2672 | 2262 |
| Fannie Mae Pool #FM9693 2.50% 12/1/2051 <sup>(h)</sup>  | 1125 | 953 |
| Fannie Mae Pool #BT9510 2.50% 12/1/2051 <sup>(h)</sup>  | 902 | 779 |
| Fannie Mae Pool #BT9483 2.50% 12/1/2051 <sup>(h)</sup>  | 895 | 772 |
| Fannie Mae Pool #CB2319 2.50% 12/1/2051 <sup>(h)</sup>  | 891 | 768 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(h)</sup>  | 675 | 573 |
| Fannie Mae Pool #CB2372 2.50% 12/1/2051 <sup>(h)</sup>  | 435 | 374 |
| Fannie Mae Pool #BU6678 2.50% 12/1/2051 <sup>(h)</sup>  | 395 | 336 |
| Fannie Mae Pool #CB2405 2.50% 12/1/2051 <sup>(h)</sup>  | 20 | 17 |
| Fannie Mae Pool #FA1935 2.50% 12/1/2051 <sup>(h)</sup>  | 16 | 14 |
| Fannie Mae Pool #FM9855 2.50% 12/1/2051 <sup>(h)</sup>  | 9 | 7 |
| Fannie Mae Pool #BU7526 3.00% 12/1/2051 <sup>(h)</sup>  | 852 | 756 |
| Fannie Mae Pool #CB2301 3.00% 12/1/2051 <sup>(h)</sup>  | 638 | 566 |
| Fannie Mae Pool #BT5284 3.00% 12/1/2051 <sup>(h)</sup>  | 389 | 345 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(h)</sup>  | 4758 | 3864 |
| Fannie Mae Pool #FS0353 2.00% 1/1/2052 <sup>(h)</sup>  | 3944 | 3192 |
| Fannie Mae Pool #FS0370 2.50% 1/1/2052 <sup>(h)</sup>  | 7260 | 6146 |
| Fannie Mae Pool #CB2555 2.50% 1/1/2052 <sup>(h)</sup>  | 1497 | 1267 |
| Fannie Mae Pool #CB2644 2.50% 1/1/2052 <sup>(h)</sup>  | 1113 | 942 |
| Fannie Mae Pool #FS0381 2.50% 1/1/2052 <sup>(h)</sup>  | 846 | 716 |
| Fannie Mae Pool #FS3549 2.50% 1/1/2052 <sup>(h)</sup>  | 145 | 123 |
| Fannie Mae Pool #FS0174 2.50% 1/1/2052 <sup>(h)</sup>  | 115 | 97 |
| Fannie Mae Pool #BU7244 2.50% 1/1/2052 <sup>(h)</sup>  | 111 | 94 |
| Fannie Mae Pool #CB2785 2.50% 1/1/2052 <sup>(h)</sup>  | 98 | 84 |

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **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)** |
| **Federal agency mortgage-backed obligations (continued)** | **Federal agency mortgage-backed obligations (continued)** | **Federal agency mortgage-backed obligations (continued)** |
| Fannie Mae Pool #FS0369 2.50% 1/1/2052 <sup>(h)</sup>  | USD94 | $79 |
| Fannie Mae Pool #CB2639 2.50% 1/1/2052 <sup>(h)</sup>  | 21 | 18 |
| Fannie Mae Pool #CB2666 3.00% 1/1/2052 <sup>(h)</sup>  | 3752 | 3323 |
| Fannie Mae Pool #BU9641 3.00% 1/1/2052 <sup>(h)</sup>  | 1895 | 1681 |
| Fannie Mae Pool #CB2668 3.00% 1/1/2052 <sup>(h)</sup>  | 357 | 316 |
| Fannie Mae Pool #FS0780 3.00% 1/1/2052 <sup>(h)</sup>  | 225 | 200 |
| Fannie Mae Pool #FS0124 3.00% 1/1/2052 <sup>(h)</sup>  | 40 | 36 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(h)</sup>  | 7254 | 5887 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(h)</sup>  | 1180 | 955 |
| Fannie Mae Pool #BV2266 2.50% 2/1/2052 <sup>(h)</sup>  | 1209 | 1025 |
| Fannie Mae Pool #FS0834 2.50% 2/1/2052 <sup>(h)</sup>  | 854 | 723 |
| Fannie Mae Pool #CB3155 2.00% 3/1/2052 <sup>(h)</sup>  | 7878 | 6379 |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(h)</sup>  | 3657 | 2961 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(h)</sup>  | 3177 | 2576 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(h)</sup>  | 2833 | 2299 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(h)</sup>  | 1682 | 1362 |
| Fannie Mae Pool #BV4169 2.00% 3/1/2052 <sup>(h)</sup>  | 1628 | 1318 |
| Fannie Mae Pool #BT2052 2.00% 3/1/2052 <sup>(h)</sup>  | 540 | 437 |
| Fannie Mae Pool #FS1978 2.50% 3/1/2052 <sup>(h)</sup>  | 5742 | 4861 |
| Fannie Mae Pool #BT8111 2.50% 3/1/2052 <sup>(h)</sup>  | 300 | 255 |
| Fannie Mae Pool #CB3995 2.50% 3/1/2052 <sup>(h)</sup>  | 297 | 253 |
| Fannie Mae Pool #BT2305 2.50% 3/1/2052 <sup>(h)</sup>  | 291 | 248 |
| Fannie Mae Pool #FS4110 2.50% 3/1/2052 <sup>(h)</sup>  | 9 | 8 |
| Fannie Mae Pool #FS0831 3.00% 3/1/2052 <sup>(h)</sup>  | 19841 | 17574 |
| Fannie Mae Pool #BV5102 3.00% 3/1/2052 <sup>(h)</sup>  | 934 | 828 |
| Fannie Mae Pool #FS5083 3.00% 3/1/2052 <sup>(h)</sup>  | 131 | 116 |
| Fannie Mae Pool #FS6861 3.00% 3/1/2052 <sup>(h)</sup>  | 67 | 60 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(h)</sup>  | 39512 | 32061 |
| Fannie Mae Pool #FS7498 2.00% 4/1/2052 <sup>(h)</sup>  | 17541 | 14221 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(h)</sup>  | 3246 | 2634 |
| Fannie Mae Pool #BV4658 2.00% 4/1/2052 <sup>(h)</sup>  | 390 | 316 |
| Fannie Mae Pool #FS2638 2.50% 4/1/2052 <sup>(h)</sup>  | 5701 | 4840 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(h)</sup>  | 2450 | 2074 |
| Fannie Mae Pool #BQ7478 2.50% 4/1/2052 <sup>(h)</sup>  | 1726 | 1467 |
| Fannie Mae Pool #CB3353 2.50% 4/1/2052 <sup>(h)</sup>  | 1083 | 918 |
| Fannie Mae Pool #BV3853 2.50% 4/1/2052 <sup>(h)</sup>  | 854 | 725 |
| Fannie Mae Pool #BU8802 2.50% 4/1/2052 <sup>(h)</sup>  | 422 | 359 |
| Fannie Mae Pool #FS7500 2.50% 4/1/2052 <sup>(h)</sup>  | 109 | 93 |
| Fannie Mae Pool #BU9507 2.50% 4/1/2052 <sup>(h)</sup>  | 63 | 54 |
| Fannie Mae Pool #BU8905 2.50% 4/1/2052 <sup>(h)</sup>  | 24 | 20 |
| Fannie Mae Pool #CB3366 3.00% 4/1/2052 <sup>(h)</sup>  | 4389 | 3892 |
| Fannie Mae Pool #BV8117 3.00% 4/1/2052 <sup>(h)</sup>  | 1957 | 1733 |
| Fannie Mae Pool #FS7061 3.00% 4/1/2052 <sup>(h)</sup>  | 1196 | 1059 |
| Fannie Mae Pool #FS4377 3.00% 4/1/2052 <sup>(h)</sup>  | 865 | 766 |
| Fannie Mae Pool #BV5386 3.00% 4/1/2052 <sup>(h)</sup>  | 551 | 489 |
| Fannie Mae Pool #BV5392 3.50% 4/1/2052 <sup>(h)</sup>  | 1084 | 1005 |
| Fannie Mae Pool #BV6617 3.50% 4/1/2052 <sup>(h)</sup>  | 385 | 357 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(h)</sup>  | 7394 | 6008 |
| Fannie Mae Pool #FS5387 2.50% 5/1/2052 <sup>(h)</sup>  | 3758 | 3181 |
| Fannie Mae Pool #BV9818 2.50% 5/1/2052 <sup>(h)</sup>  | 590 | 502 |
| Fannie Mae Pool #BU6941 2.50% 5/1/2052 <sup>(h)</sup>  | 246 | 210 |
| Fannie Mae Pool #CB3665 2.50% 5/1/2052 <sup>(h)</sup>  | 24 | 20 |
| Fannie Mae Pool #BV8809 3.00% 5/1/2052 <sup>(h)</sup>  | 1972 | 1748 |
| Fannie Mae Pool #BV5578 3.00% 5/1/2052 <sup>(h)</sup>  | 1913 | 1697 |
| Fannie Mae Pool #FS4815 3.00% 5/1/2052 <sup>(h)</sup>  | 1725 | 1528 |
| Fannie Mae Pool #BV9262 3.00% 5/1/2052 <sup>(h)</sup>  | 933 | 827 |
| Fannie Mae Pool #CB3496 3.00% 5/1/2052 <sup>(h)</sup>  | 926 | 821 |
| Fannie Mae Pool #BU8818 3.50% 5/1/2052 <sup>(h)</sup>  | 674 | 625 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(h)</sup>  | 5109 | 4141 |
| Fannie Mae Pool #FS9860 2.00% 6/1/2052 <sup>(h)</sup>  | 711 | 576 |
| Fannie Mae Pool #FS7944 2.50% 6/1/2052 <sup>(h)</sup>  | 2853 | 2418 |
| Fannie Mae Pool #BW3559 2.50% 6/1/2052 <sup>(h)</sup>  | 946 | 807 |
| Fannie Mae Pool #BV9990 2.50% 6/1/2052 <sup>(h)</sup>  | 485 | 412 |
| Fannie Mae Pool #FS5293 2.50% 6/1/2052 <sup>(h)</sup>  | 391 | 333 |
| Fannie Mae Pool #BV7794 2.50% 6/1/2052 <sup>(h)</sup>  | 120 | 101 |
| Fannie Mae Pool #FS5035 2.50% 6/1/2052 <sup>(h)</sup>  | 84 | 71 |

---

---

| | |
|:---|:---|
| **16** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** | **Federal agency mortgage-backed obligations (continued)** | **Federal agency mortgage-backed obligations (continued)** |
| Fannie Mae Pool #FS6634 3.00% 6/1/2052 <sup>(h)</sup>  | USD17,558 | $15552 |
| Fannie Mae Pool #BV5622 3.00% 6/1/2052 <sup>(h)</sup>  | 1484 | 1316 |
| Fannie Mae Pool #BV8865 3.00% 6/1/2052 <sup>(h)</sup>  | 737 | 653 |
| Fannie Mae Pool #BW3072 3.00% 6/1/2052 <sup>(h)</sup>  | 189 | 168 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(h)</sup>  | 10544 | 8546 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(h)</sup>  | 26022 | 22027 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(h)</sup>  | 7978 | 6766 |
| Fannie Mae Pool #CB4274 2.50% 7/1/2052 <sup>(h)</sup>  | 7106 | 6044 |
| Fannie Mae Pool #MA4652 2.50% 7/1/2052 <sup>(h)</sup>  | 181 | 154 |
| Fannie Mae Pool #CB4360 3.00% 8/1/2052 <sup>(h)</sup>  | 1984 | 1758 |
| Fannie Mae Pool #FA2841 3.00% 8/1/2052 <sup>(h)</sup>  | 1309 | 1159 |
| Fannie Mae Pool #FS2654 4.00% 8/1/2052 <sup>(h)</sup>  | 5192 | 4959 |
| Fannie Mae Pool #CB4384 4.50% 8/1/2052 <sup>(h)</sup>  | 93334 | 92210 |
| Fannie Mae Pool #MA4769 2.00% 9/1/2052 <sup>(h)</sup>  | 368 | 298 |
| Fannie Mae Pool #BX3196 3.00% 9/1/2052 <sup>(h)</sup>  | 163 | 145 |
| Fannie Mae Pool #FA1404 3.00% 9/1/2052 <sup>(h)</sup>  | 72 | 64 |
| Fannie Mae Pool #FS9324 3.50% 9/1/2052 <sup>(h)</sup>  | 437 | 405 |
| Fannie Mae Pool #CB4548 4.00% 9/1/2052 <sup>(h)</sup>  | 4064 | 3880 |
| Fannie Mae Pool #BW7702 4.50% 9/1/2052 <sup>(h)</sup>  |  | — <br><sup>(g)</sup><br>|
| Fannie Mae Pool #BX0959 3.00% 10/1/2052 <sup>(h)</sup>  | 121 | 107 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(h)</sup>  | 141665 | 142180 |
| Fannie Mae Pool #FS5994 5.00% 10/1/2052 <sup>(h)</sup>  | 122036 | 122303 |
| Fannie Mae Pool #BW1392 3.00% 12/1/2052 <sup>(h)</sup>  | 619 | 548 |
| Fannie Mae Pool #MA4932 3.00% 1/1/2053 <sup>(h)</sup>  | 1970 | 1745 |
| Fannie Mae Pool #BW5065 5.00% 1/1/2053 <sup>(h)</sup>  | 2739 | 2742 |
| Fannie Mae Pool #BX5114 5.00% 2/1/2053 <sup>(h)</sup>  | 27004 | 26968 |
| Fannie Mae Pool #BW1849 5.00% 2/1/2053 <sup>(h)</sup>  | 807 | 809 |
| Fannie Mae Pool #BX6074 5.00% 3/1/2053 <sup>(h)</sup>  | 34902 | 34970 |
| Fannie Mae Pool #FS4142 5.00% 3/1/2053 <sup>(h)</sup>  | 30752 | 30813 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(h)</sup>  | 10171 | 10542 |
| Fannie Mae Pool #BY0255 2.50% 4/1/2053 <sup>(h)</sup>  | 223 | 189 |
| Fannie Mae Pool #MA5000 3.50% 4/1/2053 <sup>(h)</sup>  | 489 | 453 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(h)</sup>  | 4192 | 4212 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(h)</sup>  | 8159 | 8281 |
| Fannie Mae Pool #BW9777 3.00% 6/1/2053 <sup>(h)</sup>  | 1928 | 1708 |
| Fannie Mae Pool #MA5062 3.00% 6/1/2053 <sup>(h)</sup>  | 63 | 56 |
| Fannie Mae Pool #FS6793 4.00% 6/1/2053 <sup>(h)</sup>  | 992 | 946 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(h)</sup>  | 59 | 60 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(h)</sup>  | 37 | 38 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(h)</sup>  | 27 | 28 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(h)</sup>  | 17386 | 14095 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(h)</sup>  | 178 | 170 |
| Fannie Mae Pool #CB7075 4.00% 9/1/2053 <sup>(h)</sup>  | 27089 | 25845 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(h)</sup>  | 9769 | 9965 |
| Fannie Mae Pool #MA5227 3.00% 11/1/2053 <sup>(h)</sup>  | 590 | 522 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(h)</sup>  | 38342 | 38992 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(h)</sup>  | 29345 | 30638 |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(h)</sup>  | 35020 | 36852 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(h)</sup>  | 798 | 839 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(h)</sup>  | 11920 | 12409 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(h)</sup>  | 3636 | 3812 |
| Fannie Mae Pool #BY7514 6.00% 3/1/2054 <sup>(h)</sup>  | 99 | 102 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(h)</sup>  | 2965 | 3114 |
| Fannie Mae Pool #DB3463 5.50% 5/1/2054 <sup>(h)</sup>  | 39126 | 39723 |
| Fannie Mae Pool #DB3612 5.50% 5/1/2054 <sup>(h)</sup>  | 13382 | 13585 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(h)</sup>  | 2246 | 2315 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(h)</sup>  | 4543 | 4739 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(h)</sup>  | 25871 | 26435 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(h)</sup>  | 6790 | 7052 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(h)</sup>  | 4094 | 4232 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(h)</sup>  | 2777 | 2891 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(h)</sup>  | 420 | 431 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(h)</sup>  | 6915 | 7238 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(h)</sup>  | 1811 | 1891 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(h)</sup>  | 1077 | 1131 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(h)</sup>  | 2598 | 2641 |

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **17** |

---

------

---

| | | |
|:---|:---|:---|
| 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)** | **Federal agency mortgage-backed obligations (continued)** | **Federal agency mortgage-backed obligations (continued)** |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(h)</sup>  | USD5,727 | $5903 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(h)</sup>  | 5348 | 5512 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(h)</sup>  | 668 | 692 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(h)</sup>  | 608 | 633 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(h)</sup>  | 4621 | 4839 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(h)</sup>  | 40180 | 40785 |
| Fannie Mae Pool #BU4946 5.50% 9/1/2054 <sup>(h)</sup>  | 20559 | 20868 |
| Fannie Mae Pool #CB9210 5.50% 9/1/2054 <sup>(h)</sup>  | 14543 | 14770 |
| Fannie Mae Pool #CB9146 5.50% 9/1/2054 <sup>(h)</sup>  | 8205 | 8364 |
| Fannie Mae Pool #CB9159 6.00% 9/1/2054 <sup>(h)</sup>  | 60039 | 62063 |
| Fannie Mae Pool #BU5048 6.00% 9/1/2054 <sup>(h)</sup>  | 8550 | 8834 |
| Fannie Mae Pool #DC3465 6.00% 9/1/2054 <sup>(h)</sup>  | 1053 | 1082 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(h)</sup>  | 3838 | 3895 |
| Fannie Mae Pool #DC3722 5.50% 11/1/2054 <sup>(h)</sup>  | 70 | 71 |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(h)</sup>  | 11764 | 12094 |
| Fannie Mae Pool #DC6827 6.00% 12/1/2054 <sup>(h)</sup>  | 737 | 757 |
| Fannie Mae Pool #DC7023 6.00% 12/1/2054 <sup>(h)</sup>  | 196 | 201 |
| Fannie Mae Pool #MB0294 4.00% 1/1/2055 <sup>(h)</sup>  | 3893 | 3696 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(h)</sup>  | 658 | 676 |
| Fannie Mae Pool #DC9987 6.00% 1/1/2055 <sup>(h)</sup>  | 229 | 236 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(h)</sup>  | 50000 | 51366 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(h)</sup>  | 12774 | 12963 |
| Fannie Mae Pool #DD0223 5.50% 3/1/2055 <sup>(h)</sup>  | 749 | 760 |
| Fannie Mae Pool #DD4333 6.00% 3/1/2055 <sup>(h)</sup>  | 993 | 1020 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(h)</sup>  | 15522 | 16330 |
| Fannie Mae Pool #DC4756 6.00% 4/1/2055 <sup>(h)</sup>  | 612 | 632 |
| Fannie Mae Pool #DD5311 6.00% 4/1/2055 <sup>(h)</sup>  | 196 | 202 |
| Fannie Mae Pool #DD7200 6.00% 4/1/2055 <sup>(h)</sup>  | 166 | 170 |
| Fannie Mae Pool #DD8109 6.00% 4/1/2055 <sup>(h)</sup>  | 149 | 153 |
| Fannie Mae Pool #MA5700 5.50% 5/1/2055 <sup>(h)</sup>  | 400 | 406 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(h)</sup>  | 7664 | 7875 |
| Fannie Mae Pool #MA5736 6.00% 6/1/2055 <sup>(h)</sup>  | 456 | 469 |
| Fannie Mae Pool #MA5738 7.00% 6/1/2055 <sup>(h)</sup>  | 12000 | 12625 |
| Fannie Mae Pool #DE4980 6.00% 7/1/2055 <sup>(h)</sup>  | 819 | 843 |
| Fannie Mae Pool #DE1549 6.00% 7/1/2055 <sup>(h)</sup>  | 498 | 511 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(h)</sup>  | 3826 | 3882 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(h)</sup>  | 56727 | 59039 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(h)</sup>  | 30 | 31 |
| Fannie Mae Pool #FA2203 7.00% 8/1/2055 <sup>(h)</sup>  | 1376 | 1448 |
| Fannie Mae Pool #BV6044 3.50% 9/1/2055 <sup>(h)</sup>  | 1000 | 927 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(h)</sup>  | 9757 | 9898 |
| Fannie Mae Pool #MA5876 4.00% 11/1/2055 <sup>(h)</sup>  | 2000 | 1898 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(h)</sup>  | 408 | 387 |
| Fannie Mae Pool #BF0546 2.50% 7/1/2061 <sup>(h)</sup>  | 8930 | 7367 |
| Fannie Mae Pool #BF0762 3.00% 9/1/2063 <sup>(h)</sup>  | 4300 | 3720 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(h)</sup>  | 6314 | 5747 |
| FARM Mortgage Trust, Series 2024-1, Class B, 5.084% 10/1/2053 <sup>(a)(h)(i)</sup>  | 2017 | 1816 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class B, 5.591% 8/1/2054 <sup>(a)(h)(i)</sup>  | 1821 | 1654 |
| Farmer Mac Agricultural Real Estate Trust, Series 2025-1, Class A1, 5.22% 8/1/2055 <sup>(a)(h)(i)</sup>  | 4764 | 4836 |
| Freddie Mac Pool #QA2955 3.00% 9/1/2049 <sup>(h)</sup>  | 34 | 30 |
| Freddie Mac Pool #QA9345 3.00% 5/1/2050 <sup>(h)</sup>  | 4679 | 4152 |
| Freddie Mac Pool #QB0758 3.00% 6/1/2050 <sup>(h)</sup>  | 124 | 110 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(h)</sup>  | 2208 | 1973 |
| Freddie Mac Pool #QB3745 2.50% 9/1/2050 <sup>(h)</sup>  | 78 | 66 |
| Freddie Mac Pool #RA3528 2.50% 9/1/2050 <sup>(h)</sup>  | 18 | 15 |
| Freddie Mac Pool #RA4206 2.50% 12/1/2050 <sup>(h)</sup>  | 597 | 506 |
| Freddie Mac Pool #QB8605 2.00% 2/1/2051 <sup>(h)</sup>  | 7827 | 6451 |
| Freddie Mac Pool #QC0085 2.00% 2/1/2051 <sup>(h)</sup>  | 287 | 232 |
| Freddie Mac Pool #QB8797 2.50% 2/1/2051 <sup>(h)</sup>  | 1538 | 1302 |
| Freddie Mac Pool #QC0462 2.00% 4/1/2051 <sup>(h)</sup>  | 15949 | 12910 |
| Freddie Mac Pool #QC0576 2.50% 4/1/2051 <sup>(h)</sup>  | 1858 | 1577 |
| Freddie Mac Pool #QC1187 2.50% 4/1/2051 <sup>(h)</sup>  | 1507 | 1279 |
| Freddie Mac Pool #SD0571 2.50% 4/1/2051 <sup>(h)</sup>  | 1428 | 1209 |
| Freddie Mac Pool #SD0566 2.50% 4/1/2051 <sup>(h)</sup>  | 757 | 641 |
| Freddie Mac Pool #QC0478 2.50% 4/1/2051 <sup>(h)</sup>  | 469 | 397 |
| Freddie Mac Pool #RA5355 2.50% 5/1/2051 <sup>(h)</sup>  | 2000 | 1706 |

---

---

| | |
|:---|:---|
| **18** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** | **Federal agency mortgage-backed obligations (continued)** | **Federal agency mortgage-backed obligations (continued)** |
| Freddie Mac Pool #QC3532 2.50% 6/1/2051 <sup>(h)</sup>  | USD2,516 | $2135 |
| Freddie Mac Pool #SD0644 2.50% 7/1/2051 <sup>(h)</sup>  | 10780 | 9272 |
| Freddie Mac Pool #QC4764 3.00% 7/1/2051 <sup>(h)</sup>  | 869 | 771 |
| Freddie Mac Pool #QC4360 3.00% 7/1/2051 <sup>(h)</sup>  | 582 | 516 |
| Freddie Mac Pool #QC3826 3.00% 7/1/2051 <sup>(h)</sup>  | 22 | 20 |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(h)</sup>  | 1881 | 1531 |
| Freddie Mac Pool #QC5137 2.50% 8/1/2051 <sup>(h)</sup>  | 8492 | 7206 |
| Freddie Mac Pool #SD0718 2.50% 8/1/2051 <sup>(h)</sup>  | 6253 | 5293 |
| Freddie Mac Pool #QC5527 2.50% 8/1/2051 <sup>(h)</sup>  | 1333 | 1128 |
| Freddie Mac Pool #QC5857 3.00% 8/1/2051 <sup>(h)</sup>  | 878 | 778 |
| Freddie Mac Pool #QC6459 3.00% 8/1/2051 <sup>(h)</sup>  | 257 | 228 |
| Freddie Mac Pool #SD8166 2.00% 9/1/2051 <sup>(h)</sup>  | 1327 | 1079 |
| Freddie Mac Pool #SD7545 2.50% 9/1/2051 <sup>(h)</sup>  | 810 | 702 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(h)</sup>  | 82 | 69 |
| Freddie Mac Pool #QC6761 2.50% 9/1/2051 <sup>(h)</sup>  | 62 | 52 |
| Freddie Mac Pool #QC6516 2.50% 9/1/2051 <sup>(h)</sup>  | 15 | 12 |
| Freddie Mac Pool #QC6456 3.00% 9/1/2051 <sup>(h)</sup>  | 10261 | 9089 |
| Freddie Mac Pool #QC7486 3.00% 9/1/2051 <sup>(h)</sup>  | 34 | 30 |
| Freddie Mac Pool #RA6136 2.50% 10/1/2051 <sup>(h)</sup>  | 3738 | 3164 |
| Freddie Mac Pool #SD1345 2.50% 10/1/2051 <sup>(h)</sup>  | 2560 | 2172 |
| Freddie Mac Pool #RA6107 2.50% 10/1/2051 <sup>(h)</sup>  | 2000 | 1693 |
| Freddie Mac Pool #QC8778 2.50% 10/1/2051 <sup>(h)</sup>  | 1621 | 1372 |
| Freddie Mac Pool #QC8196 2.50% 10/1/2051 <sup>(h)</sup>  | 977 | 827 |
| Freddie Mac Pool #QC9123 2.50% 10/1/2051 <sup>(h)</sup>  | 37 | 31 |
| Freddie Mac Pool #SD2880 3.00% 10/1/2051 <sup>(h)</sup>  | 12927 | 11540 |
| Freddie Mac Pool #QC8179 3.00% 10/1/2051 <sup>(h)</sup>  | 38 | 34 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(h)</sup>  | 5903 | 4782 |
| Freddie Mac Pool #RA6411 2.50% 11/1/2051 <sup>(h)</sup>  | 12872 | 10896 |
| Freddie Mac Pool #QD0162 2.50% 11/1/2051 <sup>(h)</sup>  | 442 | 374 |
| Freddie Mac Pool #QD0293 2.50% 11/1/2051 <sup>(h)</sup>  | 154 | 130 |
| Freddie Mac Pool #QD1684 3.00% 11/1/2051 <sup>(h)</sup>  | 198 | 176 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(h)</sup>  | 2423 | 1965 |
| Freddie Mac Pool #SD1605 2.50% 12/1/2051 <sup>(h)</sup>  | 3612 | 3058 |
| Freddie Mac Pool #RA6492 2.50% 12/1/2051 <sup>(h)</sup>  | 616 | 521 |
| Freddie Mac Pool #SD0778 2.50% 12/1/2051 <sup>(h)</sup>  | 189 | 161 |
| Freddie Mac Pool #QD2481 3.00% 12/1/2051 <sup>(h)</sup>  | 538 | 476 |
| Freddie Mac Pool #RA6427 3.00% 12/1/2051 <sup>(h)</sup>  | 478 | 424 |
| Freddie Mac Pool #QD6009 2.00% 1/1/2052 <sup>(h)</sup>  | 605 | 490 |
| Freddie Mac Pool #QD4747 2.00% 1/1/2052 <sup>(h)</sup>  | 33 | 27 |
| Freddie Mac Pool #QD5465 2.50% 1/1/2052 <sup>(h)</sup>  | 76 | 65 |
| Freddie Mac Pool #SD0854 2.50% 1/1/2052 <sup>(h)</sup>  | 72 | 61 |
| Freddie Mac Pool #QD5204 2.50% 1/1/2052 <sup>(h)</sup>  | 52 | 44 |
| Freddie Mac Pool #QD5490 3.00% 1/1/2052 <sup>(h)</sup>  | 689 | 610 |
| Freddie Mac Pool #QD5042 3.00% 1/1/2052 <sup>(h)</sup>  | 226 | 200 |
| Freddie Mac Pool #QD4944 3.00% 1/1/2052 <sup>(h)</sup>  | 34 | 30 |
| Freddie Mac Pool #QD6836 2.00% 2/1/2052 <sup>(h)</sup>  | 1408 | 1140 |
| Freddie Mac Pool #QD5748 2.00% 2/1/2052 <sup>(h)</sup>  | 1206 | 976 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(h)</sup>  | 1015 | 824 |
| Freddie Mac Pool #RA6771 2.00% 2/1/2052 <sup>(h)</sup>  | 796 | 645 |
| Freddie Mac Pool #QD6093 2.00% 2/1/2052 <sup>(h)</sup>  | 245 | 199 |
| Freddie Mac Pool #QD7219 2.50% 2/1/2052 <sup>(h)</sup>  | 232 | 197 |
| Freddie Mac Pool #RA6806 3.00% 2/1/2052 <sup>(h)</sup>  | 10459 | 9264 |
| Freddie Mac Pool #RA6856 3.00% 2/1/2052 <sup>(h)</sup>  | 1896 | 1682 |
| Freddie Mac Pool #QD5990 3.00% 2/1/2052 <sup>(h)</sup>  | 959 | 851 |
| Freddie Mac Pool #QD6279 3.00% 2/1/2052 <sup>(h)</sup>  | 802 | 712 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(h)</sup>  | 16234 | 13175 |
| Freddie Mac Pool #SD4526 2.00% 3/1/2052 <sup>(h)</sup>  | 5778 | 4682 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(h)</sup>  | 5307 | 4302 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(h)</sup>  | 4083 | 3309 |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(h)</sup>  | 1475 | 1194 |
| Freddie Mac Pool #QD8408 2.00% 3/1/2052 <sup>(h)</sup>  | 1174 | 953 |
| Freddie Mac Pool #QD9176 2.50% 3/1/2052 <sup>(h)</sup>  | 679 | 574 |
| Freddie Mac Pool #RA8942 2.50% 3/1/2052 <sup>(h)</sup>  | 439 | 373 |
| Freddie Mac Pool #SD3226 2.50% 3/1/2052 <sup>(h)</sup>  | 141 | 120 |
| Freddie Mac Pool #RA7021 2.50% 3/1/2052 <sup>(h)</sup>  | 77 | 66 |
| Freddie Mac Pool #QD7993 2.50% 3/1/2052 <sup>(h)</sup>  | 22 | 19 |

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **19** |

---

------

---

| | | |
|:---|:---|:---|
| 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)** | **Federal agency mortgage-backed obligations (continued)** | **Federal agency mortgage-backed obligations (continued)** |
| Freddie Mac Pool #SD2494 3.50% 3/1/2052 <sup>(h)</sup>  | USD383 | $355 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(h)</sup>  | 4074 | 3306 |
| Freddie Mac Pool #QE0312 2.00% 4/1/2052 <sup>(h)</sup>  | 1635 | 1324 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(h)</sup>  | 1254 | 1062 |
| Freddie Mac Pool #SD7554 2.50% 4/1/2052 <sup>(h)</sup>  | 434 | 374 |
| Freddie Mac Pool #QD9323 2.50% 4/1/2052 <sup>(h)</sup>  | 124 | 105 |
| Freddie Mac Pool #QE1005 2.50% 4/1/2052 <sup>(h)</sup>  | 85 | 72 |
| Freddie Mac Pool #QE0025 2.50% 4/1/2052 <sup>(h)</sup>  | 50 | 42 |
| Freddie Mac Pool #SL0316 2.00% 5/1/2052 <sup>(h)</sup>  | 9927 | 8048 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052 <sup>(h)</sup>  | 220 | 187 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(h)</sup>  | 16652 | 14791 |
| Freddie Mac Pool #SD5109 2.00% 6/1/2052 <sup>(h)</sup>  | 6859 | 5559 |
| Freddie Mac Pool #SD4807 2.00% 6/1/2052 <sup>(h)</sup>  | 4325 | 3516 |
| Freddie Mac Pool #QE4044 2.50% 6/1/2052 <sup>(h)</sup>  | 646 | 547 |
| Freddie Mac Pool #SD8219 2.50% 6/1/2052 <sup>(h)</sup>  | 433 | 368 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(h)</sup>  | 3262 | 2893 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(h)</sup>  | 2612 | 2313 |
| Freddie Mac Pool #SD4120 3.00% 6/1/2052 <sup>(h)</sup>  | 267 | 237 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(h)</sup>  | 44975 | 38071 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(h)</sup>  | 15405 | 13660 |
| Freddie Mac Pool #SD3019 3.00% 7/1/2052 <sup>(h)</sup>  | 5058 | 4482 |
| Freddie Mac Pool #SD1502 4.00% 7/1/2052 <sup>(h)</sup>  | 8573 | 8186 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(h)</sup>  | 736 | 596 |
| Freddie Mac Pool #QE8522 2.50% 8/1/2052 <sup>(h)</sup>  | 189 | 161 |
| Freddie Mac Pool #SD8235 3.00% 8/1/2052 <sup>(h)</sup>  | 942 | 835 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(h)</sup>  | 3199 | 3147 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(h)</sup>  | 16985 | 15061 |
| Freddie Mac Pool #QF0154 3.00% 9/1/2052 <sup>(h)</sup>  | 282 | 250 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(h)</sup>  | 3278 | 3225 |
| Freddie Mac Pool #QF0980 3.00% 10/1/2052 <sup>(h)</sup>  | 50 | 44 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(h)</sup>  | 1382 | 1356 |
| Freddie Mac Pool #SD8258 5.00% 10/1/2052 <sup>(h)</sup>  | 14542 | 14571 |
| Freddie Mac Pool #SD8263 3.00% 11/1/2052 <sup>(h)</sup>  | 1925 | 1706 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(h)</sup>  | 4333 | 3839 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(h)</sup>  | 32022 | 32085 |
| Freddie Mac Pool #SD8284 3.00% 1/1/2053 <sup>(h)</sup>  | 1943 | 1721 |
| Freddie Mac Pool #QF6262 3.00% 1/1/2053 <sup>(h)</sup>  | 693 | 614 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(h)</sup>  | 46211 | 46301 |
| Freddie Mac Pool #QF5426 5.00% 1/1/2053 <sup>(h)</sup>  | 4206 | 4214 |
| Freddie Mac Pool #QF7871 2.50% 2/1/2053 <sup>(h)</sup>  | 250 | 212 |
| Freddie Mac Pool #SD8320 3.00% 2/1/2053 <sup>(h)</sup>  | 992 | 879 |
| Freddie Mac Pool #QF7590 5.00% 2/1/2053 <sup>(h)</sup>  | 7466 | 7480 |
| Freddie Mac Pool #QF8385 5.00% 2/1/2053 <sup>(h)</sup>  | 1129 | 1132 |
| Freddie Mac Pool #QF9074 5.00% 2/1/2053 <sup>(h)</sup>  | 469 | 471 |
| Freddie Mac Pool #QF9466 3.00% 3/1/2053 <sup>(h)</sup>  | 253 | 224 |
| Freddie Mac Pool #SD2515 5.00% 3/1/2053 <sup>(h)</sup>  | 40647 | 40728 |
| Freddie Mac Pool #QF8705 5.00% 3/1/2053 <sup>(h)</sup>  | 10202 | 10218 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(h)</sup>  | 6395 | 6426 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(h)</sup>  | 86 | 86 |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(h)</sup>  | 371 | 385 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(h)</sup>  | 336 | 346 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(h)</sup>  | 218 | 226 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(h)</sup>  | 186 | 194 |
| Freddie Mac Pool #RA9735 2.50% 8/1/2053 <sup>(h)</sup>  | 305 | 258 |
| Freddie Mac Pool #SD3512 6.00% 8/1/2053 <sup>(h)</sup>  | 2296 | 2365 |
| Freddie Mac Pool #RJ0147 2.50% 9/1/2053 <sup>(h)</sup>  | 369 | 313 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(h)</sup>  | 9088 | 9245 |
| Freddie Mac Pool #SL0419 3.00% 10/1/2053 <sup>(h)</sup>  | 8665 | 7683 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(h)</sup>  | 1284 | 1339 |
| Freddie Mac Pool #SD6284 2.00% 1/1/2054 <sup>(h)</sup>  | 5723 | 4634 |
| Freddie Mac Pool #QH9285 2.50% 1/1/2054 <sup>(h)</sup>  | 114 | 97 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(h)</sup>  | 855 | 889 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(h)</sup>  | 4149 | 4358 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(h)</sup>  | 1199 | 1248 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(h)</sup>  | 4393 | 4614 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(h)</sup>  | 8493 | 8862 |

---

---

| | |
|:---|:---|
| **20** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** | **Federal agency mortgage-backed obligations (continued)** | **Federal agency mortgage-backed obligations (continued)** |
| Freddie Mac Pool #SD5873 6.00% 7/1/2054 <sup>(h)</sup>  | USD7,773 | $8010 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(h)</sup>  | 6319 | 6535 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(h)</sup>  | 1644 | 1695 |
| Freddie Mac Pool #SD6143 6.00% 7/1/2054 <sup>(h)</sup>  | 324 | 332 |
| Freddie Mac Pool #QI9151 6.50% 7/1/2054 <sup>(h)</sup>  | 5180 | 5437 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(h)</sup>  | 4252 | 4346 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(h)</sup>  | 29829 | 30744 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(h)</sup>  | 6121 | 6298 |
| Freddie Mac Pool #QJ0883 6.00% 8/1/2054 <sup>(h)</sup>  | 189 | 194 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(h)</sup>  | 15740 | 16476 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(h)</sup>  | 8682 | 9088 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(h)</sup>  | 5575 | 5826 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(h)</sup>  | 3273 | 3433 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(h)</sup>  | 2908 | 3034 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(h)</sup>  | 2133 | 2234 |
| Freddie Mac Pool #QJ3044 5.50% 9/1/2054 <sup>(h)</sup>  | 42413 | 43065 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(h)</sup>  | 40283 | 40877 |
| Freddie Mac Pool #RJ2422 5.50% 9/1/2054 <sup>(h)</sup>  | 17911 | 18211 |
| Freddie Mac Pool #RJ2415 5.50% 9/1/2054 <sup>(h)</sup>  | 7548 | 7727 |
| Freddie Mac Pool #RJ2408 5.50% 9/1/2054 <sup>(h)</sup>  | 6838 | 6962 |
| Freddie Mac Pool #SD6578 6.00% 9/1/2054 <sup>(h)</sup>  | 44640 | 46454 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(h)</sup>  | 24935 | 25709 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(h)</sup>  | 12415 | 12924 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(h)</sup>  | 12081 | 12572 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(h)</sup>  | 7427 | 7655 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(h)</sup>  | 4127 | 4312 |
| Freddie Mac Pool #RJ2474 6.50% 9/1/2054 <sup>(h)</sup>  | 3649 | 3802 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(h)</sup>  | 3193 | 3334 |
| Freddie Mac Pool #RJ2411 6.50% 9/1/2054 <sup>(h)</sup>  | 2398 | 2502 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(h)</sup>  | 2027 | 2127 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(h)</sup>  | 1347 | 1405 |
| Freddie Mac Pool #RJ2470 6.50% 9/1/2054 <sup>(h)</sup>  | 1061 | 1107 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(h)</sup>  | 51718 | 52491 |
| Freddie Mac Pool #SL1418 6.00% 10/1/2054 <sup>(h)</sup>  | 13963 | 14346 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(h)</sup>  | 75230 | 76340 |
| Freddie Mac Pool #RJ3596 6.00% 11/1/2054 <sup>(h)</sup>  | 721 | 742 |
| Freddie Mac Pool #RJ2838 6.00% 11/1/2054 <sup>(h)</sup>  | 492 | 505 |
| Freddie Mac Pool #QJ7363 6.00% 11/1/2054 <sup>(h)</sup>  | 261 | 269 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(h)</sup>  | 116 | 118 |
| Freddie Mac Pool #QX0553 6.00% 12/1/2054 <sup>(h)</sup>  | 411 | 423 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(h)</sup>  | 1726 | 1773 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(h)</sup>  | 3484 | 3665 |
| Freddie Mac Pool #RJ4292 5.50% 2/1/2055 <sup>(h)</sup>  | 5950 | 6038 |
| Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(h)</sup>  | 2005 | 2034 |
| Freddie Mac Pool #QX6724 6.00% 2/1/2055 <sup>(h)</sup>  | 441 | 453 |
| Freddie Mac Pool #QX6717 6.00% 2/1/2055 <sup>(h)</sup>  | 286 | 296 |
| Freddie Mac Pool #SL0585 5.50% 3/1/2055 <sup>(h)</sup>  | 205 | 208 |
| Freddie Mac Pool #SL0924 6.00% 3/1/2055 <sup>(h)</sup>  | 4493 | 4618 |
| Freddie Mac Pool #QX9923 6.00% 3/1/2055 <sup>(h)</sup>  | 138 | 142 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(h)</sup>  | 60672 | 62340 |
| Freddie Mac Pool #SL1413 6.00% 4/1/2055 <sup>(h)</sup>  | 282 | 289 |
| Freddie Mac Pool #QX9672 6.00% 4/1/2055 <sup>(h)</sup>  | 93 | 96 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(h)</sup>  | 25 | 26 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(h)</sup>  | 84901 | 87243 |
| Freddie Mac Pool #RJ4529 6.00% 5/1/2055 <sup>(h)</sup>  | 1642 | 1687 |
| Freddie Mac Pool #QY3449 6.00% 5/1/2055 <sup>(h)</sup>  | 318 | 326 |
| Freddie Mac Pool #QY3446 6.00% 5/1/2055 <sup>(h)</sup>  | 200 | 206 |
| Freddie Mac Pool #SD8536 7.00% 5/1/2055 <sup>(h)</sup>  | 2000 | 2104 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(h)</sup>  | 5456 | 5445 |
| Freddie Mac Pool #QY6303 6.00% 6/1/2055 <sup>(h)</sup>  | 22743 | 23374 |
| Freddie Mac Pool #RQ0024 4.00% 7/1/2055 <sup>(h)</sup>  | 220 | 209 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(h)</sup>  | 9012 | 9143 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(h)</sup>  | 1147 | 1178 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(h)</sup>  | 279 | 287 |
| Freddie Mac, Series K142, Class A2, 2.40% 3/25/2032 <sup>(h)</sup>  | 24762 | 22353 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(h)</sup>  | 6237 | 5386 |

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **21** |

---

------

---

| | | |
|:---|:---|:---|
| 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)** | **Federal agency mortgage-backed obligations (continued)** | **Federal agency mortgage-backed obligations (continued)** |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(h)</sup>  | USD6,592 | $5693 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(h)</sup>  | 33435 | 31824 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052 <sup>(h)</sup>  | 17143 | 16317 |
| Government National Mortgage Assn. Pool #MA9014 4.00% 7/20/2053 <sup>(h)</sup>  | 37270 | 35525 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(h)</sup>  | 1445 | 1374 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(h)(j)</sup>  | 64386 | 52062 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(h)(j)</sup>  | 12363 | 10937 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(h)(j)</sup>  | 910 | 841 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(h)(j)</sup>  | 2455 | 2329 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(h)(j)</sup>  | 16000 | 16430 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(h)(j)</sup>  | 73729 | 67937 |
|  |  | 3598527 |
| **Commercial mortgage-backed securities 4.94%** | **Commercial mortgage-backed securities 4.94%** | **Commercial mortgage-backed securities 4.94%** |
| 3650R Commercial Mortgage Trust, Series 2022-PF2, Class B, 5.291% 11/15/2055 <sup>(h)(i)</sup>  | 3591 | 3490 |
| 3650R Commercial Mortgage Trust, Series 2022-PF2, Class AS, 5.291% 11/15/2055 <sup>(h)(i)</sup>  | 2000 | 1999 |
| ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.743%) 5.494% 6/15/2040 <sup>(a)(h)(i)</sup>  | 21300 | 21414 |
| ALA Trust, Series 2025-OANA, Class C, (1-month USD CME Term SOFR + 2.092%) 5.843% 6/15/2040 <sup>(a)(h)(i)</sup>  | 2856 | 2869 |
| Arbor Multi Family Mortgage Securities Trust, Series 2020-MF1, Class B, 3.597% 5/15/2053 <sup>(h)(i)</sup>  | 1500 | 1423 |
| Arbor Multi Family Mortgage Securities Trust, Series 2021-MF3, Class B, 2.511% 10/15/2054 <sup>(a)(h)</sup>  | 375 | 326 |
| Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class C, 6.59% 11/10/2029 <sup>(a)(h)(i)</sup>  | 1949 | 1978 |
| Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class D, 7.935% 11/10/2029 <sup>(a)(h)(i)</sup>  | 5903 | 6041 |
| Banc of America Commercial Mortgage, Inc., Series 2016-UB10, Class C, 4.875% 7/15/2049 <sup>(h)(i)</sup>  | 2500 | 2426 |
| Bank Commercial Mortgage Trust, Series 2019-BN23, Class C, 3.503% 12/15/2052 <sup>(h)(i)</sup>  | 2994 | 2677 |
| Bank Commercial Mortgage Trust, Series 2022-BNK43, Class B, 5.151% 8/15/2055 <sup>(h)(i)</sup>  | 1750 | 1680 |
| Bank Commercial Mortgage Trust, Series 2022-BNK44, Class B, 5.746% 11/15/2055 <sup>(h)(i)</sup>  | 1111 | 1127 |
| Bank Commercial Mortgage Trust, Series 2023-BNK45, Class B, 6.148% 2/15/2056 <sup>(h)(i)</sup>  | 1873 | 1938 |
| Bank Commercial Mortgage Trust, Series 2023-BNK45, Class C, 6.312% 2/15/2056 <sup>(h)(i)</sup>  | 1297 | 1313 |
| Bank Commercial Mortgage Trust, Series 2023-5YR1, Class B, 6.457% 4/15/2056 <sup>(h)(i)</sup>  | 1741 | 1798 |
| Bank Commercial Mortgage Trust, Series 2023-5YR2, Class C, 7.164% 7/15/2056 <sup>(h)(i)</sup>  | 915 | 945 |
| Bank Commercial Mortgage Trust, Series 2023-BNK46, Class C, 6.774% 8/15/2056 <sup>(h)(i)</sup>  | 1480 | 1511 |
| Bank Commercial Mortgage Trust, Series 2023-BNK46, Class B, 6.774% 8/15/2056 <sup>(h)(i)</sup>  | 1193 | 1263 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class C, 7.605% 12/15/2056 <sup>(h)(i)</sup>  | 4 | 5 |
| Bank Commercial Mortgage Trust, Series 2024-5YR9, Class B, 6.483% 8/15/2057 <sup>(h)(i)</sup>  | 1866 | 1954 |
| Bank Commercial Mortgage Trust, Series 2024-5YR11, Class A3, 5.893% 11/15/2057 <sup>(h)</sup>  | 35763 | 37619 |
| Bank Commercial Mortgage Trust, Series 2024-5YR11, Class B, 6.322% 11/15/2057 <sup>(h)(i)</sup>  | 1578 | 1642 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class B, 6.277% 12/15/2057 <sup>(h)(i)</sup>  | 1327 | 1382 |
| Bank Commercial Mortgage Trust, Series 2025-5YR14, Class C, 6.463% 4/15/2058 <sup>(h)(i)</sup>  | 3993 | 4105 |
| Bank Commercial Mortgage Trust, Series 2025-5YR14, Class B, 6.474% 4/15/2058 <sup>(h)(i)</sup>  | 4192 | 4388 |
| Bank Commercial Mortgage Trust, Series 2017-BNK5, Class C, 4.207% 6/15/2060 <sup>(h)(i)</sup>  | 1900 | 1817 |
| Bank Commercial Mortgage Trust, Series 2017-BNK7, Class C, 3.972% 9/15/2060 <sup>(h)(i)</sup>  | 1964 | 1768 |
| Bank Commercial Mortgage Trust, Series 2019-BN18, Class C, 4.210% 5/15/2062 <sup>(h)(i)</sup>  | 2500 | 2128 |
| Bank Commercial Mortgage Trust, Series 2019-BN20, Class B, 3.395% 9/15/2062 <sup>(h)(i)</sup>  | 1905 | 1660 |
| Bank Commercial Mortgage Trust, Series 2020-BN25, Class C, 3.349% 1/15/2063 <sup>(h)(i)</sup>  | 3340 | 2936 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class C, 3.414% 3/15/2063 <sup>(h)(i)</sup>  | 4215 | 3563 |
| Bank Commercial Mortgage Trust, Series 2022-BNK40, Class AS, 3.390% 3/15/2064 <sup>(h)(i)</sup>  | 750 | 683 |
| Bank Commercial Mortgage Trust, Series 2022-BNK40, Class B, 3.507% 3/15/2064 <sup>(h)(i)</sup>  | 727 | 644 |
| Bank Commercial Mortgage Trust, Series 2021-BN35, Class B, 2.528% 6/15/2064 <sup>(h)</sup>  | 5000 | 4333 |
| Bank Commercial Mortgage Trust, Series 2021-BN36, Class B, 2.867% 9/15/2064 <sup>(h)(i)</sup>  | 5750 | 4929 |
| Bank5, Series 2025-5YR18, Class AS, 5.466% 12/15/2058 <sup>(h)(i)</sup>  | 861 | 886 |
| Bank5, Series 2025-5YR18, Class B, 5.717% 12/15/2058 <sup>(h)(i)</sup>  | 1848 | 1901 |
| Barclays Commercial Mortgage Securities, LLC, Series 2018-TALL, Class A, ((1-month USD CME Term SOFR + <br> 0.047%) + 0.872%) 4.669% 3/15/2037 <sup>(a)(h)(i)</sup>  | 2667 | 2529 |
| Barclays Commercial Mortgage Securities, LLC, Series 2017-C1, Class B, 4.089% 2/15/2050 <sup>(h)</sup>  | 3564 | 3383 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C15, Class C, 3.931% 4/15/2055 <sup>(h)(i)</sup>  | 4842 | 4150 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C17, Class B, 4.889% 9/15/2055 <sup>(h)(i)</sup>  | 2054 | 1981 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C18, Class C, 6.168% 12/15/2055 <sup>(h)(i)</sup>  | 5194 | 5246 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C22, Class C, 7.131% 11/15/2056 <sup>(h)(i)</sup>  | 457 | 466 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-C24, Class C, 6.00% 2/15/2057 <sup>(h)</sup>  | 207 | 202 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-C26, Class C, 6.00% 5/15/2057 <sup>(h)(i)</sup>  | 3071 | 3078 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-5C27, Class B, 6.70% 7/15/2057 <sup>(h)(i)</sup>  | 1828 | 1919 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-C28, Class B, 5.894% 9/15/2057 <sup>(h)(i)</sup>  | 1590 | 1637 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-C30, Class B, 6.031% 11/15/2057 <sup>(h)(i)</sup>  | 707 | 737 |
| Barclays Commercial Mortgage Securities, LLC, Series 2025-5C34, Class B, 6.542% 5/15/2058 <sup>(h)(i)</sup>  | 590 | 624 |
| Barclays Commercial Mortgage Securities, LLC, Series 2025-5C34, Class C, 6.807% 5/15/2058 <sup>(h)(i)</sup>  | 1500 | 1574 |

---

---

| | |
|:---|:---|
| **22** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** | **Commercial mortgage-backed securities (continued)** | **Commercial mortgage-backed securities (continued)** |
| Barclays Commercial Mortgage Securities, LLC, Series 2025-5C38, Class A3, 5.146% 11/15/2058 <sup>(h)</sup>  | USD3,057 | $3147 |
| Barclays Commercial Mortgage Securities, LLC, Series 2025-5C38, Class AS, 5.476% 11/15/2058 <sup>(h)</sup>  | 3057 | 3147 |
| Barclays Commercial Mortgage Securities, LLC, Series 2025-C32, Class C, 6.125% 2/15/2062 <sup>(h)</sup>  | 2394 | 2428 |
| Benchmark Mortgage Trust, Series 2018-B1, Class B, 4.059% 1/15/2051 <sup>(h)(i)</sup>  | 1328 | 1244 |
| Benchmark Mortgage Trust, Series 2018-B2, Class B, 4.292% 2/15/2051 <sup>(h)(i)</sup>  | 2325 | 2106 |
| Benchmark Mortgage Trust, Series 2018-B3, Class B, 4.295% 4/10/2051 <sup>(h)(i)</sup>  | 1500 | 1413 |
| Benchmark Mortgage Trust, Series 2019-B11, Class B, 3.955% 5/15/2052 <sup>(h)(i)</sup>  | 2500 | 2212 |
| Benchmark Mortgage Trust, Series 2020-B20, Class B, 2.527% 10/15/2053 <sup>(h)</sup>  | 1075 | 871 |
| Benchmark Mortgage Trust, Series 2020-B21, Class C, 3.328% 12/17/2053 <sup>(h)(i)</sup>  | 1000 | 814 |
| Benchmark Mortgage Trust, Series 2021-B23, Class B, 2.095% 2/15/2054 <sup>(h)</sup>  | 1995 | 1532 |
| Benchmark Mortgage Trust, Series 2021-B23, Class C, 2.563% 2/15/2054 <sup>(h)(i)</sup>  | 1500 | 1104 |
| Benchmark Mortgage Trust, Series 2021-B24, Class C, 3.293% 3/15/2054 <sup>(h)(i)</sup>  | 3895 | 3023 |
| Benchmark Mortgage Trust, Series 2021-B25, Class B, 2.635% 4/15/2054 <sup>(h)</sup>  | 500 | 393 |
| Benchmark Mortgage Trust, Series 2022-B34, Class A5, 3.786% 4/15/2055 <sup>(h)(i)</sup>  | 3368 | 3149 |
| Benchmark Mortgage Trust, Series 2022-B35, Class C, 4.594% 5/15/2055 <sup>(h)(i)</sup>  | 2407 | 1969 |
| Benchmark Mortgage Trust, Series 2022-B36, Class B, 4.87% 7/15/2055 <sup>(h)(i)</sup>  | 2500 | 2443 |
| Benchmark Mortgage Trust, Series 2023-V3, Class B, 6.924% 7/15/2056 <sup>(h)(i)</sup>  | 1498 | 1552 |
| Benchmark Mortgage Trust, Series 2023-B40, Class B, 6.581% 12/15/2056 <sup>(h)(i)</sup>  | 1786 | 1909 |
| Benchmark Mortgage Trust, Series 2024-V5, Class C, 6.972% 1/10/2057 <sup>(h)(i)</sup>  | 184 | 189 |
| Benchmark Mortgage Trust, Series 2024-V8, Class B, 6.947% 7/15/2057 <sup>(h)(i)</sup>  | 1422 | 1507 |
| Benchmark Mortgage Trust, Series 2019-B13, Class B, 3.335% 8/15/2057 <sup>(h)(i)</sup>  | 4087 | 3632 |
| Benchmark Mortgage Trust, Series 2024-V9, Class B, 6.466% 8/15/2057 <sup>(h)(i)</sup>  | 867 | 904 |
| Benchmark Mortgage Trust, Series 2024-V11, Class B, 6.373% 11/15/2057 <sup>(h)(i)</sup>  | 1216 | 1268 |
| Benchmark Mortgage Trust, Series 2025-V15, Class C, 6.268% 6/15/2058 <sup>(h)</sup>  | 1578 | 1606 |
| Benchmark Mortgage Trust, Series 2025-V15, Class B, 6.425% 6/15/2058 <sup>(h)</sup>  | 1236 | 1293 |
| Benchmark Mortgage Trust, Series 2025-V16, Class B, 6.13% 8/15/2058 <sup>(h)(i)</sup>  | 1580 | 1641 |
| Benchmark Mortgage Trust, Series 2025-V18, Class C, 6.139% 10/15/2058 <sup>(h)</sup>  | 839 | 840 |
| BFLD Trust, Series 2025-5MW, Class A, 4.674% 10/10/2042 <sup>(a)(h)(i)</sup>  | 3293 | 3296 |
| BFLD Trust, Series 2025-5MW, Class D, 6.371% 10/10/2042 <sup>(a)(h)(i)</sup>  | 1153 | 1177 |
| BLP Commercial Mortgage Trust, Series 2024-IND2, Class D, (1-month USD CME Term SOFR + 2.59%) 6.34% <br> 3/15/2041 <sup>(a)(h)(i)</sup>  | 1733 | 1736 |
| BMO Mortgage Trust, Series 2023-C4, Class B, 5.395% 2/15/2056 <sup>(h)(i)</sup>  | 948 | 961 |
| BMO Mortgage Trust, Series 2023-5C1, Class A3, 6.534% 8/15/2056 <sup>(h)(i)</sup>  | 41374 | 43339 |
| BMO Mortgage Trust, Series 2023-5C1, Class B, 6.96% 8/15/2056 <sup>(h)(i)</sup>  | 2804 | 2926 |
| BMO Mortgage Trust, Series 2023-5C1, Class C, 7.117% 8/15/2056 <sup>(h)(i)</sup>  | 1075 | 1110 |
| BMO Mortgage Trust, Series 2024-5C3, Class D, 4.00% 2/15/2057 <sup>(a)(h)</sup>  | 167 | 150 |
| BMO Mortgage Trust, Series 2024-5C5, Class B, 6.747% 2/15/2057 <sup>(h)(i)</sup>  | 1620 | 1694 |
| BMO Mortgage Trust, Series 2024-5C3, Class C, 6.859% 2/15/2057 <sup>(h)(i)</sup>  | 1372 | 1411 |
| BMO Mortgage Trust, Series 2024-5C5, Class C, 6.88% 2/15/2057 <sup>(h)(i)</sup>  | 1175 | 1215 |
| BMO Mortgage Trust, Series 2024-5C4, Class C, 7.018% 5/15/2057 <sup>(h)(i)</sup>  | 854 | 885 |
| BMO Mortgage Trust, Series 2024-C9, Class B, 6.34% 7/15/2057 <sup>(h)(i)</sup>  | 1422 | 1504 |
| BMO Mortgage Trust, Series 2024-5C6, Class C, 5.885% 9/15/2057 <sup>(h)(i)</sup>  | 575 | 578 |
| BMO Mortgage Trust, Series 2024-C10, Class B, 6.079% 11/15/2057 <sup>(h)(i)</sup>  | 578 | 593 |
| BMO Mortgage Trust, Series 2024-5C7, Class B, 6.198% 11/15/2057 <sup>(h)(i)</sup>  | 1000 | 1034 |
| BMP Trust, Series 2024-MF23, Class E, (1-month USD CME Term SOFR + 3.389%) 7.139% 6/15/2041 <sup>(a)(h)(i)</sup>  | 3611 | 3624 |
| BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class A, (1-month USD CME Term SOFR + 1.60%) 5.45% <br> 12/15/2042 <sup>(a)(h)(i)</sup>  | 20141 | 20201 |
| BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class B, (1-month USD CME Term SOFR + 1.90%) 5.75% <br> 12/15/2042 <sup>(a)(h)(i)</sup>  | 3137 | 3147 |
| BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class C, (1-month USD CME Term SOFR + 2.15%) 6.00% <br> 12/15/2042 <sup>(a)(h)(i)</sup>  | 2127 | 2135 |
| BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class D, (1-month USD CME Term SOFR + 2.50%) 6.35% <br> 12/15/2042 <sup>(a)(h)(i)</sup>  | 1141 | 1145 |
| BX Trust, Series 2022-CSMO, Class B, (1-month USD CME Term SOFR + 3.141%) 6.891% 6/15/2027 <sup>(a)(h)(i)</sup>  | 3000 | 3012 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.291% 5/15/2034 <sup>(a)(h)(i)</sup>  | 17031 | 17051 |
| BX Trust, Series 2024-KING, Class C, (1-month USD CME Term SOFR + 1.94%) 5.691% 5/15/2034 <sup>(a)(h)(i)</sup>  | 533 | 534 |
| BX Trust, Series 2024-KING, Class D, (1-month USD CME Term SOFR + 2.49%) 6.24% 5/15/2034 <sup>(a)(h)(i)</sup>  | 984 | 988 |
| BX Trust, Series 2021-SDMF, Class E, (1-month USD CME Term SOFR + 1.701%) 5.452% 9/15/2034 <sup>(a)(h)(i)</sup>  | 966 | 963 |
| BX Trust, Series 2022-IND, Class D, (1-month USD CME Term SOFR + 2.839%) 6.589% 4/15/2037 <sup>(a)(h)(i)</sup>  | 3032 | 3042 |
| BX Trust, Series 2021-ACNT, Class B, (1-month USD CME Term SOFR + 1.364%) 5.115% 11/15/2038 <sup>(a)(h)(i)</sup>  | 5449 | 5445 |
| BX Trust, Series 2021-ACNT, Class D, (1-month USD CME Term SOFR + 1.964%) 5.715% 11/15/2038 <sup>(a)(h)(i)</sup>  | 3499 | 3496 |
| BX Trust, Series 2021-ACNT, Class E, (1-month USD CME Term SOFR + 2.311%) 6.062% 11/15/2038 <sup>(a)(h)(i)</sup>  | 425 | 425 |
| BX Trust, Series 2022-AHP, Class C, (1-month USD CME Term SOFR + 2.09%) 5.84% 1/17/2039 <sup>(a)(h)(i)</sup>  | 6500 | 6498 |
| BX Trust, Series 2024-VLT4, Class E, (1-month USD CME Term SOFR + 2.889%) 6.64% 6/15/2041 <sup>(a)(h)(i)</sup>  | 3998 | 3997 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(a)(h)(i)</sup>  | 51595 | 51760 |
| BX Trust, Series 2024-AIR2, Class D, (1-month USD CME Term SOFR + 2.79%) 6.541% 10/15/2041 <sup>(a)(h)(i)</sup>  | 1393 | 1399 |

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **23** |

---

------

---

| | | |
|:---|:---|:---|
| 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)** | **Commercial mortgage-backed securities (continued)** | **Commercial mortgage-backed securities (continued)** |
| BX Trust, Series 2024-GPA2, Class A, (1-month USD CME Term SOFR + 1.542%) 5.292% 11/15/2041 <sup>(a)(h)(i)</sup>  | USD21,194 | $21242 |
| BX Trust, Series 2024-GPA2, Class B, (1-month USD CME Term SOFR + 1.892%) 5.642% 11/15/2041 <sup>(a)(h)(i)</sup>  | 16920 | 16979 |
| BX Trust, Series 2024-GPA2, Class D, (1-month USD CME Term SOFR + 2.591%) 6.341% 11/15/2041 <sup>(a)(h)(i)</sup>  | 342 | 343 |
| BX Trust, Series 2024-FNX, Class D, (1-month USD CME Term SOFR + 2.94%) 6.69% 11/15/2041 <sup>(a)(h)(i)</sup>  | 5394 | 5423 |
| BX Trust, Series 2024-GPA2, Class E, (1-month USD CME Term SOFR + 3.54%) 7.29% 11/15/2041 <sup>(a)(h)(i)</sup>  | 2044 | 2049 |
| BX Trust, Series 2025-BIO3, Class D, 6.961% 2/10/2042 <sup>(a)(h)(i)</sup>  | 8638 | 8785 |
| BX Trust, Series 2025-BIO3, Class C, 6.961% 2/10/2042 <sup>(a)(h)(i)</sup>  | 1385 | 1421 |
| BX Trust, Series 2025-VLT6, Class D, (1-month USD CME Term SOFR + 2.5916%) 6.342% 3/15/2042 <sup>(a)(h)(i)</sup>  | 3813 | 3812 |
| BX Trust, Series 2025-GW, Class B, (1-month USD CME Term SOFR + 1.85%) 5.60% 7/15/2042 <sup>(a)(h)(i)</sup>  | 3110 | 3123 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(a)(h)(i)</sup>  | 2310 | 2334 |
| BX Trust, Series 2025-VLT7, Class A, (1-month USD CME Term SOFR + 1.70%) 5.45% 7/15/2044 <sup>(a)(h)(i)</sup>  | 2000 | 2006 |
| BX Trust, Series 2025-VLT7, Class B, (1-month USD CME Term SOFR + 2.00%) 5.75% 7/15/2044 <sup>(a)(h)(i)</sup>  | 1922 | 1929 |
| BX Trust, Series 2025-VLT7, Class C, (1-month USD CME Term SOFR + 2.35%) 6.10% 7/15/2044 <sup>(a)(h)(i)</sup>  | 1776 | 1783 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(a)(h)(i)</sup>  | 13139 | 13171 |
| BX Trust, Series 2025-VOLT, Class C, (1-month USD CME Term SOFR + 2.10%) 6.10% 12/15/2044 <sup>(a)(h)(i)</sup>  | 16521 | 16608 |
| BX Trust, Series 2025-VOLT, Class D, (1-month USD CME Term SOFR + 2.75%) 6.75% 12/15/2044 <sup>(a)(h)(i)</sup>  | 4433 | 4446 |
| BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D, (1-month USD CME Term SOFR + 3.188%) 6.938% <br> 3/15/2035 <sup>(a)(h)(i)</sup>  | 9623 | 9660 |
| CART, Series 2024-DFW1, Class D, (1-month USD CME Term SOFR + 3.04%) 6.79% 8/15/2041 <sup>(a)(h)(i)</sup>  | 1923 | 1926 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class D, 6.36% 7/10/2028 <sup>(a)(h)(i)</sup>  | 2522 | 2560 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(h)(i)</sup>  | 13524 | 13945 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class D, 6.048% 10/12/2040 <sup>(a)(h)(i)</sup>  | 5926 | 5945 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class C, 6.048% 10/12/2040 <sup>(a)(h)(i)</sup>  | 980 | 996 |
| Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class B, 4.345% 10/10/2047 <sup>(h)(i)</sup>  | 1376 | 1336 |
| Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class C, 3.976% 4/10/2048 <sup>(h)(i)</sup>  | 2500 | 2284 |
| Citigroup Commercial Mortgage Trust, Series 2018-B2, Class B, 4.28% 3/10/2051 <sup>(h)(i)</sup>  | 3300 | 3096 |
| Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class B, 3.15% 2/15/2053 <sup>(h)(i)</sup>  | 675 | 598 |
| Citigroup Commercial Mortgage Trust, Series 2022-GC48, Class C, 4.875% 5/15/2054 <sup>(h)(i)</sup>  | 3659 | 3391 |
| Commercial Mortgage Trust, Series 2020-CX, Class D, 2.684% 11/10/2046 <sup>(a)(h)(i)</sup>  | 415 | 333 |
| Commercial Mortgage Trust, Series 2020-CX, Class E, 2.684% 11/10/2046 <sup>(a)(h)(i)</sup>  | 195 | 148 |
| Commercial Mortgage Trust, Series 2014-UBS6, Class C, 4.408% 12/10/2047 <sup>(h)(i)</sup>  | 87 | 87 |
| Commercial Mortgage Trust, Series 2019-GC44, Class C, 3.644% 8/15/2057 <sup>(h)(i)</sup>  | 4000 | 3320 |
| CSAIL Commercial Mortgage Trust, Series 2016-C5, Class C, 4.399% 11/15/2048 <sup>(h)(i)</sup>  | 306 | 305 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class D, 5.728% 8/12/2043 <sup>(a)(h)(i)</sup>  | 3320 | 3097 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/12/2040 <sup>(a)(h)</sup>  | 24515 | 25264 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class D, 7.14% 9/12/2040 <sup>(a)(h)(i)</sup>  | 30927 | 31839 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(a)(h)(i)</sup>  | 13123 | 13400 |
| ELM Trust 2024, Series 2024-ELM, Class D10, 6.847% 6/10/2039 <sup>(a)(h)(i)</sup>  | 621 | 623 |
| ELM Trust 2024, Series 2024-ELM, Class D15, 6.897% 6/10/2039 <sup>(a)(h)(i)</sup>  | 558 | 560 |
| Extended Stay America Trust, Series 2025-ESH, Class A, (1-month USD CME Term SOFR + 1.30%) 5.05% <br> 10/15/2042 <sup>(a)(h)(i)</sup>  | 3593 | 3603 |
| Extended Stay America Trust, Series 2025-ESH, Class D, (1-month USD CME Term SOFR + 2.60%) 6.35% <br> 10/15/2042 <sup>(a)(h)(i)</sup>  | 1749 | 1764 |
| FIVE Mortgage Trust, Series 2023-V1, Class B, 6.348% 2/10/2056 <sup>(h)(i)</sup>  | 2477 | 2548 |
| FIVE Mortgage Trust, Series 2023-V1, Class C, 6.348% 2/10/2056 <sup>(h)(i)</sup>  | 1361 | 1377 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) 5.20% <br> 12/15/2039 <sup>(a)(h)(i)</sup>  | 2233 | 2241 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class F, (1-month USD CME Term SOFR + 4.25%) 8.00% <br> 12/15/2039 <sup>(a)(h)(i)</sup>  | 2927 | 2953 |
| FS Commercial Mortgage Trust, Series 2023-4SZN, Class D, 9.08% 11/10/2039 <sup>(a)(h)(i)</sup>  | 2340 | 2395 |
| Great Wolf Trust, Series 2024-WOLF, Class A, (1-month USD CME Term SOFR + 1.542%) 5.292% 3/15/2039 <sup>(a)(h)(i)</sup>  | 896 | 898 |
| Great Wolf Trust, Series 2024-WOLF, Class D, (1-month USD CME Term SOFR + 2.89%) 6.64% 3/15/2039 <sup>(a)(h)(i)</sup>  | 1809 | 1821 |
| GS Mortgage Securities Trust, Series 2024-70P, Class C, 6.287% 3/10/2041 <sup>(a)(h)(i)</sup>  | 1885 | 1900 |
| GS Mortgage Securities Trust, Series 2024-70P, Class D, 7.531% 3/10/2041 <sup>(a)(h)(i)</sup>  | 2897 | 2969 |
| GS Mortgage Securities Trust, Series 2016-GS2, Class B, 3.759% 5/10/2049 <sup>(h)(i)</sup>  | 116 | 116 |
| GS Mortgage Securities Trust, Series 2016-GS2, Class C, 4.689% 5/10/2049 <sup>(h)(i)</sup>  | 1503 | 1474 |
| GS Mortgage Securities Trust, Series 2018-GS10, Class AS, 4.384% 7/10/2051 <sup>(h)(i)</sup>  | 1526 | 1478 |
| GS Mortgage Securities Trust, Series 2018-GS10, Class C, 4.399% 7/10/2051 <sup>(h)(i)</sup>  | 5000 | 4429 |
| GS Mortgage Securities Trust, Series 2019-GC40, Class C, 3.946% 7/10/2052 <sup>(h)</sup>  | 3064 | 2579 |
| GS Mortgage Securities Trust, Series 2020-GC45, Class B, 3.405% 2/13/2053 <sup>(h)</sup>  | 100 | 91 |
| GS Mortgage Securities Trust, Series 2020-GC45, Class C, 3.492% 2/13/2053 <sup>(h)(i)</sup>  | 670 | 593 |
| GS Mortgage Securities Trust, Series 2020-GSA2, Class C, 2.989% 12/12/2053 <sup>(h)</sup>  | 2000 | 1608 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class C, (1-month USD CME Term SOFR + 2.042%) 5.792% <br>3/15/2042 <sup>(a)(h)(i)</sup>  | 1407 | 1413 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class D, (1-month USD CME Term SOFR + 2.591%) 6.341% <br>3/15/2042 <sup>(a)(h)(i)</sup>  | 2716 | 2732 |

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| | |
|:---|:---|
| **24** | American Funds Strategic Bond Fund |

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| | | |
|:---|:---|:---|
| 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)** | **Commercial mortgage-backed securities (continued)** | **Commercial mortgage-backed securities (continued)** |
| Hawaii Hotel Trust, Series 2025-MAUI, Class E, (1-month USD CME Term SOFR + 3.29%) 7.04% 3/15/2042 <sup>(a)(h)(i)</sup>  | USD6,366 | $6252 |
| Hilton USA Trust, Series 2016-HHV, Class D, 4.194% 11/5/2038 <sup>(a)(h)</sup>  | 1000 | 992 |
| Hilton USA Trust, Series 2016-HHV, Class D, 4.194% 11/5/2038 <sup>(a)(h)</sup>  | 300 | 298 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(a)(h)(i)</sup>  | 50042 | 51943 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class C, 7.088% 5/10/2039 <sup>(a)(h)(i)</sup>  | 945 | 960 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class D, 8.198% 5/10/2039 <sup>(a)(h)(i)</sup>  | 2795 | 2861 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class E, 6.678% 1/13/2040 <sup>(a)(h)(i)</sup>  | 5499 | 5715 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class C, (1-month USD CME Term SOFR + 2.25%) <br>6.00% 3/15/2042 <sup>(a)(h)(i)</sup>  | 3000 | 3010 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class D, (1-month USD CME Term SOFR + 2.85%) <br>6.60% 3/15/2042 <sup>(a)(h)(i)</sup>  | 5000 | 5025 |
| Invitation Homes Trust, Series 2024-SFR1, Class F, 4.50% 9/17/2041 <sup>(a)(h)</sup>  | 2038 | 1931 |
| Invitation Homes Trust, Series 2024-SFR1, Class E, 4.50% 9/17/2041 <sup>(a)(h)</sup>  | 1161 | 1120 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(a)(h)</sup>  | 3420 | 3096 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039 <sup>(a)(h)</sup>  | 2925 | 2649 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 1/5/2039 <sup>(a)(h)(i)</sup>  | 1598 | 1349 |
| JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class A, (1-month USD CME Term SOFR + <br> 1.593%) 5.343% 11/15/2039 <sup>(a)(h)(i)</sup>  | 10359 | 10392 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class D, (1-month USD CME Term SOFR + 3.29%) 7.04% <br> 12/15/2039 <sup>(a)(h)(i)</sup>  | 2913 | 2911 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class E, (1-month USD CME Term SOFR + 4.538%) 8.288% <br> 12/15/2039 <sup>(a)(h)(i)</sup>  | 4855 | 4878 |
| LSTAR Commercial Mortgage Trust, Series 2017-5, Class C, 4.687% 3/10/2050 <sup>(a)(h)(i)</sup>  | 1000 | 936 |
| LV Trust, Series 2024-SHOW, Class C, 6.074% 10/10/2041 <sup>(a)(h)(i)</sup>  | 1156 | 1167 |
| Manhattan West, Series 2020-1MW, Class C, 2.413% 9/10/2039 <sup>(a)(h)(i)</sup>  | 981 | 940 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2025-5C1, Class B, 6.513% 3/15/2030 <sup>(h)(i)</sup>  | 500 | 521 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2025-5C1, Class C, 6.638% 3/15/2030 <sup>(h)(i)</sup>  | 490 | 509 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class AS, 3.561% 4/15/2048 <sup>(h)</sup>  | 967 | 939 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class AS, 3.859% 11/15/2052 <sup>(h)</sup>  | 500 | 485 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2025-5C2, Class C, 5.743% 11/15/2058 <sup>(h)(i)</sup>  | 211 | 210 |
| MSWF Commercial Mortgage Trust, Series 2023-1, Class B, 6.683% 5/15/2056 <sup>(h)(i)</sup>  | 1231 | 1311 |
| MSWF Commercial Mortgage Trust, Series 2023-2, Class C, 7.018% 12/15/2056 <sup>(h)(i)</sup>  | 392 | 415 |
| Multifamily Connecticut Avenue Securities, Series 2020-1, Class M10, (30-day Average USD-SOFR + 3.864%) <br> 7.739% 3/25/2050 <sup>(a)(h)(i)</sup>  | 1737 | 1776 |
| Multifamily Connecticut Avenue Securities, Series 2023-01, Class M7, (30-day Average USD-SOFR + 4.00%) <br> 7.874% 11/25/2053 <sup>(a)(h)(i)</sup>  | 19187 | 19794 |
| Multifamily Connecticut Avenue Securities, Series 2023-01, Class M10, (30-day Average USD-SOFR + 6.50%) <br> 10.374% 11/25/2053 <sup>(a)(h)(i)</sup>  | 46028 | 52482 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 6.624% 7/25/2054 <sup>(a)(h)(i)</sup>  | 263 | 266 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M10, (30-day Average USD-SOFR + 3.85%) <br> 7.724% 7/25/2054 <sup>(a)(h)(i)</sup>  | 971 | 1001 |
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%) <br> 6.274% 5/25/2055 <sup>(a)(h)(i)</sup>  | 6807 | 6845 |
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M2, (30-day Average USD-SOFR + 3.10%) <br> 6.974% 5/25/2055 <sup>(a)(h)(i)</sup>  | 1614 | 1621 |
| Multifamily Structured Credit Risk, Series 21-MN3, Class M2, 7.874% 11/25/2051 <sup>(a)(h)(i)</sup>  | 4000 | 4155 |
| NY Commercial Mortgage Trust, Series 2025-299P, Class A, 5.664% 2/10/2047 <sup>(a)(h)(i)</sup>  | 14245 | 14997 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(a)(h)(i)</sup>  | 2317 | 2324 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class B, 5.007% 11/5/2038 <sup>(a)(h)(i)</sup>  | 2354 | 2361 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class D, 6.213% 11/5/2038 <sup>(a)(h)(i)</sup>  | 7711 | 7768 |
| NYC Commercial Mortgage Trust, Series 2025-3BP, Class C, (1-month USD CME Term SOFR + 1.892%) 5.642% <br> 2/15/2042 <sup>(a)(h)(i)</sup>  | 631 | 630 |
| NYC Commercial Mortgage Trust, Series 2025-3BP, Class D, (1-month USD CME Term SOFR + 2.4413%) 6.191% <br> 2/15/2042 <sup>(a)(h)(i)</sup>  | 1094 | 1093 |
| One Market Plaza Trust, Series 2017-1MKT, Class A, 3.614% 2/10/2032 <sup>(a)(h)</sup>  | 2045 | 1956 |
| One Market Plaza Trust, Series 2017-1MKT, Class B, 3.845% 2/10/2032 <sup>(a)(h)</sup>  | 1000 | 947 |
| ROCC Trust, Series 2024-CNTR, Class A, 5.388% 11/13/2041 <sup>(a)(h)</sup>  | 121 | 125 |
| SCG Hotel Issuer, Inc., Series 2025-SNIP, Class A, 5.25% 9/15/2042 <sup>(a)(h)(i)</sup>  | 3428 | 3439 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) 5.142% <br> 5/15/2039 <sup>(a)(h)(i)</sup>  | 35395 | 35390 |
| SFO Commerical Mortgage Trust, Series 2021-555, Class A, (1-month USD CME Term SOFR + 1.264%) 5.015% <br> 5/15/2038 (1-month USD CME Term SOFR + 1.514% on 5/15/2026) <sup>(a)(b)(h)</sup>  | 6645 | 6636 |
| SFO Commerical Mortgage Trust, Series 2021-555, Class B, (1-month USD CME Term SOFR + 1.614%) 5.365% <br> 5/15/2038 <sup>(a)(h)(i)</sup>  | 2631 | 2621 |

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| | |
|:---|:---|
| American Funds Strategic Bond Fund | **25** |

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| | | |
|:---|:---|:---|
| 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)** | **Commercial mortgage-backed securities (continued)** | **Commercial mortgage-backed securities (continued)** |
| SFO Commercial Mortgage Trust, Series 2021-555, Class C, (1-month USD CME Term SOFR + 1.914%) 5.665% <br> 5/15/2038 <sup>(a)(h)(i)</sup>  | USD1,910 | $1901 |
| SHR Trust, Series 2024-LXRY, Class D, (1-month USD CME Term SOFR + 3.60%) 7.35% 10/15/2041 <sup>(a)(h)(i)</sup>  | 1521 | 1534 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(a)(h)</sup>  | 21061 | 18852 |
| SREIT Trust, Series 2021-MFP, Class C, (1-month USD CME Term SOFR + 1.443%) 5.194% 11/15/2038 <sup>(a)(h)(i)</sup>  | 3483 | 3483 |
| StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class D, (1-month USD CME Term SOFR + 1.95%) <br> 5.70% 1/15/2039 <sup>(a)(h)(i)</sup>  | 8908 | 8885 |
| StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class E, (1-month USD CME Term SOFR + 2.70%) <br> 6.45% 1/15/2039 <sup>(a)(h)(i)</sup>  | 2000 | 1992 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (1-month USD CME Term SOFR + 2.591%) <br> 6.391% 2/15/2042 <sup>(a)(h)(i)</sup>  | 1957 | 1942 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class E, (1-month USD CME Term SOFR + 3.29%) 7.09% <br> 2/15/2042 <sup>(a)(h)(i)</sup>  | 4831 | 4812 |
| UBS Commercial Mortgage Trust, Series 2017-C3, Class C, 4.355% 8/15/2050 <sup>(h)(i)</sup>  | 1582 | 1488 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class A, 5.761% 9/15/2040 <sup>(a)(h)(i)</sup>  | 2279 | 2303 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C35, Class C, 4.176% 7/15/2048 <sup>(h)(i)</sup>  | 500 | 493 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class C, 4.294% 10/15/2050 <sup>(h)(i)</sup>  | 4975 | 4619 |
| Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class B, 4.633% 8/15/2051 <sup>(h)</sup>  | 1451 | 1404 |
| Wells Fargo Commercial Mortgage Trust, Series 2018-C48, Class B, 4.904% 1/15/2052 <sup>(h)(i)</sup>  | 365 | 353 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C49, Class C, 4.866% 3/15/2052 <sup>(h)(i)</sup>  | 3000 | 2923 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class C, 3.81% 12/15/2052 <sup>(h)</sup>  | 2500 | 2238 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class B, 6.821% 7/15/2057 <sup>(h)(i)</sup>  | 2000 | 2094 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C2, Class B, 6.333% 11/15/2057 <sup>(h)(i)</sup>  | 334 | 348 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-5C4, Class C, 6.284% 5/15/2058 <sup>(h)(i)</sup>  | 771 | 791 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-5C4, Class B, 6.394% 5/15/2058 <sup>(h)(i)</sup>  | 344 | 362 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-5C5, Class B, 6.219% 7/15/2058 <sup>(h)(i)</sup>  | 400 | 415 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class C, 4.874% 9/15/2058 <sup>(h)(i)</sup>  | 1735 | 1655 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class B, 4.842% 1/15/2059 <sup>(h)(i)</sup>  | 2745 | 2663 |
| WF-RBS Commercial Mortgage Trust, Series 2014-C22, Class B, 4.371% 9/15/2057 <sup>(h)(i)</sup>  | 2000 | 1830 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) <br> 6.539% 11/15/2027 <sup>(a)(h)(i)</sup>  | 2881 | 2904 |
| WSTN Trust, Series 2023-MAUI, Class C, 7.69% 7/5/2037 <sup>(a)(h)(i)</sup>  | 371 | 377 |
| WSTN Trust, Series 2023-MAUI, Class D, 8.455% 7/5/2037 <sup>(a)(h)(i)</sup>  | 1071 | 1079 |
|  |  | 1027825 |
| **Collateralized mortgage-backed obligations (privately originated) 2.37%** | **Collateralized mortgage-backed obligations (privately originated) 2.37%** | **Collateralized mortgage-backed obligations (privately originated) 2.37%** |
| Angel Oak Mortgage Trust, Series 2024-8, Class A1, 5.338% 5/27/2069 (6.338% on 8/1/2028) <sup>(a)(b)(h)</sup>  | 12368 | 12432 |
| Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026) <sup>(a)(b)(h)</sup>  | 5442 | 5326 |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061 <sup>(a)(h)(i)</sup>  | 3173 | 2986 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061 <sup>(a)(h)</sup>  | 1057 | 977 |
| Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, 6.405% 11/25/2029 (9.405% on <br>11/25/2027) <sup>(a)(b)(h)</sup>  | 903 | 905 |
| Cascade Funding Mortgage Trust, Series 2023-HB12, Class M1, 4.25% 4/25/2033 <sup>(a)(h)(i)</sup>  | 2597 | 2579 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(a)(h)(i)</sup>  | 3664 | 3655 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M3, 4.00% 8/25/2034 <sup>(a)(h)(i)</sup>  | 518 | 501 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M2, 4.00% 8/25/2034 <sup>(a)(h)(i)</sup>  | 340 | 333 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M1, 4.00% 8/25/2034 <sup>(a)(h)(i)</sup>  | 291 | 286 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(a)(h)(i)</sup>  | 8507 | 8351 |
| Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% 8/25/2054 (5.25% on 11/25/2027) <sup>(a)(b)(h)</sup>  | 3204 | 3140 |
| CFCRE Commercial Mortgage Trust, Series 2017-C8, Class C, 4.884% 6/15/2050 <sup>(h)(i)</sup>  | 700 | 677 |
| CIM Trust, Series 2020-R3, Class A1B, 4.00% 1/26/2060 <sup>(a)(h)(i)</sup>  | 2998 | 2745 |
| COLT Funding, LLC, Series 2023-1, Class B1, 7.989% 4/25/2068 <sup>(a)(h)(i)</sup>  | 3288 | 3308 |
| Connecticut Avenue Securities Trust, Series 2016-C02, Class 1M2, (30-day Average USD-SOFR + 6.114%) 9.989% <br> 9/25/2028 <sup>(h)(i)</sup>  | 97 | 98 |
| Connecticut Avenue Securities Trust, Series 2019-R07, Class 1B1, (30-day Average USD-SOFR + 1.10%) 7.389% <br> 10/25/2039 <sup>(a)(h)(i)</sup>  | 11038 | 11205 |
| Connecticut Avenue Securities Trust, Series 2020-R02, Class 2B1, (30-day Average USD-SOFR + 0.114%) 6.989% <br> 1/25/2040 <sup>(a)(h)(i)</sup>  | 5981 | 6085 |
| Connecticut Avenue Securities Trust, Series 2020-R01, Class 1B1, (30-day Average USD-SOFR + 3.364%) 7.239% <br> 1/25/2040 <sup>(a)(h)(i)</sup>  | 12759 | 13001 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 6.274% <br> 12/25/2042 <sup>(a)(h)(i)</sup>  | 5451 | 5562 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1B1, (30-day Average USD-SOFR + 2.70%) 6.574% <br> 1/25/2044 <sup>(a)(h)(i)</sup>  | 388 | 398 |

---

---

| | |
|:---|:---|
| **26** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** | **Collateralized mortgage-backed obligations (privately originated) (continued)** | **Collateralized mortgage-backed obligations (privately originated) (continued)** |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1B2, (30-day Average USD-SOFR + 4.00%) 7.874% <br> 1/25/2044 <sup>(a)(h)(i)</sup>  | USD500 | $529 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, (30-day Average USD-SOFR + 1.10%) 4.974% <br> 2/25/2044 <sup>(a)(h)(i)</sup>  | 3321 | 3320 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1B1, (30-day Average USD-SOFR + 2.50%) 6.374% <br> 2/25/2044 <sup>(a)(h)(i)</sup>  | 7110 | 7253 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1B2, (30-day Average USD-SOFR + 3.70%) 7.574% <br> 2/25/2044 <sup>(a)(h)(i)</sup>  | 1260 | 1326 |
| Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 <sup>(a)(h)</sup>  | 36231 | 35124 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-DNA2, Class M3, (30-day Average <br> USD-SOFR + 4.764%) 8.639% 10/25/2028 <sup>(h)(i)</sup>  | 898 | 908 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA2, Class M1A, (30-day Average <br> USD-SOFR + 1.30%) 5.174% 2/25/2042 <sup>(a)(h)(i)</sup>  | 826 | 826 |
| 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>(a)(h)(i)</sup>  | 3000 | 3076 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1B, (30-day Average <br> USD-SOFR + 3.35%) 7.224% 5/25/2042 <sup>(a)(h)(i)</sup>  | 2050 | 2116 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average <br> USD-SOFR + 2.95%) 6.824% 6/25/2042 <sup>(a)(h)(i)</sup>  | 536 | 546 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1B, (30-day Average <br> USD-SOFR + 4.50%) 8.374% 6/25/2042 <sup>(a)(h)(i)</sup>  | 2400 | 2526 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average <br> USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(a)(h)(i)</sup>  | 244 | 245 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average <br> USD-SOFR + 3.70%) 7.574% 9/25/2042 <sup>(a)(h)(i)</sup>  | 3344 | 3490 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class A1, (30-day Average <br> USD-SOFR + 1.25%) 5.124% 5/25/2044 <sup>(a)(h)(i)</sup>  | 8701 | 8736 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class A1, (30-day Average <br> USD-SOFR + 1.10%) 4.974% 5/25/2045 <sup>(a)(h)(i)</sup>  | 2122 | 2127 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA3, Class A1, (30-day Average <br> USD-SOFR + 0.95%) 4.824% 9/25/2045 <sup>(a)(h)(i)</sup>  | 588 | 588 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-DNA3, Class B2, (30-day Average USD-SOFR <br> + 7.864%) 11.739% 9/25/2048 <sup>(a)(h)(i)</sup>  | 4500 | 5157 |
| 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>(a)(h)(i)</sup>  | 4970 | 5530 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class B2, (30-day Average USD-SOFR <br> + 5.364%) 9.239% 1/25/2050 <sup>(a)(h)(i)</sup>  | 7000 | 7780 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class B2, (30-day Average USD-SOFR <br> + 4.914%) 8.789% 2/25/2050 <sup>(a)(h)(i)</sup>  | 5000 | 5521 |
| 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>(a)(h)(i)</sup>  | 3610 | 4383 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (30-day Average USD-SOFR <br> + 5.214%) 9.089% 6/25/2050 <sup>(a)(h)(i)</sup>  | 1377 | 1465 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B2, (30-day Average USD-SOFR <br> + 9.464%) 13.339% 6/25/2050 <sup>(a)(h)(i)</sup>  | 8240 | 10563 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA3, Class B2, (30-day Average <br> USD-SOFR + 10.114%) 13.989% 7/25/2050 <sup>(a)(h)(i)</sup>  | 3222 | 4262 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B2, (30-day Average USD-SOFR <br> + 10.114%) 13.989% 8/25/2050 <sup>(a)(h)(i)</sup>  | 10954 | 14621 |
| 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>(a)(h)(i)</sup>  | 6262 | 8121 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA5, Class M2, (30-day Average <br> USD-SOFR + 2.80%) 7.002% 10/25/2050 <sup>(a)(h)(i)</sup>  | 61 | 61 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA5, Class B2, (30-day Average USD-SOFR <br> + 11.50%) 15.702% 10/25/2050 <sup>(a)(h)(i)</sup>  | 15360 | 21302 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA5, Class B2, (30-day Average <br> USD-SOFR + 7.40%) 11.274% 11/25/2050 <sup>(a)(h)(i)</sup>  | 5060 | 6195 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA6, Class B2, (30-day Average USD-SOFR <br> + 5.65%) 9.524% 12/25/2050 <sup>(a)(h)(i)</sup>  | 2500 | 2887 |
| GCAT Trust, Series 2025-NQM4, Class A1, 5.529% 6/25/2070 <sup>(a)(b)(h)</sup>  | 2784 | 2811 |
| GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, 4.10% 7/25/2065 (5.10% on 6/1/2029) <sup>(a)(b)(h)</sup>  | 1563 | 1530 |
| IRV Trust, Series 2025-200P, Class A, 5.295% 3/14/2047 <sup>(a)(h)(i)</sup>  | 50369 | 51768 |
| IRV Trust, Series 2025-200P, Class C, 5.73% 3/14/2047 <sup>(a)(h)(i)</sup>  | 3429 | 3489 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 <sup>(a)(h)</sup>  | 1805 | 1808 |
| Mill City Mortgage Trust, Series 2018-2, Class M3, 3.75% 5/25/2058 <sup>(a)(h)(i)</sup>  | 1497 | 1396 |
| Mill City Mortgage Trust, Series 2017-1, Class B2, 3.667% 11/25/2058 <sup>(a)(h)(i)</sup>  | 1000 | 914 |

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **27** |

---

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** | **Collateralized mortgage-backed obligations (privately originated) (continued)** | **Collateralized mortgage-backed obligations (privately originated) (continued)** |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-INV2, Class A1, 6.50% 2/25/2054 <sup>(a)(h)(i)</sup>  | USD5,894 | $6010 |
| NRZ Excess Spread Collateralized Notes, Series 2025-FHT1, Class A, 6.545% 3/25/2032 <sup>(a)(b)(h)</sup>  | 37768 | 38211 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2025-NQM8, Class A1, 5.472% 3/25/2065 (6.472% on <br> 5/1/2029) <sup>(a)(b)(h)</sup>  | 6808 | 6870 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on <br>12/1/2028) <sup>(a)(b)(h)</sup>  | 12652 | 12765 |
| Onslow Bay Financial, LLC, Series 2025-NQM19, Class A1, 4.869% 10/25/2065 <sup>(a)(h)(i)</sup>  | 4092 | 4102 |
| PMT Loan Trust, Series 2024-INV1, Class A2, 6.00% 10/25/2059 <sup>(a)(h)(i)</sup>  | 4448 | 4540 |
| PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056 <sup>(a)(h)(i)</sup>  | 3112 | 2794 |
| Progress Residential Trust, Series 2024-SFR1, Class E2, 3.85% 2/17/2041 <sup>(a)(h)</sup>  | 1698 | 1615 |
| Progress Residential Trust, Series 2024-SFR2, Class E2, 3.65% 4/17/2041 <sup>(a)(h)(i)</sup>  | 449 | 423 |
| Progress Residential Trust, Series 2024-SFR3, Class A, 3.00% 6/17/2041 <sup>(a)(h)</sup>  | 12047 | 11505 |
| Progress Residential Trust, Series 2024-SFR3, Class E2, 4.00% 6/17/2041 <sup>(a)(h)</sup>  | 711 | 675 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(a)(h)</sup>  | 1246 | 1189 |
| Progress Residential Trust, Series 2025-SFR6, Class B, 2.378% 12/17/2042 (4.00% on 1/17/2026) <sup>(a)(b)(h)</sup>  | 1534 | 1476 |
| Progress Residential Trust, Series 2025-SFR6, Class E, 2.378% 12/17/2042 (4.00% on 1/17/2026) <sup>(a)(b)(h)</sup>  | 1534 | 1432 |
| Progress Residential Trust, Series 2025-SFR6, Class F1, 2.378% 12/17/2042 (4.00% on 1/17/2026) <sup>(a)(b)(h)</sup>  | 1534 | 1374 |
| Progress Residential Trust, Series 2025-SFR6, Class D, 2.378% 12/17/2042 (4.00% on 1/17/2026) <sup>(a)(b)(h)</sup>  | 1326 | 1251 |
| Progress Residential Trust, Series 2025-SFR6, Class A, 2.378% 12/17/2042 (4.00% on 1/17/2026) <sup>(a)(b)(h)</sup>  | 1141 | 1114 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(b)(h)</sup>  | 4388 | 4253 |
| Sequoia Mortgage Trust, Series 2025-HYB1, Class A1A, 5.061% 10/25/2055 <sup>(a)(h)(i)</sup>  | 2449 | 2459 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class C, (1-month USD CME Term SOFR + 2.45%) 6.20% <br> 10/17/2041 <sup>(a)(h)(i)</sup>  | 2000 | 2008 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class D, (1-month USD CME Term SOFR + 2.95%) 6.70% <br> 10/17/2041 <sup>(a)(h)(i)</sup>  | 2286 | 2303 |
| Towd Point Mortgage Trust, Series 2015-3, Class B1, 4.211% 3/25/2054 <sup>(a)(h)(i)</sup>  | 1399 | 1392 |
| Towd Point Mortgage Trust, Series 2016-3, Class B3, 4.079% 4/25/2056 <sup>(a)(h)(i)</sup>  | 3500 | 3333 |
| Towd Point Mortgage Trust, Series 2017-2, Class B2, 4.151% 4/25/2057 <sup>(a)(h)(i)</sup>  | 2000 | 1877 |
| Towd Point Mortgage Trust, Series 2017-4, Class B1, 3.632% 6/25/2057 <sup>(a)(h)(i)</sup>  | 1000 | 880 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(a)(d)</sup>  | 20212 | 20212 |
| Tricon Residential Trust, Series 2025-SFR2, Class B, 5.424% 8/17/2044 <sup>(a)(h)</sup>  | 1499 | 1521 |
| Verus Securitization Trust, Series 2023-3, Class A1, 5.93% 3/25/2068 (6.93% on 4/1/2027) <sup>(a)(b)(h)</sup>  | 4353 | 4355 |
| Verus Securitization Trust, Series 2024-1, Class B1, 7.909% 1/25/2069 <sup>(a)(h)(i)</sup>  | 2000 | 2040 |
| Verus Securitization Trust, Series 2024-2, Class A1, 6.095% 2/25/2069 (7.095% on 2/1/2028) <sup>(a)(b)(h)</sup>  | 22845 | 23057 |
| Verus Securitization Trust, Series 2024-5, Class A1, 6.192% 6/25/2069 (7.192% on 6/1/2028) <sup>(a)(b)(h)</sup>  | 2326 | 2356 |
| Verus Securitization Trust, Series 2024-7, Class A1, 5.095% 9/25/2069 <sup>(a)(h)(i)</sup>  | 667 | 668 |
| Verus Securitization Trust, Series 2025-3, Class A1, 5.623% 5/25/2070 (6.623% on 4/1/2029) <sup>(a)(b)(h)</sup>  | 2568 | 2597 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(a)(b)(h)</sup>  | 2286 | 2306 |
|  |  | 493813 |
| **Total mortgage-backed obligations** |  | 5120165 |
| **U.S. Treasury bonds & notes 13.87%** | **U.S. Treasury bonds & notes 13.87%** | **U.S. Treasury bonds & notes 13.87%** |
| **U.S. Treasury 11.53%** | **U.S. Treasury 11.53%** | **U.S. Treasury 11.53%** |
| U.S. Treasury 4.25% 1/31/2026  | 941 | 941 |
| U.S. Treasury 1.875% 6/30/2026  | 283 | 281 |
| U.S. Treasury 0.875% 9/30/2026  | 1047 | 1026 |
| U.S. Treasury 1.625% 9/30/2026  | 193 | 190 |
| U.S. Treasury 1.75% 12/31/2026  | 12462 | 12249 |
| U.S. Treasury 4.25% 12/31/2026  | 5793 | 5833 |
| U.S. Treasury 4.00% 1/15/2027  | 10012 | 10061 |
| U.S. Treasury 4.125% 10/31/2027  | 954 | 965 |
| U.S. Treasury 3.375% 11/30/2027  | 12 | 12 |
| U.S. Treasury 3.375% 12/31/2027  | 23810 | 23764 |
| U.S. Treasury 3.625% 3/31/2028  | 3156 | 3165 |
| U.S. Treasury 4.875% 10/31/2028  | 2631 | 2724 |
| U.S. Treasury 3.125% 11/15/2028  | 205 | 202 |
| U.S. Treasury 4.375% 11/30/2028  | 2439 | 2495 |
| U.S. Treasury 3.50% 12/15/2028  | 48744 | 48689 |
| U.S. Treasury 3.75% 12/31/2028  | 11803 | 11872 |
| U.S. Treasury 4.00% 1/31/2029  | 9986 | 10114 |
| U.S. Treasury 4.125% 3/31/2029  | 2797 | 2844 |
| U.S. Treasury 4.625% 4/30/2029  | 9774 | 10092 |
| U.S. Treasury 4.00% 7/31/2029  | 205 | 208 |
| U.S. Treasury 3.50% 9/30/2029  | 4560 | 4540 |
| U.S. Treasury 4.125% 10/31/2029  | 142 | 144 |

---

---

| | |
|:---|:---|
| **28** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury 4.125% 11/30/2029  | USD190 | $193 |
| U.S. Treasury 4.375% 12/31/2029  | 46 | 47 |
| U.S. Treasury 3.625% 12/31/2030  | 116758 | 116225 |
| U.S. Treasury 1.375% 11/15/2031  | 4248 | 3702 |
| U.S. Treasury 2.875% 5/15/2032  | 367 | 346 |
| U.S. Treasury 2.75% 8/15/2032  | 3174 | 2960 |
| U.S. Treasury 4.125% 11/15/2032  | 17130 | 17335 |
| U.S. Treasury 3.875% 12/31/2032  | 1072 | 1068 |
| U.S. Treasury 4.00% 2/15/2034  | 29260 | 29191 |
| U.S. Treasury 4.375% 5/15/2034  | 2621 | 2681 |
| U.S. Treasury 3.875% 8/15/2034  | 2573 | 2535 |
| U.S. Treasury 4.25% 11/15/2034  | 35601 | 36002 |
| U.S. Treasury 4.25% 8/15/2035  | 113000 | 113900 |
| U.S. Treasury 4.00% 11/15/2035  | 282215 | 278379 |
| U.S. Treasury 4.375% 11/15/2039  | 40700 | 40207 |
| U.S. Treasury 1.125% 8/15/2040  | 45000 | 28325 |
| U.S. Treasury 1.875% 2/15/2041  | 176283 | 123364 |
| U.S. Treasury 2.25% 5/15/2041 <sup>(k)</sup>  | 98018 | 72235 |
| U.S. Treasury 2.75% 11/15/2042  | 25041 | 19275 |
| U.S. Treasury 3.875% 2/15/2043  | 1690 | 1523 |
| U.S. Treasury 4.375% 8/15/2043  | 1867 | 1786 |
| U.S. Treasury 4.75% 11/15/2043  | 20623 | 20655 |
| U.S. Treasury 4.50% 2/15/2044  | 1315 | 1274 |
| U.S. Treasury 4.125% 8/15/2044  | 94 | 86 |
| U.S. Treasury 4.75% 2/15/2045 <sup>(k)</sup>  | 245000 | 244086 |
| U.S. Treasury 4.625% 11/15/2045  | 8901 | 8709 |
| U.S. Treasury 1.375% 8/15/2050  | 29660 | 14623 |
| U.S. Treasury 1.625% 11/15/2050  | 66000 | 34744 |
| U.S. Treasury 2.375% 5/15/2051  | 77828 | 49170 |
| U.S. Treasury 3.625% 2/15/2053  | 15719 | 12753 |
| U.S. Treasury 4.75% 11/15/2053  | 13637 | 13411 |
| U.S. Treasury 4.25% 2/15/2054 <sup>(k)</sup>  | 217958 | 197507 |
| U.S. Treasury 4.625% 5/15/2054  | 15499 | 14957 |
| U.S. Treasury 4.25% 8/15/2054 <sup>(k)</sup>  | 209370 | 189743 |
| U.S. Treasury 4.75% 8/15/2055 <sup>(k)</sup>  | 155610 | 153324 |
| U.S. Treasury 4.625% 11/15/2055 <sup>(k)</sup>  | 415100 | 400766 |
|  |  | 2399498 |
| **U.S. Treasury inflation-protected securities 2.34%** | **U.S. Treasury inflation-protected securities 2.34%** | **U.S. Treasury inflation-protected securities 2.34%** |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(k)(l)</sup>  | 198698 | 199616 |
| U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050 <sup>(l)</sup>  | 4131 | 2379 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(k)(l)</sup>  | 418990 | 226469 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(l)</sup>  | 65433 | 58856 |
|  |  | 487320 |
| **Total U.S. Treasury bonds & notes** |  | 2886818 |
| **Bonds & notes of governments & government agencies outside the U.S. 6.36%** | **Bonds & notes of governments & government agencies outside the U.S. 6.36%** | **Bonds & notes of governments & government agencies outside the U.S. 6.36%** |
| **Japan 2.30%** | **Japan 2.30%** | **Japan 2.30%** |
| Japan, Series 192, 2.40% 3/20/2045  | JPY41,844,300 | 247387 |
| Japan, Series 85, 2.30% 12/20/2054  | 3600750 | 18468 |
| Japan, Series 86, 2.40% 3/20/2055  | 38874450 | 203943 |
| Japan Bank for International Cooperation 1.25% 1/21/2031  | USD11,352 | 9964 |
|  |  | 479762 |
| **Brazil 0.96%** | **Brazil 0.96%** | **Brazil 0.96%** |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(l)</sup>  | BRL60,956 | 9940 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(l)</sup>  | 1122620 | 178430 |
| Brazil (Federative Republic of) 6.00% 5/15/2055 <sup>(l)</sup>  | 10030 | 1590 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(l)</sup>  | 60956 | 9533 |
|  |  | 199493 |

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **29** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **Mexico 0.79%** | **Mexico 0.79%** | **Mexico 0.79%** |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(a)</sup>  | USD99,340 | $101311 |
| United Mexican States 6.00% 5/7/2036  | 12140 | 12331 |
| United Mexican States 6.875% 5/13/2037  | 12095 | 12936 |
| United Mexican States 6.625% 1/29/2038  | 3790 | 3964 |
| United Mexican States 5.00% 4/27/2051  | 2270 | 1831 |
| United Mexican States 3.75% 4/19/2071  | 13080 | 7753 |
| United Mexican States, Series M, 8.00% 11/7/2047  | MXN496,456 | 23765 |
|  |  | 163891 |
| **Hungary 0.60%** | **Hungary 0.60%** | **Hungary 0.60%** |
| Hungary (Republic of) 4.75% 11/24/2032  | HUF45,099,480 | 124259 |
| **Supra National 0.37%** | **Supra National 0.37%** | **Supra National 0.37%** |
| European Investment Bank 0.625% 10/21/2027  | USD15,310 | 14543 |
| European Union 3.75% 10/12/2045  | EUR54,590 | 63305 |
|  |  | 77848 |
| **Romania 0.21%** | **Romania 0.21%** | **Romania 0.21%** |
| Romania (Republic of) 3.50% 4/3/2034  | 498 | 519 |
| Romania (Republic of) 5.625% 5/30/2037  | 37500 | 43065 |
|  |  | 43584 |
| **Canada 0.20%** | **Canada 0.20%** | **Canada 0.20%** |
| OMERS Finance Trust 3.50% 4/19/2032 <sup>(a)</sup>  | USD20,000 | 19234 |
| OMERS Finance Trust 4.00% 4/19/2052 <sup>(a)</sup>  | 20000 | 15412 |
| Saskatchewan (Province of) 3.25% 6/8/2027  | 8047 | 7995 |
|  |  | 42641 |
| **Colombia 0.20%** | **Colombia 0.20%** | **Colombia 0.20%** |
| Colombia (Republic of) 8.00% 4/20/2033  | 13802 | 14865 |
| Colombia (Republic of) 7.50% 2/2/2034  | 5918 | 6184 |
| Colombia (Republic of) 8.00% 11/14/2035  | 3277 | 3500 |
| Colombia (Republic of) 7.75% 11/7/2036  | 16089 | 16799 |
|  |  | 41348 |
| **Egypt 0.20%** | **Egypt 0.20%** | **Egypt 0.20%** |
| Egypt (Arab Republic of) 5.80% 9/30/2027  | 2110 | 2141 |
| Egypt (Arab Republic of) 7.60% 3/1/2029  | 695 | 744 |
| Egypt (Arab Republic of) 5.875% 2/16/2031  | 3325 | 3335 |
| Egypt (Arab Republic of) 9.45% 2/4/2033 <sup>(a)</sup>  | 15000 | 17247 |
| Egypt (Arab Republic of) 8.50% 1/31/2047  | 1170 | 1151 |
| Egypt (Arab Republic of) 7.903% 2/21/2048  | 605 | 564 |
| Egypt (Arab Republic of) 8.70% 3/1/2049  | 1840 | 1847 |
| Egypt (Arab Republic of) 8.15% 11/20/2059  | 14000 | 13184 |
| Egypt (Arab Republic of) 7.50% 2/16/2061  | 920 | 803 |
|  |  | 41016 |
| **Peru 0.12%** | **Peru 0.12%** | **Peru 0.12%** |
| Peru (Republic of) 5.50% 3/30/2036  | 9655 | 9859 |
| Peru (Republic of) 5.875% 8/8/2054  | 6375 | 6332 |
| Peru (Republic of) 2.78% 12/1/2060  | 17695 | 9651 |
|  |  | 25842 |
| **Mozambique 0.12%** | **Mozambique 0.12%** | **Mozambique 0.12%** |
| Mozambique (Republic of) 9.00% 9/15/2031  | 30000 | 25732 |

---

---

| | |
|:---|:---|
| **30** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| **Panama 0.09%** | **Panama 0.09%** | **Panama 0.09%** |
| Panama (Republic of) 7.50% 3/1/2031  | USD2,835 | $3150 |
| Panama (Republic of) 2.252% 9/29/2032  | 8527 | 7065 |
| Panama (Republic of) 6.40% 2/14/2035  | 8595 | 9086 |
|  |  | 19301 |
| **Spain 0.07%** | **Spain 0.07%** | **Spain 0.07%** |
| Spain (Kingdom of) 1.25% 10/31/2030  | EUR12,245 | 13503 |
| **India 0.04%** | **India 0.04%** | **India 0.04%** |
| India (Republic of) 7.88% 3/19/2030  | INR333,000 | 3919 |
| India (Republic of) 7.61% 5/9/2030  | 367000 | 4286 |
|  |  | 8205 |
| **Gabon 0.04%** | **Gabon 0.04%** | **Gabon 0.04%** |
| Gabonese (Republic of) 7.00% 11/24/2031 <sup>(a)</sup>  | USD10,000 | 7652 |
| **Senegal 0.03%** | **Senegal 0.03%** | **Senegal 0.03%** |
| Senegal (Republic of) 6.75% 3/13/2048  | 11000 | 5963 |
| **United Kingdom 0.02%** | **United Kingdom 0.02%** | **United Kingdom 0.02%** |
| United Kingdom 0.125% 8/10/2041 <sup>(l)</sup>  | GBP3,446 | 3514 |
| **Argentina 0.00%** | **Argentina 0.00%** | **Argentina 0.00%** |
| Argentine Republic 1.00% 7/9/2029  | USD129 | 115 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 1323669 |
| **Asset-backed obligations 5.77%** | **Asset-backed obligations 5.77%** | **Asset-backed obligations 5.77%** |
| **Auto loan 2.36%** | **Auto loan 2.36%** | **Auto loan 2.36%** |
| American Credit Acceptance Receivables Trust, Series 2024-2, Class B, 6.10% 12/13/2027 <sup>(a)(h)</sup>  | 95 | 95 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(a)(h)</sup>  | 1059 | 1059 |
| American Credit Acceptance Receivables Trust, Series 2022-3, Class D, 5.83% 10/13/2028 <sup>(a)(h)</sup>  | 87 | 87 |
| American Credit Acceptance Receivables Trust, Series 2025-1, Class B, 4.90% 3/12/2029 <sup>(a)(h)</sup>  | 220 | 221 |
| American Credit Acceptance Receivables Trust, Series 2023-1, Class E, 9.79% 12/12/2029 <sup>(a)(h)</sup>  | 685 | 702 |
| American Credit Acceptance Receivables Trust, Series 2025-4, Class B, 4.55% 1/14/2030 <sup>(a)(h)</sup>  | 1986 | 1996 |
| American Credit Acceptance Receivables Trust, Series 2022-4, Class E, 10.00% 1/14/2030 <sup>(a)(h)</sup>  | 1380 | 1408 |
| American Credit Acceptance Receivables Trust, Series 2024-2, Class D, 6.53% 4/12/2030 <sup>(a)(h)</sup>  | 2398 | 2449 |
| American Credit Acceptance Receivables Trust, Series 2024-1, Class D, 5.86% 5/13/2030 <sup>(a)(h)</sup>  | 592 | 600 |
| American Credit Acceptance Receivables Trust, Series 2025-4, Class C, 4.83% 1/13/2031 <sup>(a)(h)</sup>  | 1987 | 1998 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class C, 4.91% 8/12/2031 <sup>(a)(h)</sup>  | 102 | 103 |
| American Credit Acceptance Receivables Trust, Series 2025-1, Class D, 5.54% 8/12/2031 <sup>(a)(h)</sup>  | 1500 | 1525 |
| American Credit Acceptance Receivables Trust, Series 2023-4, Class E, 9.79% 8/12/2031 <sup>(a)(h)</sup>  | 1715 | 1808 |
| American Credit Acceptance Receivables Trust, Series 2025-4, Class D, 5.25% 9/12/2031 <sup>(a)(h)</sup>  | 2476 | 2492 |
| American Credit Acceptance Receivables Trust, Series 2023-3, Class E, 9.54% 10/14/2031 <sup>(a)(h)</sup>  | 1715 | 1789 |
| American Credit Acceptance Receivables Trust, Series 2024-2, Class E, 7.87% 11/12/2031 <sup>(a)(h)</sup>  | 827 | 849 |
| American Credit Acceptance Receivables Trust, Series 2024-1, Class E, 7.98% 11/12/2031 <sup>(a)(h)</sup>  | 1271 | 1306 |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class B, 5.11% 11/17/2031 <sup>(a)(h)</sup>  | 414 | 414 |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class C, 5.42% 12/15/2031 <sup>(a)(h)</sup>  | 512 | 513 |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class E, 7.30% 10/15/2032 <sup>(a)(h)</sup>  | 500 | 492 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2022-5, Class A, 6.12% 4/20/2027 <sup>(a)(h)</sup>  | 3941 | 3955 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-4A, Class D, 7.31% 6/20/2029 <sup>(a)(h)</sup>  | 1468 | 1509 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2025-1A, Class A, 4.80% 8/20/2029 <sup>(a)(h)</sup>  | 1881 | 1913 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6A, Class D, 7.37% 12/20/2029 <sup>(a)(h)</sup>  | 374 | 385 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-8A, Class D, 7.52% 2/20/2030 <sup>(a)(h)</sup>  | 3911 | 4022 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class B, 5.43% 8/15/2028 <sup>(h)</sup>  | 126 | 126 |
| Bridgecrest Lending Auto Securitization Trust, Series 2025-1, Class B, 4.92% 3/15/2029 <sup>(h)</sup>  | 1420 | 1429 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class C, 5.65% 4/16/2029 <sup>(h)</sup>  | 295 | 298 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class D, 6.03% 11/15/2029 <sup>(h)</sup>  | 572 | 584 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class D, 5.83% 5/15/2030 <sup>(h)</sup>  | 5322 | 5440 |
| Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class C, 5.17% 3/17/2031 <sup>(h)</sup>  | 1391 | 1410 |

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **31** |

---

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Auto loan (continued)** | **Auto loan (continued)** | **Auto loan (continued)** |
| Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class D, 5.62% 3/17/2031 <sup>(h)</sup>  | USD1,343 | $1365 |
| Bridgecrest Lending Auto Securitization Trust, Series 2025-4, Class C, 4.80% 8/15/2031 <sup>(h)</sup>  | 1888 | 1900 |
| Bridgecrest Lending Auto Securitization Trust, Series 2025-4, Class D, 5.41% 8/15/2031 <sup>(h)</sup>  | 2290 | 2312 |
| CarMax Select Receivables Trust, Series 2024-A, Class C, 5.62% 1/15/2030 <sup>(h)</sup>  | 572 | 586 |
| CarMax Select Receivables Trust, Series 2025-B, Class B, 4.35% 7/15/2030 <sup>(h)</sup>  | 1715 | 1719 |
| CarMax Select Receivables Trust, Series 2024-A, Class D, 6.27% 12/16/2030 <sup>(h)</sup>  | 868 | 896 |
| CarMax Select Receivables Trust, Series 2025-B, Class C, 4.83% 6/16/2031 <sup>(h)</sup>  | 1886 | 1894 |
| CarMax Select Receivables Trust, Series 2025-B, Class D, 5.33% 7/15/2031 <sup>(h)</sup>  | 3414 | 3452 |
| Carvana Auto Receivables Trust, Series 2024-N3, Class C, 4.90% 12/10/2030 <sup>(a)(h)</sup>  | 500 | 504 |
| Chase Auto Owner Trust, Series 2024-5A, Class A4, 4.15% 3/25/2030 <sup>(a)(h)</sup>  | 1735 | 1745 |
| Consumer Portfolio Services Auto Trust, Series 2025-B, Class A, 4.74% 2/15/2029 <sup>(a)(h)</sup>  | 12269 | 12303 |
| Consumer Portfolio Services Auto Trust, Series 2025-B, Class B, 4.79% 11/15/2029 <sup>(a)(h)</sup>  | 643 | 646 |
| Consumer Portfolio Services Auto Trust, Series 2025-B, Class C, 5.12% 7/15/2031 <sup>(a)(h)</sup>  | 1314 | 1326 |
| CPS Auto Receivables Trust, Series 2024-A, Class B, 5.65% 5/15/2028 <sup>(a)(h)</sup>  | 37 | 37 |
| CPS Auto Receivables Trust, Series 2023-A, Class C, 5.54% 4/16/2029 <sup>(a)(h)</sup>  | 92 | 92 |
| CPS Auto Receivables Trust, Series 2023-A, Class D, 6.44% 4/16/2029 <sup>(a)(h)</sup>  | 526 | 534 |
| CPS Auto Receivables Trust, Series 2023-C, Class D, 6.77% 10/15/2029 <sup>(a)(h)</sup>  | 622 | 639 |
| CPS Auto Receivables Trust, Series 2022-C, Class C, 5.28% 4/15/2030 <sup>(a)(h)</sup>  | — <br><sup>(g)</sup><br>| — <br><sup>(g)</sup><br>|
| CPS Auto Receivables Trust, Series 2024-A, Class C, 5.74% 4/15/2030 <sup>(a)(h)</sup>  | 100 | 101 |
| CPS Auto Receivables Trust, Series 2024-A, Class D, 6.13% 4/15/2030 <sup>(a)(h)</sup>  | 100 | 102 |
| CPS Auto Receivables Trust, Series 2022-C, Class D, 6.45% 4/15/2030 <sup>(a)(h)</sup>  | 1013 | 1023 |
| CPS Auto Receivables Trust, Series 2022-D, Class E, 12.12% 6/17/2030 <sup>(a)(h)</sup>  | 4000 | 4359 |
| CPS Auto Receivables Trust, Series 2024-A, Class E, 8.42% 8/15/2031 <sup>(a)(h)</sup>  | 2700 | 2815 |
| CPS Auto Receivables Trust, Series 2024-C, Class E, 8.04% 3/15/2032 <sup>(a)(h)</sup>  | 1000 | 1037 |
| Credit Acceptance Auto Loan Trust, Series 2022-1A, Class D, 6.63% 12/15/2032 <sup>(a)(h)</sup>  | 3000 | 3001 |
| Credit Acceptance Auto Loan Trust, Series 2023-3, Class B, 7.09% 10/17/2033 <sup>(a)(h)</sup>  | 212 | 216 |
| Credit Acceptance Auto Loan Trust, Series 2023-3, Class C, 7.62% 12/15/2033 <sup>(a)(h)</sup>  | 245 | 253 |
| Credit Acceptance Auto Loan Trust, Series 2025-2A, Class A, 4.50% 11/15/2035 <sup>(a)(h)</sup>  | 1398 | 1404 |
| Credit Acceptance Auto Loan Trust, Series 2025-2A, Class B, 4.87% 1/15/2036 <sup>(a)(h)</sup>  | 771 | 780 |
| Credit Acceptance Auto Loan Trust, Series 2025-2A, Class C, 5.38% 3/17/2036 <sup>(a)(h)</sup>  | 1025 | 1043 |
| Drive Auto Receivables Trust, Series 2024-1, Class B, 5.31% 1/16/2029 <sup>(h)</sup>  | 5247 | 5269 |
| Drive Auto Receivables Trust, Series 2024-2, Class B, 4.52% 7/16/2029 <sup>(h)</sup>  | 474 | 476 |
| Drive Auto Receivables Trust, Series 2024-1, Class C, 5.43% 11/17/2031 <sup>(h)</sup>  | 703 | 713 |
| Drive Auto Receivables Trust, Series 2024-2, Class C, 4.67% 5/17/2032 <sup>(h)</sup>  | 464 | 467 |
| Drive Auto Receivables Trust, Series 2024-2, Class D, 4.94% 5/17/2032 <sup>(h)</sup>  | 1065 | 1075 |
| Drive Auto Receivables Trust, Series 2025-2, Class C, 4.39% 9/15/2032 <sup>(h)</sup>  | 1159 | 1159 |
| Drive Auto Receivables Trust, Series 2025-1, Class C, 4.99% 9/15/2032 <sup>(h)</sup>  | 273 | 277 |
| Drive Auto Receivables Trust, Series 2025-1, Class D, 5.41% 9/15/2032 <sup>(h)</sup>  | 845 | 856 |
| Drive Auto Receivables Trust, Series 2025-2, Class D, 4.90% 12/15/2032 <sup>(h)</sup>  | 1991 | 1993 |
| DriveTime Auto Owner Trust, Series 2023-1, Class C, 5.55% 10/16/2028 <sup>(a)(h)</sup>  | 156 | 156 |
| DriveTime Auto Owner Trust, Series 2023-1, Class D, 6.44% 11/15/2028 <sup>(a)(h)</sup>  | 1125 | 1141 |
| DriveTime Auto Owner Trust, Series 2023-3, Class C, 6.40% 5/15/2029 <sup>(a)(h)</sup>  | 524 | 529 |
| DriveTime Auto Owner Trust, Series 2023-3, Class D, 7.12% 5/15/2029 <sup>(a)(h)</sup>  | 541 | 558 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class C, 6.21% 6/15/2028 <sup>(h)</sup>  | 68 | 68 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028 <sup>(h)</sup>  | 835 | 836 |
| Exeter Automobile Receivables Trust, Series 2024-1, Class B, 5.29% 8/15/2028 <sup>(h)</sup>  | 180 | 181 |
| Exeter Automobile Receivables Trust, Series 2022-4A, Class D, 5.98% 12/15/2028 <sup>(h)</sup>  | 249 | 251 |
| Exeter Automobile Receivables Trust, Series 2022-6, Class D, 8.03% 4/6/2029 <sup>(h)</sup>  | 430 | 443 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.68% 4/16/2029 <sup>(h)</sup>  | 226 | 231 |
| Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69% 6/15/2029 <sup>(h)</sup>  | 725 | 736 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class B, 4.91% 8/15/2029 <sup>(h)</sup>  | 1768 | 1783 |
| Exeter Automobile Receivables Trust, Series 2025-2A, Class B, 4.92% 9/17/2029 <sup>(h)</sup>  | 8879 | 8960 |
| Exeter Automobile Receivables Trust, Series 2023-4A, Class D, 6.95% 12/17/2029 <sup>(h)</sup>  | 991 | 1013 |
| Exeter Automobile Receivables Trust, Series 2024-2A, Class D, 5.92% 2/15/2030 <sup>(h)</sup>  | 1834 | 1872 |
| Exeter Automobile Receivables Trust, Series 2024-1, Class D, 5.84% 6/17/2030 <sup>(h)</sup>  | 1644 | 1672 |
| Exeter Automobile Receivables Trust, Series 2023-1A, Class E, 12.07% 9/16/2030 <sup>(a)(h)</sup>  | 6737 | 7508 |
| Exeter Automobile Receivables Trust, Series 2023-2A, Class E, 9.75% 11/15/2030 <sup>(a)(h)</sup>  | 3697 | 4038 |
| Exeter Automobile Receivables Trust, Series 2024-4A, Class D, 5.81% 12/16/2030 <sup>(h)</sup>  | 5589 | 5715 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class E, 9.98% 1/15/2031 <sup>(a)(h)</sup>  | 2028 | 2203 |
| Exeter Automobile Receivables Trust, Series 2023-4A, Class E, 9.57% 2/18/2031 <sup>(a)(h)</sup>  | 2408 | 2605 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class C, 5.09% 5/15/2031 <sup>(h)</sup>  | 2705 | 2740 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class D, 5.49% 5/15/2031 <sup>(h)</sup>  | 1411 | 1433 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class E, 9.58% 6/16/2031 <sup>(a)(h)</sup>  | 4052 | 4414 |
| Exeter Automobile Receivables Trust, Series 2024-1, Class E, 7.89% 8/15/2031 <sup>(a)(h)</sup>  | 3285 | 3428 |
| Exeter Automobile Receivables Trust, Series 2025-3A, Class C, 5.09% 10/15/2031 <sup>(h)</sup>  | 779 | 792 |
| Exeter Automobile Receivables Trust, Series 2025-3A, Class D, 5.57% 10/15/2031 <sup>(h)</sup>  | 944 | 963 |

---

---

| | |
|:---|:---|
| **32** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Auto loan (continued)** | **Auto loan (continued)** | **Auto loan (continued)** |
| Exeter Automobile Receivables Trust, Series 2025-4A, Class D, 5.23% 1/15/2032 <sup>(h)</sup>  | USD1,580 | $1587 |
| Exeter Automobile Receivables Trust, Series 2024-4A, Class E, 7.65% 2/17/2032 <sup>(a)(h)</sup>  | 10020 | 10493 |
| Exeter Automobile Receivables Trust, Series 2025-5A, Class C, 4.68% 3/15/2032 <sup>(h)</sup>  | 470 | 472 |
| Exeter Automobile Receivables Trust, Series 2025-5A, Class D, 5.16% 3/15/2032 <sup>(h)</sup>  | 2007 | 2023 |
| Exeter Automobile Receivables Trust, Series 2025-2A, Class E, 7.81% 10/15/2032 <sup>(a)(h)</sup>  | 1576 | 1631 |
| Exeter Automobile Receivables Trust, Series 2025-5A, Class E, 7.15% 6/15/2033 <sup>(a)(h)</sup>  | 1867 | 1876 |
| Exeter Select Automobile Receivables Trust, Series 2025-3, Class B, 4.42% 3/15/2032 <sup>(h)</sup>  | 643 | 644 |
| Exeter Select Automobile Receivables Trust, Series 2025-3, Class C, 5.00% 3/15/2032 <sup>(h)</sup>  | 1146 | 1159 |
| Exeter Select Automobile Receivables Trust, Series 2025-3, Class D, 5.54% 5/17/2032 <sup>(h)</sup>  | 1146 | 1155 |
| First Investors Auto Owner Trust, Series 25-1A, Class D, 5.22% 12/15/2033 <sup>(a)(h)</sup>  | 1530 | 1537 |
| Ford Credit Floorplan Master Owner Trust, Series 2025-1, Class A1, 4.63% 4/15/2030 <sup>(h)</sup>  | 7790 | 7927 |
| GLS Auto Receivables Trust, Series 2023-3, Class C, 6.01% 5/15/2029 <sup>(a)(h)</sup>  | 122 | 123 |
| GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/2029 <sup>(a)(h)</sup>  | 110 | 113 |
| GLS Auto Receivables Trust, Series 2024-1, Class C, 5.64% 12/17/2029 <sup>(a)(h)</sup>  | 633 | 641 |
| GLS Auto Receivables Trust, Series 2024-1, Class D, 5.95% 12/17/2029 <sup>(a)(h)</sup>  | 610 | 621 |
| GLS Auto Receivables Trust, Series 2023-3, Class E, 9.27% 8/15/2030 <sup>(a)(h)</sup>  | 1900 | 2029 |
| GLS Auto Receivables Trust, Series 2023-4, Class E, 9.72% 8/15/2030 <sup>(a)(h)</sup>  | 1430 | 1545 |
| GLS Auto Receivables Trust, Series 2024-2, Class E, 7.98% 5/15/2031 <sup>(a)(h)</sup>  | 1170 | 1223 |
| GLS Auto Receivables Trust, Series 2025-3A, Class D, 5.16% 6/16/2031 <sup>(a)(h)</sup>  | 2430 | 2429 |
| GLS Auto Receivables Trust, Series 2025-4A, Class D, 5.13% 8/15/2031 <sup>(a)(h)</sup>  | 4635 | 4676 |
| GLS Auto Receivables Trust, Series 2025-4A, Class E, 7.17% 12/15/2032 <sup>(a)(h)</sup>  | 1376 | 1400 |
| GLS Auto Select Receivables Trust, Series 2024-3A, Class C, 5.92% 8/15/2030 <sup>(a)(h)</sup>  | 1000 | 1033 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class B, 4.50% 11/15/2030 <sup>(a)(h)</sup>  | 153 | 154 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class C, 4.75% 11/15/2030 <sup>(a)(h)</sup>  | 67 | 68 |
| GLS Auto Select Receivables Trust, Series 2025-1A, Class C, 5.26% 3/15/2031 <sup>(a)(h)</sup>  | 180 | 184 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class D, 5.28% 10/15/2031 <sup>(a)(h)</sup>  | 75 | 76 |
| GLS Auto Select Receivables Trust, Series 2025-1A, Class D, 5.74% 4/15/2032 <sup>(a)(h)</sup>  | 194 | 198 |
| GM Financial Revolving Receivables Trust, Series 2024-2, Class A, 4.52% 3/11/2037 <sup>(a)(h)</sup>  | 23821 | 24238 |
| Hertz Vehicle Financing III, LLC, Series 2023-1, Class 1D, 9.13% 6/25/2027 <sup>(a)(h)</sup>  | 4450 | 4484 |
| Hertz Vehicle Financing III, LLC, Series 2023-3, Class B, 6.53% 2/25/2028 <sup>(a)(h)</sup>  | 1000 | 1018 |
| Hertz Vehicle Financing III, LLC, Series 2023-3, Class D, 9.43% 2/25/2028 <sup>(a)(h)</sup>  | 3000 | 3075 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class C, 2.95% 6/26/2028 <sup>(a)(h)</sup>  | 6036 | 5892 |
| Hertz Vehicle Financing III, LLC, Series 2022-2, Class D, 5.16% 6/26/2028 <sup>(a)(h)</sup>  | 14209 | 13937 |
| Hertz Vehicle Financing, LLC, Series 2023-1A, Class B, 6.22% 6/25/2027 <sup>(a)(h)</sup>  | 1250 | 1255 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(a)(h)</sup>  | 10573 | 10377 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(a)(h)</sup>  | 7090 | 6955 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(a)(h)</sup>  | 2477 | 2432 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class B, 6.12% 1/25/2029 <sup>(a)(h)</sup>  | 941 | 964 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class C, 6.70% 1/25/2029 <sup>(a)(h)</sup>  | 569 | 585 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class D, 9.22% 1/25/2029 <sup>(a)(h)</sup>  | 3895 | 4034 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(a)(h)</sup>  | 100 | 101 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class B, 5.45% 9/25/2029 <sup>(a)(h)</sup>  | 6035 | 6127 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class C, 6.03% 9/25/2029 <sup>(a)(h)</sup>  | 8358 | 8501 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class D, 7.98% 9/25/2029 <sup>(a)(h)</sup>  | 3784 | 3840 |
| Hertz Vehicle Financing, LLC, Series 2025-3A, Class B, 5.59% 12/26/2029 <sup>(a)(h)</sup>  | 446 | 454 |
| Hertz Vehicle Financing, LLC, Series 2025-3A, Class C, 6.13% 12/26/2029 <sup>(a)(h)</sup>  | 455 | 463 |
| Hertz Vehicle Financing, LLC, Series 2025-5A, Class A, 4.62% 5/25/2030 <sup>(a)(h)</sup>  | 20231 | 20216 |
| Hertz Vehicle Financing, LLC, Series 2025-5A, Class C, 5.50% 5/25/2030 <sup>(a)(h)</sup>  | 5090 | 5096 |
| Hertz Vehicle Financing, LLC, Series 2025-5A, Class D, 7.74% 5/25/2030 <sup>(a)(h)</sup>  | 2115 | 2132 |
| Hertz Vehicle Financing, LLC, Series 2024-2A, Class D, 9.41% 1/27/2031 <sup>(a)(h)</sup>  | 2250 | 2383 |
| Hertz Vehicle Financing, LLC, Series 2025-2A, Class C, 6.40% 9/25/2031 <sup>(a)(h)</sup>  | 9707 | 9934 |
| Hertz Vehicle Financing, LLC, Series 2025-2A, Class D, 8.34% 9/25/2031 <sup>(a)(h)</sup>  | 3525 | 3567 |
| Hertz Vehicle Financing, LLC, Series 2025-4A, Class B, 5.90% 12/25/2031 <sup>(a)(h)</sup>  | 372 | 382 |
| Hertz Vehicle Financing, LLC, Series 2025-4A, Class C, 6.48% 12/25/2031 <sup>(a)(h)</sup>  | 1232 | 1263 |
| Hertz Vehicle Financing, LLC, Series 2025-4A, Class D, 9.34% 12/25/2031 <sup>(a)(h)</sup>  | 750 | 787 |
| Hertz Vehicle Financing, LLC, Series 2025-6A, Class A, 4.89% 5/25/2032 <sup>(a)(h)</sup>  | 37502 | 37743 |
| Hertz Vehicle Financing, LLC, Series 2025-6A, Class C, 5.82% 5/25/2032 <sup>(a)(h)</sup>  | 6245 | 6254 |
| Hertz Vehicle Financing, LLC, Series 2025-6A, Class D, 8.30% 5/25/2032 <sup>(a)(h)</sup>  | 3000 | 3027 |
| Huntington National Bank (The), Series 2024-2, Class B1, 5.442% 10/20/2032 <sup>(a)(h)</sup>  | 1013 | 1024 |
| Huntington National Bank (The), Series 2025-1, Class B, 4.957% 3/21/2033 <sup>(a)(h)</sup>  | 788 | 795 |
| LAD Auto Receivables Trust, Series 2023-1, Class C, 6.18% 12/15/2027 <sup>(a)(h)</sup>  | 207 | 208 |
| LAD Auto Receivables Trust, Series 2023-3, Class C, 6.43% 12/15/2028 <sup>(a)(h)</sup>  | 493 | 503 |
| LAD Auto Receivables Trust, Series 2024-1, Class B, 5.33% 2/15/2029 <sup>(a)(h)</sup>  | 447 | 453 |
| LAD Auto Receivables Trust, Series 2024-1, Class C, 5.64% 6/15/2029 <sup>(a)(h)</sup>  | 541 | 553 |
| LAD Auto Receivables Trust, Series 2024-3A, Class B, 4.74% 1/15/2030 <sup>(a)(h)</sup>  | 446 | 451 |
| LAD Auto Receivables Trust, Series 2024-3A, Class C, 4.93% 3/15/2030 <sup>(a)(h)</sup>  | 161 | 163 |

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **33** |

---

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Auto loan (continued)** | **Auto loan (continued)** | **Auto loan (continued)** |
| LAD Auto Receivables Trust, Series 2023-1, Class D, 7.30% 6/17/2030 <sup>(a)(h)</sup>  | USD219 | $222 |
| LAD Auto Receivables Trust, Series 2023-3, Class D, 6.92% 12/16/2030 <sup>(a)(h)</sup>  | 334 | 344 |
| LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/2031 <sup>(a)(h)</sup>  | 1712 | 1744 |
| LAD Auto Receivables Trust, Series 2024-1, Class D, 6.15% 6/16/2031 <sup>(a)(h)</sup>  | 333 | 343 |
| LAD Auto Receivables Trust, Series 2024-2, Class D, 6.37% 10/15/2031 <sup>(a)(h)</sup>  | 149 | 154 |
| LAD Auto Receivables Trust, Series 2024-3A, Class D, 5.18% 2/17/2032 <sup>(a)(h)</sup>  | 97 | 98 |
| LAD Auto Receivables Trust, Series 2025-2A, Class D, 5.01% 12/15/2032 <sup>(a)(h)</sup>  | 1095 | 1101 |
| Lendbuzz Securitization Trust, Series 2025-1A, Class B, 5.47% 11/15/2030 <sup>(a)(h)</sup>  | 4299 | 4250 |
| Porsche Innovative Lease Owner Trust, Series 2024-1, Class A2A, 4.84% 1/20/2027 <sup>(a)(h)</sup>  | 2090 | 2092 |
| Prestige Auto Receivables Trust, Series 2024-1, Class B, 5.71% 5/15/2028 <sup>(a)(h)</sup>  | 103 | 103 |
| Prestige Auto Receivables Trust, Series 2024-1, Class D, 6.21% 2/15/2030 <sup>(a)(h)</sup>  | 421 | 424 |
| Prestige Auto Receivables Trust, Series 2023-1A, Class E, 9.88% 5/15/2030 <sup>(a)(h)</sup>  | 2000 | 1898 |
| Prestige Auto Receivables Trust, Series 2024-1, Class E, 7.94% 4/15/2031 <sup>(a)(h)</sup>  | 682 | 638 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class B, 6.58% 11/25/2030 <sup>(a)(h)</sup>  | 6763 | 6778 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-4A, Class B, 5.497% 4/25/2034 <sup>(a)(h)</sup>  | 3428 | 3461 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-5A, Class A2, 4.575% 6/26/2034 <sup>(a)(h)</sup>  | 1427 | 1428 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-5A, Class A3, 4.838% 6/26/2034 <sup>(a)(h)</sup>  | 3309 | 3318 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-5A, Class B, 5.228% 6/26/2034 <sup>(a)(h)</sup>  | 2156 | 2163 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-6A, Class A3, 5.013% 8/25/2034 <sup>(a)(h)</sup>  | 370 | 371 |
| Santander Drive Auto Receivables Trust, Series 2022-7, Class B, 5.95% 1/17/2028 <sup>(h)</sup>  | 435 | 435 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/16/2028 <sup>(h)</sup>  | 732 | 732 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class B, 5.23% 12/15/2028 <sup>(h)</sup>  | 531 | 533 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class C, 5.45% 3/15/2030 <sup>(h)</sup>  | 118 | 119 |
| Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.69% 3/17/2031 <sup>(h)</sup>  | 5972 | 6093 |
| Santander Drive Auto Receivables Trust, Series 2025-4, Class D, 4.95% 1/15/2032 <sup>(h)</sup>  | 283 | 284 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(a)(h)</sup>  | 205 | 207 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class C, 5.185% 7/25/2031 <sup>(a)(h)</sup>  | 438 | 442 |
| Securitized Term Auto Receivables Trust, Series 2025-B, Class C, 5.121% 12/29/2032 <sup>(a)(h)</sup>  | 1604 | 1618 |
| Securitized Term Auto Receivables Trust, Series 2025-B, Class D, 5.463% 12/29/2032 <sup>(a)(h)</sup>  | 1939 | 1952 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A2, 4.71% 5/22/2028 <sup>(a)(h)</sup>  | 3504 | 3508 |
| SFS Auto Receivables Securitization Trust, Series 2025-2A, Class A2, 4.52% 11/20/2028 <sup>(a)(h)</sup>  | 4814 | 4825 |
| SFS Auto Receivables Securitization Trust, Series 2025-2A, Class A3, 4.44% 12/20/2030 <sup>(a)(h)</sup>  | 6998 | 7065 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class B, 4.76% 11/20/2031 <sup>(a)(h)</sup>  | 2770 | 2807 |
| Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.728% 9/26/2033 <sup>(a)(h)</sup>  | 2100 | 2104 |
| United Auto Credit Securitization Trust, Series 2025-1, Class B, 5.05% 2/10/2028 <sup>(a)(h)</sup>  | 839 | 841 |
| United Auto Credit Securitization Trust, Series 2024-1, Class C, 7.06% 10/10/2029 <sup>(a)(h)</sup>  | 1049 | 1052 |
| United Auto Credit Securitization Trust, Series 2024-1, Class D, 8.30% 11/12/2029 <sup>(a)(h)</sup>  | 4000 | 4077 |
| United Auto Credit Securitization Trust, Series 2025-1, Class C, 5.15% 6/10/2030 <sup>(a)(h)</sup>  | 1046 | 1053 |
| VStrong Auto Receivables Trust, Series 2024-A, Class A3, 5.62% 12/15/2028 <sup>(a)(h)</sup>  | 48 | 48 |
| Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65% 2/15/2028 <sup>(a)(h)</sup>  | 2509 | 2517 |
| Westlake Automobile Receivables Trust, Series 2023-1, Class D, 6.79% 11/15/2028 <sup>(a)(h)</sup>  | 1207 | 1235 |
| Westlake Automobile Receivables Trust, Series 2024-1, Class C, 5.65% 2/15/2029 <sup>(a)(h)</sup>  | 521 | 527 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class D, 6.47% 3/15/2029 <sup>(a)(h)</sup>  | 269 | 275 |
| Westlake Automobile Receivables Trust, Series 2024-1, Class D, 6.02% 10/15/2029 <sup>(a)(h)</sup>  | 2010 | 2062 |
| Westlake Automobile Receivables Trust, Series 2025-2A, Class D, 5.08% 5/15/2031 <sup>(a)(h)</sup>  | 4000 | 4035 |
| Westlake Flooring Master Trust, Series 2024-1, Class A, 5.43% 2/15/2028 <sup>(a)(h)</sup>  | 4470 | 4477 |
| Westlake Flooring Master Trust, Series 2025-1A, Class B, 4.84% 10/15/2029 <sup>(a)(h)</sup>  | 3058 | 3067 |
|  |  | 491218 |
| **Other asset-backed securities 2.33%** | **Other asset-backed securities 2.33%** | **Other asset-backed securities 2.33%** |
| ACHD Trust, Series 2025-DS1, Class A, 5.978% 1/9/2034 <sup>(a)(h)</sup>  | 2784 | 2792 |
| ACHD Trust, Series 2025-DS1, Class B, 9.38% 1/9/2034 <sup>(a)(h)</sup>  | 600 | 602 |
| ACHV ABS Trust, Series 2024-3AL, Class B, 5.45% 12/26/2031 <sup>(a)(h)</sup>  | 239 | 241 |
| ACHV ABS Trust, Series 2024-3AL, Class C, 5.68% 12/26/2031 <sup>(a)(h)</sup>  | 135 | 137 |
| ACHV ABS Trust, Series 2025-1PL, Class B, 5.04% 4/26/2032 <sup>(a)(h)</sup>  | 324 | 326 |
| ACHV ABS Trust, Series 2025-1PL, Class C, 5.31% 4/26/2032 <sup>(a)(h)</sup>  | 576 | 578 |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(a)(h)</sup>  | 904 | 907 |
| Affirm Asset Securitization Trust, Series 2025-X2, Class B, 4.56% 10/15/2030 <sup>(a)(h)</sup>  | 650 | 653 |
| Affirm Asset Securitization Trust, Series 2025-X2, Class C, 4.93% 10/15/2030 <sup>(a)(h)</sup>  | 1004 | 1008 |
| Affirm Asset Securitization Trust, Series 2025-X2, Class D, 5.23% 10/15/2030 <sup>(a)(h)</sup>  | 2609 | 2619 |
| Affirm Master Trust, Series 2025-3A, Class A, 4.45% 10/16/2034 <sup>(a)(h)</sup>  | 694 | 697 |
| Affirm Master Trust, Series 2025-3A, Class B, 4.75% 10/16/2034 <sup>(a)(h)</sup>  | 423 | 423 |
| Affirm Master Trust, Series 2025-3A, Class C, 4.89% 10/16/2034 <sup>(a)(h)</sup>  | 1704 | 1706 |
| Affirm Master Trust, Series 2025-3A, Class E, 6.80% 10/16/2034 <sup>(a)(h)</sup>  | 5000 | 5003 |
| APL Finance, LLC, Series 2025-1A, Class A, 4.81% 3/20/2036 <sup>(a)(h)</sup>  | 4077 | 4095 |

---

---

| | |
|:---|:---|
| **34** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Other asset-backed securities (continued)** | **Other asset-backed securities (continued)** | **Other asset-backed securities (continued)** |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(a)(h)</sup>  | USD1,835 | $1842 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(a)(h)</sup>  | 735 | 741 |
| Apollo Aviation Securitization Equity Trust, Series 2025-1A, Class A, 5.943% 2/16/2050 <sup>(a)(h)</sup>  | 2223 | 2270 |
| Bankers Healthcare Group Securitization Trust, Series 2020-A, Class C, 5.17% 9/17/2031 <sup>(a)(h)</sup>  | 6630 | 6628 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class B, 2.79% 11/17/2033 <sup>(a)(h)</sup>  | 4000 | 3942 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034 <sup>(a)(h)</sup>  | 3300 | 3270 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class C, 2.24% 10/17/2034 <sup>(a)(h)</sup>  | 8400 | 8167 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% <br> 7/15/2046 <sup>(a)(h)</sup>  | 1225 | 1179 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class C, 6.38% 1/15/2031 <sup>(a)(h)</sup>  | 100 | 102 |
| Business Jet Securities, LLC, Series 2024-2A, Class A, 5.364% 9/15/2039 <sup>(a)(h)</sup>  | 4994 | 5041 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(a)(h)</sup>  | 6585 | 6249 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(a)(h)</sup>  | 194 | 194 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(a)(h)</sup>  | 27477 | 27955 |
| Castlelake Aircraft Securitization Trust, Series 2025-3A, Class A, 5.087% 11/15/2050 <sup>(a)(h)</sup>  | 8851 | 8892 |
| CCG Receivables Trust, Series 2025-1, Class D, 5.28% 10/14/2032 <sup>(a)(h)</sup>  | 301 | 304 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(h)</sup>  | 5392 | 4581 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(a)(h)</sup>  | 588 | 497 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(a)(h)</sup>  | 325 | 207 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(a)(h)</sup>  | 12640 | 10273 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(a)(h)</sup>  | 15009 | 14821 |
| CF Hippolyta, LLC, Series 2022-1A, Class A2, 6.11% 8/15/2062 <sup>(a)(h)</sup>  | 2871 | 2796 |
| CFG Investments, Ltd., Series 2025-1, Class A, 6.47% 3/25/2036 <sup>(a)(h)</sup>  | 821 | 835 |
| CFG Investments, Ltd., Series 2025-1, Class B, 9.16% 3/25/2036 <sup>(a)(h)</sup>  | 159 | 163 |
| CFG Investments, Ltd., Series 2025-1, Class C, 12.72% 3/25/2036 <sup>(a)(h)</sup>  | 400 | 417 |
| CLI Funding V, LLC, Series 2020-2A, Class B, 3.56% 9/15/2045 <sup>(a)(h)</sup>  | 495 | 475 |
| CLI Funding VI, LLC, Series 2020-1A, Class B, 3.62% 9/18/2045 <sup>(a)(h)</sup>  | 933 | 895 |
| Commercial Equipment Finance, Series 2025-1A, Class A, 4.83% 5/15/2031 <sup>(a)(h)</sup>  | 962 | 967 |
| Crockett Partners Equipment Co. II, LLC, Series 2024-1C, Class A, 6.05% 1/20/2031 <sup>(a)(h)</sup>  | 4856 | 4946 |
| Crossroads Asset Trust, Series 2024-A, Class A2, 5.90% 8/20/2030 <sup>(a)(h)</sup>  | 763 | 772 |
| Daimler Trucks Retail Trust, Series 2024-1, Class A3, 5.49% 12/15/2027 <sup>(h)</sup>  | 11751 | 11852 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(a)(h)</sup>  | 1952 | 1834 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(a)(h)</sup>  | 2093 | 2108 |
| EquipmentShare, Series 2025-1M, Class B, 6.31% 9/26/2033 <sup>(a)(h)</sup>  | 1104 | 1110 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(a)(h)</sup>  | 3039 | 2857 |
| GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046 <sup>(a)(h)</sup>  | 173 | 158 |
| GGAM Master Trust International, Ltd., Series 2025-1A, Class A, 5.923% 9/30/2060 <sup>(a)(h)</sup>  | 6900 | 6960 |
| Global SC Finance SRL, Series 2025-1H, Class A, 6.169% 9/20/2045 <sup>(a)(h)</sup>  | 41662 | 41772 |
| Global SC Finance SRL, Series 2025-1H, Class B, 7.848% 9/20/2045 <sup>(a)(h)</sup>  | 3664 | 3674 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 8/17/2039 <sup>(a)(h)</sup>  | 966 | 949 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(a)(h)</sup>  | 1917 | 1842 |
| Global SC Finance V SRL, Series 2020-1A, Class B, 3.55% 10/17/2040 <sup>(a)(h)</sup>  | 988 | 956 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(a)(h)</sup>  | 8609 | 8714 |
| Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A, 6.56% 7/20/2029 <sup>(a)(h)</sup>  | 1087 | 1093 |
| MMP Capital, Series 2025-A, Class B, 5.72% 12/15/2031 <sup>(a)(h)</sup>  | 332 | 339 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(a)(h)</sup>  | 4585 | 4385 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class B, 3.571% 11/15/2046 <sup>(a)(h)</sup>  | 3129 | 3006 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(h)</sup>  | 55467 | 46468 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class B1, 2.41% 10/20/2061 <sup>(a)(h)</sup>  | 6036 | 3794 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(a)(h)</sup>  | 10643 | 10785 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(a)(h)</sup>  | 652 | 662 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class C, 8.99% 6/17/2031 <sup>(a)(h)</sup>  | 474 | 485 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(a)(h)</sup>  | 427 | 429 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class B, 5.42% 10/17/2031 <sup>(a)(h)</sup>  | 100 | 100 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class C, 7.03% 10/17/2031 <sup>(a)(h)</sup>  | 283 | 287 |
| OnDeck Asset Securitization Trust, LLC, Series 2025-1A, Class A, 5.08% 4/19/2032 <sup>(a)(h)</sup>  | 296 | 298 |
| OnDeck Asset Securitization Trust, LLC, Series 2025-1A, Class B, 5.52% 4/19/2032 <sup>(a)(h)</sup>  | 146 | 147 |
| OnDeck Asset Securitization Trust, LLC, Series 2025-2A, Class A, 4.84% 11/17/2032 <sup>(a)(h)</sup>  | 393 | 395 |
| OnDeck Asset Securitization Trust, LLC, Series 2025-2A, Class B, 5.23% 11/17/2032 <sup>(a)(h)</sup>  | 572 | 574 |
| OnDeck Asset Securitization Trust, LLC, Series 2025-2A, Class C, 6.30% 11/17/2032 <sup>(a)(h)</sup>  | 541 | 545 |
| OnDeck Asset Securitization Trust, LLC, Series 2025-2A, Class D, 8.58% 11/17/2032 <sup>(a)(h)</sup>  | 1000 | 1008 |
| Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031 <sup>(a)(h)</sup>  | 759 | 745 |
| Oportun Funding, LLC, Series 2021-B, Class B, 1.96% 5/8/2031 <sup>(a)(h)</sup>  | 577 | 567 |
| Pagaya AI Debt Selection Trust, Series 2025-R3, Class A, 4.841% 1/18/2033 <sup>(a)(h)</sup>  | 1363 | 1365 |
| Pagaya AI Debt Selection Trust, Series 2025-R3, Class B, 5.088% 1/18/2033 <sup>(a)(h)</sup>  | 3031 | 3036 |
| Pagaya Point Of Sale Holdings Grantor Trust, Series 2025-2, Class A, 5.065% 7/20/2033 <sup>(a)(h)</sup>  | 3483 | 3503 |

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **35** |

---

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Other asset-backed securities (continued)** | **Other asset-backed securities (continued)** | **Other asset-backed securities (continued)** |
| Pagaya Point Of Sale Holdings Grantor Trust, Series 2025-2, Class B, 5.212% 7/20/2033 <sup>(a)(h)</sup>  | USD2,374 | $2384 |
| Pagaya Point Of Sale Holdings Grantor Trust, Series 2025-2, Class C, 5.506% 7/20/2033 <sup>(a)(h)</sup>  | 1199 | 1204 |
| Pagaya Point Of Sale Holdings Grantor Trust, Series 2025-2, Class D, 5.799% 7/20/2033 <sup>(a)(h)</sup>  | 1473 | 1480 |
| PK ALIFT Loan Funding, Series 2025-2, Class A, 4.75% 3/15/2043 <sup>(a)(h)</sup>  | 1571 | 1576 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class AF, (1-month USD CME Term SOFR + 1.70%) 5.45% <br>9/15/2039 <sup>(a)(h)(i)</sup>  | 129 | 130 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class A1, 5.842% 9/15/2039 <sup>(a)(h)</sup>  | 325 | 332 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(a)(h)</sup>  | 398 | 400 |
| Post Road Equipment Finance, Series 2025-1A, Class A2, 4.90% 5/15/2031 <sup>(a)(h)</sup>  | 5273 | 5317 |
| Reach Financial, LLC, Series 2024-2, Class B, 5.84% 7/15/2031 <sup>(a)(h)</sup>  | 1461 | 1483 |
| Reach Financial, LLC, Series 2024-2, Class A, 5.88% 7/15/2031 <sup>(a)(h)</sup>  | 162 | 163 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class D, 5.88% 11/20/2035 <sup>(a)(h)</sup>  | 216 | 224 |
| SCF Equipment Trust, LLC, Series 2025-2A, Class B, 4.51% 6/20/2036 <sup>(a)(h)</sup>  | 969 | 974 |
| SCF Equipment Trust, LLC, Series 2025-2A, Class C, 4.82% 6/20/2036 <sup>(a)(h)</sup>  | 1848 | 1862 |
| SCF Equipment Trust, LLC, Series 2025-2A, Class D, 5.33% 6/20/2036 <sup>(a)(h)</sup>  | 651 | 657 |
| SLAM, Ltd., Series 2024-1A, Class A, 5.335% 9/15/2049 <sup>(a)(h)</sup>  | 17607 | 17870 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(a)(h)</sup>  | 5170 | 4938 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(a)(h)</sup>  | 1023 | 1001 |
| Stellar Jay Ireland Dac, Series 2021-1, Class B, 5.926% 10/15/2041 <sup>(a)(h)</sup>  | 5531 | 5489 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(a)(h)</sup>  | 4247 | 4188 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(a)(h)</sup>  | 467 | 457 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class B, 3.821% 2/28/2033 <sup>(a)(h)</sup>  | 3162 | 3099 |
| Subway Funding, LLC, Series 2024-3, Class A2I, 5.246% 7/30/2054 <sup>(a)(h)</sup>  | 11399 | 11379 |
| Subway Funding, LLC, Series 2024-3A, Class A2II, 5.566% 7/30/2054 <sup>(a)(h)</sup>  | 13116 | 13036 |
| Subway Funding, LLC, Series 2024-3, Class A23, 5.914% 7/30/2054 <sup>(a)(h)</sup>  | 13240 | 13176 |
| Subway Funding, LLC, Series 2024-1, Class A2I, 6.028% 7/30/2054 <sup>(a)(h)</sup>  | 1638 | 1662 |
| Subway Funding, LLC, Series 2024-1, Class A23, 6.505% 7/30/2054 <sup>(a)(h)</sup>  | 1475 | 1528 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(a)(h)</sup>  | 1274 | 1244 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(h)</sup>  | 11791 | 11892 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(a)(h)</sup>  | 97 | 93 |
| TAL Advantage V, LLC, Series 2020-1, Class B, 3.29% 9/20/2045 <sup>(a)(h)</sup>  | 337 | 324 |
| Textainer Marine Containers, Ltd., Series 2020-1A, Class B, 4.94% 8/21/2045 <sup>(a)(h)</sup>  | 868 | 862 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(a)(h)</sup>  | 94 | 89 |
| Textainer Marine Containers, Ltd., Series 2020-3, Class A, 2.11% 9/20/2045 <sup>(a)(h)</sup>  | 166 | 159 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class B, 3.34% 9/20/2045 <sup>(a)(h)</sup>  | 2008 | 1921 |
| Textainer Marine Containers, Ltd., Series 2025-1H, Class A, 6.43% 7/23/2050 <sup>(a)(h)</sup>  | 19088 | 19203 |
| Textainer Marine Containers, Ltd., Series 2025-1H, Class B, 8.06% 7/23/2050 <sup>(a)(h)</sup>  | 9799 | 9854 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(a)(h)</sup>  | 5360 | 5065 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class B, 3.74% 9/20/2045 <sup>(a)(h)</sup>  | 2749 | 2642 |
| Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046 <sup>(a)(h)</sup>  | 405 | 375 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(a)(h)</sup>  | 333 | 334 |
| U.S. Bank National Association, Series 2025-SUP2, Class B1, 4.818% 9/25/2032 <sup>(a)(h)</sup>  | 12534 | 12610 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST8, Class B, 5.065% 12/15/2033 <sup>(a)(h)</sup>  | 2690 | 2703 |
| Upstart Securitization Trust, Series 2025-4, Class B, 5.20% 11/20/2035 <sup>(a)(h)</sup>  | 3070 | 3080 |
| Verdant Receivables, LLC, Series 2024-1, Class C, 6.25% 12/12/2031 <sup>(a)(h)</sup>  | 210 | 218 |
| VFI ABS, LLC, Series 2025-1A, Class A, 4.78% 6/24/2030 <sup>(a)(h)</sup>  | 341 | 343 |
| Wingspire Equipment Finance, LLC, Series 2025-1A, Class A2, 4.33% 9/20/2033 <sup>(a)(h)</sup>  | 2617 | 2623 |
| Wingspire Equipment Finance, LLC, Series 2025-1A, Class C, 4.76% 9/20/2033 <sup>(a)(h)</sup>  | 213 | 214 |
| Wingspire Equipment Finance, LLC, Series 2025-1A, Class D, 5.45% 9/20/2033 <sup>(a)(h)</sup>  | 521 | 525 |
| Zayo Issuer, LLC, Series 2025-2A, Class A2, 5.953% 6/20/2055 <sup>(a)(h)</sup>  | 1000 | 1027 |
| Zayo Issuer, LLC, Series 2025-2A, Class B, 6.586% 6/20/2055 <sup>(a)(h)</sup>  | 1000 | 1033 |
|  |  | 484452 |
| **Collateralized loan obligations 0.51%** | **Collateralized loan obligations 0.51%** | **Collateralized loan obligations 0.51%** |
| Apex Credit CLO, LLC, Series 2021-2A, Class A2R, (3-month USD CME Term SOFR + 1.85%) 5.734% <br>10/20/2034 <sup>(a)(h)(i)</sup>  | 789 | 790 |
| ARES CLO, Ltd., Series 2022-65A, Class CR, (3-month USD CME Term SOFR + 1.85%) 5.708% 7/25/2034 <sup>(a)(h)(i)</sup>  | 909 | 910 |
| ARES CLO, Ltd., Series 2019-53A, Class BR2, (3-month USD CME Term SOFR + 1.55%) 5.316% 10/24/2036 <sup>(a)(h)(i)</sup>  | 1206 | 1209 |
| ARES CLO, Ltd., Series 2019-53A, Class CR2, (3-month USD CME Term SOFR + 1.80%) 5.566% 10/24/2036 <sup>(a)(h)(i)</sup>  | 1533 | 1535 |
| ARES CLO, Ltd., Series 2019-53A, Class D1R2, (3-month USD CME Term SOFR + 2.45%) 6.216% <br>10/24/2036 <sup>(a)(h)(i)</sup>  | 2751 | 2755 |
| Atlas Senior Loan Fund, Ltd., CLO, Series 2021-16A, Class C1R, (3-month USD CME Term SOFR + 1.90%) 5.784% <br> 1/20/2034 <sup>(a)(h)(i)</sup>  | 1617 | 1617 |
| Barings Middle Market CLO, Ltd., Series 2021-I, Class A1, (3-month USD CME Term SOFR + 0.262%) + 1.55%) <br> 5.696% 7/20/2033 <sup>(a)(h)(i)</sup>  | 2948 | 2952 |

---

---

| | |
|:---|:---|
| **36** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Collateralized loan obligations (continued)** | **Collateralized loan obligations (continued)** | **Collateralized loan obligations (continued)** |
| Battalion CLO, Ltd., Series 2018-12A, Class DRR, (3-month USD CME Term SOFR + 2.60%) <br>6.452% 5/17/2031 <sup>(a)(h)(i)</sup>  | USD2,083 | $2074 |
| Bluemountain CLO, Ltd., Series 2014-2, Class CR2, (3-month USD CME Term SOFR + 2.462%) <br>6.346% 10/20/2030 <sup>(a)(h)(i)</sup>  | 700 | 701 |
| Bluemountain CLO, Ltd., Series 2021-31A, Class A1R, (3-month USD CME Term SOFR + 1.10%) 5.246% <br> 4/19/2034 <sup>(a)(h)(i)</sup>  | 1651 | 1649 |
| Bluemountain CLO, Ltd., Series 2021-31A, Class CR, (3-month USD CME Term SOFR + 1.85%) 5.996% <br>4/19/2034 <sup>(a)(h)(i)</sup>  | 6430 | 6435 |
| Canyon Capital CLO, Ltd., Series 2021-1A, Class DR, (3-month USD CME Term SOFR + 2.90%) 6.805% <br>4/15/2034 <sup>(a)(h)(i)</sup>  | 750 | 746 |
| Canyon Capital CLO, Ltd., Series 2021-4A, Class CR, (3-month USD CME Term SOFR + 1.80%) 5.705% <br> 10/15/2034 <sup>(a)(h)(i)</sup>  | 886 | 888 |
| Cedar Funding CLO, Ltd., Series 2016-6A, Class DR3, (3-month USD CME Term SOFR + 3.10%) <br>6.984% 4/20/2034 <sup>(a)(h)(i)</sup>  | 1000 | 1001 |
| Dryden Senior Loan Fund, CLO, Series 2022-98, Class D, (3-month USD CME Term SOFR + 3.10%) 6.984% <br> 4/20/2035 <sup>(a)(h)(i)</sup>  | 300 | 297 |
| Elmwood CLO 15, Ltd., 6.757% 4/22/2035 (3-month CME Term SOFR + 2.90%) <sup>(a)(h)(i)</sup>  | 1400 | 1392 |
| Fortress Credit BSL, Ltd., CLO, Series 2019-2A, Class CR, (3-month USD CME Term SOFR + 2.00%) 5.884% <br>10/20/2032 <sup>(a)(h)(i)</sup>  | 1750 | 1752 |
| Fortress Credit BSL, Ltd., CLO, Series 2020-1A, Class A1AR (3-month USD CME Term SOFR + 1.10%) 5.028% <br> 10/20/2033 <sup>(a)(h)(i)</sup>  | 2640 | 2641 |
| Fortress Credit BSL, Ltd., CLO, Series 2020-1A, Class CR, (3-month USD CME Term SOFR + 1.40%) 5.328% <br>10/20/2033 <sup>(a)(h)(i)</sup>  | 1898 | 1899 |
| Fortress Credit BSL, Ltd., CLO, Series 2020-1A, Class BR, (3-month USD CME Term SOFR + 1.70%) 5.628% <br>10/20/2033 <sup>(a)(h)(i)</sup>  | 5214 | 5218 |
| Fortress Credit BSL, Ltd., CLO, Series 2020-1A, Class CR, (3-month USD CME Term SOFR + 2.05%) 5.978% <br>10/20/2033 <sup>(a)(h)(i)</sup>  | 1800 | 1802 |
| Fortress Credit BSL, Ltd., CLO, Series 2019-2A, Class DR, (3-month USD CME Term SOFR + 2.85%) 6.734% <br> 10/20/2032 <sup>(a)(h)(i)</sup>  | 2120 | 2119 |
| Fortress Credit BSL, Ltd., CLO, Series 2023-1A, Class BR, (3-month USD CME Term SOFR + 1.85%) 5.71% <br> 4/23/2036 <sup>(a)(h)(i)</sup>  | 1659 | 1663 |
| Fortress Credit Opportunities CLO, LLC, Series 2025-37A, Class B, (3-month USD CME Term SOFR + 2.60%) <br> 6.874% 7/20/2033 <sup>(a)(h)(i)</sup>  | 2000 | 2004 |
| GoldenTree Loan Management US CLO 18, Ltd., Series 2023-18A, Class BR, (3-month USD CME Term SOFR + <br> 1.50%) 5.303% 1/20/2037 <sup>(a)(h)(i)</sup>  | 1533 | 1537 |
| GoldenTree Loan Management US CLO 18, Ltd., Series 2023-18A, Class CR, (3-month USD CME Term SOFR + <br> 1.70%) 5.503% 1/20/2037 <sup>(a)(h)(i)</sup>  | 794 | 795 |
| GoldenTree Loan Management US CLO 18, Ltd., Series 2023-18A, Class DR, (3-month USD CME Term SOFR + <br> 2.55%) 6.353% 1/20/2037 <sup>(a)(h)(i)</sup>  | 4280 | 4287 |
| Golub Capital Partners Static, Ltd., CLO, Series 2024-1, Class CR, (3-month USD CME Term SOFR + 1.65%) 5.976% <br> 7/20/2035 <sup>(a)(h)(i)</sup>  | 750 | 750 |
| Golub Capital Private Credit Fund CLO, Series 2025-BSL1A, Class C, (3-month USD CME Term SOFR + 1.70%) <br> 5.401% 1/20/2034 <sup>(a)(h)(i)</sup>  | 904 | 905 |
| ICG US CLO, Ltd., Series 2016-1A, Class BR3, (3-month USD CME Term SOFR + 1.95%) 5.793% 4/29/2034 <sup>(a)(h)(i)</sup>  | 2912 | 2923 |
| Jamestown CLO, Ltd., Series 2018-11, Class A2, (3-month USD CME Term SOFR + 1.962%) <br>5.873% 7/14/2031 <sup>(a)(h)(i)</sup>  | 500 | 501 |
| Jamestown CLO, Ltd., Series 2021-16A, Class CR, (3-month USD CME Term SOFR + 1.95%) 5.808% <br>7/25/2034 <sup>(a)(h)(i)</sup>  | 740 | 740 |
| Marble Point CLO, Ltd., Series 2019-2, Class D1R, (3-month USD CME Term SOFR + 3.662%) <br>7.546% 11/16/2034 <sup>(a)(h)(i)</sup>  | 1000 | 1001 |
| Northwoods Capital, Ltd., CLO, Series 2021-25A, Class DR, (3-month USD CME Term SOFR + 2.90%) 6.784% <br> 7/20/2034 <sup>(a)(h)(i)</sup>  | 1917 | 1919 |
| Ocean Trails CLO, Series 2021-11A, Class DR, (3-month USD CME Term SOFR + 3.10%) 6.984% 7/20/2034 <sup>(a)(h)(i)</sup>  | 1000 | 990 |
| OCP CLO, Ltd., Series 2019-16A, Class AR, (3-month USD CME Term SOFR + 1.262%) 5.189% 4/10/2033 <sup>(a)(h)(i)</sup>  | 2648 | 2649 |
| Palmer Square Loan Funding, Ltd., CLO, Series 2024-2A, Class C, (3-month USD CME Term SOFR + 2.50%) <br> 6.405% 1/15/2033 <sup>(a)(h)(i)</sup>  | 1608 | 1610 |
| Parallel, Ltd., Series 2023-1A, Class BR, (3-month USD CME Term SOFR + 2.05%) 5.934% 7/20/2036 <sup>(a)(h)(i)</sup>  | 409 | 409 |
| PPM CLO 2, Ltd., Series 2019-2, Class CR2, (3-month USD CME Term SOFR + 2.80%) 6.694% 4/16/2037 <sup>(a)(h)(i)</sup>  | 1000 | 1002 |
| Rockford Tower CLO, Ltd., Series 2021-1, Class D, (3-month USD CME Term SOFR + 3.262%) <br>7.146% 7/20/2034 <sup>(a)(h)(i)</sup>  | 1191 | 1193 |
| Romark CLO, Ltd., Series 2018-1, Class A1, (3-month USD CME Term SOFR + 1.292%) 5.176% 4/20/2031 <sup>(a)(h)(i)</sup>  | 73 | 73 |
| RRAM, CLO, Series 2021-14, Class A1, (3-month USD CME Term SOFR + 1.382%) 5.286% 4/15/2036 <sup>(a)(h)(i)</sup>  | 1500 | 1501 |
| Steele Creek CLO, Ltd., Series 2019-1A, Class DRR, (3-month USD CME Term SOFR + 3.00%) 6.905% <br>4/15/2032 <sup>(a)(h)(i)</sup>  | 1000 | 1002 |
| Steele Creek CLO, Ltd., Series 2019-2A, Class DR, (3-month USD CME Term SOFR + 2.80%) <br>6.705% 7/15/2032 <sup>(a)(h)(i)</sup>  | 2230 | 2191 |

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **37** |

---

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Collateralized loan obligations (continued)** | **Collateralized loan obligations (continued)** | **Collateralized loan obligations (continued)** |
| Trinitas CLO, Ltd., Series 2020-12A, Class CR2, (3-month USD CME Term SOFR + 1.80%) 5.658% 4/25/2033 <sup>(a)(h)(i)</sup>  | USD818 | $819 |
| Trinitas CLO, Ltd., Series 2020-12A, Class B1R2, (3-month USD CME Term SOFR + 1.55%) 5.792% <br>4/25/2033 <sup>(a)(h)(i)</sup>  | 1757 | 1758 |
| Trinitas CLO, Ltd., Series 2021-17A, Class B1R, (3-month USD CME Term SOFR + 1.65%) <br>5.534% 10/20/2034 <sup>(a)(h)(i)</sup>  | 1783 | 1786 |
| Trinitas CLO, Ltd., Series 2021-17A, Class CR, (3-month USD CME Term SOFR + 2.00%) 5.884% 10/20/2034 <sup>(a)(h)(i)</sup>  | 2537 | 2541 |
| Valley Stream Park CLO, Ltd., Series 2022-1A, Class ARR, (3-month USD CME Term SOFR + 1.19%) 5.074% <br> 1/20/2037 <sup>(a)(h)(i)</sup>  | 20000 | 20003 |
| Vibrant CLO, Ltd., Series 2021-12A, Class BRR, (3-month USD CME Term SOFR + 1.95%) 5.834% 4/20/2034 <sup>(a)(h)(i)</sup>  | 878 | 879 |
| Wellfleet CLO, Ltd., Series 2021-1A, Class CR, (3-month USD CME Term SOFR + 2.15%) 6.034% 4/20/2034 <sup>(a)(h)(i)</sup>  | 1500 | 1504 |
| Whetstone Park CLO, Ltd., Series 2021-1A, Class CR, (3-month USD CME Term SOFR + 1.70%) 5.584% <br>1/20/2035 <sup>(a)(h)(i)</sup>  | 889 | 890 |
| Wind River CLO, Ltd., Series 2021-2A, Class CR, (3-month USD CME Term SOFR + 2.00%) 5.884% <br>7/20/2034 <sup>(a)(h)(i)</sup>  | 1846 | 1849 |
|  |  | 106056 |
| **Credit card 0.33%** | **Credit card 0.33%** | **Credit card 0.33%** |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(a)(h)</sup>  | 2132 | 2137 |
| Avant Credit Card Master Trust, Series 2024-2A, Class D, 8.98% 5/15/2029 <sup>(a)(h)</sup>  | 7000 | 7072 |
| Brex Commercial Charge Card Master Trust, Series 2024-1, Class A1, 6.05% 7/15/2027 <sup>(a)(h)</sup>  | 605 | 607 |
| Brex Commercial Charge Card Master Trust, Series 2024-1, Class A2, 6.68% 7/15/2027 <sup>(a)(h)</sup>  | 2166 | 2171 |
| Evergreen Credit Card Trust, Series 2025-CRT5, Class B, 5.24% 5/15/2029 <sup>(a)(h)</sup>  | 134 | 136 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(a)(h)</sup>  | 14548 | 14590 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class B, 5.24% 9/15/2029 <sup>(a)(h)</sup>  | 1288 | 1292 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class C, 5.48% 9/15/2029 <sup>(a)(h)</sup>  | 999 | 1002 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class D, 5.82% 9/15/2029 <sup>(a)(h)</sup>  | 1202 | 1205 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class E, 8.30% 9/15/2029 <sup>(a)(h)</sup>  | 3715 | 3727 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(a)(h)</sup>  | 322 | 324 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(a)(h)</sup>  | 318 | 320 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class E, 13.69% 8/15/2029 <sup>(a)(h)</sup>  | 5000 | 5057 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(a)(h)</sup>  | 1151 | 1157 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class C, 5.37% 12/16/2030 <sup>(a)(h)</sup>  | 344 | 345 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class D, 5.71% 12/16/2030 <sup>(a)(h)</sup>  | 346 | 346 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class E, 7.66% 12/16/2030 <sup>(a)(h)</sup>  | 8000 | 8012 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class F, 10.55% 12/16/2030 <sup>(a)(h)</sup>  | 4000 | 4001 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(a)(h)</sup>  | 4639 | 4674 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class B, 5.21% 9/15/2031 <sup>(a)(h)</sup>  | 1326 | 1337 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class C, 5.41% 9/15/2031 <sup>(a)(h)</sup>  | 887 | 892 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class D, 5.80% 9/15/2031 <sup>(a)(h)</sup>  | 1461 | 1463 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class E, 8.08% 9/15/2031 <sup>(a)(h)</sup>  | 3000 | 3017 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class F, 11.21% 9/15/2031 <sup>(a)(h)</sup>  | 4000 | 4044 |
|  |  | 68928 |
| **Student loan 0.24%** | **Student loan 0.24%** | **Student loan 0.24%** |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(a)(h)</sup>  | 472 | 478 |
| Navient Education Loan Trust, Series 2025-A, Class B, 5.32% 7/15/2055 <sup>(a)(h)</sup>  | 601 | 608 |
| Navient Education Loan Trust, Series 2025-A, Class C, 5.53% 7/15/2055 <sup>(a)(h)</sup>  | 572 | 578 |
| Navient Education Loan Trust, Series 2025-A, Class D, 6.03% 7/15/2055 <sup>(a)(h)</sup>  | 429 | 433 |
| Nelnet Student Loan Trust, Series 2021-CA, Class C, 3.36% 4/20/2062 <sup>(a)(h)</sup>  | 5313 | 4638 |
| Nelnet Student Loan Trust, Series 2021-CA, Class D, 4.44% 4/20/2062 <sup>(a)(h)</sup>  | 11333 | 10095 |
| Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD CME Term SOFR + 1.364%) 5.092% <br>7/25/2051 <sup>(a)(h)(i)</sup>  | 346 | 345 |
| SMB Private Education Loan Trust, Series 2023-C, Class B, 6.36% 11/15/2052 <sup>(a)(h)</sup>  | 455 | 480 |
| SMB Private Education Loan Trust, Series 2021-A, Class D2, 3.86% 1/15/2053 <sup>(a)(h)</sup>  | 1186 | 1082 |
| SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86% 1/15/2053 <sup>(a)(h)</sup>  | 1186 | 1081 |
| SMB Private Education Loan Trust, Series 2025-B, Class D, 6.63% 3/17/2053 <sup>(a)(h)</sup>  | 935 | 959 |
| SMB Private Education Loan Trust, Series 2023-D, Class D, 8.87% 9/15/2053 <sup>(a)(h)</sup>  | 2106 | 2300 |
| SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13% 4/15/2054 <sup>(a)(h)</sup>  | 5519 | 5607 |
| SMB Private Education Loan Trust, Series 2022-A, Class D, 4.75% 11/16/2054 <sup>(a)(h)</sup>  | 1964 | 1894 |
| SMB Private Education Loan Trust, Series 2022-B, Class D, 5.95% 2/16/2055 <sup>(a)(h)</sup>  | 2451 | 2486 |

---

---

| | |
|:---|:---|
| **38** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Student loan (continued)** | **Student loan (continued)** | **Student loan (continued)** |
| SMB Private Education Loan Trust, Series 2024-A, Class D, 8.22% 3/15/2056 <sup>(a)(h)</sup>  | USD7,896 | $8529 |
| SMB Private Education Loan Trust, Series 2023-B, Class D, 7.56% 10/16/2056 <sup>(a)(h)</sup>  | 5000 | 5205 |
| SMB Private Education Loan Trust, Series 2022-D, Class D, 7.23% 10/15/2058 <sup>(a)(h)</sup>  | 2685 | 2755 |
|  |  | 49553 |
| **Private issue collateralized mortgage-backed obligations 0.00%** | **Private issue collateralized mortgage-backed obligations 0.00%** | **Private issue collateralized mortgage-backed obligations 0.00%** |
| JP Morgan Mortgage Trust, Series 2024-CES1, Class A3, 6.397% 6/25/2054 (7.397% on <br>3/1/2028) <sup>(a)(b)(h)</sup>  | 576 | 583 |
| JP Morgan Mortgage Trust, Series 2024-CES1, Class M1, 6.596% 6/25/2054 (7.596% on <br>3/1/2028) <sup>(a)(b)(h)</sup>  | 466 | 472 |
|  |  | 1055 |
| **Total asset-backed obligations** |  | 1201262 |
| **Municipals 1.53%** | **Municipals 1.53%** | **Municipals 1.53%** |
| **California 0.18%** | **California 0.18%** | **California 0.18%** |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, <br> 3.487% 6/1/2036  | 4470 | 3800 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, <br> 3.714% 6/1/2041  | 6710 | 5223 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-27 (City of Chula Vista - Sunbow), Special Tax Bonds, Series <br> 2024-A-T, 7.25% 9/1/2039  | 2275 | 2293 |
| Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.316% 5/15/2027  | 5400 | 5227 |
| Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.614% 5/15/2030  | 6450 | 5862 |
| Regents of the University of California, General Rev. Bonds, Series 2023-BR, 5.10% 5/15/2033  | 13795 | 14479 |
|  |  | 36884 |
| **Florida 0.07%** | **Florida 0.07%** | **Florida 0.07%** |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030  | 14910 | 13725 |
| **Illinois 0.03%** | **Illinois 0.03%** | **Illinois 0.03%** |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-C, 6.319% 11/1/2029  | 555 | 554 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2009-E, 6.138% 12/1/2039  | 2645 | 2491 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-D, 6.519% 12/1/2040  | 960 | 913 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2017-A, <br> AGI, 0% 12/15/2056  | 13690 | 3007 |
|  |  | 6965 |
| **Massachusetts 0.15%** | **Massachusetts 0.15%** | **Massachusetts 0.15%** |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049  | 30470 | 31539 |
| **New Jersey 0.01%** | **New Jersey 0.01%** | **New Jersey 0.01%** |
| Econ. Dev. Auth., State Pension Funding Bonds, Series 1997-A, NATL, 7.425% 2/15/2029  | 987 | 1031 |
| **New York 0.36%** | **New York 0.36%** | **New York 0.36%** |
| New York City GO Bonds, Fiscal 2025, Series 2025-H, 6.291% 2/1/2045  | 17955 | 18880 |
| New York City GO Bonds, Fiscal 2025, Series 2025-H, 6.385% 2/1/2055  | 35910 | 37923 |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-2, 5.392% 10/1/2055  | 19675 | 19039 |
|  |  | 75842 |
| **Ohio 0.21%** | **Ohio 0.21%** | **Ohio 0.21%** |
| Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series <br> 2021, 4.425% 5/1/2031  | 46960 | 42673 |
| **Puerto Rico 0.25%** | **Puerto Rico 0.25%** | **Puerto Rico 0.25%** |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2017 <sup>(f)</sup>  | 60 | 40 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 4.25% 7/1/2018 <sup>(f)</sup>  | 145 | 97 |

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **39** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals (continued)** | **Municipals (continued)** | **Municipals (continued)** |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 5.00% 7/1/2018 <sup>(f)(m)</sup>  | USD700 | $467 |
| Electric Power Auth., Power Rev. Bonds, Series 2003-NN, 5.50% 7/1/2020 <sup>(f)</sup>  | 90 | 60 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2021 <sup>(f)</sup>  | 1415 | 945 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-AAA, 5.25% 7/1/2021 <sup>(f)</sup>  | 2000 | 1335 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2023 <sup>(f)</sup>  | 140 | 93 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-DDD, 5.00% 7/1/2023 <sup>(f)</sup>  | 1595 | 1065 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 5.00% 7/1/2024 <sup>(f)</sup>  | 550 | 367 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-XX, 4.625% 7/1/2025 <sup>(f)</sup>  | 65 | 43 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-XX, 4.75% 7/1/2026  | 80 | 54 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 5.00% 7/1/2026 <sup>(f)</sup>  | 45 | 30 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 5.25% 7/1/2026 <sup>(f)</sup>  | 155 | 104 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 5.25% 7/1/2026 <sup>(f)</sup>  | 2975 | 1993 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 4.75% 7/1/2027 <sup>(f)</sup>  | 485 | 325 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 4.80% 7/1/2028 <sup>(f)</sup>  | 1680 | 1126 |
| Electric Power Auth., Power Rev. Bonds, Series 2008-WW, 5.00% 7/1/2028 <sup>(f)</sup>  | 425 | 285 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2032 <sup>(f)</sup>  | 1240 | 831 |
| Electric Power Auth., Power Rev. Bonds, Series 2008-WW, 5.25% 7/1/2033 <sup>(f)</sup>  | 4650 | 3115 |
| Electric Power Auth., Power Rev. Bonds, Series 2013-A, 6.75% 7/1/2036 <sup>(f)</sup>  | 490 | 328 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2037 <sup>(f)</sup>  | 495 | 332 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-XX, 5.25% 7/1/2040 <sup>(f)</sup>  | 2640 | 1769 |
| Electric Power Auth., Power Rev. Bonds, Series 2012-A, 5.00% 7/1/2042 <sup>(f)</sup>  | 825 | 553 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2007-UU, AGI, 3.469% 7/1/2017 <sup>(f)</sup>  | 4630 | 3091 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, 3.625% 7/1/2021 <sup>(f)</sup>  | 20 | 13 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, 5.00% 7/1/2021 <sup>(f)</sup>  | 525 | 350 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, 5.00% 7/1/2022 <sup>(f)</sup>  | 4865 | 3247 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2008-WW, 5.50% 7/1/2038 <sup>(f)</sup>  | 1795 | 1203 |
| GO Restructured Bonds, Series 2022-A-1, 5.625% 7/1/2027  | 1264 | 1291 |
| GO Restructured Bonds, Series 2022-A-1, 5.625% 7/1/2029  | 1243 | 1318 |
| GO Restructured Bonds, Series 2022-A-1, 5.75% 7/1/2031  | 1207 | 1327 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2033  | 1145 | 1145 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2035  | 1029 | 1012 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2037  | 883 | 857 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2041  | 1201 | 1112 |
| GO Restructured Bonds, CAB, Series 2022-A-1, 0% 7/1/2033  | 1473 | 1068 |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(i)</sup>  | 4398 | 2820 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, CAB, Series 2018-A-1, 0% 7/1/2046  | 50777 | 17062 |
|  |  | 52273 |
| **Texas 0.00%** | **Texas 0.00%** | **Texas 0.00%** |
| Brazoria County Industrial Dev. Corp., Solid Waste Disposal Facs. Rev. Bonds (Aleon Renewable Metals, LLC <br> Project), Series 2023, AMT, 12.00% 6/1/2043 <sup>(a)(f)</sup>  | 6850 | 685 |
| **Washington 0.11%** | **Washington 0.11%** | **Washington 0.11%** |
| Econ. Dev. Fin. Auth., Environmental Facs. Rev. Bonds (North Pacific Paper Co. Recycling Project), Series 2020-B, <br> 9.00% 12/1/2036 <sup>(a)</sup>  | 22600 | 23683 |
| **Wisconsin 0.16%** | **Wisconsin 0.16%** | **Wisconsin 0.16%** |
| Public Fin. Auth., Certs. of Part. (Legacy Hills Capital Recovery Fee Projects), CAB, Series 2021, 0% 12/17/2061  | 11375 | 11375 |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034  | 21535 | 21388 |
|  |  | 32763 |
| **Total municipals** |  | 318063 |
| **Loans 0.50%** | **Loans 0.50%** | **Loans 0.50%** |
| **Industrials 0.14%** | **Industrials 0.14%** | **Industrials 0.14%** |
| Apple Bidco, LLC, Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.216% 9/23/2031 <sup>(i)(n)</sup>  | 8643 | 8693 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(i)(n)</sup>  | 3127 | 3174 |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(i)(n)</sup>  | 18455 | 17167 |
|  |  | 29034 |

---

---

| | |
|:---|:---|
| **40** | American Funds Strategic Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Loans (continued)** | **Loans (continued)** | **Loans (continued)** |
| **Information technology 0.12%** | **Information technology 0.12%** | **Information technology 0.12%** |
| CommScope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 12/17/2029 <sup>(i)(n)</sup>  | USD2,850 | $2860 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(e)(i)(n)</sup>  | 797 | 803 |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(i)(n)</sup>  | 1740 | 1706 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(i)(n)</sup>  | 7262 | 7253 |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(i)(n)</sup>  | 11432 | 11408 |
|  |  | 24030 |
| **Communication services 0.10%** | **Communication services 0.10%** | **Communication services 0.10%** |
| Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.216% 9/27/2029 <sup>(i)(n)</sup>  | 5960 | 5960 |
| Gray Television, Inc., Term Loan D, (3-month USD CME Term SOFR + 3.114%) 6.987% 12/1/2028 <sup>(i)(n)</sup>  | 7000 | 7018 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.123% 6/4/2029 <sup>(i)(n)</sup>  | 101 | 102 |
| X Corp., Term Loan B, (USD-SOFR + 6.75%) 10.448% 10/26/2029 <sup>(i)(n)</sup>  | 7933 | 7808 |
|  |  | 20888 |
| **Health care 0.07%** | **Health care 0.07%** | **Health care 0.07%** |
| Amneal Pharmaceuticals, LLC, Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.216% 8/1/2032 <sup>(i)(n)</sup>  | 3955 | 3995 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(i)(n)</sup>  | 3649 | 3626 |
| Owens & Minor, Inc., Term Loan B-1, (3-month USD CME Term SOFR + 3.85%) 7.566% 3/29/2029 <sup>(i)(n)</sup>  | 6334 | 6128 |
| Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.34% 6/30/2028 <sup>(i)(n)</sup>  | 965 | 969 |
|  |  | 14718 |
| **Financials 0.04%** | **Financials 0.04%** | **Financials 0.04%** |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(a)(d)(i)(n)</sup>  | 1547 | 1535 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(i)(n)</sup>  | 6745 | 6849 |
|  |  | 8384 |
| **Municipals 0.02%** | **Municipals 0.02%** | **Municipals 0.02%** |
| AM Bidco Operations, LLC, Term Loan, 8.50% PIK 10/21/2027 <sup>(c)(d)(n)</sup>  | 5033 | 5033 |
| **Consumer discretionary 0.01%** | **Consumer discretionary 0.01%** | **Consumer discretionary 0.01%** |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% 3/11/2030 <sup>(d)(i)(n)</sup>  | 448 | 448 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br>5.573% Cash 3/11/2030 <sup>(c)(d)(i)(n)</sup>  | 423 | 423 |
| Hertz Corp. (The), Term Loan B-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(i)(n)</sup>  | 1272 | 1083 |
| Hertz Corp. (The), Term Loan C-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(i)(n)</sup>  | 250 | 209 |
| Mercury Aggregator, LP, Term Loan 2, 19.00% PIK 2/3/2026 <sup>(c)(d)(f)(n)</sup>  | 11 | — <br><sup>(g)</sup><br>|
| Mercury Aggregator, LP, Term Loan, 19.00% PIK 2/3/2026 <sup>(c)(d)(n)</sup>  | 21 | — <br><sup>(g)</sup><br>|
|  |  | 2163 |
| **Total loans** |  | 104250 |
| **Federal agency bonds & notes 0.26%** | **Federal agency bonds & notes 0.26%** | **Federal agency bonds & notes 0.26%** |
| Fannie Mae 0.875% 8/5/2030  | 19166 | 16885 |
| Korea Housing Finance Corp. 4.625% 2/24/2028 <sup>(a)</sup>  | 14900 | 15147 |
| Tennessee Valley Authority 4.375% 8/1/2034  | 23053 | 23323 |
|  |  | 55355 |
| **Total bonds, notes & other debt instruments** (cost: $17,973,852,000) |  | 17419004 |
| Convertible bonds & notes 0.05% |  |  |
| **Information technology 0.05%** | **Information technology 0.05%** | **Information technology 0.05%** |
| Strategy, Inc., convertible notes, 0% 12/1/2029  | 12556 | 10341 |
| **Total convertible bonds & notes** (cost: $10,687,000) |  | 10341 |

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **41** |

---

------

---

| | | |
|:---|:---|:---|
| Common stocks 0.02% | Shares | Value<br> (000)<br>|
| **Consumer discretionary 0.02%** | **Consumer discretionary 0.02%** | **Consumer discretionary 0.02%** |
| Aimbridge Topco, LLC <sup>(d)(m)</sup>  | 37845 | $2798 |
| NMG Parent, LLC <sup>(d)(m)</sup>  | 967 | — <br><sup>(g)</sup><br>|
|  |  | 2798 |
| **Energy 0.00%** | **Energy 0.00%** | **Energy 0.00%** |
| New Fortress Energy, Inc., Class A <sup>(m)</sup>  | 327772 | 374 |
| **Health care 0.00%** | **Health care 0.00%** | **Health care 0.00%** |
| Endo, LP, Class A1 <sup>(a)(m)</sup>  | 314185 | 220 |
| **Industrials 0.00%** | **Industrials 0.00%** | **Industrials 0.00%** |
| AM BidCo Holdings, LLC <sup>(d)(m)</sup>  | 280 | — <br><sup>(g)</sup><br>|
| **Total common stocks** (cost: $7,875,000) |  | 3392 |
| Short-term securities 14.81% |  |  |
| **Money market investments 14.81%** | **Money market investments 14.81%** | **Money market investments 14.81%** |
| Capital Group Central Cash Fund 3.79% <sup>(o)(p)</sup>  | 30822143 | 3082522 |
| **Total short-term securities** (cost: $3,082,114,000) | **Total short-term securities** (cost: $3,082,114,000) | 3082522 |
| Options purchased (equity style) 0.02% |  |  |
| Options purchased (equity style)\* |  | 4507 |
| **Total options purchased (equity style)** (cost: $6,046,000) |  | 4507 |
| **Total investment securities 98.58%** (cost: $21,080,574,000) |  | 20519766 |
| **Total options written (equity style)**<sup>†</sup> **(0.01)%** (premium received: $1,624,000) |  | (1393)<br>|
| Other assets less liabilities 1.43% |  | 298074 |
| **Net assets 100.00%** |  | $20816447 |

---

**\*Options purchased (equity style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&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;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/13/2026 | USD96.63 | USD11,189,250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4476 |
| 3 Month SOFR Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/11/2026 | 98.00 | 53750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4507 |

---

<sup>†</sup>**Options written (equity style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/13/2026 | USD96.81 | USD(6189000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1393)<br>|

---

---

| | |
|:---|:---|
| **42** | American Funds Strategic Bond Fund |

---

------

**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; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &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>|
| 30 Day Federal Funds Futures | Long | 23734 | 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD9,534,414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1399)<br>|
| 3 Month SOFR Futures | Short | 4040 | 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (972756)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (655)<br>|
| 3 Month SOFR Futures | Short | 1187 | 6/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (286319)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 |
| 3 Month CORRA Futures | Long | 16468 | 9/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2930087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1948 |
| 3 Month CORRA Futures | Long | 20097 | 3/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3569558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5407)<br>|
| 2 Year Euro-Schatz Futures | Long | 7567 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1276)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 48206 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10064886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6381)<br>|
| 5 Year Euro-Bobl Futures | Long | 2765 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1937)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 29280 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3200441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8102)<br>|
| 10 Year Euro-Bund Futures | Long | 9415 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1411499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632 |
| 10 Year Italy Government Bond Futures | Short | 3677 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (519323)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2416 |
| 10 Year French Government Bond Futures | Short | 5580 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (790783)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5404 |
| 10 Year Japanese Government Bond Futures | Short | 710 | 3/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (600173)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4372 |
| 10 Year U.S. Treasury Note Futures | Short | 3085 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (346870)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (732)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 24177 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2780733)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11691 |
| 20 Year U.S. Treasury Bond Futures | Long | 5334 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8170)<br>|
| 30 Year Euro-Buxl Futures | Short | 2281 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (295191)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6617 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 2926 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (345268)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6724 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6281 |

---

**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) |
| PHP | 5657959 | USD | 95750 | Citibank | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $273 |
| CLP | 130301211 | USD | 141271 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3432 |
| COP | 581088632 | USD | 151689 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1425 |
| CZK | 2955816 | USD | 142525 | Bank of New York Mellon | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1280 |
| KRW | 68676868 | USD | 46894 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683 |
| USD | 39696 | JPY | 6120737 | Morgan Stanley | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589 |
| INR | 25365222 | USD | 281373 | HSBC Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562 |
| EUR | 5182 | MXN | 110000 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| USD | 131964 | MXN | 2378864 | Morgan Stanley | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| JPY | 369842 | USD | 2396 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33)<br>|
| USD | 33452 | MXN | 612004 | UBS AG | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (506)<br>|
| USD | 95510 | EUR | 81980 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (875)<br>|
| USD | 102854 | CAD | 143143 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1479)<br>|
| AUD | 188205 | USD | 124556 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1054 |
| USD | 87401 | PLN | 313302 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| USD | 2295 | SGD | 2972 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| USD | 2295 | SGD | 2973 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
| USD | 26545 | ZAR | 453437 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (814)<br>|
| USD | 138626 | CNH | 973500 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1036)<br>|
| USD | 170601 | CNH | 1198050 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1275)<br>|
| USD | 101433 | SEK | 953491 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2201)<br>|
| USD | 166658 | PLN | 607727 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2614)<br>|
| USD | 199617 | EUR | 171380 | Goldman Sachs | 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1916)<br>|
| USD | 214262 | THB | 6724818 | UBS AG | 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625 |
| USD | 144647 | THB | 4539881 | UBS AG | 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422 |
| USD | 149237 | JPY | 23056052 | Bank of America | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1842 |
| JPY | 8654900 | EUR | 47438 | Citibank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (458)<br>|
| GBP | 59396 | USD | 79682 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378 |
| USD | 79631 | GBP | 59395 | JPMorgan Chase | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (429)<br>|
| USD | 156655 | BRL | 854473 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1681 |
| BRL | 237986 | USD | 43742 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (579)<br>|
| USD | 122013 | HUF | 40420000 | Morgan Stanley | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1381)<br>|

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **43** |

---

------

**Forward currency contracts** (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 <br> purchased<br> (000) | Currency <br> 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) |
| EUR | 163800 | GBP | 144205 | HSBC Bank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1661)<br>|
| USD | 120932 | EUR | 102787 | Morgan Stanley | 1/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| USD | 7152 | EUR | 6064 | Standard Chartered Bank | 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| USD | 87439 | EUR | 74309 | Morgan Stanley | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2980)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | Payment <br>frequency<br>| Rate | Payment <br>frequency<br>| Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 4.2035% | Annual | SOFR | Annual | 1/10/2026 | USD371,166 | $44 | $— | $44 |
| 4.184% | Annual | SOFR | Annual | 1/10/2026 | 371166 | 42 |  | 42 |
| 4.2045% | Annual | SOFR | Annual | 1/10/2026 | 19369 | 2 |  | 2 |
| 4.56% | Annual | SOFR | Annual | 3/1/2026 | 1316500 | 1648 |  | 1648 |
| 4.568% | Annual | SOFR | Annual | 3/1/2026 | 1293850 | 1636 |  | 1636 |
| 4.28066% | Annual | SOFR | Annual | 3/31/2026 | 1038500 | 1284 |  | 1284 |
| 4.26959% | Annual | SOFR | Annual | 3/31/2026 | 503400 | 609 |  | 609 |
| 4.659% | Annual | SOFR | Annual | 5/17/2026 | 2287900 | 8016 |  | 8016 |
| SOFR | Annual | 4.5265% | Annual | 6/18/2026 | 575078 | (2224)<br>|  | (2224)<br>|
| SOFR | Annual | 4.528% | Annual | 6/18/2026 | 574958 | (2228)<br>|  | (2228)<br>|
| SOFR | Annual | 4.5335% | Annual | 6/18/2026 | 1149965 | (4485)<br>|  | (4485)<br>|
| TONAR | Annual | (0.01246731)% | Annual | 10/1/2026 | JPY1,442,100 | 58 |  | 58 |
| 3.535% | Annual | SOFR | Annual | 1/23/2027 | USD1,289,500 | 1564 |  | 1564 |
| 3.5405% | Annual | SOFR | Annual | 1/23/2027 | 990100 | 1258 |  | 1258 |
| 3.53% | Annual | SOFR | Annual | 1/23/2027 | 719100 | 834 |  | 834 |
| 3.4615% | Annual | SOFR | Annual | 1/29/2027 | 1075400 | 508 |  | 508 |
| 3.481% | Annual | SOFR | Annual | 1/29/2027 | 537700 | 364 |  | 364 |
| SOFR | Annual | 4.186% | Annual | 2/18/2027 | 2391850 | (20629)<br>|  | (20629)<br>|
| 3.7645% | Annual | SOFR | Annual | 2/20/2027 | 1124350 | 4524 |  | 4524 |
| 3.761% | Annual | SOFR | Annual | 2/20/2027 | 562850 | 2243 |  | 2243 |
| 1.988% | Annual | 6-month EURIBOR | Semi-annual | 6/27/2027 | EUR1,211,700 | (4726)<br>|  | (4726)<br>|
| 3.5325% | Annual | 6-month CZK-PRIBOR | Semi-annual | 9/9/2027 | CZK15,300,000 | (19)<br>|  | (19)<br>|
| 6-month PLN-WIBOR | Semi-annual | 4.1575% | Annual | 9/9/2027 | PLN2,700,000 | (6199)<br>|  | (6199)<br>|
| 2.321% | Semi-annual | Bank of Canada <br> Overnight Repo Rate<br>| Semi-annual | 11/17/2027 | CAD1,319,900 | (2532)<br>|  | (2532)<br>|
| 2.556% | Semi-annual | Bank of Canada <br> Overnight Repo Rate<br>| Semi-annual | 12/10/2027 | 689956 | 776 |  | 776 |
| 3.6475% | Annual | SOFR | Annual | 2/27/2028 | USD1,407,200 | 10217 |  | 10217 |
| TONAR | Annual | 0.71306% | Annual | 4/9/2028 | JPY107,113,604 | 5239 |  | 5239 |
| TONAR | Annual | 0.715% | Annual | 4/9/2028 | 107113604 | 5226 |  | 5226 |
| TONAR | Annual | 0.73% | Annual | 4/19/2028 | 44375636 | 2140 |  | 2140 |
| TONAR | Annual | 0.73% | Annual | 4/21/2028 | 32899178 | 1590 |  | 1590 |
| U.S. EFFR | Annual | 2.438% | Annual | 1/11/2029 | USD44,000 | 1093 |  | 1093 |
| SOFR | Annual | 3.528% | Annual | 1/29/2030 | 192800 | (907)<br>|  | (907)<br>|
| SOFR | Annual | 3.529% | Annual | 1/29/2030 | 236000 | (1120)<br>|  | (1120)<br>|
| SOFR | Annual | 3.5485% | Annual | 1/29/2030 | 256250 | (1406)<br>|  | (1406)<br>|
| 3.18% | Annual | SOFR | Annual | 4/17/2030 | 83050 | (793)<br>|  | (793)<br>|
| 3.275% | Annual | SOFR | Annual | 4/18/2030 | 83050 | (480)<br>|  | (480)<br>|
| 3.353% | Annual | SOFR | Annual | 4/19/2030 | 83050 | (223)<br>|  | (223)<br>|
| 3.342% | Annual | SOFR | Annual | 4/19/2030 | 83050 | (259)<br>|  | (259)<br>|
| 3.344% | Annual | SOFR | Annual | 4/20/2030 | 83100 | (255)<br>|  | (255)<br>|
| 3.128% | Annual | SOFR | Annual | 4/28/2030 | 83100 | (981)<br>|  | (981)<br>|
| 3.285% | Annual | SOFR | Annual | 5/1/2030 | 83100 | (459)<br>|  | (459)<br>|
| 3.259% | Annual | SOFR | Annual | 5/1/2030 | 83150 | (546)<br>|  | (546)<br>|

---

---

| | |
|:---|:---|
| **44** | American Funds Strategic Bond Fund |

---

------

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Rate | Payment<br> frequency<br>| Rate | Payment<br> frequency<br>| Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 3.186% | Annual | SOFR | Annual | 5/9/2030 | USD83,150 | $(799)<br>| $— | $(799)<br>|
| 3.215% | Annual | SOFR | Annual | 5/10/2030 | 83150 | (702)<br>|  | (702)<br>|
| 6-month EURIBOR | Semi-annual | 2.2862% | Annual | 5/14/2030 | EUR56,030 | 617 |  | 617 |
| 6-month EURIBOR | Semi-annual | 2.2892% | Annual | 5/14/2030 | 56030 | 609 |  | 609 |
| 6-month EURIBOR | Semi-annual | 2.2967% | Annual | 5/14/2030 | 56030 | 589 |  | 589 |
| 3.95% | Annual | 6-month NOK-NIBOR | Semi-annual | 5/14/2030 | NOK693,000 | (401)<br>|  | (401)<br>|
| 3.945% | Annual | 6-month NOK-NIBOR | Semi-annual | 5/14/2030 | 1386000 | (828)<br>|  | (828)<br>|
| 6-month EURIBOR | Semi-annual | 2.3102% | Annual | 5/16/2030 | EUR56,720 | 563 |  | 563 |
| 6-month EURIBOR | Semi-annual | 2.3207% | Annual | 5/16/2030 | 56720 | 534 |  | 534 |
| 6-month EURIBOR | Semi-annual | 2.3262% | Annual | 5/16/2030 | 56720 | 519 |  | 519 |
| 4.045% | Annual | 6-month NOK-NIBOR | Semi-annual | 5/16/2030 | NOK693,000 | (143)<br>|  | (143)<br>|
| 4.0315% | Annual | 6-month NOK-NIBOR | Semi-annual | 5/16/2030 | 1386100 | (359)<br>|  | (359)<br>|
| 6-month EURIBOR | Semi-annual | 2.3267% | Annual | 5/19/2030 | EUR56,500 | 518 |  | 518 |
| 6-month EURIBOR | Semi-annual | 2.3327% | Annual | 5/19/2030 | 56500 | 501 |  | 501 |
| 4.0485% | Annual | 6-month NOK-NIBOR | Semi-annual | 5/19/2030 | NOK1,386,000 | (268)<br>|  | (268)<br>|
| 3.29% | Annual | SOFR | Annual | 5/19/2030 | USD99,650 | (551)<br>|  | (551)<br>|
| 6-month NOK-NIBOR | Semi-annual | 3.83% | Annual | 6/26/2030 | NOK2,330,510 | 2410 |  | 2410 |
| 2.2308% | Annual | 6-month EURIBOR | Semi-annual | 6/26/2030 | EUR190,140 | (2780)<br>|  | (2780)<br>|
| 3.785% | Annual | SONIA | Annual | 9/16/2030 | GBP137,520 | 1151 |  | 1151 |
| 3.788% | Annual | SONIA | Annual | 9/18/2030 | 139660 | 1191 |  | 1191 |
| 3.822% | Annual | SONIA | Annual | 9/19/2030 | 94490 | 991 |  | 991 |
| 3.804% | Annual | SONIA | Annual | 9/19/2030 | 94490 | 893 |  | 893 |
| SONIA | Annual | 3.5975% | Annual | 10/22/2030 | 232010 | 645 |  | 645 |
| U.S. EFFR | Annual | 0.666% | Annual | 11/19/2030 | USD153,800 | 18942 |  | 18942 |
| SONIA | Annual | 3.614% | Annual | 12/4/2030 | GBP112,200 | 250 |  | 250 |
| SONIA | Annual | 3.619% | Annual | 12/4/2030 | 112360 | 217 |  | 217 |
| Overnight MXN-F-TIIE | 28-day | 8.83% | 28-day | 1/27/2031 | MXN744,450 | (1904)<br>|  | (1904)<br>|
| SOFR | Annual | 3.326% | Annual | 9/19/2032 | USD925,968 | 14634 |  | 14634 |
| SOFR | Annual | 3.4225% | Annual | 9/22/2032 | 927801 | 9340 |  | 9340 |
| SOFR | Annual | 3.10% | Annual | 6/20/2033 | 45150 | 1604 |  | 1604 |
| SOFR | Annual | 3.175% | Annual | 2/1/2038 | 10350 | 723 |  | 723 |
| 3.095% | Annual | SOFR | Annual | 9/27/2048 | 13750 | (2233)<br>|  | (2233)<br>|
| U.S. EFFR | Annual | 0.6193% | Annual | 4/6/2050 | 12600 | 6815 |  | 6815 |
| U.S. EFFR | Annual | 0.60602% | Annual | 4/6/2050 | 5800 | 3149 |  | 3149 |
| U.S. EFFR | Annual | 0.616917% | Annual | 4/6/2050 | 5200 | 2814 |  | 2814 |
| SOFR | Annual | 3.02% | Annual | 1/12/2053 | 118900 | 22587 |  | 22587 |
| SOFR | Annual | 3.01413% | Annual | 1/12/2053 | 59462 | 11353 |  | 11353 |
| SOFR | Annual | 2.974% | Annual | 4/17/2053 | 26100 | 5177 |  | 5177 |
| SOFR | Annual | 3.044% | Annual | 4/18/2053 | 26350 | 4925 |  | 4925 |
| SOFR | Annual | 3.0875% | Annual | 4/19/2053 | 26300 | 4728 |  | 4728 |
| SOFR | Annual | 3.1035% | Annual | 4/19/2053 | 26250 | 4650 |  | 4650 |
| SOFR | Annual | 3.0895% | Annual | 4/20/2053 | 26300 | 4720 |  | 4720 |
| SOFR | Annual | 2.9405% | Annual | 4/28/2053 | 26250 | 5354 |  | 5354 |
| SOFR | Annual | 3.0535% | Annual | 5/1/2053 | 52550 | 9745 |  | 9745 |
| SOFR | Annual | 3.085% | Annual | 5/9/2053 | 26550 | 4788 |  | 4788 |
| SOFR | Annual | 3.1135% | Annual | 5/10/2053 | 26400 | 4638 |  | 4638 |
| SOFR | Annual | 3.1605% | Annual | 5/19/2053 | 31750 | 5334 |  | 5334 |
| SOFR | Annual | 3.6765% | Annual | 2/20/2054 | 102692 | 8594 |  | 8594 |
| SOFR | Annual | 3.6815% | Annual | 2/20/2054 | 98500 | 8161 |  | 8161 |
| SOFR | Annual | 3.7205% | Annual | 2/21/2054 | 82208 | 6277 |  | 6277 |
| SOFR | Annual | 3.6745% | Annual | 2/28/2054 | 114450 | 9617 |  | 9617 |
|  |  |  |  |  |  | $180343 | $— | $180343 |

---

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **45** |

---

------

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Rate | &nbsp;&nbsp; Payment <br>frequency<br>| Counterparty | Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>(000) | Value at <br>12/31/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 12/31/2025 <br>(000) |
| 12% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | BRL1,114,636 | &nbsp;&nbsp; $(7456)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7456)<br>|
| 12.03167% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | 1794083 | &nbsp;&nbsp; (11727)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (11727)<br>|
| 11.49% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | 3611800 | &nbsp;&nbsp; (32785)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (32785)<br>|
| 12.4875% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | 138150 | &nbsp;&nbsp; (908)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (908)<br>|
| 12.515% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | 200823 | &nbsp;&nbsp; (1277)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1277)<br>|
| 12.36% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/2/2029 | 171042 | &nbsp;&nbsp; (1292)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1292)<br>|
| 12.5% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/2/2029 | 276000 | &nbsp;&nbsp; (1786)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1786)<br>|
| 12.30585% | At maturity | BZDIOVER | At maturity | BNP Paribas | &nbsp;&nbsp; 1/2/2029 | 1626930 | &nbsp;&nbsp; (12982)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12982)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(70213)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(70213)<br>|

---

**Credit default swaps** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate paid<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <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 | USD3,439,637 | &nbsp;&nbsp;&nbsp;&nbsp; $(262806)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(264617)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1811 |
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | 1132374 | &nbsp;&nbsp;&nbsp;&nbsp; (25665)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25255)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (410)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(288471)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(289872)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1401 |

---

**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>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(r)</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.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2035 | USD280,000 | &nbsp;&nbsp;&nbsp;&nbsp; $2349 | &nbsp;&nbsp;&nbsp;&nbsp; $2118 | &nbsp;&nbsp;&nbsp;&nbsp; $231 |

---

**Investments in affiliates** <sup>(p)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <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 14.81%** |  |  |  |  |  |  |  |
| **Money market investments 14.81%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(o)</sup>  | $790455 | &nbsp;&nbsp; $8763874 | &nbsp;&nbsp; $6471942 | &nbsp;&nbsp; $(172)<br>| &nbsp;&nbsp; $307 | &nbsp;&nbsp; $3082522 | &nbsp;&nbsp; $87985 |

---

**Restricted securities** <sup>(e)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(c)</sup> <br>| 9/29/2025 | $8548 | $9356 | 0.05<br> %<br>|
| Modec Finance BV 7.84% 7/15/2026 <sup>(d)</sup> <br>| 7/28/2023 | 9000 | 9112 | 0.04 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) <br> 10.973% 9/13/2029 <sup>(i)(n)</sup> <br>| 9/13/2023 | 786 | 803 | 0.00 <br><sup>(s)</sup><br>|
| **Total** |  | $18334 | $19271 | 0.09<br> %<br>|

---

---

| | |
|:---|:---|
| **46** | American Funds Strategic Bond Fund |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</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 $4,607,281,000, which represented 22.13% of the net assets of the fund. 

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

<sup>(c)</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>(d)</sup> Value determined using significant unobservable inputs.

<sup>(e)</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>(f)</sup> Scheduled interest and/or principal payment was not received.

<sup>(g)</sup> Amount less than one thousand.

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

<sup>(i)</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>(j)</sup> Represents securities transacted on a TBA basis.

<sup>(k)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $505,368,000, which represented 2.43% of the net assets of the fund. 

<sup>(l)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(m)</sup> Non-income producing.

<sup>(n)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $104,250,000, which represented 0.50% of the net assets of the fund. 

<sup>(o)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(p)</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>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(r)</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>(s)</sup> Amount less than 0.01%.

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **47** |

---

------

---

| |
|:---|
| **Key to abbreviation(s)** |
| AGI = Assured Guaranty insured |
| AMT = Alternative Minimum Tax |
| Assn. = Association |
| AUD = Australian dollars |
| Auth. = Authority |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate |
| CAB = Capital Appreciation Bonds |
| CAD = Canadian dollars |
| Certs. = Certificates |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| COP = Colombian pesos |
| CORRA = Canadian Overnight Repo Rate Average |
| CZK = Czech korunas |
| DAC = Designated Activity Company |
| Dev. = Development |
| Dist. = District |
| Econ. = Economic |
| EFFR = Effective Federal Funds Rate |
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| Facs. = Facilities |
| Fin. = Finance |
| Fncg. = Financing |
| F-TIIE = Funding Equilibrium Interbank Interest Rate |
| GBP = British pounds |

---

---

| |
|:---|
| GO = General Obligation |
| HUF = Hungarian forints |
| ICE = Intercontinental Exchange, Inc. |
| INR = Indian rupees |
| JPY = Japanese yen |
| KRW = South Korean won |
| MXN = Mexican pesos |
| NATL = National Public Finance Guarantee Corp. insured |
| NIBOR = Norwegian Interbank Offered Rate |
| NOK = Norwegian kroner |
| Part. = Participation |
| PHP = Philippine pesos |
| PIK = Payment In Kind |
| PLN = Polish zloty |
| PRIBOR = Prague Interbank Offered Rate |
| Ref. = Refunding |
| Rev. = Revenue |
| SEK = Swedish kronor |
| SGD = Singapore dollars |
| SOFR = Secured Overnight Financing Rate |
| SONIA = Sterling Overnight Interbank Average Rate |
| TBA = To be announced |
| THB = Thai baht |
| TONAR = Tokyo Overnight Average Rate |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| WIBOR = Warsaw Interbank Offered Rate |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **48** | American Funds Strategic Bond Fund |

---

------

Financial statements

**Statement of assets and liabilities** at December 31, 2025

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment securities, at value: |  |  |
| Unaffiliated issuers (cost: $17,998,460) | $17437244 |  |
| Affiliated issuers (cost: $3,082,114) | 3082522 | $20519766 |
| Cash |  | 6666 |
| Cash collateral pledged for forward currency contracts |  | 3450 |
| Cash denominated in currencies other than U.S. dollars (cost: $903) |  | 903 |
| Unrealized appreciation on open forward currency contracts |  | 14397 |
| Receivables for: |  |  |
| Sales of investments | 875783 |  |
| Sales of fund's shares | 32199 |  |
| Dividends and interest | 193188 |  |
| Variation margin on futures contracts | 12076 |  |
| Variation margin on centrally cleared swap contracts | 16933 |  |
| Other | 56 | 1130235<br>|
|  |  | 21675417 |
| **Liabilities:** |  |  |
| Unrealized depreciation on open forward currency contracts |  | 17377 |
| Bilateral swaps, at value |  | 70213 |
| Options written, at value (premium received: $1,624) |  | 1393 |
| Payables for: |  |  |
| Purchases of investments | 733545 |  |
| Repurchases of fund's shares | 8842 |  |
| Investment advisory services | 4731 |  |
| Services provided by related parties | 1862 |  |
| Trustees' deferred compensation | 129 |  |
| Variation margin on futures contracts | 11407 |  |
| Variation margin on centrally cleared swap contracts | 9360 |  |
| Other | 111 | 769987<br>|
| Commitments and contingencies\* |  |  |
| **Net assets at December 31, 2025** |  | $20816447 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of beneficial interest |  | $22752131 |
| Total distributable earnings (accumulated loss) |  | (1935684) <br>|
| **Net assets at December 31, 2025** |  | $20816447 |

---

\*

Refer to Note 5 for further information on unfunded commitments.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **49** |

---

------

Financial statements (continued)

**Statement of assets and liabilities** at December 31, 2025 (continued)

------

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

**Shares of beneficial interest issued and outstanding (no stated par value) —**

**unlimited shares authorized (2,225,616 total shares outstanding)** 

---

| | | | |
|:---|:---|:---|:---|
|  | Net assets | Shares <br>outstanding<br>| Net asset value <br>per share<br>|
| Class A | $2794182 | 299003 | $9.35 |
| Class C | 62957 | 6776 | 9.29 |
| Class T | 9 | 1 | 9.36 |
| Class F-1 | 58467 | 6259 | 9.34 |
| Class F-2 | 7611451 | 813936 | 9.35 |
| Class F-3 | 2160545 | 231140 | 9.35 |
| Class 529-A | 93053 | 9966 | 9.34 |
| Class 529-C | 4327 | 465 | 9.30 |
| Class 529-E | 2421 | 259 | 9.34 |
| Class 529-T | 13 | 1 | 9.36 |
| Class 529-F-1 | 10 | 1 | 9.35 |
| Class 529-F-2 | 28965 | 3099 | 9.35 |
| Class 529-F-3 | 10 | 1 | 9.35 |
| Class R-1 | 2434 | 261 | 9.34 |
| Class R-2 | 7226 | 776 | 9.31 |
| Class R-2E | 1687 | 181 | 9.33 |
| Class R-3 | 20149 | 2162 | 9.32 |
| Class R-4 | 14506 | 1554 | 9.34 |
| Class R-5E | 4829 | 516 | 9.35 |
| Class R-5 | 13603 | 1454 | 9.36 |
| Class R-6 | 7935603 | 847805 | 9.36 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **50** | American Funds Strategic Bond Fund |

---

------

Financial statements (continued)

**Statement of operations** for the year ended December 31, 2025

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Investment income:** |  |  |
| Income: |  |  |
| Interest from unaffiliated issuers (net of non-U.S. taxes of $180) | $1042209 |  |
| Dividends from affiliated issuers | 87985 | $1130194 |
| Fees and expenses\*: |  |  |
| Investment advisory services | 53846 |  |
| Distribution services | 8927 |  |
| Transfer agent services | 11386 |  |
| Administrative services | 5987 |  |
| 529 plan services | 66 |  |
| Reports to shareholders | 589 |  |
| Registration statement and prospectus | 707 |  |
| Trustees' compensation | 89 |  |
| Auditing and legal | 171 |  |
| Custodian | 304 |  |
| Other | 37 | 82109<br>|
| Net investment income |  | 1048085<br>|
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments (net of non-U.S. taxes of $2,441): |  |  |
| Unaffiliated issuers | (42047)<br>|  |
| Affiliated issuers | (172)<br>|  |
| Options written | 7837 |  |
| Futures contracts | 159101 |  |
| Forward currency contracts | (2631)<br>|  |
| Swap contracts | (87193)<br>|  |
| Currency transactions | (7380)<br>| 27515 |
| Net unrealized appreciation (depreciation) on: |  |  |
| Investments (net of non-U.S. taxes of $49): |  |  |
| Unaffiliated issuers | 304549 |  |
| Affiliated issuers | 307 |  |
| Options written | 231 |  |
| Futures contracts | 98464 |  |
| Forward currency contracts | 14513 |  |
| Swap contracts | 142179 |  |
| Currency translations | 751 | 560994<br>|
| Net realized gain (loss) and unrealized appreciation (depreciation) |  | 588509<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | $1636594 |

---

\*

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

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **51** |

---

------

Financial statements (continued)

**Statements of changes in net assets**

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | $1048085 | $1028010 |
| Net realized gain (loss) | 27515 | (898119)<br>|
| Net unrealized appreciation (depreciation) | 560994 | (155007)<br>|
| Net increase (decrease) in net assets resulting from operations | 1636594 | (25116)<br>|
| **Distributions paid to shareholders:** |  |  |
| Distributions | (777993)<br>| (260057)<br>|
| Return of capital | (21133)<br>| (373751)<br>|
| Total distributions paid and return of capital paid to shareholders | (799126)<br>| (633808)<br>|
| **Net capital share transactions** | 882256 | 1678332 |
| **Total increase (decrease) in net assets**  | 1719724 | 1019408 |
| **Net assets:** |  |  |
| Beginning of year | 19096723 | 18077315 |
| End of year | $20816447 | $19096723 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **52** | American Funds Strategic Bond Fund |

---

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

------

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Initial sales charge** | &nbsp;&nbsp; **Contingent deferred sales** <br>**charge upon redemption**<br>| **Conversion feature** |
| Class A | Up to 3.75% | &nbsp;&nbsp; None (except 0.75% for certain <br> redemptions within 18 months of purchase <br> without an initial sales charge)<br>|  |
| Class 529-A | Up to 3.50% | &nbsp;&nbsp; None (except 1.00% for certain <br> redemptions within 18 months of purchase <br> without an initial sales charge)<br>|  |
| Classes C and 529-C |  | &nbsp;&nbsp; 1.00% for redemptions within one year of <br> purchase<br>| &nbsp;&nbsp; Class C converts to Class A <br> after eight years and Class 529-C <br> converts to Class 529-A after five years<br>|
| Class 529-E |  |  |  |
| Classes T and 529-T\* | Up to 2.50% |  |  |
| Classes F-1, F-2, F-3, 529-F-1, <br> 529-F-2 and 529-F-3<br>|  |  |  |
| Classes R-1, R-2, R-2E, R-3, R-4, <br> R-5E, R-5 and R-6<br>|  |  |  |

---

\*

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

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

**2. Significant accounting policies**

------

The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("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. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **53** |

---

------

**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.

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses), 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 to shareholders** — Income dividends and capital gain distributions are recorded on the ex-dividend date. The fund may deem a portion of the income dividends and/or capital gain distributions as a return of capital for tax purposes.

**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**

------

Capital Research and Management Company ("CRMC"), the fund's investment adviser, values the fund's investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Methods and inputs** — The fund's investment adviser uses the following methods and inputs to establish the fair value of the fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, 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.

---

| | |
|:---|:---|
| **54** | American Funds Strategic Bond Fund |

---

------

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.

---

| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| All | &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 performance and other reference data (collectively referred to <br> 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, collateral characteristics, credit <br> enhancements and specific deal 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>|

---

The Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series ("Central Funds"), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF's portfolio securities. The underlying securities are valued based on the policies and procedures in CCF's statement of additional information. Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures 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. 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.

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| | |
|:---|:---|
| American Funds Strategic Bond Fund | **55** |

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**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):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Corporate bonds and notes | $— | $6362398 | $47024 | $6409422 |
| Mortgage-backed obligations |  | 5099953 | 20212 | 5120165 |
| U.S. Treasury bonds & notes |  | 2886818 |  | 2886818 |
| Bonds & notes of governments & government agencies <br> outside the U.S.<br>|  | 1323669 |  | 1323669 |
| Asset-backed obligations |  | 1201262 |  | 1201262 |
| Municipals |  | 318063 |  | 318063 |
| Loans |  | 96811 | 7439 | 104250 |
| Federal agency bonds & notes |  | 55355 |  | 55355 |
| Convertible bonds & notes  |  | 10341 |  | 10341 |
| Common stocks  | 374 | 220 | 2798 | 3392 |
| Short-term securities  | 3082522 |  |  | 3082522 |
| Options purchased on futures (equity style) | 4507 |  |  | 4507 |
| Total | $3087403 | $17354890 | $77473 | $20519766 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $40340 | $— | $— | $40340 |
| Unrealized appreciation on open forward currency contracts |  | 14397 |  | 14397 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 241782 |  | 241782 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 2042 |  | 2042 |
| Liabilities: |  |  |  |  |
| Value of options written (equity style)  | (1393)<br>|  |  | (1393)<br>|
| Unrealized depreciation on futures contracts | (34059)<br>|  |  | (34059)<br>|
| Unrealized depreciation on open forward currency contracts |  | (17377)<br>|  | (17377)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (61439)<br>|  | (61439)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (70213)<br>|  | (70213)<br>|
| Unrealized depreciation on centrally cleared credit default swaps |  | (410)<br>|  | (410)<br>|
| Total  | $4888 | $108782 | $— | $113670 |

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\*

Options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**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; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations.

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| | |
|:---|:---|
| **56** | American Funds Strategic Bond Fund |

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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.

**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.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit 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 which may be prepaid at any time, such as mortgage- or other asset-backed 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 redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund 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 fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, 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. These risks may be increased with respect to investments in junk bonds.

**Investing in securities backed by the U.S. government** — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. 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. U.S. government securities are subject to market risk, interest rate risk and credit risk.

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| | |
|:---|:---|
| American Funds Strategic Bond Fund | **57** |

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**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. 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-backed 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-backed 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-backed securities are subject to similar risks.

**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.

**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 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).

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

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| | |
|:---|:---|
| **58** | American Funds Strategic Bond Fund |

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**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 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.

**Currency** — The prices of, and the income generated by, many 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.

**Portfolio turnover** — 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 sale of portfolio securities may also 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. The fund's portfolio turnover rate may vary from year to year, as well as within a year.

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

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|:---|:---|
| American Funds Strategic Bond Fund | **59** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Loan transactions** — 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. The loan is 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 loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

**Unfunded commitments** — The fund has participated in transactions that involve unfunded commitments, which may obligate the fund to purchase new or additional bonds if certain contingencies are met. As of December 31, 2025, the fund's maximum exposure of unfunded bond commitments was $1,869,000, which would represent less than 0.01% of the net assets of the fund should such commitments become due.

**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 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.

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|:---|:---|
| **60** | American Funds Strategic Bond Fund |

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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 and statements of changes in net assets.

Option contracts can take different forms. The fund has entered into the following types of option contracts:

**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. The average month-end notional amount of options on futures while held was $33,915,988,000.

**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 $42,361,080,000.

**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 $4,886,164,000.

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| | |
|:---|:---|
| American Funds Strategic Bond Fund | **61** |

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

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

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

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

**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 $34,216,112,000.

**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.

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| | |
|:---|:---|
| **62** | American Funds Strategic Bond Fund |

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------

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 $5,595,493,000.

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 swaps and credit default swaps as of, or for the year ended, 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** |
| Options purchased <br> (equity style)<br>| Interest | Investment securities | $4507 | Investment securities | $— |
| Options written <br> (equity style)<br>| Interest | Options written, at value |  | Options written, at value | 1393 |
| Futures | Interest | Unrealized appreciation\* | 40340 | Unrealized depreciation\* | 34059 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open forward <br> currency contracts<br>| 14397 | &nbsp;&nbsp; Unrealized depreciation on open forward <br> currency contracts<br>| 17377 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation\* | 241782 | Unrealized depreciation\* | 61439 |
| Swap (bilateral) | Interest | Bilateral swaps, at value |  | Bilateral swaps, at value | 70213 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation\* | 2042 | Unrealized depreciation\* | 410 |
|  |  |  | $303068 |  | $184891 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **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 | $(37522)<br>| &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on investments<br>| $779 |
| Options written <br> (equity style)<br>| Interest | Net realized gain (loss) on options written | 7837 | &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on options written<br>| 231 |
| Futures | Interest | Net realized gain (loss) on futures contracts | 159101 | &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on futures contracts<br>| 98464 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (2631)<br>| &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on forward currency contracts<br>| 14513 |
| Swap | Interest | Net realized gain (loss) on swap contracts | 125890 | &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on swap contracts<br>| 106044 |
| Swap | Credit | Net realized gain (loss) on swap contracts | (213083)<br>| &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on swap contracts<br>| 36135 |
|  |  |  | $39592 |  | $256166 |

---

\*

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.

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| | |
|:---|:---|
| American Funds Strategic Bond Fund | **63** |

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------

**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 and bilateral interest rate swaps, the fund either receives or pledges collateral based on the net gain or loss on unsettled contracts by counterparty. 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 and bilateral interest rate swaps, 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.

The following table presents the fund's forward currency contracts and bilateral interest rate swaps 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** |
| Assets: |  |  |  |  |  |
| Bank of America | &nbsp;&nbsp; $1842<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1786)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $56<br>|
| Bank of New York Mellon | &nbsp;&nbsp; 1280<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (901)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379<br>|
| Citibank | &nbsp;&nbsp; 7630<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5413)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2217)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | &nbsp;&nbsp; 562<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (562)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | &nbsp;&nbsp; 2021<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1450)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (571)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Standard Chartered Bank | &nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br>|
| UBS AG | &nbsp;&nbsp; 1047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1047)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | &nbsp;&nbsp; $14397<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(10258)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3118)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(571)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $450<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | &nbsp;&nbsp; $1786<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1786)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>|
| Barclays Bank PLC | &nbsp;&nbsp; 23242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23242)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | &nbsp;&nbsp; 13890<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13890)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Citibank | &nbsp;&nbsp; 5413<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5413)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Goldman Sachs | &nbsp;&nbsp; 34701<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31522)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3179)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | &nbsp;&nbsp; 3862<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (562)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3075)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225<br>|
| JPMorgan Chase | &nbsp;&nbsp; 429<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (429)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Morgan Stanley | &nbsp;&nbsp; 1450<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1450)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | &nbsp;&nbsp; 2817<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1047)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1243)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527<br>|
| Total | &nbsp;&nbsp; $87590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(10258)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(73401)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3179)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $752<br>|

---

\*

Collateral is shown on a settlement basis.

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| | |
|:---|:---|
| **64** | American Funds Strategic Bond Fund |

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 year 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 year, 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; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains; amortization of premiums and discounts 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.

During the year ended December 31, 2025, the fund reclassified $2,000 from total accumulated loss to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

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):

---

| | |
|:---|:---|
| Distributions in excess of ordinary income | $21133 |
| Late year ordinary loss deferral<sup>1</sup> <br>| (26405)<br>|
| Capital loss carryforward<sup>2</sup> <br>| (1450500)<br>|
| Gross unrealized appreciation on investments | 605470 |
| Gross unrealized depreciation on investments | (1000366)<br>|
| Net unrealized appreciation (depreciation) on investments | (394896)<br>|
| Cost of investments | 21423162 |

---

<sup>1</sup>

This deferral is considered incurred in the subsequent year.

<sup>2</sup>

Reflects the utilization of capital loss carryforward of $492,843. The capital loss carryforward will be used to offset any capital gains realized by the fund in future years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **65** |

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------

For the year ended December 31, 2025, the fund's distributions exceeded total taxable income resulting in a return of capital for tax purposes. Distributions paid were characterized for tax purposes as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary** <br>**income**<br>| **Return of** <br>**capital**<br>| **Total** <br>**paid**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**income**<br>| **Return of** <br>**capital**<br>| **Total** <br>**distributions** <br>**paid**<br>|
| Class A | &nbsp;&nbsp; $97523 | $2649 | $100172 | &nbsp;&nbsp;&nbsp;&nbsp; $33060 | $47514 | $80574 |
| Class C | &nbsp;&nbsp; 1956 | 53 | 2009 | &nbsp;&nbsp;&nbsp;&nbsp; 792 | 1138 | 1930 |
| Class T | &nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class F-1 | &nbsp;&nbsp; 2286 | 62 | 2348 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 | 1564 | 2652 |
| Class F-2 | &nbsp;&nbsp; 282595 | 7676 | 290271 | &nbsp;&nbsp;&nbsp;&nbsp; 91991 | 132208 | 224199 |
| Class F-3 | &nbsp;&nbsp; 83839 | 2277 | 86116 | &nbsp;&nbsp;&nbsp;&nbsp; 34127 | 49048 | 83175 |
| Class 529-A | &nbsp;&nbsp; 3259 | 89 | 3348 | &nbsp;&nbsp;&nbsp;&nbsp; 1095 | 1574 | 2669 |
| Class 529-C | &nbsp;&nbsp; 121 | 3 | 124 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | 68 | 116 |
| Class 529-E | &nbsp;&nbsp; 80 | 2 | 82 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | 42 | 71 |
| Class 529-T | &nbsp;&nbsp; 1 |  | 1 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class 529-F-1 | &nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class 529-F-2 | &nbsp;&nbsp; 1082 | 29 | 1111 | &nbsp;&nbsp;&nbsp;&nbsp; 354 | 509 | 863 |
| Class 529-F-3 | &nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class R-1 | &nbsp;&nbsp; 71 | 2 | 73 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 29 | 49 |
| Class R-2 | &nbsp;&nbsp; 200 | 6 | 206 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | 96 | 163 |
| Class R-2E | &nbsp;&nbsp; 60 | 2 | 62 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | 44 | 75 |
| Class R-3 | &nbsp;&nbsp; 651 | 18 | 669 | &nbsp;&nbsp;&nbsp;&nbsp; 212 | 304 | 516 |
| Class R-4 | &nbsp;&nbsp; 612 | 17 | 629 | &nbsp;&nbsp;&nbsp;&nbsp; 288 | 414 | 702 |
| Class R-5E | &nbsp;&nbsp; 183 | 16 | 199 | &nbsp;&nbsp;&nbsp;&nbsp; 79 | 114 | 193 |
| Class R-5 | &nbsp;&nbsp; 600 | 5 | 605 | &nbsp;&nbsp;&nbsp;&nbsp; 166 | 239 | 405 |
| Class R-6 | &nbsp;&nbsp; 302874 | 8227 | 311101 | &nbsp;&nbsp;&nbsp;&nbsp; 96610 | 138846 | 235456 |
| Total | &nbsp;&nbsp; $777993 | $21133 | $799126 | &nbsp;&nbsp;&nbsp;&nbsp; $260057 | $373751 | $633808 |

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<sup>3</sup>

Amount less than one thousand.

**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 a series of decreasing annual rates beginning with 0.280% on the first $15 billion of daily net assets and decreasing to 0.235% on such assets in excess of $17 billion. For the year ended December 31, 2025, the investment advisory services fees were $53,846,000, which were equivalent to an annualized rate of 0.270% of average daily net assets.

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| | |
|:---|:---|
| **66** | American Funds Strategic Bond Fund |

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

**Distribution services** — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate 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<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Class 529-A | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Classes C, 529-C and R-1 | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R-2 | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R-2E | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Classes 529-E and R-3 | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Classes T, F-1, 529-T, 529-F-1 and R-4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

For Class A and 529-A 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, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

**Transfer agent services** — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund's share classes. These services include recordkeeping, shareholder communications and transaction processing. 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, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides the fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets attributable to each share class of the fund. Currently the fund pays CRMC an administrative services fee at the annual rate of 0.03% of the average daily net assets attributable to each share class of the fund for CRMC's provision of administrative services.

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

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the year ended December 31, 2025, the 529 plan services fees were $66,000, which were equivalent to 0.053% of the average daily net assets of each 529 share class.

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **67** |

---

------

For the year ended 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>| **529 plan** <br>**services**<br>|
| Class A | $7593 | $2773 | $808 | Not applicable |
| Class C | 683 | 72 | 20 | Not applicable |
| Class T |  | —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class F-1 | 161 | 85 | 19 | Not applicable |
| Class F-2 | Not applicable | 8209 | 2177 | Not applicable |
| Class F-3 | Not applicable | 13 | 634 | Not applicable |
| Class 529-A | 214 | 88 | 27 | $48 |
| Class 529-C | 42 | 4 | 1 | 2 |
| Class 529-E | 12 | 1 | 1 | 1 |
| Class 529-T |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-F-1 |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-F-2 | Not applicable | 11 | 8 | 15 |
| Class 529-F-3 | Not applicable | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class R-1 | 24 | 2 | 1 | Not applicable |
| Class R-2 | 49 | 19 | 2 | Not applicable |
| Class R-2E | 11 | 4 | 1 | Not applicable |
| Class R-3 | 95 | 26 | 6 | Not applicable |
| Class R-4 | 43 | 15 | 5 | Not applicable |
| Class R-5E | Not applicable | 8 | 2 | Not applicable |
| Class R-5 | Not applicable | 9 | 4 | Not applicable |
| Class R-6 | Not applicable | 47 | 2271 | Not applicable |
| Total class-specific expenses | $8927 | $11386 | $5987 | $66 |

---

\*

Amount less than one thousand.

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees' compensation of $89,000 in the fund's statement of operations reflects $74,000 in current fees (either paid in cash or deferred) and a net increase of $15,000 in the value of the deferred amounts.

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

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

**Security transactions with related funds** — The fund 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 price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended December 31, 2025, the fund did not engage in any such purchase or sale transactions with any related funds.

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **68** | American Funds Strategic Bond Fund |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Indemnifications**

------

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

**9. Capital share transactions**

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br> **(decrease)** | **Net increase**<br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class A | $539204 | 58136 | &nbsp;&nbsp;&nbsp; $99560 | 10750 | &nbsp;&nbsp;&nbsp; $(576743)<br>| (62397)<br>| &nbsp;&nbsp;&nbsp; $62021 | 6489 |
| Class C | 11441 | 1244 | &nbsp;&nbsp;&nbsp; 1990 | 216 | &nbsp;&nbsp;&nbsp; (27736)<br>| (3024)<br>| &nbsp;&nbsp;&nbsp; (14305)<br>| (1564)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 7797 | 846 | &nbsp;&nbsp;&nbsp; 2338 | 253 | &nbsp;&nbsp;&nbsp; (27116)<br>| (2941)<br>| &nbsp;&nbsp;&nbsp; (16981)<br>| (1842)<br>|
| Class F-2 | 2154444 | 232517 | &nbsp;&nbsp;&nbsp; 283929 | 30638 | &nbsp;&nbsp;&nbsp; (1996416)<br>| (215775)<br>| &nbsp;&nbsp;&nbsp; 441957 | 47380 |
| Class F-3 | 540117 | 58281 | &nbsp;&nbsp;&nbsp; 83757 | 9045 | &nbsp;&nbsp;&nbsp; (693748)<br>| (75091)<br>| &nbsp;&nbsp;&nbsp; (69874)<br>| (7765)<br>|
| Class 529-A | 20979 | 2267 | &nbsp;&nbsp;&nbsp; 3347 | 362 | &nbsp;&nbsp;&nbsp; (23550)<br>| (2554)<br>| &nbsp;&nbsp;&nbsp; 776 | 75 |
| Class 529-C | 1574 | 170 | &nbsp;&nbsp;&nbsp; 124 | 13 | &nbsp;&nbsp;&nbsp; (2256)<br>| (246)<br>| &nbsp;&nbsp;&nbsp; (558)<br>| (63)<br>|
| Class 529-E | 539 | 58 | &nbsp;&nbsp;&nbsp; 82 | 9 | &nbsp;&nbsp;&nbsp; (643)<br>| (70)<br>| &nbsp;&nbsp;&nbsp; (22)<br>| (3)<br>|
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-2 | 8549 | 921 | &nbsp;&nbsp;&nbsp; 1111 | 120 | &nbsp;&nbsp;&nbsp; (8270)<br>| (893)<br>| &nbsp;&nbsp;&nbsp; 1390 | 148 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class R-1 | 360 | 39 | &nbsp;&nbsp;&nbsp; 73 | 8 | &nbsp;&nbsp;&nbsp; (503)<br>| (54)<br>| &nbsp;&nbsp;&nbsp; (70)<br>| (7)<br>|
| Class R-2 | 1656 | 179 | &nbsp;&nbsp;&nbsp; 205 | 22 | &nbsp;&nbsp;&nbsp; (1220)<br>| (133)<br>| &nbsp;&nbsp;&nbsp; 641 | 68 |
| Class R-2E | 528 | 57 | &nbsp;&nbsp;&nbsp; 62 | 7 | &nbsp;&nbsp;&nbsp; (1151)<br>| (125)<br>| &nbsp;&nbsp;&nbsp; (561)<br>| (61)<br>|
| Class R-3 | 5558 | 602 | &nbsp;&nbsp;&nbsp; 650 | 71 | &nbsp;&nbsp;&nbsp; (5215)<br>| (566)<br>| &nbsp;&nbsp;&nbsp; 993 | 107 |
| Class R-4 | 2432 | 264 | &nbsp;&nbsp;&nbsp; 628 | 68 | &nbsp;&nbsp;&nbsp; (10027)<br>| (1088)<br>| &nbsp;&nbsp;&nbsp; (6967)<br>| (756)<br>|
| Class R-5E | 1528 | 164 | &nbsp;&nbsp;&nbsp; 199 | 22 | &nbsp;&nbsp;&nbsp; (3162)<br>| (343)<br>| &nbsp;&nbsp;&nbsp; (1435)<br>| (157)<br>|
| Class R-5 | 7622 | 826 | &nbsp;&nbsp;&nbsp; 602 | 65 | &nbsp;&nbsp;&nbsp; (7339)<br>| (788)<br>| &nbsp;&nbsp;&nbsp; 885 | 103 |
| Class R-6 | 685602 | 74147 | &nbsp;&nbsp;&nbsp; 310165 | 33445 | &nbsp;&nbsp;&nbsp; (511401)<br>| (55113)<br>| &nbsp;&nbsp;&nbsp; 484366 | 52479 |
| Total net increase (decrease) | $3989930 | 430718 | &nbsp;&nbsp;&nbsp; $788822 | 85114 | &nbsp;&nbsp;&nbsp; $(3896496)<br>| (421201)<br>| &nbsp;&nbsp;&nbsp; $882256 | 94631 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **69** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br> **(decrease)** | **Net increase**<br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class A | $617541 | 67447 | &nbsp;&nbsp;&nbsp; $79726 | 8765 | &nbsp;&nbsp;&nbsp; $(719000)<br>| (78801)<br>| &nbsp;&nbsp;&nbsp; $(21733)<br>| (2589)<br>|
| Class C | 13847 | 1517 | &nbsp;&nbsp;&nbsp; 1919 | 212 | &nbsp;&nbsp;&nbsp; (34550)<br>| (3811)<br>| &nbsp;&nbsp;&nbsp; (18784)<br>| (2082)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 15245 | 1668 | &nbsp;&nbsp;&nbsp; 2639 | 290 | &nbsp;&nbsp;&nbsp; (128823)<br>| (14154)<br>| &nbsp;&nbsp;&nbsp; (110939)<br>| (12196)<br>|
| Class F-2 | 3818656 | 420325 | &nbsp;&nbsp;&nbsp; 219296 | 24083 | &nbsp;&nbsp;&nbsp; (2579468)<br>| (282585)<br>| &nbsp;&nbsp;&nbsp; 1458484 | 161823 |
| Class F-3 | 664378 | 72704 | &nbsp;&nbsp;&nbsp; 80402 | 8843 | &nbsp;&nbsp;&nbsp; (1341929)<br>| (147084)<br>| &nbsp;&nbsp;&nbsp; (597149)<br>| (65537)<br>|
| Class 529-A | 24837 | 2713 | &nbsp;&nbsp;&nbsp; 2666 | 294 | &nbsp;&nbsp;&nbsp; (20970)<br>| (2295)<br>| &nbsp;&nbsp;&nbsp; 6533 | 712 |
| Class 529-C | 2104 | 231 | &nbsp;&nbsp;&nbsp; 116 | 13 | &nbsp;&nbsp;&nbsp; (3021)<br>| (331)<br>| &nbsp;&nbsp;&nbsp; (801)<br>| (87)<br>|
| Class 529-E | 360 | 39 | &nbsp;&nbsp;&nbsp; 71 | 8 | &nbsp;&nbsp;&nbsp; (745)<br>| (80)<br>| &nbsp;&nbsp;&nbsp; (314)<br>| (33)<br>|
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-2 | 8260 | 904 | &nbsp;&nbsp;&nbsp; 862 | 95 | &nbsp;&nbsp;&nbsp; (9677)<br>| (1060)<br>| &nbsp;&nbsp;&nbsp; (555)<br>| (61)<br>|
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class R-1 | 1158 | 129 | &nbsp;&nbsp;&nbsp; 49 | 5 | &nbsp;&nbsp;&nbsp; (162)<br>| (18)<br>| &nbsp;&nbsp;&nbsp; 1045 | 116 |
| Class R-2 | 2334 | 257 | &nbsp;&nbsp;&nbsp; 162 | 18 | &nbsp;&nbsp;&nbsp; (2555)<br>| (282)<br>| &nbsp;&nbsp;&nbsp; (59)<br>| (7)<br>|
| Class R-2E | 650 | 71 | &nbsp;&nbsp;&nbsp; 75 | 8 | &nbsp;&nbsp;&nbsp; (2024)<br>| (220)<br>| &nbsp;&nbsp;&nbsp; (1299)<br>| (141)<br>|
| Class R-3 | 4994 | 545 | &nbsp;&nbsp;&nbsp; 510 | 56 | &nbsp;&nbsp;&nbsp; (4820)<br>| (531)<br>| &nbsp;&nbsp;&nbsp; 684 | 70 |
| Class R-4 | 5161 | 566 | &nbsp;&nbsp;&nbsp; 702 | 77 | &nbsp;&nbsp;&nbsp; (9110)<br>| (1000)<br>| &nbsp;&nbsp;&nbsp; (3247)<br>| (357)<br>|
| Class R-5E | 2216 | 242 | &nbsp;&nbsp;&nbsp; 191 | 21 | &nbsp;&nbsp;&nbsp; (2052)<br>| (226)<br>| &nbsp;&nbsp;&nbsp; 355 | 37 |
| Class R-5 | 4975 | 546 | &nbsp;&nbsp;&nbsp; 401 | 44 | &nbsp;&nbsp;&nbsp; (4316)<br>| (472)<br>| &nbsp;&nbsp;&nbsp; 1060 | 118 |
| Class R-6 | 1153637 | 126471 | &nbsp;&nbsp;&nbsp; 234736 | 25773 | &nbsp;&nbsp;&nbsp; (423322)<br>| (46189)<br>| &nbsp;&nbsp;&nbsp; 965051 | 106055 |
| Total net increase (decrease) | $6340353 | 696375 | &nbsp;&nbsp;&nbsp; $624523 | 68605 | &nbsp;&nbsp;&nbsp; $(5286544)<br>| (579139)<br>| &nbsp;&nbsp;&nbsp; $1678332 | 185841 |

---

\*

Includes exchanges between share classes of the fund.

<sup>†</sup>

Amount less than one thousand.

**10. Investment transactions**

------

The fund engaged in purchases and sales of investment securities, excluding in-kind transactions, short-term securities and U.S. government obligations, if any, of $33,538,731,000 and $35,693,316,000, respectively, during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **70** | American Funds Strategic Bond Fund |

---

------

Financial highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from** <br>**investment operations**<sup>1</sup> | **Income (loss) from** <br>**investment operations**<sup>1</sup> | **Income (loss) from** <br>**investment operations**<sup>1</sup> | **Dividends and return of capital** | **Dividends and return of capital** | **Dividends and return of capital** | | | | | | |
| <br>**Year ended**  | <br>**Net asset** <br>**value,** <br>**beginning** <br>**of year**<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>| **Return of** <br>**capital**<br>| **Total** <br>**dividends** <br>**and** <br>**return of** <br>**capital**<br>| <br>**Net assets** <br>**value, end** <br>**of year**<br>| <br>**Total return**<sup>2,3</sup> <br>| <br>**Net assets,** <br>**end of year** <br>**(in millions)** <br>| <br>**Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup> <br>| <br>**Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup> <br>| <br>**Ratio of** <br>**net income** <br>**(loss)** <br>**to average** <br>**net assets**<sup>3</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 | $8.95 | $.46 | $.29 | $.75 | $(.34)<br>| $(.01)<br>| $(.35)<br>| $9.35 | 8.18<br> %<br>| $2794 | .69<br> %<br>| .69<br> %<br>| 4.97<br> %<br>|
| 12/31/2024 | 9.29 | .46 | (.53)<br>| (.07)<br>| (.11)<br>| (.16)<br>| (.27)<br>| 8.95 | (.60)<br>| 2619 | .72 | .72 | 5.06 |
| 12/31/2023 | 9.42 | .40 | (.26)<br>| .14 | (.17)<br>| (.10)<br>| (.27)<br>| 9.29 | 1.52 | 2741 | .73 | .73 | 4.30 |
| 12/31/2022 | 11.36 | .39 | (1.83)<br>| (1.44)<br>| (.49)<br>| (.01)<br>| (.50)<br>| 9.42 | (12.72)<br>| 2364 | .73 | .73 | 3.78 |
| 12/31/2021 | 11.68 | .28 | (.40)<br>| (.12)<br>| (.20)<br>|  | (.20)<br>| 11.36 | (1.13)<br>| 2224 | .75 | .75 | 2.45 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 12/31/2025 | 8.90 | .39 | .28 | .67 | (.27)<br>| (.01)<br>| (.28)<br>| 9.29 | 7.56 | 63 | 1.41 | 1.41 | 4.26 |
| 12/31/2024 | 9.23 | .40 | (.52)<br>| (.12)<br>| (.09)<br>| (.12)<br>| (.21)<br>| 8.90 | (1.33)<br>| 74 | 1.42 | 1.42 | 4.36 |
| 12/31/2023 | 9.36 | .33 | (.25)<br>| .08 | (.13)<br>| (.08)<br>| (.21)<br>| 9.23 | .82 | 96 | 1.43 | 1.43 | 3.59 |
| 12/31/2022 | 11.30 | .31 | (1.82)<br>| (1.51)<br>| (.42)<br>| (.01)<br>| (.43)<br>| 9.36 | (13.41)<br>| 90 | 1.43 | 1.43 | 3.05 |
| 12/31/2021 | 11.61 | .19 | (.39)<br>| (.20)<br>| (.11)<br>|  | (.11)<br>| 11.30 | (1.77)<br>| 108 | 1.46 | 1.45 | 1.70 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 12/31/2025 | 8.96 | .49 | .28 | .77 | (.36)<br>| (.01)<br>| (.37)<br>| 9.36 | 8.72 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .41 <br><sup>5</sup><br>| .41 <br><sup>5</sup><br>| 5.27 <br><sup>5</sup><br>|
| 12/31/2024 | 9.29 | .49 | (.52)<br>| (.03)<br>| (.12)<br>| (.18)<br>| (.30)<br>| 8.96 | (.31 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .42 <br><sup>5</sup><br>| .42 <br><sup>5</sup><br>| 5.39 <br><sup>5</sup><br>|
| 12/31/2023 | 9.42 | .43 | (.26)<br>| .17 | (.19)<br>| (.11)<br>| (.30)<br>| 9.29 | 1.88 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .37 <br><sup>5</sup><br>| .37 <br><sup>5</sup><br>| 4.63 <br><sup>5</sup><br>|
| 12/31/2022 | 11.36 | .42 | (1.83)<br>| (1.41)<br>| (.52)<br>| (.01)<br>| (.53)<br>| 9.42 | (12.55 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .43 <br><sup>5</sup><br>| .43 <br><sup>5</sup><br>| 4.06 <br><sup>5</sup><br>|
| 12/31/2021 | 11.69 | .31 | (.41)<br>| (.10)<br>| (.23)<br>|  | (.23)<br>| 11.36 | (.85 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .46 <br><sup>5</sup><br>| .45 <br><sup>5</sup><br>| 2.70 <br><sup>5</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 12/31/2025 | 8.95 | .46 | .28 | .74 | (.34)<br>| (.01)<br>| (.35)<br>| 9.34 | 8.30 | 58 | .69 | .69 | 4.99 |
| 12/31/2024 | 9.28 | .46 | (.52)<br>| (.06)<br>| (.11)<br>| (.16)<br>| (.27)<br>| 8.95 | (.64)<br>| 73 | .70 | .70 | 5.04 |
| 12/31/2023 | 9.41 | .40 | (.26)<br>| .14 | (.17)<br>| (.10)<br>| (.27)<br>| 9.28 | 1.63 | 188 | .70 | .70 | 4.29 |
| 12/31/2022 | 11.34 | .39 | (1.81)<br>| (1.42)<br>| (.50)<br>| (.01)<br>| (.51)<br>| 9.41 | (12.82)<br>| 288 | .71 | .71 | 3.78 |
| 12/31/2021 | 11.66 | .28 | (.40)<br>| (.12)<br>| (.20)<br>|  | (.20)<br>| 11.34 | (1.04)<br>| 323 | .74 | .73 | 2.45 |
| **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 | 8.96 | .49 | .27 | .76 | (.36)<br>| (.01)<br>| (.37)<br>| 9.35 | 8.59 | 7611 | .42 | .42 | 5.24 |
| 12/31/2024 | 9.29 | .49 | (.52)<br>| (.03)<br>| (.12)<br>| (.18)<br>| (.30)<br>| 8.96 | (.30)<br>| 6868 | .42 | .42 | 5.37 |
| 12/31/2023 | 9.42 | .43 | (.26)<br>| .17 | (.19)<br>| (.11)<br>| (.30)<br>| 9.29 | 1.82 | 5620 | .42 | .42 | 4.61 |
| 12/31/2022 | 11.36 | .42 | (1.83)<br>| (1.41)<br>| (.52)<br>| (.01)<br>| (.53)<br>| 9.42 | (12.55)<br>| 4992 | .44 | .44 | 4.09 |
| 12/31/2021 | 11.68 | .32 | (.41)<br>| (.09)<br>| (.23)<br>|  | (.23)<br>| 11.36 | (.77)<br>| 3056 | .47 | .46 | 2.78 |
| **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 | 8.96 | .50 | .27 | .77 | (.37)<br>| (.01)<br>| (.38)<br>| 9.35 | 8.71 | 2161 | .31 | .31 | 5.36 |
| 12/31/2024 | 9.29 | .50 | (.52)<br>| (.02)<br>| (.13)<br>| (.18)<br>| (.31)<br>| 8.96 | (.20)<br>| 2140 | .32 | .32 | 5.47 |
| 12/31/2023 | 9.42 | .44 | (.26)<br>| .18 | (.19)<br>| (.12)<br>| (.31)<br>| 9.29 | 1.93 | 2828 | .32 | .32 | 4.73 |
| 12/31/2022 | 11.36 | .43 | (1.83)<br>| (1.40)<br>| (.53)<br>| (.01)<br>| (.54)<br>| 9.42 | (12.46)<br>| 2188 | .33 | .33 | 4.21 |
| 12/31/2021 | 11.68 | .33 | (.41)<br>| (.08)<br>| (.24)<br>|  | (.24)<br>| 11.36 | (.67)<br>| 1179 | .37 | .36 | 2.89 |
| **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  |
| 12/31/2025 | 8.95 | .46 | .28 | .74 | (.34)<br>| (.01)<br>| (.35)<br>| 9.34 | 8.30 | 93 | .70 | .70 | 4.97 |
| 12/31/2024 | 9.28 | .46 | (.52)<br>| (.06)<br>| (.11)<br>| (.16)<br>| (.27)<br>| 8.95 | (.59)<br>| 89 | .71 | .71 | 5.07 |
| 12/31/2023 | 9.41 | .40 | (.26)<br>| .14 | (.17)<br>| (.10)<br>| (.27)<br>| 9.28 | 1.53 | 85 | .72 | .72 | 4.31 |
| 12/31/2022 | 11.35 | .39 | (1.83)<br>| (1.44)<br>| (.49)<br>| (.01)<br>| (.50)<br>| 9.41 | (12.74)<br>| 77 | .72 | .72 | 3.79 |
| 12/31/2021 | 11.67 | .28 | (.40)<br>| (.12)<br>| (.20)<br>|  | (.20)<br>| 11.35 | (1.13)<br>| 83 | .75 | .74 | 2.45 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **71** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Dividends and return of capital** | **Dividends and return of capital** | **Dividends and return of capital** | | | | | | |
| <br>**Year ended**  | <br>**Net asset**<br> **value,**<br> **beginning**<br> **of year**<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>| **Return of**<br> **capital**<br>| **Total**<br> **dividends**<br> **and**<br> **return of**<br> **capital**<br>| <br>**Net assets**<br> **value, end**<br> **of year**<br>| <br>**Total return**<sup>2,3</sup> | <br>**Net assets,**<br> **end of year**<br> **(in millions)** <br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup><br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup><br>| <br>**Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup><br>|
| **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  |
| 12/31/2025 | $8.91 | $.39 | $.28 | $.67 | $(.27)<br>| $(.01)<br>| $(.28)<br>| $9.30 | 7.51<br> %<br>| $4 | 1.46<br> %<br>| 1.46<br> %<br>| 4.21<br> %<br>|
| 12/31/2024 | 9.24 | .39 | (.52)<br>| (.13)<br>| (.08)<br>| (.12)<br>| (.20)<br>| 8.91 | (1.38)<br>| 5 | 1.47 | 1.47 | 4.32 |
| 12/31/2023 | 9.37 | .32 | (.26)<br>| .06 | (.12)<br>| (.07)<br>| (.19)<br>| 9.24 | .74 | 6 | 1.49 | 1.49 | 3.51 |
| 12/31/2022 | 11.30 | .31 | (1.82)<br>| (1.51)<br>| (.41)<br>| (.01)<br>| (.42)<br>| 9.37 | (13.46)<br>| 7 | 1.49 | 1.49 | 3.01 |
| 12/31/2021 | 11.62 | .19 | (.40)<br>| (.21)<br>| (.11)<br>|  | (.11)<br>| 11.30 | (1.81)<br>| 9 | 1.51 | 1.50 | 1.66 |
| **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  |
| 12/31/2025 | 8.95 | .44 | .28 | .72 | (.32)<br>| (.01)<br>| (.33)<br>| 9.34 | 8.08 | 2 | .90 | .90 | 4.77 |
| 12/31/2024 | 9.28 | .45 | (.52)<br>| (.07)<br>| (.11)<br>| (.15)<br>| (.26)<br>| 8.95 | (.79)<br>| 2 | .90 | .90 | 4.88 |
| 12/31/2023 | 9.41 | .38 | (.25)<br>| .13 | (.16)<br>| (.10)<br>| (.26)<br>| 9.28 | 1.32 | 3 | .92 | .92 | 4.08 |
| 12/31/2022 | 11.35 | .37 | (1.83)<br>| (1.46)<br>| (.47)<br>| (.01)<br>| (.48)<br>| 9.41 | (12.99)<br>| 3 | .92 | .92 | 3.57 |
| 12/31/2021 | 11.67 | .25 | (.40)<br>| (.15)<br>| (.17)<br>|  | (.17)<br>| 11.35 | (1.26)<br>| 4 | .96 | .95 | 2.18 |
| **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  |
| 12/31/2025 | 8.97 | .48 | .28 | .76 | (.36)<br>| (.01)<br>| (.37)<br>| 9.36 | 8.53 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .46 <br><sup>5</sup><br>| .46 <br><sup>5</sup><br>| 5.19 <br><sup>5</sup><br>|
| 12/31/2024 | 9.30 | .49 | (.52)<br>| (.03)<br>| (.12)<br>| (.18)<br>| (.30)<br>| 8.97 | (.36 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .47 <br><sup>5</sup><br>| .47 <br><sup>5</sup><br>| 5.31 <br><sup>5</sup><br>|
| 12/31/2023 | 9.43 | .42 | (.26)<br>| .16 | (.18)<br>| (.11)<br>| (.29)<br>| 9.30 | 1.82 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .43 <br><sup>5</sup><br>| .43 <br><sup>5</sup><br>| 4.56 <br><sup>5</sup><br>|
| 12/31/2022 | 11.37 | .41 | (1.82)<br>| (1.41)<br>| (.52)<br>| (.01)<br>| (.53)<br>| 9.43 | (12.58 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .49 <br><sup>5</sup><br>| .49 <br><sup>5</sup><br>| 4.00 <br><sup>5</sup><br>|
| 12/31/2021 | 11.69 | .30 | (.40)<br>| (.10)<br>| (.22)<br>|  | (.22)<br>| 11.37 | (.83 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .53 <br><sup>5</sup><br>| .52 <br><sup>5</sup><br>| 2.64 <br><sup>5</sup><br>|
| **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  |
| 12/31/2025 | 8.95 | .48 | .29 | .77 | (.36)<br>| (.01)<br>| (.37)<br>| 9.35 | 8.65 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .48 <br><sup>5</sup><br>| .48 <br><sup>5</sup><br>| 5.20 <br><sup>5</sup><br>|
| 12/31/2024 | 9.28 | .49 | (.52)<br>| (.03)<br>| (.12)<br>| (.18)<br>| (.30)<br>| 8.95 | (.37 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .49 <br><sup>5</sup><br>| .49 <br><sup>5</sup><br>| 5.33 <br><sup>5</sup><br>|
| 12/31/2023 | 9.42 | .42 | (.27)<br>| .15 | (.18)<br>| (.11)<br>| (.29)<br>| 9.28 | 1.75 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .50 <br><sup>5</sup><br>| .50 <br><sup>5</sup><br>| 4.51 <br><sup>5</sup><br>|
| 12/31/2022 | 11.35 | .41 | (1.82)<br>| (1.41)<br>| (.51)<br>| (.01)<br>| (.52)<br>| 9.42 | (12.63 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .52 <br><sup>5</sup><br>| .52 <br><sup>5</sup><br>| 3.96 <br><sup>5</sup><br>|
| 12/31/2021 | 11.68 | .30 | (.41)<br>| (.11)<br>| (.22)<br>|  | (.22)<br>| 11.35 | (.94 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .55 <br><sup>5</sup><br>| .54 <br><sup>5</sup><br>| 2.60 <br><sup>5</sup><br>|
| **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  |
| 12/31/2025 | 8.95 | .49 | .28 | .77 | (.36)<br>| (.01)<br>| (.37)<br>| 9.35 | 8.61 | 29 | .40 | .40 | 5.26 |
| 12/31/2024 | 9.29 | .49 | (.53)<br>| (.04)<br>| (.12)<br>| (.18)<br>| (.30)<br>| 8.95 | (.29)<br>| 27 | .41 | .41 | 5.37 |
| 12/31/2023 | 9.42 | .43 | (.26)<br>| .17 | (.19)<br>| (.11)<br>| (.30)<br>| 9.29 | 1.84 | 28 | .41 | .41 | 4.62 |
| 12/31/2022 | 11.36 | .42 | (1.83)<br>| (1.41)<br>| (.52)<br>| (.01)<br>| (.53)<br>| 9.42 | (12.47)<br>| 24 | .43 | .43 | 4.09 |
| 12/31/2021 | 11.68 | .31 | (.40)<br>| (.09)<br>| (.23)<br>|  | (.23)<br>| 11.36 | (.86)<br>| 25 | .48 | .47 | 2.72 |
| **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  |
| 12/31/2025 | 8.95 | .49 | .29 | .78 | (.37)<br>| (.01)<br>| (.38)<br>| 9.35 | 8.79 | — <br><sup>6</sup><br>| .35 | .35 | 5.33 |
| 12/31/2024 | 9.28 | .50 | (.52)<br>| (.02)<br>| (.13)<br>| (.18)<br>| (.31)<br>| 8.95 | (.24)<br>| — <br><sup>6</sup><br>| .36 | .36 | 5.45 |
| 12/31/2023 | 9.41 | .43 | (.26)<br>| .17 | (.19)<br>| (.11)<br>| (.30)<br>| 9.28 | 1.87 | — <br><sup>6</sup><br>| .38 | .38 | 4.63 |
| 12/31/2022 | 11.35 | .42 | (1.82)<br>| (1.40)<br>| (.53)<br>| (.01)<br>| (.54)<br>| 9.41 | (12.52)<br>| — <br><sup>6</sup><br>| .39 | .39 | 4.09 |
| 12/31/2021 | 11.68 | .31 | (.41)<br>| (.10)<br>| (.23)<br>|  | (.23)<br>| 11.35 | (.83)<br>| — <br><sup>6</sup><br>| .46 | .43 | 2.71 |
| **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  |
| 12/31/2025 | 8.95 | .39 | .28 | .67 | (.27)<br>| (.01)<br>| (.28)<br>| 9.34 | 7.55 | 2 | 1.40 | 1.40 | 4.27 |
| 12/31/2024 | 9.28 | .40 | (.51)<br>| (.11)<br>| (.09)<br>| (.13)<br>| (.22)<br>| 8.95 | (1.22)<br>| 2 | 1.40 | 1.40 | 4.38 |
| 12/31/2023 | 9.42 | .33 | (.26)<br>| .07 | (.13)<br>| (.08)<br>| (.21)<br>| 9.28 | .76 | 1 | 1.43 | 1.43 | 3.60 |
| 12/31/2022 | 11.34 | .32 | (1.82)<br>| (1.50)<br>| (.41)<br>| (.01)<br>| (.42)<br>| 9.42 | (13.36)<br>| 1 | 1.38 | 1.38 | 3.16 |
| 12/31/2021 | 11.66 | .20 | (.40)<br>| (.20)<br>| (.12)<br>|  | (.12)<br>| 11.34 | (1.70)<br>| 2 | 1.43 | 1.43 | 1.74 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **72** | American Funds Strategic Bond Fund |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Income (loss) from**<br> **investment operations**<sup>1</sup> | **Dividends and return of capital** | **Dividends and return of capital** | **Dividends and return of capital** | | | | | | |
| <br>**Year ended**  | <br>**Net asset**<br> **value,**<br> **beginning**<br> **of year**<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>| **Return of**<br> **capital**<br>| **Total**<br> **dividends**<br> **and**<br> **return of**<br> **capital**<br>| <br>**Net assets**<br> **value, end**<br> **of year**<br>| <br>**Total return**<sup>2,3</sup> | <br>**Net assets,**<br> **end of year**<br> **(in millions)** <br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup><br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup><br>| <br>**Ratio of**<br> **net income**<br> **(loss)**<br> **to average**<br> **net assets**<sup>3</sup><br>|
| **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  |
| 12/31/2025 | $8.92 | $.40 | $.28 | $.68 | $(.28)<br>| $(.01)<br>| $(.29)<br>| $9.31 | 7.65<br> %<br>| $7 | 1.35<br> %<br>| 1.35<br> %<br>| 4.31<br> %<br>|
| 12/31/2024 | 9.26 | .40 | (.52)<br>| (.12)<br>| (.09)<br>| (.13)<br>| (.22)<br>| 8.92 | (1.23)<br>| 6 | 1.35 | 1.35 | 4.43 |
| 12/31/2023 | 9.39 | .34 | (.26)<br>| .08 | (.13)<br>| (.08)<br>| (.21)<br>| 9.26 | .88 | 7 | 1.36 | 1.36 | 3.67 |
| 12/31/2022 | 11.32 | .32 | (1.81)<br>| (1.49)<br>| (.43)<br>| (.01)<br>| (.44)<br>| 9.39 | (13.42)<br>| 6 | 1.37 | 1.37 | 3.10 |
| 12/31/2021 | 11.64 | .20 | (.40)<br>| (.20)<br>| (.12)<br>|  | (.12)<br>| 11.32 | (1.71)<br>| 7 | 1.40 | 1.39 | 1.78 |
| **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  |
| 12/31/2025 | 8.94 | .42 | .28 | .70 | (.30)<br>| (.01)<br>| (.31)<br>| 9.33 | 7.84 | 2 | 1.12 | 1.12 | 4.55 |
| 12/31/2024 | 9.27 | .42 | (.51)<br>| (.09)<br>| (.10)<br>| (.14)<br>| (.24)<br>| 8.94 | (1.04)<br>| 2 | 1.12 | 1.12 | 4.65 |
| 12/31/2023 | 9.40 | .36 | (.25)<br>| .11 | (.15)<br>| (.09)<br>| (.24)<br>| 9.27 | 1.14 | 3 | 1.12 | 1.12 | 3.92 |
| 12/31/2022 | 11.35 | .35 | (1.83)<br>| (1.48)<br>| (.46)<br>| (.01)<br>| (.47)<br>| 9.40 | (13.12)<br>| 3 | 1.13 | 1.13 | 3.42 |
| 12/31/2021 | 11.67 | .24 | (.41)<br>| (.17)<br>| (.15)<br>|  | (.15)<br>| 11.35 | (1.53)<br>| 1 | 1.15 | 1.15 | 2.07 |
| **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  |
| 12/31/2025 | 8.93 | .44 | .27 | .71 | (.31)<br>| (.01)<br>| (.32)<br>| 9.32 | 8.06 | 20 | .94 | .94 | 4.72 |
| 12/31/2024 | 9.27 | .44 | (.53)<br>| (.09)<br>| (.10)<br>| (.15)<br>| (.25)<br>| 8.93 | (.94)<br>| 18 | .95 | .95 | 4.83 |
| 12/31/2023 | 9.40 | .38 | (.26)<br>| .12 | (.16)<br>| (.09)<br>| (.25)<br>| 9.27 | 1.31 | 18 | .96 | .96 | 4.10 |
| 12/31/2022 | 11.34 | .37 | (1.83)<br>| (1.46)<br>| (.47)<br>| (.01)<br>| (.48)<br>| 9.40 | (13.02)<br>| 12 | .97 | .97 | 3.55 |
| 12/31/2021 | 11.66 | .25 | (.40)<br>| (.15)<br>| (.17)<br>|  | (.17)<br>| 11.34 | (1.28)<br>| 11 | .99 | .99 | 2.21 |
| **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  |
| 12/31/2025 | 8.95 | .47 | .27 | .74 | (.34)<br>| (.01)<br>| (.35)<br>| 9.34 | 8.35 | 15 | .64 | .64 | 5.03 |
| 12/31/2024 | 9.28 | .47 | (.51)<br>| (.04)<br>| (.12)<br>| (.17)<br>| (.29)<br>| 8.95 | (.54)<br>| 21 | .65 | .65 | 5.13 |
| 12/31/2023 | 9.41 | .41 | (.27)<br>| .14 | (.17)<br>| (.10)<br>| (.27)<br>| 9.28 | 1.60 | 25 | .65 | .65 | 4.40 |
| 12/31/2022 | 11.35 | .40 | (1.83)<br>| (1.43)<br>| (.50)<br>| (.01)<br>| (.51)<br>| 9.41 | (12.75)<br>| 19 | .66 | .66 | 3.84 |
| 12/31/2021 | 11.67 | .29 | (.40)<br>| (.11)<br>| (.21)<br>|  | (.21)<br>| 11.35 | (.96)<br>| 16 | .69 | .68 | 2.56 |
| **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  |
| 12/31/2025 | 8.96 | .48 | .29 | .77 | (.37)<br>| (.01)<br>| (.38)<br>| 9.35 | 8.53 | 5 | .47 | .47 | 5.21 |
| 12/31/2024 | 9.30 | .49 | (.53)<br>| (.04)<br>| (.12)<br>| (.18)<br>| (.30)<br>| 8.96 | (.35)<br>| 6 | .46 | .46 | 5.31 |
| 12/31/2023 | 9.43 | .42 | (.26)<br>| .16 | (.18)<br>| (.11)<br>| (.29)<br>| 9.30 | 1.78 | 6 | .46 | .46 | 4.54 |
| 12/31/2022 | 11.37 | .41 | (1.82)<br>| (1.41)<br>| (.52)<br>| (.01)<br>| (.53)<br>| 9.43 | (12.58)<br>| 6 | .46 | .46 | 4.01 |
| 12/31/2021 | 11.69 | .31 | (.41)<br>| (.10)<br>| (.22)<br>|  | (.22)<br>| 11.37 | (.91)<br>| 2 | .52 | .51 | 2.73 |
| **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  |
| 12/31/2025 | 8.97 | .49 | .27 | .76 | (.36)<br>| (.01)<br>| (.37)<br>| 9.36 | 8.64 | 14 | .37 | .37 | 5.31 |
| 12/31/2024 | 9.30 | .50 | (.52)<br>| (.02)<br>| (.13)<br>| (.18)<br>| (.31)<br>| 8.97 | (.25)<br>| 12 | .37 | .37 | 5.42 |
| 12/31/2023 | 9.43 | .44 | (.27)<br>| .17 | (.19)<br>| (.11)<br>| (.30)<br>| 9.30 | 1.88 | 11 | .37 | .37 | 4.74 |
| 12/31/2022 | 11.37 | .42 | (1.82)<br>| (1.40)<br>| (.53)<br>| (.01)<br>| (.54)<br>| 9.43 | (12.48)<br>| 5 | .38 | .38 | 4.11 |
| 12/31/2021 | 11.69 | .32 | (.40)<br>| (.08)<br>| (.24)<br>|  | (.24)<br>| 11.37 | (.70)<br>| 3 | .40 | .40 | 2.79 |
| **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 | 8.97 | .50 | .27 | .77 | (.37)<br>| (.01)<br>| (.38)<br>| 9.36 | 8.70 | 7936 | .31 | .31 | 5.35 |
| 12/31/2024 | 9.30 | .50 | (.52)<br>| (.02)<br>| (.13)<br>| (.18)<br>| (.31)<br>| 8.97 | (.20)<br>| 7133 | .32 | .32 | 5.47 |
| 12/31/2023 | 9.43 | .44 | (.26)<br>| .18 | (.19)<br>| (.12)<br>| (.31)<br>| 9.30 | 1.93 | 6411 | .32 | .32 | 4.70 |
| 12/31/2022 | 11.37 | .43 | (1.83)<br>| (1.40)<br>| (.53)<br>| (.01)<br>| (.54)<br>| 9.43 | (12.45)<br>| 5718 | .33 | .33 | 4.19 |
| 12/31/2021 | 11.69 | .34 | (.42)<br>| (.08)<br>| (.24)<br>|  | (.24)<br>| 11.37 | (.67)<br>| 3149 | .36 | .36 | 2.94 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **73** |

---

------

Financial highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio turnover rate for all share classes**<sup>7,8</sup> | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes**<sup>7,8</sup> | **2025**<sup>9</sup> | **2024** | **2023** | **2022** | **2021** |
| Excluding mortgage dollar roll transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106<br> %<br>|
| Including mortgage dollar roll transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164<br> %<br>|

---

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

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

<sup>3</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

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

<sup>5</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower. 

<sup>6</sup> Amount less than $1 million.

<sup>7</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds.

<sup>8</sup> Refer to Note 5 for more information on mortgage dollar rolls.

<sup>9</sup> Rates exclude in-kind transactions, if any.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **74** | American Funds Strategic Bond Fund |

---

------

Report of Independent Registered Public Accounting Firm

------

To the shareholders and the Board of Trustees of American Funds Strategic Bond Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of American Funds Strategic Bond Fund (the "Fund"), including the investment portfolio, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, 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 for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended 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 audits. 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 audits 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 audits 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 audits 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 audits 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, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Costa Mesa, California

February 11, 2026

We have served as the auditor of one or more American Funds investment companies since 1956.

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **75** |

---

------

Tax informationunaudited

------

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund's fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| Qualified dividend income | $1647000 |
| Section 163(j) interest dividends | $777527000 |
| Corporate dividends received deduction | $500000 |
| U.S. government income that may be exempt from state taxation | $170787000 |

---

**Individual shareholders should refer to their Form 1099 or other tax information, which was mailed in January 2026, to determine the *calendar year* amounts to be included on their 2025 tax returns. Shareholders should consult their tax advisors.**

**76**<br>

------

Changes in and disagreements with accountants

------

On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP ("PwC") was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. The dismissal does not affect D&T's previous engagement to audit the fund's financial statements for the fiscal year ended December 31, 2025.

D&T's reports on the fund's financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2025 did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, (i) were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of D&T, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the fund's financial statements for such periods, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. The fund requested that D&T furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as an exhibit to the fund's Form N-CSR.

During the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, neither the fund, nor anyone on its behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

---

| | |
|:---|:---|
| American Funds Strategic Bond Fund | **77** |

---

------

Matters submitted for shareholder vote

------

**Results of special meeting of shareholders**

Held November 25, 2025

Shares outstanding (all classes) on August 28, 2025 (record date):

2,163,378,813

Total shares voting on November 25, 2025:

2,039,745,534 (94.3% of shares outstanding)

The proposal: To elect board members

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Board member** | **Votes for** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **voting for**<br>| **Votes withheld** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **withheld**<br>|
| Gina F. Adams | 1747703097 | 85.7% | 292042437 | 14.3% |
| Pramod Atluri | 2025077708 | 99.3% | 14667826 | 0.7% |
| Francisco G. Cigarroa | 2025352105 | 99.3% | 14393429 | 0.7% |
| Nariman Farvardin | 2025274177 | 99.3% | 14471357 | 0.7% |
| Jennifer C. Feikin | 2025832335 | 99.3% | 13913199 | 0.7% |
| Leslie Stone Heisz | 2025919598 | 99.3% | 13825936 | 0.7% |
| Merit E. Janow | 2021017471 | 99.1% | 18728063 | 0.9% |
| Martin E. Koehler | 2026592354 | 99.4% | 13153180 | 0.6% |
| Benjamin R. Miller | 2026573927 | 99.4% | 13171607 | 0.6% |
| Josette Sheeran | 2026022746 | 99.3% | 13722788 | 0.7% |
| Margaret Spellings | 2021177045 | 99.1% | 18568489 | 0.9% |
| Alexandra Trower | 2025815636 | 99.3% | 13929897 | 0.7% |
| Paul S. Williams | 2026327629 | 99.3% | 13417904 | 0.7% |
| Courtney K. Wolf | 2026198863 | 99.3% | 13546671 | 0.7% |

---

Remuneration paid to directors, officers and others

------

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

Approval of Investment Advisory and Service Agreement

------

Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

---

| | |
|:---|:---|
| **78** | American Funds Strategic Bond Fund |

---

------

#### ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP ("PwC") was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. The dismissal does not affect D&T's previous engagement to audit the fund's financial statements for the fiscal year ended December 31, 2025.

D&T's reports on the fund's financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2025 did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, (i) were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of D&T, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the fund's financial statements for such periods, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. The fund requested that D&T furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as an exhibit to this Form N-CSR.

During the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, neither the fund, nor anyone on its behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

------

#### ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form under Matters submitted for shareholder vote.

------

#### ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form within the trustees' deferred compensation disclosure in the notes to financial statements.

------

#### ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

------

#### ITEM 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 13 - Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 15 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ''interested persons'' of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board's composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. 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 qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant's Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

------

#### ITEM 16 - Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

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

------

#### ITEM 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 18 - Recovery of Erroneously Awarded Compensation
None

------

#### ITEM 19 - Exhibits
(a)(1) Code of Ethics - See Item 2

(a)(2) The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections [302](cert302.htm) and [906](cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

(a)(3) [Change in registrant's independent registered public accounting firm – Auditor's response letter to SEC is attached as an exhibit hereto.](AUDITORLETTERTOSEC.htm)

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

**American Funds Strategic Bond Fund**

By /s/ Kristine M. Nishiyama

Kristine M. Nishiyama,

Principal Executive Officer

Date: March 09, 2026

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

By /s/ Kristine M. Nishiyama

Kristine M. Nishiyama,

Principal Executive Officer

Date: March 09, 2026

By /s/ Becky L. Park

Becky L. Park, Treasurer and

Principal Financial Officer

Date: March 09, 2026

------

## Exhibit 99.906

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

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

KRISTINE M. NISHIYAMA, Principal Executive Officer, and BECKY L. PARK, Treasurer and Principal Financial Officer of American Funds Strategic Bond Fund (the "Registrant"), each certify to the best of her or his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

Principal Executive Officer

**American Funds Strategic Bond Fund**

<u>/s/ Kristine M. Nishiyama</u>

Kristine M. Nishiyama, Principal Executive Officer

Date: March 09, 2026

Principal Financial Officer

**American Funds Strategic Bond Fund**

<u>/s/ Becky L. Park</u>

Becky L. Park, Treasurer and Principal Financial Officer

Date: March 09, 2026

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to **American Funds Strategic Bond Fund** and will be retained by **American Funds Strategic Bond Fund** and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

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

------

## Ex-99.Cert

**CERTIFICATION**

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

1. I have reviewed this report on Form N-CSR of **American Funds Strategic Bond Fund**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 09, 2026

<u>/s/ Kristine M. Nishiyama</u> Kristine M. Nishiyama, Principal Executive Officer American Funds Strategic Bond Fund

**CERTIFICATION**

I, **Becky L. Park**, certify that:

1. I have reviewed this report on Form N-CSR of **American Funds Strategic Bond Fund**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 09, 2026

<u>/s/ Becky L. Park</u> Becky L. Park,

Treasurer and Principal Financial Officer

American Funds Strategic Bond Fund

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## Ex-99

![Image is missing](gy61xnav9o6z9yabnoapc.jpg)

**Deloitte & Touche LLP**

695 Town Center Drive,

Suite 1000

Costa Mesa, CA 92626

USA

Tel: +1 714 436 7100

Fax: +1 714 436 7200

www.deloitte.com

March 9, 2026

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549-7561

Dear Sirs/Madams:

We have read Item 8 of American Funds Strategic Bond Fund's Form N-CSR dated March 9, 2026, and have the following comments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.We agree with the statements concerning our Firm made in the first two paragraphs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.We have no basis on which to agree or disagree with the statements made in the third paragraph. Yours truly,

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