# EDGAR Filing Document

**Accession Number:** 0001660935
**File Stem:** 0001193125-26-098099
**Filing Date:** 2026-3
**Character Count:** 396712
**Document Hash:** 3c2fb601531e1ea0c3f4935b0923ba8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-098099.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001193125-26-098099

**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 Emerging Markets Bond Fund
- **CENTRAL INDEX KEY:** 0001660935

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23122
- **FILM NUMBER:** 26734082

**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 Emerging Markets Bond Fund (Series ID: S000053060)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000166965 | Class 529-A   | CBNAX           |
| C000166966 | Class F-2     | EBNFX           |
| C000166967 | Class R-1     | REGAX           |
| C000166968 | Class R-2     | REGBX           |
| C000166969 | Class R-2E    | REGHX           |
| C000166970 | Class R-3     | REGCX           |
| C000166971 | Class R-4     | REGEX           |
| C000166972 | Class R-5     | REGFX           |
| C000166973 | Class R-5E    | REGJX           |
| C000166974 | Class R-6     | REGGX           |
| C000166976 | Class 529-C   | CBNCX           |
| C000166977 | Class 529-E   | CBNEX           |
| C000166978 | Class 529-F-1 | CBNFX           |
| C000166979 | Class A       | EBNAX           |
| C000166981 | Class C       | EBNCX           |
| C000166982 | Class F-1     | EBNEX           |
| C000179984 | Class F-3     | EBNGX           |
| C000189480 | Class 529-T   | TMEBX           |
| C000189481 | Class T       | TEBMX           |
| C000224621 | Class 529-F-2 | FEBMX           |
| C000224622 | Class 529-F-3 | FMEBX           |

?xml version='1.0' encoding='ASCII'? 788f343c-3a22-42a7-9a4d-7d6bd29b6de4

#### 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

#### 811-23122

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.** 

**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;$100 | 0.93% |

---

#### Management's discussion of fund performance
The fund's Class A shares gained 15.88% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

#### 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_1532800.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class A (with sales charge)2 | 11.58% | 1.32% | 3.80% |
| American Funds Emerging Markets Bond Fund — Class A (without sales charge)2 | 15.88% | 2.10% | 4.21% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.72% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.61% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.37% |

---

<sup>1</sup> Class A shares were first offered on April 22, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-A or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$180 | 1.67% |

---

#### Management's discussion of fund performance
The fund's Class C shares gained 15.03% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1532844.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class C (with sales charge)2 | 14.03% | 1.36% | 3.31% |
| American Funds Emerging Markets Bond Fund — Class C (without sales charge)2 | 15.03% | 1.36% | 3.31% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class C shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-C or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$71 | 0.66% |

---

#### Management's discussion of fund performance
The fund's Class T shares gained 16.19% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified.

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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

#### 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_1533372.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class T (with sales charge)2 | 13.32% | 1.86% | 3.75% |
| American Funds Emerging Markets Bond Fund — Class T (without sales charge)2 | 16.19% | 2.38% | 4.04% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 1.00% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.18% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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. MFTTARX-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$98 | 0.91% |

---

#### Management's discussion of fund performance
The fund's Class F-1 shares gained 15.90% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1532888.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class F-12 | 15.90% | 2.12% | 3.95% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class F-1 shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-F1 or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$69 | 0.64% |

---

#### Management's discussion of fund performance
The fund's Class F-2 shares gained 16.21% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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 influenced results
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1532932.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class F-22 | 16.21% | 2.39% | 4.22% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class F-2 shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-F2 or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$57 | 0.53% |

---

#### Management's discussion of fund performance
The fund's Class F-3 shares gained 16.33% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1533328.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class F-32 | 16.33% | 2.51% | 4.56% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 1.14% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.52% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.41% |

---

<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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-F3 or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$101 | 0.94% |

---

#### Management's discussion of fund performance
The fund's Class 529-A shares gained 15.87% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

#### 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_1532624.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class 529-A (with sales charge)2 | 11.81% | 1.37% | 3.53% |
| American Funds Emerging Markets Bond Fund — Class 529-A (without sales charge)2 | 15.87% | 2.09% | 3.92% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class 529-A shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-529A or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$185 | 1.72% |

---

#### Management's discussion of fund performance
The fund's Class 529-C shares gained 14.98% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1532668.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class 529-C (with sales charge)2 | 13.98% | 1.31% | 3.54% |
| American Funds Emerging Markets Bond Fund — Class 529-C (without sales charge)2 | 14.98% | 1.31% | 3.54% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class 529-C shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-529C or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$124 | 1.15% |

---

#### Management's discussion of fund performance
The fund's Class 529-E shares gained 15.62% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1532712.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class 529-E2 | 15.62% | 1.88% | 3.73% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class 529-E shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-529E or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$78 | 0.72% |

---

#### Management's discussion of fund performance
The fund's Class 529-T shares gained 16.12% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified.

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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

#### 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_1533416.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class 529-T (with sales charge)2 | 13.26% | 1.79% | 3.68% |
| American Funds Emerging Markets Bond Fund — Class 529-T (without sales charge)2 | 16.12% | 2.31% | 3.98% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 1.00% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.18% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$79 | 0.73% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-1 shares gained 16.11% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1532756.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class 529-F-12 | 16.11% | 2.30% | 4.15% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class 529-F-1 shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-529F1 or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$70 | 0.65% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-2 shares gained 16.20% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1533460.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class 529-F-22 | 16.20% | 2.39% | 4.02% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | (1.48)% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 2.94% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 2.86% |

---

<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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-529F2 or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$65 | 0.60% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-3 shares gained 16.25% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1533504.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class 529-F-32 | 16.25% | 2.43% | 4.07% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | (1.48)% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 2.94% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 2.86% |

---

<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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-529F3 or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$162 | 1.51% |

---

#### Management's discussion of fund performance
The fund's Class R-1 shares gained 15.21% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1532976.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class R-12 | 15.21% | 1.54% | 3.43% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class R-1 shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-R1 or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$169 | 1.57% |

---

#### Management's discussion of fund performance
The fund's Class R-2 shares gained 15.14% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1533020.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class R-22 | 15.14% | 1.48% | 3.33% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class R-2 shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-R2 or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$118 | 1.09% |

---

#### Management's discussion of fund performance
The fund's Class R-2E shares gained 15.70% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1533064.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class R-2E2 | 15.70% | 1.94% | 3.82% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class R-2E shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-R2E or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$125 | 1.16% |

---

#### Management's discussion of fund performance
The fund's Class R-3 shares gained 15.61% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1533108.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class R-32 | 15.61% | 1.86% | 3.72% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class R-3 shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-R3 or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$96 | 0.89% |

---

#### Management's discussion of fund performance
The fund's Class R-4 shares gained 15.92% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1533152.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class R-42 | 15.92% | 2.16% | 4.00% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class R-4 shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-R4 or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$69 | 0.64% |

---

#### Management's discussion of fund performance
The fund's Class R-5E shares gained 16.20% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1533240.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class R-5E2 | 16.20% | 2.45% | 4.31% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class R-5E shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-R5E or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$62 | 0.57% |

---

#### Management's discussion of fund performance
The fund's Class R-5 shares gained 16.29% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1533196.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class R-52 | 16.29% | 2.48% | 4.30% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class R-5 shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-R5 or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 2026 Capital Group. All rights reserved.

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

ANNUAL SHAREHOLDER REPORT

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

This annual shareholder report contains important information about American Funds Emerging Markets 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. **This report describes changes to the fund that occurred during the reporting period.**

**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;$57 | 0.53% |

---

#### Management's discussion of fund performance
The fund's Class R-6 shares gained 16.33% for the year ended December 31, 2025. That result compares with a 16.79% gain for the J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified. 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
Global bond markets benefited from a supportive backdrop over the past year as U.S. rate cuts and a weaker dollar helped lift emerging markets debt (EMD). EMD fundamentals remained resilient with stable growth and moderating inflation, though dispersion increased as global liquidity shifted and developed-market yields moved unevenly. Eurozone inflation stayed contained even as yields rose late in the year while rising Japanese yields added rate volatility and widened differences across international fixed income markets.

Country and market allocation decisions contributed positively to relative performance. Duration positioning also aided results as global rate dynamics evolved, while curve positioning was a modest detractor. Curve positioning refers to selecting bonds across different maturities to capitalize on expected yield-curve movements and to optimize the timing and structure of bond investments in pursuit of better returns. Local-currency exposures added value, supported by a softer U.S. dollar environment. Strong outcomes in several Latin American and African markets — where carry remained attractive and fundamentals were supportive — further bolstered results. Currency positioning was a meaningful net positive overall, as gains from unhedged currency exposures more than offset losses from currency hedging activities.

On the other hand, underweight positions in markets such as Thailand, China and the Czech Republic weighed on relative returns. Hard-currency sovereign exposures were more challenging in areas where valuations remained tight or where the fund held limited exposure to issuers that generated stronger results. In a more uneven macro environment, certain Asian markets trailed and currency positioning in select regions modestly detracted.

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

![Fund Performance - Growth of 10K](chartimages_1533284.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Emerging Markets Bond Fund — Class R-62 | 16.33% | 2.51% | 4.32% |
| Bloomberg Global Aggregate Index3 | 8.17% | (2.15)% | 0.34% |
| JPM EMBI Glbl Diversified/JPM GBI-EM Glbl Diversified/JPM CEMBI-Broad Diversified 50%/30%/20%3 | 15.63% | 1.63% | 3.19% |
| J.P. Morgan Index Blend - 50% JPM EMBI Global Diversified & 50% JPM GBI-EM Global Diversified3 | 16.79% | 1.48% | 3.05% |

---

<sup>1</sup> Class R-6 shares were first offered on July 29, 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 and J.P. Morgan.

**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) | $3604 |
| Total number of portfolio holdings | 866 |
| Total advisory fees paid (in millions) | $15 |
| Portfolio turnover rate | 57% |

---

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

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-R6 or upon request at (800) 421-4225.

During the reporting period, the fund's investments in forward currency contracts remained high, and accordingly, the fund enhanced its disclosure regarding its use of these instruments.

#### 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-114-0226© 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;122000 |  | &nbsp;&nbsp;14000 |  |
| **December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219000 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;14000 |  |
| **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;2121000 |
| **December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177000 |

---

<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

------

![](img3f0a80d11.jpg)

**American Funds Emerging Markets Bond Fund**<sup>®</sup>

Financial Statements and Other Information

N-CSR Items 7-11

for the year ended December 31, 2025

Lit. No. MFGEFP4-114-0226© 2026 Capital Group. All rights reserved.

------

Investment portfolio

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 92.79% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. 71.72%** | **Bonds & notes of governments & government agencies outside the U.S. 71.72%** | **Bonds & notes of governments & government agencies outside the U.S. 71.72%** |
| **Mexico 6.91%** | **Mexico 6.91%** | **Mexico 6.91%** |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(a)</sup>  | USD13,965 | $14242 |
| United Mexican States 3.75% 1/11/2028  | 11540 | 11446 |
| United Mexican States 3.25% 4/16/2030  | 1560 | 1476 |
| United Mexican States 6.00% 5/13/2030  | 1840 | 1932 |
| United Mexican States 4.75% 4/27/2032  | 3400 | 3318 |
| United Mexican States 5.375% 3/22/2033  | 11120 | 11059 |
| United Mexican States 4.875% 5/19/2033  | 875 | 842 |
| United Mexican States 4.50% 3/19/2034  | EUR1,845 | 2169 |
| United Mexican States 6.35% 2/9/2035  | USD22,580 | 23720 |
| United Mexican States 8.00% 5/24/2035  | MXN27,500 | 1424 |
| United Mexican States 4.50% 11/22/2035 <sup>(b)</sup>  | 84107 | 4654 |
| United Mexican States 6.00% 5/7/2036  | USD1,110 | 1127 |
| United Mexican States 6.875% 5/13/2037  | 2360 | 2524 |
| United Mexican States 6.625% 1/29/2038  | 10975 | 11480 |
| United Mexican States 5.125% 3/19/2038  | EUR4,481 | 5250 |
| United Mexican States 4.50% 1/31/2050  | USD1,517 | 1153 |
| United Mexican States 6.338% 5/4/2053  | 2292 | 2191 |
| United Mexican States 6.40% 5/7/2054  | 3500 | 3374 |
| United Mexican States 7.375% 5/13/2055  | 5930 | 6403 |
| United Mexican States 3.771% 5/24/2061  | 5861 | 3629 |
| United Mexican States 3.75% 4/19/2071  | 4070 | 2412 |
| United Mexican States, Series M20, 8.50% 5/31/2029  | MXN143,170 | 8021 |
| United Mexican States, Series M, 7.75% 5/29/2031  | 350599 | 18772 |
| United Mexican States, Series S, 2.75% 11/27/2031 <sup>(b)</sup>  | 90870 | 4570 |
| United Mexican States, Series M, 7.50% 5/26/2033  | 108432 | 5607 |
| United Mexican States, Series M, 7.75% 11/23/2034  | 353348 | 18222 |
| United Mexican States, Series M30, 10.00% 11/20/2036  | 11520 | 681 |
| United Mexican States, Series M30, 8.50% 11/18/2038  | 166200 | 8663 |
| United Mexican States, Series M, 7.75% 11/13/2042  | 490620 | 23318 |
| United Mexican States, Series M, 8.00% 11/7/2047  | 173053 | 8284 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 568724 | 26973 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(b)</sup>  | 193779 | 10049 |
|  |  | 248985 |
| **Brazil 6.68%** | **Brazil 6.68%** | **Brazil 6.68%** |
| Brazil (Federative Republic of) 0% 1/1/2026  | BRL47,200 | 8609 |
| Brazil (Federative Republic of) 10.00% 1/1/2027  | 60000 | 10608 |
| Brazil (Federative Republic of) 0% 7/1/2027  | 8200 | 1243 |
| Brazil (Federative Republic of) 10.00% 1/1/2029  | 116771 | 19729 |
| Brazil (Federative Republic of) 0% 1/1/2030  | 208979 | 23148 |
| Brazil (Federative Republic of) 3.875% 6/12/2030  | USD1,300 | 1244 |
| Brazil (Federative Republic of) 5.50% 11/6/2030  | 5880 | 5981 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | BRL363,586 | 58308 |
| Brazil (Federative Republic of) 6.00% 8/15/2032 <sup>(b)</sup>  | 38272 | 6418 |
| Brazil (Federative Republic of) 10.00% 1/1/2033  | 204068 | 31386 |
| Brazil (Federative Republic of) 5.50% 2/4/2033  | USD2,200 | 2171 |
| Brazil (Federative Republic of) 6.125% 3/15/2034  | 1800 | 1822 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | BRL233,770 | 34979 |
| Brazil (Federative Republic of) 6.625% 3/15/2035  | USD2,000 | 2064 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(b)</sup>  | BRL208,431 | 33128 |
|  |  | 240838 |
| **South Africa 6.16%** | **South Africa 6.16%** | **South Africa 6.16%** |
| South Africa (Republic of) 4.30% 10/12/2028  | USD3,775 | 3760 |
| South Africa (Republic of) 5.875% 6/22/2030  | 6800 | 7050 |
| South Africa (Republic of) 5.875% 4/20/2032  | 4900 | 5058 |
| South Africa (Republic of) 7.10% 11/19/2036 <sup>(a)</sup>  | 2700 | 2903 |
| South Africa (Republic of) 6.125% 12/11/2037 <sup>(a)</sup>  | 19175 | 18943 |
| South Africa (Republic of) 6.25% 3/8/2041  | 200 | 193 |
| South Africa (Republic of) 5.375% 7/24/2044  | 2125 | 1818 |

---

---

| | |
|:---|:---|
| **1** | American Funds Emerging Markets 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)** |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| South Africa (Republic of) 5.00% 10/12/2046  | USD1,705 | $1339 |
| South Africa (Republic of) 5.65% 9/27/2047  | 1055 | 894 |
| South Africa (Republic of) 6.30% 6/22/2048  | 995 | 909 |
| South Africa (Republic of) 5.75% 9/30/2049  | 1500 | 1266 |
| South Africa (Republic of) 11.625% 3/31/2053  | ZAR45,800 | 3491 |
| South Africa (Republic of) 7.25% 12/11/2055 <sup>(a)</sup>  | USD1,160 | 1152 |
| South Africa (Republic of), Series R-2030, 8.00% 1/31/2030  | ZAR6,635 | 409 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032  | 130044 | 8042 |
| South Africa (Republic of), Series R-2035, 8.875% 2/28/2035  | 815847 | 51334 |
| South Africa (Republic of), Series R-209, 6.25% 3/31/2036  | 175800 | 9028 |
| South Africa (Republic of), Series R-2037, 8.50% 1/31/2037  | 119630 | 7165 |
| South Africa (Republic of), Series R-2040, 9.00% 1/31/2040  | 662818 | 40134 |
| South Africa (Republic of), Series R-214, 6.50% 2/28/2041  | 683531 | 32757 |
| South Africa (Republic of), Series R-2044, 8.75% 1/31/2044  | 144390 | 8348 |
| South Africa (Republic of), Series R-2048, 8.75% 2/28/2048  | 277990 | 16145 |
|  |  | 222138 |
| **Malaysia 5.90%** | **Malaysia 5.90%** | **Malaysia 5.90%** |
| Dua Capital, Ltd. 2.78% 5/11/2031  | USD7,570 | 6995 |
| Khazanah Capital, Ltd. 4.876% 6/1/2033  | 3500 | 3584 |
| Khazanah Capital, Ltd. 4.759% 9/5/2034  | 2000 | 2035 |
| Khazanah Global Sukuk Berhad 4.687% 6/1/2028  | 500 | 508 |
| Malaysia (Federation of), Series 0218, 4.369% 10/31/2028  | MYR3,000 | 764 |
| Malaysia (Federation of), Series 0219, 3.885% 8/15/2029  | 79454 | 20041 |
| Malaysia (Federation of), Series 0125, 3.336% 5/15/2030  | 3000 | 742 |
| Malaysia (Federation of), Series 0220, 2.632% 4/15/2031  | 29586 | 7043 |
| Malaysia (Federation of), Series 0122, 3.582% 7/15/2032  | 120201 | 29969 |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | 103432 | 26138 |
| Malaysia (Federation of), Series 0415, 4.254% 5/31/2035  | 161400 | 42116 |
| Malaysia (Federation of), Series 0225, 3.476% 7/2/2035  | 29000 | 7130 |
| Malaysia (Federation of), Series 0615, 4.786% 10/31/2035  | 11925 | 3239 |
| Malaysia (Federation of), Series 0121, 3.447% 7/15/2036  | 7675 | 1871 |
| Malaysia (Federation of), Series 0317, 4.762% 4/7/2037  | 8842 | 2403 |
| Malaysia (Federation of), Series 0418, 4.893% 6/8/2038  | 52620 | 14467 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 24190 | 6140 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040  | 20000 | 4914 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041  | 1506 | 398 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044  | 14627 | 3758 |
| Malaysia (Federation of), Series 0519, 4.638% 11/15/2049  | 2448 | 672 |
| Malaysia (Federation of), Series 0120, 4.065% 6/15/2050  | 18166 | 4566 |
| Malaysia (Federation of), Series 022, 5.357% 5/15/2052  | 2352 | 715 |
| Malaysia (Federation of), Series 0123, 4.457% 3/31/2053  | 26100 | 6968 |
| Malaysia (Federation of), Series 0124, 4.28% 3/23/2054  | 19841 | 5119 |
| PETRONAS Capital, Ltd. 3.50% 4/21/2030 <sup>(a)</sup>  | USD1,200 | 1169 |
| PETRONAS Capital, Ltd. 3.50% 4/21/2030  | 800 | 780 |
| PETRONAS Capital, Ltd. 4.95% 1/3/2031 <sup>(a)</sup>  | 5500 | 5680 |
| PETRONAS Capital, Ltd. 2.48% 1/28/2032  | 200 | 180 |
| PETRONAS Capital, Ltd. 5.34% 4/3/2035 <sup>(a)</sup>  | 2000 | 2081 |
| PETRONAS Capital, Ltd. 4.50% 3/18/2045  | 200 | 179 |
| PETRONAS Capital, Ltd. 5.848% 4/3/2055  | 200 | 209 |
| PETRONAS Capital, Ltd. 3.404% 4/28/2061  | 250 | 170 |
|  |  | 212743 |
| **Indonesia 4.48%** | **Indonesia 4.48%** | **Indonesia 4.48%** |
| Indonesia (Republic of) 3.50% 1/11/2028  | 1400 | 1388 |
| Indonesia (Republic of) 4.10% 4/24/2028  | 1000 | 1004 |
| Indonesia (Republic of) 6.375% 8/15/2028  | IDR14,968,000 | 921 |
| Indonesia (Republic of) 6.875% 4/15/2029  | 5000000 | 313 |
| Indonesia (Republic of) 6.50% 7/15/2030  | 19968000 | 1246 |
| Indonesia (Republic of) 8.75% 5/15/2031  | 24770000 | 1685 |
| Indonesia (Republic of) 6.375% 4/15/2032  | 226285000 | 13862 |
| Indonesia (Republic of) 6.625% 5/15/2033  | 19400000 | 1198 |
| Indonesia (Republic of) 7.50% 6/15/2035  | 69666000 | 4575 |
| Indonesia (Republic of) 6.50% 4/15/2036  | 132263000 | 8175 |

---

American Funds Emerging Markets Bond Fund<sub>2</sub>

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| Indonesia (Republic of) 7.125% 6/15/2038  | IDR172,770,000 | $11055 |
| Indonesia (Republic of) 7.50% 4/15/2040  | 67365000 | 4419 |
| Indonesia (Republic of) 7.125% 8/15/2040  | 99570000 | 6415 |
| Indonesia (Republic of) 7.125% 6/15/2042  | 90667000 | 5769 |
| Indonesia (Republic of), Series 31, 0.99% 5/27/2027  | JPY300,000 | 1901 |
| Indonesia (Republic of), Series FR64, 6.125% 5/15/2028  | IDR44,769,000 | 2733 |
| Indonesia (Republic of), Series FR71, 9.00% 3/15/2029  | 18015000 | 1195 |
| Indonesia (Republic of), Series FR82, 7.00% 9/15/2030  | 11504000 | 728 |
| Indonesia (Republic of), Series FR87, 6.50% 2/15/2031  | 104751000 | 6467 |
| Indonesia (Republic of), Series FR96, 7.00% 2/15/2033  | 588178000 | 37154 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 733203000 | 45509 |
| Indonesia (Republic of), Series 103, 6.75% 7/15/2035  | 56000000 | 3533 |
| Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/2030  | USD260 | 269 |
|  |  | 161514 |
| **Colombia 4.43%** | **Colombia 4.43%** | **Colombia 4.43%** |
| Colombia (Republic of) 4.50% 3/15/2029  | 11860 | 11641 |
| Colombia (Republic of) 11.00% 8/22/2029  | COP21,312,000 | 5333 |
| Colombia (Republic of) 3.00% 1/30/2030  | USD4,790 | 4315 |
| Colombia (Republic of) 7.00% 3/26/2031  | COP5,102,400 | 1056 |
| Colombia (Republic of) 3.125% 4/15/2031  | USD1,511 | 1313 |
| Colombia (Republic of) 3.25% 4/22/2032  | 1053 | 890 |
| Colombia (Republic of) 5.00% 9/19/2032  | EUR600 | 676 |
| Colombia (Republic of) 8.00% 4/20/2033  | USD4,560 | 4911 |
| Colombia (Republic of) 7.50% 2/2/2034  | 8910 | 9311 |
| Colombia (Republic of) 8.50% 4/25/2035  | 15400 | 16994 |
| Colombia (Republic of) 8.00% 11/14/2035  | 4194 | 4479 |
| Colombia (Republic of) 7.75% 11/7/2036  | 6415 | 6698 |
| Colombia (Republic of) 5.00% 6/15/2045  | 785 | 574 |
| Colombia (Republic of) 11.50% 7/25/2046  | COP1,700,000 | 405 |
| Colombia (Republic of), Series UVR, 2.25% 4/18/2029 <sup>(b)</sup>  | 11130 | 1035 |
| Colombia (Republic of), Series B, 7.00% 3/26/2031  | 108783300 | 22522 |
| Colombia (Republic of), Series B, 13.25% 2/9/2033  | 34868400 | 9305 |
| Colombia (Republic of), Series B, 7.25% 10/18/2034  | 110380500 | 20799 |
| Colombia (Republic of), Series B, 11.75% 1/24/2035  | 47127600 | 11661 |
| Colombia (Republic of), Series UVR, 3.75% 2/25/2037 <sup>(b)</sup>  | 52412 | 4288 |
| Colombia (Republic of), Series B, 9.25% 5/28/2042  | 92384500 | 18267 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050  | 21378200 | 3260 |
|  |  | 159733 |
| **Poland 4.18%** | **Poland 4.18%** | **Poland 4.18%** |
| Poland (Republic of) 4.75% 7/25/2029  | PLN32,370 | 9187 |
| Poland (Republic of) 3.125% 10/22/2031  | EUR2,000 | 2362 |
| Poland (Republic of) 5.125% 9/18/2034  | USD300 | 308 |
| Poland (Republic of) 5.00% 10/25/2035  | PLN10,000 | 2756 |
| Poland (Republic of) 5.50% 4/4/2053  | USD3,600 | 3466 |
| Poland (Republic of) 5.50% 3/18/2054  | 8300 | 7968 |
| Poland (Republic of), Series 5Y, 3.75% 5/25/2027  | PLN14,500 | 4050 |
| Poland (Republic of), Series 0429, 5.75% 4/25/2029  | 46220 | 13529 |
| Poland (Republic of), Series 1030, 1.25% 10/25/2030  | 51600 | 12432 |
| Poland (Republic of), Series 0432, 1.75% 4/25/2032  | 27714 | 6510 |
| Poland (Republic of), Series 10Y, 4.875% 10/4/2033  | USD2,545 | 2593 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033  | PLN208,955 | 62278 |
| Poland (Republic of), Series 1034, 5.00% 10/25/2034  | 83909 | 23290 |
|  |  | 150729 |
| **India 3.25%** | **India 3.25%** | **India 3.25%** |
| Export-Import Bank of India 3.25% 1/15/2030  | USD1,000 | 959 |
| Export-Import Bank of India 5.50% 1/18/2033  | 1600 | 1678 |
| Export-Import Bank of India 5.50% 1/13/2035  | 1500 | 1572 |
| India (Republic of) 7.10% 4/18/2029  | INR99,000 | 1136 |
| India (Republic of) 7.18% 8/14/2033  | 628000 | 7216 |
| India (Republic of) 7.18% 7/24/2037  | 2439240 | 27824 |

---

---

| | |
|:---|:---|
| **3** | American Funds Emerging Markets 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)** |
| **India (continued)** | **India (continued)** | **India (continued)** |
| India (Republic of) 7.06% 10/10/2046  | INR50,000 | $547 |
| India (Republic of) 7.72% 6/15/2049  | 245400 | 2883 |
| India (Republic of) 7.16% 9/20/2050  | 262000 | 2876 |
| India (Republic of) 6.67% 12/17/2050  | 177380 | 1830 |
| India (Republic of) 7.30% 6/19/2053  | 3119160 | 34808 |
| India (Republic of) 7.09% 8/5/2054  | 2291970 | 24889 |
| India (Republic of) 7.24% 8/18/2055  | 800000 | 8923 |
|  |  | 117141 |
| **Hungary 2.60%** | **Hungary 2.60%** | **Hungary 2.60%** |
| Hungary (Republic of) 4.50% 3/23/2028  | HUF2,500,000 | 7385 |
| Hungary (Republic of) 6.125% 5/22/2028  | USD12,300 | 12764 |
| Hungary (Republic of) 6.125% 5/22/2028 <sup>(a)</sup>  | 1770 | 1837 |
| Hungary (Republic of) 2.00% 5/23/2029  | HUF2,339,240 | 6257 |
| Hungary (Republic of) 3.00% 8/21/2030  | 2415400 | 6414 |
| Hungary (Republic of) 5.375% 9/26/2030 <sup>(a)</sup>  | USD3,950 | 4060 |
| Hungary (Republic of) 6.75% 7/23/2031  | HUF6,397,410 | 19860 |
| Hungary (Republic of) 2.125% 9/22/2031  | USD810 | 700 |
| Hungary (Republic of) 3.25% 10/22/2031  | HUF2,937,730 | 7643 |
| Hungary (Republic of) 6.25% 9/22/2032 <sup>(a)</sup>  | USD1,000 | 1068 |
| Hungary (Republic of) 4.75% 11/24/2032  | HUF2,472,490 | 6812 |
| Hungary (Republic of) 4.50% 6/16/2034  | EUR3,000 | 3564 |
| Hungary (Republic of) 5.50% 6/16/2034  | USD1,000 | 1015 |
| Hungary (Republic of) 6.00% 9/26/2035 <sup>(a)</sup>  | 1215 | 1266 |
| Hungary (Republic of) 7.00% 10/24/2035  | HUF967,080 | 2999 |
| Hungary (Republic of) 5.50% 3/26/2036  | USD2,260 | 2261 |
| Hungary (Republic of) 5.50% 3/26/2036 <sup>(a)</sup>  | 1950 | 1950 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028  | 2700 | 2816 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030  | EUR2,490 | 2995 |
|  |  | 93666 |
| **Peru 2.10%** | **Peru 2.10%** | **Peru 2.10%** |
| Peru (Republic of) 6.15% 8/12/2032  | PEN6,752 | 2168 |
| Peru (Republic of) 8.75% 11/21/2033  | USD5,180 | 6539 |
| Peru (Republic of) 3.00% 1/15/2034  | 840 | 732 |
| Peru (Republic of) 5.40% 8/12/2034  | PEN4,899 | 1453 |
| Peru (Republic of) 5.40% 8/12/2034  | 39 | 12 |
| Peru (Republic of) 6.85% 8/12/2035  | 112055 | 35897 |
| Peru (Republic of) 5.50% 3/30/2036  | USD22,720 | 23199 |
| Peru (Republic of) 7.60% 8/12/2039  | PEN1,664 | 541 |
| Peru (Republic of) 3.55% 3/10/2051  | USD2,600 | 1826 |
| Peru (Republic of) 5.875% 8/8/2054  | 220 | 219 |
| Peru (Republic of) 2.78% 12/1/2060  | 1915 | 1044 |
| Peru (Republic of) 3.60% 1/15/2072  | 3000 | 1912 |
|  |  | 75542 |
| **Supra National 1.90%** | **Supra National 1.90%** | **Supra National 1.90%** |
| Asian Development Bank 6.20% 10/6/2026  | INR230,400 | 2556 |
| Asian Development Bank 5.25% 4/29/2035  | PHP684,500 | 11462 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027  | INR308,000 | 3431 |
| European Bank for Reconstruction and Development 6.25% 4/11/2028  | 137900 | 1522 |
| European Bank for Reconstruction and Development 6.75% 3/14/2031  | 186500 | 2060 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032  | 725100 | 8062 |
| European Investment Bank 6.95% 3/1/2029  | 163400 | 1835 |
| European Investment Bank 6.95% 3/1/2029  | 145500 | 1634 |
| European Investment Bank 7.40% 10/23/2033  | 270000 | 3107 |
| Inter-American Development Bank 5.10% 11/17/2026  | IDR9,830,000 | 590 |
| Inter-American Development Bank 7.35% 10/6/2030  | INR400,000 | 4565 |
| Inter-American Development Bank 7.00% 4/17/2033  | 430000 | 4868 |
| International Bank for Reconstruction and Development 6.25% 1/12/2028  | IDR9,700,000 | 596 |
| International Bank for Reconstruction and Development 6.85% 4/24/2028  | INR985,500 | 10954 |
| International Bank for Reconstruction and Development 6.05% 2/9/2029  | 195500 | 2149 |

---

American Funds Emerging Markets Bond Fund<sub>4</sub>

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Supra National (continued)** | **Supra National (continued)** | **Supra National (continued)** |
| International Bank for Reconstruction and Development 6.75% 7/13/2029  | INR614,600 | $6866 |
| International Bank for Reconstruction and Development 7.05% 7/22/2029  | 58000 | 653 |
| International Finance Corp. 7.10% 3/21/2031  | 134810 | 1521 |
|  |  | 68431 |
| **Czech Republic 1.83%** | **Czech Republic 1.83%** | **Czech Republic 1.83%** |
| Czech Republic 1.00% 6/26/2026  | CZK9,070 | 437 |
| Czech Republic 0.25% 2/10/2027  | 174500 | 8209 |
| Czech Republic 2.50% 8/25/2028  | 267380 | 12637 |
| Czech Republic 0.95% 5/15/2030  | 399540 | 17123 |
| Czech Republic 1.20% 3/13/2031  | 59630 | 2514 |
| Czech Republic 1.75% 6/23/2032  | 10300 | 431 |
| Czech Republic 4.90% 4/14/2034  | 112990 | 5661 |
| Czech Republic 3.50% 5/30/2035  | 368230 | 16576 |
| Czech Republic 1.95% 7/30/2037  | 67740 | 2500 |
|  |  | 66088 |
| **Turkey 1.82%** | **Turkey 1.82%** | **Turkey 1.82%** |
| Turkey (Republic of) 41.48% 6/16/2027 <sup>(c)</sup>  | TRY237,745 | 5619 |
| Turkey (Republic of) 37.84% 7/14/2027  | 311000 | 7547 |
| Turkey (Republic of) 6.50% 4/26/2030 <sup>(a)</sup>  | USD600 | 626 |
| Turkey (Republic of) 9.125% 7/13/2030  | 1400 | 1604 |
| Turkey (Republic of) 7.125% 7/17/2032  | 4200 | 4448 |
| Turkey (Republic of), Series 2Y, 36.00% 8/12/2026  | TRY760,710 | 17870 |
| Turkey (Republic of), Series 5Y, 9.875% 1/15/2028  | USD1,410 | 1554 |
| Turkey (Republic of), Series 5Y, 17.30% 7/19/2028  | TRY479,425 | 8571 |
| Turkey (Republic of), Series 5Y, 31.08% 11/8/2028  | 70509 | 1630 |
| Turkey (Republic of), Series 10Y, 5.875% 6/26/2031  | USD1,900 | 1909 |
| Turkey (Republic of), Series 10Y, 17.80% 7/13/2033  | TRY1,387 | 23 |
| Turkey (Republic of), Series 12Y, 6.50% 9/20/2033  | USD1,310 | 1338 |
| Turkey (Republic of), Series 30Y, 6.00% 1/14/2041  | 400 | 362 |
| Turkey (Republic of), Series 30Y, 4.875% 4/16/2043  | 13650 | 10563 |
| Turkey (Republic of), Series 30Y, 5.75% 5/11/2047  | 2510 | 2065 |
|  |  | 65729 |
| **China 1.82%** | **China 1.82%** | **China 1.82%** |
| China (People's Republic of), Series INBK, 3.13% 11/21/2029  | CNY8,000 | 1218 |
| China (People's Republic of), Series INBK, 2.68% 5/21/2030  | 16050 | 2403 |
| China (People's Republic of), Series INBK, 1.63% 10/25/2030  | 88100 | 12612 |
| China (People's Republic of), Series INBK, 2.67% 11/25/2033  | 16000 | 2438 |
| China (People's Republic of), Series INBK, 2.35% 2/25/2034  | 94000 | 13991 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | 105070 | 15551 |
| China (People's Republic of), Series INBK, 1.61% 2/15/2035  | 10000 | 1402 |
| China (People's Republic of), Series INBK, 1.67% 5/25/2035  | 2600 | 367 |
| China (People's Republic of), Series INBK, 2.33% 8/15/2044  | 50000 | 7152 |
| China (People's Republic of), Series INBK, 3.39% 3/16/2050  | 11610 | 1975 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052  | 20500 | 3377 |
| China (People's Republic of), Series INBK, 3.19% 4/15/2053  | 15940 | 2662 |
| China (People's Republic of), Series INBK, 2.47% 7/25/2054  | 3350 | 490 |
|  |  | 65638 |
| **Philippines 1.69%** | **Philippines 1.69%** | **Philippines 1.69%** |
| Philippines (Republic of) 6.25% 2/28/2029  | PHP428,455 | 7429 |
| Philippines (Republic of) 6.50% 5/19/2029  | 28460 | 498 |
| Philippines (Republic of) 6.375% 7/27/2030  | 96950 | 1686 |
| Philippines (Republic of) 6.00% 8/20/2030  | 118340 | 2028 |
| Philippines (Republic of) 1.648% 6/10/2031  | USD5,600 | 4881 |
| Philippines (Republic of) 6.75% 9/15/2032  | PHP1,572,070 | 27959 |
| Philippines (Republic of) 5.609% 4/13/2033  | USD2,400 | 2553 |
| Philippines (Republic of) 6.375% 4/28/2035  | PHP326,000 | 5687 |

---

---

| | |
|:---|:---|
| **5** | American Funds Emerging Markets 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)** |
| **Philippines (continued)** | **Philippines (continued)** | **Philippines (continued)** |
| Philippines (Republic of) 3.95% 1/20/2040  | USD5,450 | $4830 |
| Philippines (Republic of) 2.95% 5/5/2045  | 3000 | 2110 |
| Philippines (Republic of) 5.95% 10/13/2047  | 1000 | 1057 |
|  |  | 60718 |
| **Romania 1.58%** | **Romania 1.58%** | **Romania 1.58%** |
| Romania (Republic of) 7.20% 5/31/2027  | RON3,750 | 876 |
| Romania (Republic of) 2.10% 10/8/2027  | JPY900,000 | 5657 |
| Romania (Republic of) 8.75% 10/30/2028  | RON3,860 | 940 |
| Romania (Republic of) 4.85% 7/25/2029  | 8200 | 1786 |
| Romania (Republic of) 1.75% 7/13/2030  | EUR2,000 | 2127 |
| Romania (Republic of) 5.375% 3/22/2031  | 5186 | 6351 |
| Romania (Republic of) 5.25% 5/30/2032  | 5510 | 6640 |
| Romania (Republic of) 5.25% 5/30/2032  | 1520 | 1832 |
| Romania (Republic of) 2.00% 4/14/2033  | 830 | 795 |
| Romania (Republic of) 6.375% 1/30/2034 <sup>(a)</sup>  | USD2,416 | 2518 |
| Romania (Republic of) 4.75% 10/11/2034  | RON4,990 | 1002 |
| Romania (Republic of) 5.625% 5/30/2037  | EUR10,935 | 12558 |
| Romania (Republic of) 5.625% 5/30/2037  | 8370 | 9612 |
| Romania (Republic of) 6.00% 9/24/2044  | 3600 | 4085 |
| Romania (Republic of) 7.625% 1/17/2053 <sup>(a)</sup>  | USD200 | 220 |
|  |  | 56999 |
| **Egypt 1.54%** | **Egypt 1.54%** | **Egypt 1.54%** |
| Egypt (Arab Republic of) 14.06% 1/12/2026  | EGP61,430 | 1291 |
| Egypt (Arab Republic of) 25.318% 8/13/2027  | 261902 | 5662 |
| Egypt (Arab Republic of) 5.80% 9/30/2027  | USD1,510 | 1532 |
| Egypt (Arab Republic of) 24.458% 10/1/2027  | EGP410,600 | 8826 |
| Egypt (Arab Republic of) 6.588% 2/21/2028  | USD1,540 | 1586 |
| Egypt (Arab Republic of) 7.60% 3/1/2029  | 460 | 492 |
| Egypt (Arab Republic of) 8.625% 2/4/2030 <sup>(a)</sup>  | 1700 | 1891 |
| Egypt (Arab Republic of) 5.625% 4/16/2030  | EUR1,000 | 1175 |
| Egypt (Arab Republic of) 5.875% 2/16/2031  | USD2,550 | 2558 |
| Egypt (Arab Republic of) 7.053% 1/15/2032  | 2759 | 2878 |
| Egypt (Arab Republic of) 7.625% 5/29/2032  | 9230 | 9869 |
| Egypt (Arab Republic of) 7.625% 5/29/2032 <sup>(a)</sup>  | 575 | 615 |
| Egypt (Arab Republic of) 9.45% 2/4/2033 <sup>(a)</sup>  | 2550 | 2932 |
| Egypt (Arab Republic of) 8.50% 1/31/2047  | 555 | 546 |
| Egypt (Arab Republic of) 7.903% 2/21/2048  | 399 | 372 |
| Egypt (Arab Republic of) 8.70% 3/1/2049  | 2585 | 2594 |
| Egypt (Arab Republic of) 8.875% 5/29/2050  | 660 | 671 |
| Egypt (Arab Republic of) 8.75% 9/30/2051  | 880 | 883 |
| Egypt (Arab Republic of) 8.15% 11/20/2059  | 8935 | 8414 |
| Egypt (Arab Republic of) 7.50% 2/16/2061  | 610 | 533 |
|  |  | 55320 |
| **Thailand 1.41%** | **Thailand 1.41%** | **Thailand 1.41%** |
| Thailand (Kingdom of) 1.00% 6/17/2027  | THB77,000 | 2442 |
| Thailand (Kingdom of) 1.66% 3/17/2030  | 52000 | 1681 |
| Thailand (Kingdom of) 2.00% 12/17/2031  | 77400 | 2555 |
| Thailand (Kingdom of) 3.35% 6/17/2033  | 73000 | 2639 |
| Thailand (Kingdom of) 2.00% 6/17/2042  | 3 | — <br><sup>(d)</sup><br>|
| Thailand (Kingdom of) 3.45% 6/17/2043  | 793662 | 29476 |
| Thailand (Kingdom of) 4.675% 6/29/2044  | 22013 | 954 |
| Thailand (Kingdom of) 2.875% 6/17/2046  | 142641 | 4943 |
| Thailand (Kingdom of) 3.15% 6/17/2050  | 24548 | 881 |
| Thailand (Kingdom of) 2.75% 6/17/2052  | 21257 | 731 |
| Thailand (Kingdom of) 4.00% 6/17/2055  | 110166 | 4650 |
|  |  | 50952 |

---

American Funds Emerging Markets Bond Fund<sub>6</sub>

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Saudi Arabia 1.31%** | **Saudi Arabia 1.31%** | **Saudi Arabia 1.31%** |
| Gaci First Investment Co. 5.00% 10/13/2027  | USD200 | $203 |
| Saudi Arabia (Kingdom of) 3.25% 10/26/2026  | 1800 | 1791 |
| Saudi Arabia (Kingdom of) 4.75% 1/18/2028 <sup>(a)</sup>  | 1100 | 1115 |
| Saudi Arabia (Kingdom of) 4.75% 1/18/2028  | 1000 | 1014 |
| Saudi Arabia (Kingdom of) 4.25% 9/9/2030  | 600 | 600 |
| Saudi Arabia (Kingdom of) 5.375% 1/13/2031  | 820 | 860 |
| Saudi Arabia (Kingdom of) 4.875% 7/18/2033  | 6408 | 6517 |
| Saudi Arabia (Kingdom of) 4.875% 7/18/2033 <sup>(a)</sup>  | 3178 | 3232 |
| Saudi Arabia (Kingdom of) 5.625% 1/13/2035 <sup>(a)</sup>  | 3785 | 4018 |
| Saudi Arabia (Kingdom of) 4.875% 9/9/2035 <sup>(a)</sup>  | 5820 | 5847 |
| Saudi Arabia (Kingdom of) 5.25% 1/16/2050  | 6100 | 5737 |
| Saudi Arabia (Kingdom of) 5.00% 1/18/2053  | 7000 | 6242 |
| Saudi Arabia (Kingdom of) 5.75% 1/16/2054  | 9960 | 9860 |
|  |  | 47036 |
| **Chile 1.28%** | **Chile 1.28%** | **Chile 1.28%** |
| Chile (Republic of) 1.90% 9/1/2030 <sup>(b)</sup>  | CLP14,189,733 | 15501 |
| Chile (Republic of) 4.70% 9/1/2030  | 13775000 | 15038 |
| Chile (Republic of) 2.55% 1/27/2032  | USD4,500 | 4043 |
| Chile (Republic of) 3.80% 7/1/2035  | EUR3,170 | 3739 |
| Chile (Republic of) 4.95% 1/5/2036  | USD800 | 809 |
| Chile (Republic of) 5.30% 11/1/2037  | CLP1,710,000 | 1895 |
| Chile (Republic of) 3.10% 5/7/2041  | USD2,150 | 1661 |
| Chile (Republic of) 4.34% 3/7/2042  | 3785 | 3376 |
| Chile (Republic of) 4.00% 1/31/2052  | 200 | 159 |
|  |  | 46221 |
| **Panama 1.04%** | **Panama 1.04%** | **Panama 1.04%** |
| Panama (Republic of) 3.16% 1/23/2030  | 5144 | 4831 |
| Panama (Republic of) 2.252% 9/29/2032  | 2610 | 2163 |
| Panama (Republic of) 6.40% 2/14/2035  | 3690 | 3901 |
| Panama (Republic of) 6.875% 1/31/2036  | 2931 | 3195 |
| Panama (Republic of) 8.00% 3/1/2038  | 12649 | 14800 |
| Panama (Republic of) 7.875% 3/1/2057  | 7200 | 8413 |
|  |  | 37303 |
| **Republic of Cote d'Ivoire 0.73%** | **Republic of Cote d'Ivoire 0.73%** | **Republic of Cote d'Ivoire 0.73%** |
| Cote d'Ivoire (Republic of) 5.25% 3/22/2030  | EUR1,600 | 1894 |
| Cote d'Ivoire (Republic of) 5.25% 3/22/2030  | 1380 | 1634 |
| Cote d'Ivoire (Republic of) 5.875% 10/17/2031  | 3930 | 4657 |
| Cote d'Ivoire (Republic of) 5.875% 10/17/2031  | 1645 | 1949 |
| Cote d'Ivoire (Republic of) 4.875% 1/30/2032  | 4792 | 5474 |
| Cote d'Ivoire (Republic of) 4.875% 1/30/2032  | 970 | 1108 |
| Cote d'Ivoire (Republic of) 7.625% 1/30/2033  | USD1,190 | 1289 |
| Cote d'Ivoire (Republic of) 8.075% 4/1/2036 <sup>(a)</sup>  | 5100 | 5521 |
| Cote d'Ivoire (Republic of) 8.075% 4/1/2036  | 600 | 650 |
| Cote d'Ivoire (Republic of) 6.875% 10/17/2040  | EUR1,800 | 2072 |
|  |  | 26248 |
| **Kazakhstan 0.71%** | **Kazakhstan 0.71%** | **Kazakhstan 0.71%** |
| Development Bank of Kazakhstan JSC 10.95% 5/6/2026  | KZT613,500 | 1190 |
| Development Bank of Kazakhstan JSC 10.95% 5/6/2026  | 522000 | 1013 |
| Development Bank of Kazakhstan JSC 13.00% 4/15/2027  | 868500 | 1642 |
| Development Bank of Kazakhstan JSC 13.00% 4/15/2027  | 400000 | 756 |
| Development Bank of Kazakhstan JSC 18.40% 10/16/2028  | 4088000 | 8333 |
| Kazakhstan (Republic of) 5.50% 7/1/2037 <sup>(a)</sup>  | USD12,220 | 12620 |
|  |  | 25554 |

---

---

| | |
|:---|:---|
| **7** | American Funds Emerging Markets 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)** |
| **Honduras 0.67%** | **Honduras 0.67%** | **Honduras 0.67%** |
| Honduras (Republic of) 6.25% 1/19/2027  | USD10,714 | $10829 |
| Honduras (Republic of) 6.25% 1/19/2027 <sup>(a)</sup>  | 263 | 266 |
| Honduras (Republic of) 5.625% 6/24/2030  | 8351 | 8301 |
| Honduras (Republic of) 5.625% 6/24/2030 <sup>(a)</sup>  | 1255 | 1247 |
| Honduras (Republic of) 8.625% 11/27/2034  | 3000 | 3380 |
|  |  | 24023 |
| **Morocco 0.59%** | **Morocco 0.59%** | **Morocco 0.59%** |
| Morocco (Kingdom of) 5.95% 3/8/2028 <sup>(a)</sup>  | 1225 | 1262 |
| Morocco (Kingdom of) 3.875% 4/2/2029  | EUR9,340 | 11108 |
| Morocco (Kingdom of) 4.75% 4/2/2035  | 6910 | 8304 |
| Morocco (Kingdom of) 4.75% 4/2/2035  | 590 | 709 |
|  |  | 21383 |
| **Republic of Angola 0.57%** | **Republic of Angola 0.57%** | **Republic of Angola 0.57%** |
| Angola (Republic of) 8.25% 5/9/2028  | USD2,450 | 2466 |
| Angola (Republic of) 8.00% 11/26/2029  | 4540 | 4439 |
| Angola (Republic of) 8.00% 11/26/2029 <sup>(a)</sup>  | 1500 | 1466 |
| Angola (Republic of) 8.75% 4/14/2032  | 12125 | 11829 |
| Angola (Republic of) 8.75% 4/14/2032 <sup>(a)</sup>  | 500 | 488 |
|  |  | 20688 |
| **United Arab Emirates 0.48%** | **United Arab Emirates 0.48%** | **United Arab Emirates 0.48%** |
| Abu Dhabi (Emirate of) 2.50% 9/30/2029 <sup>(a)</sup>  | 350 | 334 |
| Abu Dhabi (Emirate of) 1.70% 3/2/2031  | 4200 | 3746 |
| Abu Dhabi (Emirate of) 3.125% 9/30/2049  | 550 | 393 |
| Abu Dhabi (Emirate of) 5.50% 4/30/2054 <sup>(a)</sup>  | 4225 | 4322 |
| Abu Dhabi (Emirate of) 5.50% 4/30/2054  | 2300 | 2353 |
| Sharjah (Emirate of) 4.625% 2/13/2032  | EUR3,807 | 4528 |
| Sharjah Sukuk Programme, Ltd. 5.433% 4/17/2035 <sup>(a)</sup>  | USD1,500 | 1511 |
|  |  | 17187 |
| **Federal Republic of Nigeria 0.47%** | **Federal Republic of Nigeria 0.47%** | **Federal Republic of Nigeria 0.47%** |
| Nigeria (Republic of) 18.50% 2/21/2031  | NGN4,988,900 | 3643 |
| Nigeria (Republic of) 7.875% 2/16/2032  | USD6,830 | 7154 |
| Nigeria (Republic of) 10.375% 12/9/2034  | 1500 | 1783 |
| Nigeria (Republic of) 8.631% 1/13/2036 <sup>(a)</sup>  | 1795 | 1930 |
| Nigeria (Republic of) 7.696% 2/23/2038  | 500 | 501 |
| Nigeria (Republic of) 8.25% 9/28/2051  | 1795 | 1765 |
|  |  | 16776 |
| **Senegal 0.42%** | **Senegal 0.42%** | **Senegal 0.42%** |
| Senegal (Republic of) 4.75% 3/13/2028  | EUR1,600 | 1310 |
| Senegal (Republic of) 4.75% 3/13/2028  | 1400 | 1146 |
| Senegal (Republic of) 6.25% 5/23/2033  | USD6,836 | 3988 |
| Senegal (Republic of) 5.375% 6/8/2037  | EUR8,306 | 5350 |
| Senegal (Republic of) 5.375% 6/8/2037  | 1000 | 644 |
| Senegal (Republic of) 6.75% 3/13/2048  | USD4,900 | 2656 |
|  |  | 15094 |
| **Albania 0.41%** | **Albania 0.41%** | **Albania 0.41%** |
| Albania (Republic of) 5.90% 6/9/2028  | EUR2,140 | 2667 |
| Albania (Republic of) 4.75% 2/14/2035  | 10200 | 12156 |
|  |  | 14823 |

---

American Funds Emerging Markets Bond Fund<sub>8</sub>

------

---

| | | |
|:---|:---|:---|
| 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)** |
| **Republic of Kenya 0.36%** | **Republic of Kenya 0.36%** | **Republic of Kenya 0.36%** |
| Kenya (Republic of) 6.30% 1/23/2034  | USD3,600 | $3299 |
| Kenya (Republic of) 9.50% 3/5/2036 <sup>(a)</sup>  | 5225 | 5582 |
| Kenya (Republic of) 9.50% 3/5/2036  | 3100 | 3311 |
| Kenya (Republic of) 8.25% 2/28/2048  | 700 | 662 |
|  |  | 12854 |
| **Mozambique 0.34%** | **Mozambique 0.34%** | **Mozambique 0.34%** |
| Mozambique (Republic of) 9.00% 9/15/2031  | 14480 | 12420 |
| **Gabon 0.31%** | **Gabon 0.31%** | **Gabon 0.31%** |
| Gabonese (Republic of) 6.625% 2/6/2031  | 1031 | 803 |
| Gabonese (Republic of) 6.625% 2/6/2031 <sup>(a)</sup>  | 400 | 311 |
| Gabonese (Republic of) 7.00% 11/24/2031  | 12900 | 9871 |
| Gabonese (Republic of) 7.00% 11/24/2031 <sup>(a)</sup>  | 410 | 314 |
|  |  | 11299 |
| **Argentina 0.22%** | **Argentina 0.22%** | **Argentina 0.22%** |
| Argentine Republic 0.75% 7/9/2030 (1.75% on 7/9/2027) <sup>(e)</sup>  | 9284 | 7914 |
| Argentine Republic 4.125% 7/9/2035 (4.75% on 7/9/2027) <sup>(e)</sup>  | 7 | 5 |
| Argentine Republic 0% 12/15/2035  | 600 | 19 |
|  |  | 7938 |
| **Bulgaria 0.18%** | **Bulgaria 0.18%** | **Bulgaria 0.18%** |
| Bulgaria (Republic of) 3.50% 5/7/2034  | EUR200 | 237 |
| Bulgaria (Republic of) 3.375% 7/18/2035  | 2850 | 3301 |
| Bulgaria (Republic of) 5.00% 3/5/2037  | USD1,442 | 1441 |
| Bulgaria (Republic of) 4.125% 5/7/2038  | EUR1,280 | 1526 |
|  |  | 6505 |
| **Sultanate of Oman 0.18%** | **Sultanate of Oman 0.18%** | **Sultanate of Oman 0.18%** |
| Oman (Sultanate of) 5.625% 1/17/2028  | USD1,000 | 1024 |
| Oman (Sultanate of) 4.875% 6/15/2030 <sup>(a)</sup>  | 800 | 819 |
| Oman (Sultanate of) 6.25% 1/25/2031  | 1300 | 1393 |
| Oman (Sultanate of) 6.75% 1/17/2048  | 2800 | 3090 |
|  |  | 6326 |
| **South Korea 0.18%** | **South Korea 0.18%** | **South Korea 0.18%** |
| Export-Import Bank of Korea 8.00% 10/16/2028  | INR391,200 | 4463 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032  | KRW2,513,790 | 1839 |
|  |  | 6302 |
| **Dominican Republic 0.17%** | **Dominican Republic 0.17%** | **Dominican Republic 0.17%** |
| Dominican Republic (Government of) 5.50% 2/22/2029 <sup>(a)</sup>  | USD1,420 | 1441 |
| Dominican Republic (Government of) 5.50% 2/22/2029  | 500 | 507 |
| Dominican Republic (Government of) 4.50% 1/30/2030  | 700 | 685 |
| Dominican Republic (Government of) 4.50% 1/30/2030 <sup>(a)</sup>  | 400 | 392 |
| Dominican Republic (Government of) 7.05% 2/3/2031 <sup>(a)</sup>  | 665 | 715 |
| Dominican Republic (Government of) 5.875% 1/30/2060  | 1510 | 1350 |
| Dominican Republic (Government of) 5.875% 1/30/2060 <sup>(a)</sup>  | 1342 | 1199 |
|  |  | 6289 |
| **Slovakia 0.16%** | **Slovakia 0.16%** | **Slovakia 0.16%** |
| Slovak Republic 3.75% 2/27/2040  | EUR4,900 | 5596 |

---

---

| | |
|:---|:---|
| **9** | American Funds Emerging Markets 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)** |
| **Israel 0.15%** | **Israel 0.15%** | **Israel 0.15%** |
| Israel (State of) 2.75% 7/3/2030  | USD400 | $373 |
| Israel (State of) 4.50% 1/17/2033  | 1600 | 1573 |
| Israel (State of) 5.50% 3/12/2034  | 3300 | 3423 |
|  |  | 5369 |
| **Paraguay 0.12%** | **Paraguay 0.12%** | **Paraguay 0.12%** |
| Paraguay (Republic of) 5.00% 4/15/2026  | 46 | 46 |
| Paraguay (Republic of) 4.95% 4/28/2031  | 1830 | 1861 |
| Paraguay (Republic of) 5.60% 3/13/2048 <sup>(a)</sup>  | 2432 | 2353 |
|  |  | 4260 |
| **Kuwait 0.11%** | **Kuwait 0.11%** | **Kuwait 0.11%** |
| Kuwait (State of) 4.652% 10/9/2035 <sup>(a)</sup>  | 3825 | 3829 |
| **Lithuania 0.06%** | **Lithuania 0.06%** | **Lithuania 0.06%** |
| Lithuania (Republic of) 4.25% 9/10/2045  | EUR1,840 | 2123 |
| **Georgia 0.05%** | **Georgia 0.05%** | **Georgia 0.05%** |
| Georgia (Republic of) 2.75% 4/22/2026 <sup>(a)</sup>  | USD1,975 | 1955 |
| **Uruguay 0.04%** | **Uruguay 0.04%** | **Uruguay 0.04%** |
| Uruguay (Oriental Republic of) 8.00% 10/29/2035  | UYU59,455 | 1568 |
| **Azerbaijan 0.04%** | **Azerbaijan 0.04%** | **Azerbaijan 0.04%** |
| Azerbaijan (Republic of) 3.50% 9/1/2032  | USD1,610 | 1515 |
| **Qatar 0.03%** | **Qatar 0.03%** | **Qatar 0.03%** |
| Qatar (State of) 6.40% 1/20/2040  | 680 | 786 |
| Qatar (State of) 4.40% 4/16/2050 <sup>(a)</sup>  | 250 | 222 |
|  |  | 1008 |
| **Ukraine 0.03%** | **Ukraine 0.03%** | **Ukraine 0.03%** |
| Ukraine 15.09% 2/4/2026  | UAH15,544 | 365 |
| Ukraine 15.20% 4/29/2026  | 15740 | 363 |
| Ukraine 15.10% 6/24/2026  | 11551 | 263 |
|  |  | 991 |
| **Serbia 0.01%** | **Serbia 0.01%** | **Serbia 0.01%** |
| Serbia (Republic of) 6.50% 9/26/2033 <sup>(a)</sup>  | USD380 | 408 |
| **Pakistan 0.01%** | **Pakistan 0.01%** | **Pakistan 0.01%** |
| Pakistan (Islamic Republic of) 6.00% 4/8/2026  | 400 | 400 |
| **Venezuela, Bolivarian Republic of 0.01%** | **Venezuela, Bolivarian Republic of 0.01%** | **Venezuela, Bolivarian Republic of 0.01%** |
| Venezuela (Bolivarian Republic of) 6.00% 12/9/2020 <sup>(f)</sup>  | 694 | 185 |
| Venezuela (Bolivarian Republic of) 9.00% 5/7/2023 <sup>(f)</sup>  | 409 | 116 |
|  |  | 301 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 2584496 |

---

American Funds Emerging Markets Bond Fund<sub>10</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes 15.96%** | **Corporate bonds and notes 15.96%** | **Corporate bonds and notes 15.96%** |
| **Energy 3.99%** | **Energy 3.99%** | **Energy 3.99%** |
| 3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup>  | USD1,420 | $1463 |
| 3R Lux SARL 9.75% 2/5/2031  | 598 | 616 |
| Abu Dhabi Crude Oil Pipeline, LLC 3.65% 11/2/2029  | 845 | 828 |
| Abu Dhabi Crude Oil Pipeline, LLC 4.60% 11/2/2047  | 5250 | 4886 |
| Adnoc Murban RSC, Ltd. 5.125% 9/11/2054 <sup>(a)</sup>  | 450 | 424 |
| AI Candelaria (Spain) SA 7.50% 12/15/2028  | 237 | 240 |
| AI Candelaria (Spain) SA 5.75% 6/15/2033  | 2950 | 2620 |
| AI Candelaria (Spain) SA 5.75% 6/15/2033 <sup>(a)</sup>  | 2250 | 1998 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup>  | 4780 | 4976 |
| Ecopetrol SA 8.625% 1/19/2029  | 1181 | 1267 |
| Ecopetrol SA 4.625% 11/2/2031  | 590 | 529 |
| Ecopetrol SA 8.875% 1/13/2033  | 1730 | 1849 |
| Ecopetrol SA 8.375% 1/19/2036  | 700 | 721 |
| Ecopetrol SA 5.875% 5/28/2045  | 457 | 340 |
| EIG Pearl Holdings SARL 3.545% 8/31/2036  | 5507 | 5112 |
| Empresa Nacional del Petroleo 5.95% 7/30/2034 <sup>(a)</sup>  | 3795 | 3976 |
| Empresa Nacional del Petroleo 5.95% 7/30/2034  | 300 | 314 |
| FORESEA Holding SA 7.50% 6/15/2030  | 939 | 927 |
| Galaxy Pipeline Assets Bidco, Ltd. 2.94% 9/30/2040  | 3855 | 3288 |
| Galaxy Pipeline Assets Bidco, Ltd. 3.25% 9/30/2040  | 1700 | 1392 |
| GeoPark, Ltd. 5.50% 1/17/2027  | 1733 | 1636 |
| GeoPark, Ltd. 8.75% 1/31/2030 <sup>(a)</sup>  | 2600 | 2431 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(a)</sup>  | 4540 | 4755 |
| Guara Norte SARL 5.198% 6/15/2034 <sup>(a)</sup>  | 1853 | 1811 |
| Guara Norte SARL 5.198% 6/15/2034  | 1694 | 1655 |
| Modec Finance BV 7.84% 7/15/2026 <sup>(g)(h)</sup>  | 200 | 202 |
| MV24 Capital BV 6.748% 6/1/2034  | 3021 | 3001 |
| MV24 Capital BV 6.748% 6/1/2034 <sup>(a)</sup>  | 1194 | 1186 |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(a)</sup>  | 1853 | 1830 |
| Oleoducto Central SA 4.00% 7/14/2027  | 900 | 889 |
| Petroleos Mexicanos 7.47% 11/12/2026  | MXN410,518 | 22557 |
| Petroleos Mexicanos 4.75% 2/26/2029  | EUR1,000 | 1182 |
| Petroleos Mexicanos 6.84% 1/23/2030  | USD5,800 | 5893 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 7206 | 6979 |
| Petroleos Mexicanos 6.70% 2/16/2032  | 6800 | 6786 |
| Petroleos Mexicanos 6.625% 6/15/2035  | 1200 | 1139 |
| Petroleos Mexicanos 6.375% 1/23/2045  | 1250 | 1011 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 4400 | 3946 |
| Pluspetrol SA 8.125% 5/18/2031 <sup>(a)</sup>  | 3900 | 3876 |
| Prio Luxembourg Holding SARL 6.75% 10/15/2030 <sup>(a)</sup>  | 600 | 584 |
| PTT PCL 4.50% 10/25/2042  | 500 | 440 |
| PTTEP Treasury Center Co., Ltd. 2.587% 6/10/2027 <sup>(a)</sup>  | 278 | 272 |
| PTTEP Treasury Center Co., Ltd. 2.587% 6/10/2027  | 200 | 196 |
| PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030  | 1228 | 1170 |
| PTTEP Treasury Center Co., Ltd. 3.903% 12/6/2059  | 200 | 151 |
| Qatar Energy 3.125% 7/12/2041 <sup>(a)</sup>  | 2995 | 2310 |
| Qatar Energy 3.125% 7/12/2041  | 325 | 251 |
| Qatar Energy 3.30% 7/12/2051 <sup>(a)</sup>  | 2710 | 1900 |
| Raizen Fuels Finance SA 5.30% 1/20/2027  | 1120 | 1083 |
| Raizen Fuels Finance SA 6.25% 7/8/2032  | 2519 | 2119 |
| Raizen Fuels Finance SA 6.45% 3/5/2034  | 1806 | 1474 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(a)</sup>  | 200 | 163 |
| Reliance Industries, Ltd. 3.625% 1/12/2052  | 250 | 183 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(a)</sup>  | 1540 | 1504 |
| Thaioil Treasury Center Co., Ltd. 5.375% 11/20/2048  | 338 | 320 |
| Thaioil Treasury Center Co., Ltd. 3.50% 10/17/2049  | 200 | 141 |
| Transportadora de Gas del Sur SA 8.50% 7/24/2031 <sup>(a)</sup>  | 2960 | 3081 |
| Transportadora de Gas del Sur SA 7.75% 11/20/2035 <sup>(a)</sup>  | 2820 | 2793 |
| Vista Energy Argentina S.A.U. 8.50% 6/10/2033 <sup>(a)</sup>  | 1800 | 1852 |
| Vista Energy Argentina S.A.U. 8.50% 6/10/2033  | 900 | 926 |
| Vista Energy Argentina S.A.U. 7.625% 12/10/2035 <sup>(a)</sup>  | 5550 | 5553 |
| YPF SA 8.50% 6/27/2029  | 300 | 312 |
| YPF SA 8.75% 9/11/2031 <sup>(a)</sup>  | 1750 | 1813 |
| YPF SA 8.25% 1/17/2034 <sup>(a)</sup>  | 2600 | 2664 |
|  |  | 143786 |

---

---

| | |
|:---|:---|
| **11** | American Funds Emerging Markets 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 2.76%** | **Utilities 2.76%** | **Utilities 2.76%** |
| Aegea Finance SARL 9.00% 1/20/2031 <sup>(a)</sup>  | USD1,845 | $1954 |
| Aegea Finance SARL 9.00% 1/20/2031  | 500 | 530 |
| AES Andes SA, junior subordinated, 8.15% 6/10/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 3.835% on 6/10/2030) <sup>(a)(e)</sup>  | 1370 | 1436 |
| AES Panama Generation Holdings, SRL 4.375% 5/31/2030  | 2278 | 2145 |
| AES Panama Generation Holdings, SRL 4.375% 5/31/2030 <sup>(a)</sup>  | 667 | 629 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051  | 3468 | 2804 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051 <sup>(a)</sup>  | 1103 | 891 |
| Buffalo Energy Mexico Holdings, SA de CV, 7.875% 2/15/2039  | 4477 | 4917 |
| Buffalo Energy Mexico Holdings, SA de CV, 7.875% 2/15/2039 <sup>(a)</sup>  | 731 | 803 |
| Chile Electricity Lux MPC II SARL 5.672% 10/20/2035 <sup>(a)</sup>  | 4718 | 4913 |
| Chile Electricity Lux MPC SARL 6.01% 1/20/2033 <sup>(a)</sup>  | 2331 | 2452 |
| Chile Electricity Lux MPC SARL 6.01% 1/20/2033  | 1611 | 1695 |
| China Huaneng Group Co., Ltd. 5.30% perpetual bonds (3-year UST Yield Curve Rate T Note Constant Maturity + <br> 3.775% on 7/5/2027) <sup>(e)</sup>  | 801 | 815 |
| China Oil and Gas Group, Ltd. 4.70% 6/30/2026  | 9259 | 9135 |
| Cikarang Listrindo Tbk PT 5.65% 3/12/2035  | 600 | 611 |
| Empresas Publicas de Medellin ESP 8.375% 11/8/2027  | COP16,026,000 | 3901 |
| Empresas Publicas de Medellin ESP 8.375% 11/8/2027  | 1400000 | 341 |
| Empresas Publicas de Medellin ESP 4.25% 7/18/2029 <sup>(a)</sup>  | USD1,022 | 963 |
| Enfragen Energia Sur SA 5.375% 12/30/2030  | 8744 | 8141 |
| Enfragen Energia Sur SA 8.499% 6/30/2032 <sup>(a)</sup>  | 6160 | 6396 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026  | 2100 | 2088 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026 <sup>(a)</sup>  | 510 | 507 |
| Greenko Dutch BV 3.85% 3/29/2026 <sup>(a)</sup>  | 4174 | 4144 |
| Greenko Dutch BV 3.85% 3/29/2026  | 2995 | 2974 |
| Greenko Power II, Ltd. 4.30% 12/13/2028  | 3031 | 2875 |
| Interchile SA 4.50% 6/30/2056  | 460 | 395 |
| Investment Energy Resources, Ltd. 6.25% 4/26/2029 <sup>(a)</sup>  | 920 | 927 |
| Kallpa Generacion SA 5.875% 1/30/2032 <sup>(a)</sup>  | 200 | 209 |
| Light Energia SA 4.375% 6/18/2026  | 798 | 772 |
| Light Servicos de Eletricidade SA 4.21% 12/19/2032  | 354 | 239 |
| Light Servicos de Eletricidade SA 2.26% PIK 12/19/2037 <sup>(i)</sup>  | 150 | 40 |
| Minejesa Capital BV 4.625% 8/10/2030  | 1654 | 1649 |
| Minejesa Capital BV 5.625% 8/10/2037  | 700 | 695 |
| MVM Energetika Zartkoruen Mukodo Reszvenytarsasag 7.50% 6/9/2028  | 665 | 705 |
| Niagara Energy S.A.C. 5.746% 10/3/2034  | 700 | 714 |
| Saavi Energia SARL 8.875% 2/10/2035 <sup>(a)</sup>  | 9020 | 9794 |
| SAEL, Ltd. 7.80% 7/31/2031 <sup>(a)</sup>  | 2262 | 2306 |
| SAEL, Ltd. 7.80% 7/31/2031  | 471 | 480 |
| San Miguel Global Power Holdings Corp. 8.125% perpetual bonds (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 6.404% on 3/2/2030) <sup>(e)</sup>  | 4710 | 4770 |
| San Miguel Global Power Holdings Corp. 8.75% perpetual bonds (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 7.732% on 9/12/2029) <sup>(e)</sup>  | 5162 | 5310 |
| TNB Global Ventures Capital Bhd 3.244% 10/19/2026  | 200 | 199 |
| Trinidad Generation Unlimited 7.75% 6/16/2033 <sup>(a)</sup>  | 600 | 622 |
| YPF Energia Electrica SA 7.875% 10/16/2032 <sup>(a)</sup>  | 1615 | 1622 |
|  |  | 99508 |
| **Financials 2.45%** | **Financials 2.45%** | **Financials 2.45%** |
| Banco de Bogota SA 6.25% 5/12/2026  | 605 | 608 |
| Banco de Chile 2.99% 12/9/2031  | 775 | 707 |
| Banco de Credito del Peru SA 3.25% 9/30/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.45% <br> on 9/30/2026) <sup>(e)</sup>  | 6665 | 6577 |
| Banco de Credito del Peru SA 3.25% 9/30/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.45% <br> on 9/30/2026) <sup>(a)(e)</sup>  | 2955 | 2916 |
| Bancolombia SA 8.625% 12/24/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.32% on <br> 12/24/2029) <sup>(e)</sup>  | 645 | 692 |
| Bangkok Bank Public Co., Ltd. 4.45% 9/19/2028 <sup>(a)</sup>  | 1500 | 1513 |
| Bangkok Bank Public Co., Ltd. 4.45% 9/19/2028  | 900 | 908 |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% <br> on 9/25/2029) <sup>(e)</sup>  | 2997 | 2845 |
| Bank of East Asia, Ltd. 4.875% 4/22/2032 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on <br> 4/22/2027) <sup>(e)</sup>  | 1750 | 1751 |

---

American Funds Emerging Markets Bond Fund<sub>12</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)** |
| BBVA Bancomer SA 5.125% 1/18/2033 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on <br> 1/17/2028) <sup>(e)</sup>  | USD1,335 | $1313 |
| BBVA Bancomer SA 5.875% 9/13/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.308% on <br> 9/13/2029) <sup>(e)</sup>  | 4671 | 4667 |
| BBVA Bancomer SA 7.625% 2/11/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.375% on <br> 2/11/2030) <sup>(a)(e)</sup>  | 4030 | 4242 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(e)</sup>  | 1740 | 1926 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(a)(e)</sup>  | 640 | 708 |
| Grupo Aval, Ltd. 4.375% 2/4/2030 <sup>(h)</sup>  | 755 | 708 |
| Hongkong Land Finance (Cayman Islands) Co., Ltd. (The) 5.25% 7/14/2033 <sup>(h)</sup>  | 1737 | 1793 |
| HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028) <sup>(e)</sup>  | 1000 | 952 |
| HSBC Holdings PLC (USD-SOFR + 1.57%) 3.66% 5/13/2031 <sup>(c)</sup>  | 3250 | 3318 |
| HSBC Holdings PLC 5.24% 5/13/2031 (USD-SOFR + 1.57% on 5/13/2030) <sup>(e)</sup>  | 1000 | 1031 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(e)</sup>  | 800 | 727 |
| HSBC Holdings PLC 8.113% 11/3/2033 (USD-SOFR + 4.25% on 11/3/2032) <sup>(e)</sup>  | 1900 | 2228 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(e)</sup>  | 3100 | 3397 |
| IIFL Finance, Ltd. 8.75% 7/24/2028 <sup>(a)</sup>  | 4490 | 4612 |
| Itau Unibanco Holding SA 6.00% 2/27/2030 <sup>(a)</sup>  | 4005 | 4158 |
| 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>(e)</sup>  | 11400 | 11261 |
| Manappuram Finance, Ltd. 7.375% 5/12/2028  | 5700 | 5826 |
| Muangthai Capital PCL 6.875% 9/30/2028  | 4500 | 4578 |
| NongHyup Bank 4.875% 7/3/2028 <sup>(a)</sup>  | 1395 | 1428 |
| Power Finance Corp., Ltd. 3.90% 9/16/2029  | 500 | 490 |
| PT Bank Negara Indonesia (Persero) Tbk 5.28% 4/5/2029  | 1250 | 1283 |
| PT Bank Negara Indonesia (Persero) Tbk 4.30% junior subordinated perpetual bonds (5-year UST Yield Curve <br> Rate T Note Constant Maturity + 3.466% on 3/24/2027) <sup>(e)</sup>  | 6800 | 6655 |
| Standard Chartered PLC 6.228% 1/21/2036 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.43% on <br> 1/21/2035) <sup>(a)(e)</sup>  | 775 | 842 |
| Xiaomi Best Time International, Ltd. 2.875% 7/14/2031  | 500 | 462 |
| Xiaomi Best Time International, Ltd. 4.10% 7/14/2051 <sup>(a)</sup>  | 1120 | 896 |
| Xiaomi Best Time International, Ltd. 4.10% 7/14/2051  | 200 | 160 |
|  |  | 88178 |
| **Consumer discretionary 2.07%** | **Consumer discretionary 2.07%** | **Consumer discretionary 2.07%** |
| Alibaba Group Holding, Ltd. 5.25% 5/26/2035  | 4200 | 4379 |
| Alibaba Group Holding, Ltd. 4.00% 12/6/2037  | 200 | 184 |
| Alibaba Group Holding, Ltd. 2.70% 2/9/2041  | 400 | 294 |
| Alibaba Group Holding, Ltd. 4.20% 12/6/2047  | 400 | 332 |
| Alibaba Group Holding, Ltd. 5.625% 11/26/2054  | 1990 | 2019 |
| Arcos Dorados BV 6.375% 1/29/2032 <sup>(a)</sup>  | 7455 | 7909 |
| GENM Capital Labuan, Ltd. 3.882% 4/19/2031  | 8400 | 7616 |
| GOHL Capital, Ltd., 4.25% 1/24/2027  | 6100 | 6050 |
| Meituan 4.625% 10/2/2029  | 1150 | 1156 |
| Meituan 3.05% 10/28/2030  | 3550 | 3312 |
| Meituan 3.05% 10/28/2030 <sup>(a)</sup>  | 250 | 233 |
| Meituan 4.75% 11/5/2032 <sup>(a)</sup>  | 865 | 855 |
| Meituan 5.125% 11/5/2035 <sup>(a)</sup>  | 2170 | 2149 |
| Melco Resorts Finance, Ltd. 5.625% 7/17/2027 <sup>(h)</sup>  | 700 | 700 |
| Melco Resorts Finance, Ltd. 5.625% 7/17/2027 <sup>(a)</sup>  | 200 | 200 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(h)</sup>  | 1805 | 1806 |
| Melco Resorts Finance, Ltd. 5.375% 12/4/2029 <sup>(h)</sup>  | 3490 | 3458 |
| Melco Resorts Finance, Ltd. 5.375% 12/4/2029 <sup>(a)</sup>  | 2250 | 2229 |
| Melco Resorts Finance, Ltd. 7.625% 4/17/2032 <sup>(a)</sup>  | 5600 | 5895 |
| Melco Resorts Finance, Ltd. 7.625% 4/17/2032 <sup>(h)</sup>  | 300 | 316 |
| Motherson Global Investments BV 5.625% 7/11/2029 <sup>(a)</sup>  | 1405 | 1435 |
| Motherson Global Investments BV 5.625% 7/11/2029  | 700 | 715 |
| Sands China, Ltd. 3.80% 1/8/2026  | 700 | 700 |
| Sands China, Ltd. 5.40% 8/8/2028  | 1500 | 1530 |
| Sands China, Ltd. 4.375% 6/18/2030  | 3100 | 3062 |
| Sands China, Ltd. 3.25% 8/8/2031  | 5431 | 5024 |
| Studio City Finance, Ltd. 6.50% 1/15/2028  | 200 | 200 |
| Studio City Finance, Ltd. 5.00% 1/15/2029  | 1570 | 1517 |

---

---

| | |
|:---|:---|
| **13** | American Funds Emerging Markets 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 discretionary (continued)** | **Consumer discretionary (continued)** | **Consumer discretionary (continued)** |
| Wynn Macau, Ltd. 5.50% 10/1/2027  | USD600 | $600 |
| Wynn Macau, Ltd. 5.625% 8/26/2028  | 5656 | 5659 |
| Wynn Macau, Ltd. 6.75% 2/15/2034 <sup>(a)</sup>  | 2910 | 2950 |
|  |  | 74484 |
| **Materials 1.67%** | **Materials 1.67%** | **Materials 1.67%** |
| Alpek, SAB de CV, 3.25% 2/25/2031 <sup>(a)</sup>  | 1285 | 1095 |
| Braskem Netherlands Finance BV 4.50% 1/10/2028  | 2921 | 1204 |
| Braskem Netherlands Finance BV 4.50% 1/31/2030  | 18851 | 7382 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031  | 1700 | 667 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(a)</sup>  | 1005 | 394 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033  | 905 | 351 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 <sup>(a)</sup>  | 275 | 107 |
| Braskem Netherlands Finance BV 8.00% 10/15/2034 <sup>(a)</sup>  | 1620 | 629 |
| Braskem Netherlands Finance BV 5.875% 1/31/2050  | 1070 | 373 |
| CAP SA 3.90% 4/27/2031  | 200 | 164 |
| Celulosa Arauco y Constitucion SA 6.18% 5/5/2032 <sup>(a)</sup>  | 2240 | 2317 |
| CSN Inova Ventures 6.75% 1/28/2028  | 900 | 835 |
| CSN Resources SA 8.875% 12/5/2030  | 3150 | 2929 |
| CSN Resources SA 8.875% 12/5/2030 <sup>(a)</sup>  | 1100 | 1023 |
| CSN Resources SA 4.625% 6/10/2031  | 1645 | 1268 |
| Fresnillo PLC 4.25% 10/2/2050  | 2300 | 1841 |
| Fresnillo PLC 4.25% 10/2/2050 <sup>(a)</sup>  | 2160 | 1729 |
| GC Treasury Center Co., Ltd. 2.98% 3/18/2031 <sup>(a)</sup>  | 375 | 341 |
| GC Treasury Center Co., Ltd. 6.50% perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 2.815% on 12/10/2030) <sup>(a)(e)</sup>  | 400 | 405 |
| GC Treasury Center Co., Ltd. 7.125% perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 3.162% on 9/10/2035) <sup>(a)(e)</sup>  | 755 | 769 |
| Nickel Industries, Ltd. 9.00% 9/30/2030 <sup>(a)</sup>  | 5050 | 5242 |
| POSCO 5.75% 1/17/2028 <sup>(a)</sup>  | 200 | 206 |
| POSCO Holdings, Inc. 5.75% 5/7/2035  | 400 | 420 |
| PT Freeport Indonesia 4.763% 4/14/2027  | 1836 | 1848 |
| PT Freeport Indonesia 4.763% 4/14/2027 <sup>(a)</sup>  | 364 | 366 |
| PT Freeport Indonesia 6.20% 4/14/2052  | 600 | 612 |
| PT Krakatau Posco 6.375% 6/11/2027  | 3500 | 3568 |
| PT Krakatau Posco 6.375% 6/11/2029  | 3900 | 4031 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(e)(i)</sup>  | 3087 | 3130 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(e)(i)</sup>  | 795 | 806 |
| Sasol Financing USA, LLC 4.375% 9/18/2026  | 1910 | 1902 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(h)</sup>  | 2150 | 2191 |
| Sasol Financing USA, LLC 5.50% 3/18/2031  | 4400 | 3739 |
| Suzano Austria GmbH 3.125% 1/15/2032  | 600 | 538 |
| Vale Overseas, Ltd. 6.40% 6/28/2054  | 240 | 245 |
| West China Cement, Ltd. 9.90% 12/4/2028  | 5699 | 5579 |
|  |  | 60246 |
| **Industrials 1.20%** | **Industrials 1.20%** | **Industrials 1.20%** |
| Ambipar Lux SARL 9.875% 2/6/2031  | 600 | 135 |
| Ambipar Lux SARL 10.875% 2/5/2033 <sup>(a)</sup>  | 200 | 35 |
| CK Hutchison International (23), Ltd. 4.875% 4/21/2033  | 200 | 203 |
| CK Hutchison International (24), Ltd. 5.50% 4/26/2034  | 460 | 481 |
| CK Hutchison International (24), Ltd. 5.50% 4/26/2034 <sup>(a)</sup>  | 400 | 419 |
| CK Hutchison International (21), Ltd. 3.125% 4/15/2041 <sup>(h)</sup>  | 400 | 308 |
| CK Hutchison International (19) II, Ltd. 3.375% 9/6/2049  | 600 | 438 |
| HPHT Finance 25, Ltd. 5.00% 2/21/2030 <sup>(h)</sup>  | 400 | 407 |
| Hutchison Whampoa International, Ltd. 7.45% 11/24/2033  | 3500 | 4110 |
| IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(a)</sup>  | 1160 | 1199 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(a)</sup>  | 2280 | 2401 |
| LATAM Airlines Group SA 7.625% 1/7/2031 <sup>(a)</sup>  | 385 | 405 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 <sup>(a)</sup>  | 419 | 437 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034  | 131 | 136 |
| Lima Metro Line 2 Finance, Ltd. 4.35% 4/5/2036 <sup>(a)</sup>  | 765 | 748 |
| Mexico City Airport Trust 4.25% 10/31/2026  | 2100 | 2094 |
| Mexico City Airport Trust 5.50% 7/31/2047  | 2000 | 1758 |

---

American Funds Emerging Markets Bond Fund<sub>14</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)** |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(a)</sup>  | USD1,510 | $1501 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027  | 200 | 199 |
| MTR Corp. CI, Ltd., 4.875% perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 0.86% on <br> 12/24/2030) <sup>(e)</sup>  | 200 | 204 |
| MTR Corp. CI, Ltd., 5.625% perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 1.457% on <br> 12/24/2035) <sup>(e)</sup>  | 2800 | 2953 |
| OCP SA 3.75% 6/23/2031  | 2000 | 1875 |
| OCP SA 6.75% 5/2/2034 <sup>(a)</sup>  | 3710 | 4000 |
| OCP SA 6.70% 3/1/2036 <sup>(a)</sup>  | 7000 | 7516 |
| Rutas 2 & 7 Finance, Ltd. 0% 9/30/2036 <sup>(a)</sup>  | 2068 | 1573 |
| Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/2031  | 6350 | 5775 |
| Transnet 8.25% 2/6/2028  | 300 | 317 |
| TSMC Arizona Corp. 3.125% 10/25/2041  | 200 | 161 |
| TSMC Arizona Corp. 3.25% 10/25/2051  | 200 | 151 |
| TSMC Arizona Corp. 4.50% 4/22/2052  | 400 | 375 |
| Varanasi Aurangabad Nh-2 Tollway Private, Ltd. 5.90% 2/28/2034 <sup>(a)</sup>  | 808 | 842 |
|  |  | 43156 |
| **Communication services 1.09%** | **Communication services 1.09%** | **Communication services 1.09%** |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN127,720 | 7324 |
| America Movil, SAB de CV, 2.875% 5/7/2030  | USD4,100 | 3863 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | MXN198,290 | 11218 |
| America Movil, SAB de CV, 10.30% 1/30/2034  | 90950 | 5337 |
| America Movil, SAB de CV, 6.375% 3/1/2035  | USD3,135 | 3449 |
| CT Trust 5.125% 2/3/2032  | 740 | 712 |
| Millicom International Cellular SA 4.50% 4/27/2031  | 745 | 695 |
| PLDT, Inc. 2.50% 1/23/2031  | 200 | 183 |
| PLDT, Inc. 3.45% 6/23/2050  | 200 | 144 |
| Tencent Holdings, Ltd. 2.39% 6/3/2030  | 500 | 468 |
| Tencent Holdings, Ltd. 3.925% 1/19/2038  | 200 | 186 |
| Tencent Holdings, Ltd. 3.68% 4/22/2041  | 400 | 337 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050  | 3360 | 2410 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050 <sup>(a)</sup>  | 900 | 646 |
| Tencent Holdings, Ltd. 3.84% 4/22/2051  | 2600 | 2064 |
| Tencent Holdings, Ltd. 3.29% 6/3/2060  | 200 | 136 |
|  |  | 39172 |
| **Consumer staples 0.46%** | **Consumer staples 0.46%** | **Consumer staples 0.46%** |
| Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | 1755 | 1867 |
| Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031  | 2709 | 2549 |
| Indofood CBP Sukses Makmur Tbk PT 3.541% 4/27/2032  | 2600 | 2427 |
| Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051  | 200 | 172 |
| InRetail Consumer 3.25% 3/22/2028 <sup>(a)</sup>  | 2730 | 2668 |
| InRetail Consumer 3.25% 3/22/2028  | 1675 | 1637 |
| MARB BondCo PLC 3.95% 1/29/2031 <sup>(a)</sup>  | 1500 | 1361 |
| MARB BondCo PLC 3.95% 1/29/2031  | 1440 | 1307 |
| Minerva Luxembourg SA 4.375% 3/18/2031 <sup>(a)</sup>  | 400 | 372 |
| Minerva Luxembourg SA 8.875% 9/13/2033  | 1200 | 1313 |
| Minerva Luxembourg SA 8.875% 9/13/2033 <sup>(a)</sup>  | 950 | 1039 |
|  |  | 16712 |
| **Information technology 0.12%** | **Information technology 0.12%** | **Information technology 0.12%** |
| Lenovo Group, Ltd. 3.421% 11/2/2030  | 400 | 381 |
| Lenovo Group, Ltd. 6.536% 7/27/2032  | 200 | 219 |
| SK hynix, Inc. 1.50% 1/19/2026  | 600 | 599 |
| SK hynix, Inc. 6.375% 1/17/2028  | 200 | 209 |
| SK hynix, Inc. 2.375% 1/19/2031 <sup>(a)</sup>  | 400 | 363 |
| SK hynix, Inc. 6.50% 1/17/2033  | 1700 | 1876 |
| TSMC Global, Ltd. 1.75% 4/23/2028  | 200 | 191 |
| TSMC Global, Ltd. 1.375% 9/28/2030  | 200 | 176 |
| TSMC Global, Ltd. 2.25% 4/23/2031 <sup>(a)</sup>  | 400 | 363 |
|  |  | 4377 |

---

---

| | |
|:---|:---|
| **15** | American Funds Emerging Markets 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)** |
| **Real estate 0.10%** | **Real estate 0.10%** | **Real estate 0.10%** |
| Corp. Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031 <sup>(a)</sup>  | USD725 | $675 |
| FibraSOMA 4.375% 7/22/2031 <sup>(a)</sup>  | 1430 | 1261 |
| FibraSOMA 4.375% 7/22/2031  | 996 | 879 |
| Sun Hung Kai Properties (Capital Market), Ltd. 2.875% 1/21/2030 <sup>(h)</sup>  | 200 | 190 |
| Trust Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup>  | 500 | 548 |
|  |  | 3553 |
| **Health care 0.04%** | **Health care 0.04%** | **Health care 0.04%** |
| Rede D'Or Finance SARL 4.50% 1/22/2030  | 1485 | 1445 |
| **Municipals 0.01%** | **Municipals 0.01%** | **Municipals 0.01%** |
| Aeropuerto Internacional de Tocumen SA 4.00% 8/11/2041  | 575 | 483 |
| **Total corporate bonds and notes** |  | 575100 |
| **U.S. Treasury bonds & notes 4.29%** | **U.S. Treasury bonds & notes 4.29%** | **U.S. Treasury bonds & notes 4.29%** |
| **U.S. Treasury 4.29%** | **U.S. Treasury 4.29%** | **U.S. Treasury 4.29%** |
| U.S. Treasury 3.50% 9/30/2027  | 2775 | 2776 |
| U.S. Treasury 3.625% 5/31/2028  | 4968 | 4982 |
| U.S. Treasury 4.625% 9/30/2028  | 17700 | 18202 |
| U.S. Treasury 3.625% 9/30/2030  | 4925 | 4907 |
| U.S. Treasury 3.625% 12/31/2030  | 27406 | 27281 |
| U.S. Treasury 4.125% 11/15/2032  | 4300 | 4352 |
| U.S. Treasury 3.875% 12/31/2032  | 14511 | 14453 |
| U.S. Treasury 3.375% 5/15/2033  | 2593 | 2494 |
| U.S. Treasury 3.875% 8/15/2034  | 3454 | 3404 |
| U.S. Treasury 4.25% 11/15/2034  | 3500 | 3539 |
| U.S. Treasury 4.625% 2/15/2035  | 6000 | 6233 |
| U.S. Treasury 4.25% 8/15/2035  | 8306 | 8372 |
| U.S. Treasury 4.875% 8/15/2045  | 3098 | 3132 |
| U.S. Treasury 4.125% 8/15/2053  | 6733 | 5972 |
| U.S. Treasury 4.50% 11/15/2054  | 1700 | 1607 |
| U.S. Treasury 4.625% 2/15/2055  | 9800 | 9461 |
| U.S. Treasury 4.75% 8/15/2055 <sup>(j)</sup>  | 33968 | 33469 |
| **Total U.S. Treasury bonds & notes** |  | 154636 |
| **Federal agency bonds & notes 0.82%** | **Federal agency bonds & notes 0.82%** | **Federal agency bonds & notes 0.82%** |
| Bank Gospodarstwa Krajowego 5.75% 7/9/2034 <sup>(a)</sup>  | 3000 | 3162 |
| Bank Gospodarstwa Krajowego 5.75% 7/9/2034  | 250 | 264 |
| Development Bank of Kazakhstan JSC 13.489% 5/23/2028  | KZT122,000 | 223 |
| Export-Import Bank of Korea 7.40% 2/5/2030  | INR334,100 | 3758 |
| Export-Import Bank of Korea 8.10% 10/16/2030  | 148900 | 1712 |
| Export-Import Bank of Thailand 5.354% 5/16/2029  | USD4,300 | 4459 |
| Korea Development Bank (The) 7.40% 1/25/2029  | INR719,800 | 8057 |
| Korea Development Bank (The) 7.25% 6/11/2029  | 330100 | 3695 |
| Korea Development Bank (The) 7.40% 1/17/2030  | 100000 | 1121 |
| Korea Electric Power Corp. 4.00% 6/14/2027 <sup>(a)</sup>  | USD200 | 200 |
| Korea Electric Power Corp. 4.75% 2/13/2028 <sup>(a)</sup>  | 1100 | 1117 |
| Korea National Oil Corp. 4.625% 3/31/2028 <sup>(a)</sup>  | 400 | 406 |
| Korea National Oil Corp. 4.875% 4/3/2028 <sup>(a)</sup>  | 200 | 204 |
| Korea National Oil Corp. 4.75% 3/31/2030 <sup>(a)</sup>  | 1050 | 1074 |
| Korea National Oil Corp. 2.625% 4/18/2032  | 200 | 180 |
|  |  | 29632 |
| **Total bonds, notes & other debt instruments** (cost: $3,189,412,000) |  | 3343864 |
| Common stocks 0.05% | Shares |  |
| **Energy 0.04%** | **Energy 0.04%** | **Energy 0.04%** |
| FORESEA Holding SA, Class C, nonvoting shares  | 55880 | 1272 |
| FORESEA Holding SA, Class B  | 6208 | 141 |
|  |  | 1413 |

---

---

| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **16** |

---

------

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) |  | Shares | Value<br> (000)<br>|
| **Utilities 0.01%** | **Utilities 0.01%** | **Utilities 0.01%** | **Utilities 0.01%** |
| Light SA, units <sup>(k)</sup>  | Light SA, units <sup>(k)</sup>  | 1023721 | $358 |
| **Total common stocks** (cost: $1,540,000) | **Total common stocks** (cost: $1,540,000) |  | 1771 |
| Short-term securities 6.45% |  |  |  |
| **Money market investments 5.86%** | **Money market investments 5.86%** | **Money market investments 5.86%** | **Money market investments 5.86%** |
| Capital Group Central Cash Fund 3.79% <sup>(l)(m)</sup>  | Capital Group Central Cash Fund 3.79% <sup>(l)(m)</sup>  | 2110449 | 211066 |
|  | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>|  |
| **Bills & notes of governments & government agencies outside the U.S. 0.59%** | **Bills & notes of governments & government agencies outside the U.S. 0.59%** | **Bills & notes of governments & government agencies outside the U.S. 0.59%** | **Bills & notes of governments & government agencies outside the U.S. 0.59%** |
| Egypt (Arab Republic of) 1/6/2026  | 19.531<br> %<br>| EGP220,400 | 4619 |
| Egypt (Arab Republic of) 1/20/2026  | 20.527 | 156100 | 3239 |
| Egypt (Arab Republic of) 3/3/2026  | 22.762 | 171475 | 3458 |
| Egypt (Arab Republic of) 3/17/2026  | 22.574 | 68600 | 1371 |
| Egypt (Arab Republic of) 5/5/2026  | 22.723 | 64625 | 1254 |
| Egypt (Arab Republic of) 5/26/2026  | 19.554 | 212750 | 4074 |
| Egypt (Arab Republic of) 6/2/2026  | 19.637 | 80775 | 1540 |
| Egypt (Arab Republic of) 6/9/2026  | 22.569 | 83850 | 1595 |
|  |  |  | 21150 |
| **Total short-term securities** (cost: $231,508,000) | **Total short-term securities** (cost: $231,508,000) | **Total short-term securities** (cost: $231,508,000) | 232216 |
| **Total investment securities 99.29%** (cost: $3,422,460,000) | **Total investment securities 99.29%** (cost: $3,422,460,000) |  | 3577851 |
| Other assets less liabilities 0.71% | Other assets less liabilities 0.71% |  | 25699 |
| **Net assets 100.00%** | **Net assets 100.00%** |  | $3603550 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &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; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>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)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 249 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD51,988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|
| 5 Year Euro-Bobl Futures | Short | 168 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22934)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| 5 Year U.S. Treasury Note Futures | Long | 909 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (254)<br>|
| 10 Year Euro-Bund Futures | Short | 272 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40778)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 |
| 10 Year U.S. Treasury Note Futures | Long | 255 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (205)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Long | 9 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| 20 Year U.S. Treasury Bond Futures | Long | 46 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68)<br>|
| 30 Year Euro-Buxl Futures | Short | 27 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3494)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 156 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (280)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(353)<br>|

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| TRY | 424658 | USD | 9734 | Citibank | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $107 |
| CZK | 43975 | USD | 2120 | HSBC Bank | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| USD | 241 | THB | 7708 | Citibank | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 2110 | TRY | 91905 | Citibank | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| USD | 4812 | TRY | 209800 | BNP Paribas | 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50)<br>|
| MYR | 58487 | USD | 14178 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246 |

---

---

| | |
|:---|:---|
| **17** | American Funds Emerging Markets Bond Fund |

---

------

**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 purchased<br> (000) | Currency purchased<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement<br> date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized<br> appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)<br> at 12/31/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 7283 | RON | 32100 | HSBC Bank | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(119)<br>|
| USD | 8383 | MYR | 34583 | JPMorgan Chase | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (146)<br>|
| CZK | 779743 | USD | 37598 | Bank of New York Mellon | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337 |
| CLP | 4844292 | USD | 5252 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| CZK | 209559 | USD | 10120 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| MXN | 25353 | USD | 1403 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| MXN | 22000 | USD | 1220 | Morgan Stanley | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 112 | CZK | 2330 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 4299 | MXN | 77503 | Morgan Stanley | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 4234 | PHP | 250000 | Barclays Bank PLC | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| USD | 819 | KRW | 1200000 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | 2743 | PEN | 9268 | JPMorgan Chase | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| USD | 2959 | PHP | 175300 | Standard Chartered Bank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 953 | KRW | 1400000 | Goldman Sachs | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| USD | 8126 | COP | 31130245 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76)<br>|
| USD | 5831 | MXN | 106675 | UBS AG | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88)<br>|
| USD | 10567 | COP | 40821299 | Citibank | 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (190)<br>|
| PLN | 62719 | USD | 17200 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 |
| ZAR | 102721 | USD | 6014 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| CNH | 60000 | USD | 8544 | UBS AG | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| PLN | 10133 | USD | 2803 | Bank of New York Mellon | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| PLN | 4400 | USD | 1212 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| HUF | 147000 | USD | 443 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| USD | 1701 | HUF | 555500 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| HUF | 131484 | USD | 398 | BNP Paribas | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| HUF | 255050 | EUR | 660 | JPMorgan Chase | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| RON | 9730 | EUR | 1906 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| PLN | 5297 | USD | 1474 | Bank of New York Mellon | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 338 | ZAR | 5650 | Morgan Stanley | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 945 | RON | 4143 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| USD | 1385 | HUF | 458641 | HSBC Bank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 3704 | HUF | 1227960 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47)<br>|
| USD | 1812 | ZAR | 30960 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56)<br>|
| USD | 5031 | PLN | 18347 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79)<br>|
| USD | 16692 | ZAR | 285124 | Citibank | 1/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (512)<br>|
| EUR | 4000 | USD | 4659 | Goldman Sachs | 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| THB | 64209 | USD | 2046 | UBS AG | 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| THB | 85000 | USD | 2708 | UBS AG | 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| THB | 289780 | USD | 9233 | UBS AG | 1/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
| CNH | 154964 | USD | 22049 | Standard Chartered Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
| USD | 645 | JPY | 100000 | HSBC Bank | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| CNH | 7000 | USD | 1000 | UBS AG | 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| USD | 15148 | PHP | 892000 | Standard Chartered Bank | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| CNH | 24200 | USD | 3447 | Bank of America | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| CLP | 480000 | USD | 526 | Morgan Stanley | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| USD | 44 | MXN | 800 | Standard Chartered Bank | 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 36810 | BRL | 200780 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395 |
| CLP | 3500000 | USD | 3841 | Morgan Stanley | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| USD | 421 | COP | 1600000 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| USD | 661 | PHP | 39000 | JPMorgan Chase | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 6642 | PHP | 392208 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| BRL | 4300 | USD | 788 | Citibank | 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| USD | 27560 | EUR | 23400 | HSBC Bank | 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| USD | 10283 | EUR | 8726 | Citibank | 1/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| USD | 48319 | EUR | 40968 | Standard Chartered Bank | 1/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| EUR | 1660 | USD | 1953 | Morgan Stanley | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| USD | 25965 | EUR | 22066 | Morgan Stanley | 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
| USD | 2500 | INR | 218970 | Citibank | 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| INR | 218965 | USD | 2532 | JPMorgan Chase | 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103)<br>|
| CLP | 1517984 | USD | 1660 | Morgan Stanley | 3/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| CNH | 17800 | USD | 2537 | Goldman Sachs | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| USD | 7182 | PHP | 425800 | Bank of America | 3/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|

---

---

| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **18** |

---

------

**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 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) |
| CNH | 82700 | USD | 11851 | Barclays Bank PLC | 3/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $68 |
| CNH | 39890 | USD | 5695 | BNP Paribas | 5/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $994 |

---

**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) |
| 5.298% | Annual | 6-month PLN-WIBOR | Semi-annual | 2/14/2026 | PLN20,400 | $3 | $— | $3 |
| 6-month CZK-PRIBOR | Semi-annual | 3.875% | Annual | 2/14/2026 | CZK117,590 | (2)<br>|  | (2)<br>|
| 3.515% | Annual | 6-month CZK-PRIBOR | Semi-annual | 9/2/2027 | 4202955 | (61)<br>|  | (61)<br>|
| 6-month PLN-WIBOR | Semi-annual | 4.14% | Annual | 9/2/2027 | PLN735,131 | (1622)<br>|  | (1622)<br>|
| 6.9797% | 28-day | Overnight MXN-F-TIIE | 28-day | 10/21/2028 | MXN5,330 | (3)<br>|  | (3)<br>|
| 8.9595% | 28-day | Overnight MXN-F-TIIE | 28-day | 11/16/2028 | 16500 | 37 |  | 37 |
| 5.086% | Annual | 6-month PLN-WIBOR | Semi-annual | 7/12/2029 | PLN11,980 | 157 |  | 157 |
| 6-month CZK-PRIBOR | Semi-annual | 3.635% | Annual | 7/12/2029 | CZK68,840 | 10 |  | 10 |
| 8.805% | 28-day | Overnight MXN-F-TIIE | 28-day | 11/16/2029 | MXN31,650 | 73 |  | 73 |
|  |  |  |  |  |  | $(1408)<br>| $— | $(1408)<br>|

---

**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) |
| 15.72% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | BRL8,475 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54 |
| 14.24% | At maturity | BZDIOVER | At maturity | Bank of America | &nbsp;&nbsp; 1/4/2027 | 3420 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| 13.975% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | 4135 | &nbsp;&nbsp; — <br><sup>(d)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| 13.87% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | 12530 | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4)<br>|
| 10.69660495% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | 10441 | &nbsp;&nbsp; (154)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (154)<br>|
| 10.8325% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | 15000 | &nbsp;&nbsp; (185)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (185)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(285)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(285)<br>|

---

**Investments in affiliates** <sup>(m)</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 5.86%** |  |  |  |  |  |  |  |
| **Money market investments 5.86%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(l)</sup>  | $83394 | &nbsp;&nbsp; $1237804 | &nbsp;&nbsp; $1110144 | &nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp; $20 | &nbsp;&nbsp; $211066 | &nbsp;&nbsp; $8416 |

---

---

| | |
|:---|:---|
| **19** | American Funds Emerging Markets Bond Fund |

---

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Melco Resorts Finance, Ltd. 5.375% 12/4/2029  | 5/22/2024-2/21/2025 | $3259 | $3458 | 0.09<br> %<br>|
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028  | 8/12/2024-11/20/2024 | 1744 | 1806 | 0.05 |
| Melco Resorts Finance, Ltd. 5.625% 7/17/2027  | 1/25/2024-6/26/2024 | 681 | 700 | 0.02 |
| Melco Resorts Finance, Ltd. 7.625% 4/17/2032  | 11/20/2024 | 304 | 316 | 0.01 |
| Sasol Financing USA, LLC 8.75% 5/3/2029  | 7/5/2023-11/20/2024 | 2144 | 2191 | 0.06 |
| Hongkong Land Finance (Cayman Islands) Co., Ltd. (The) 5.25% <br> 7/14/2033 <br>| 11/14/2025-11/17/2025 | 1802 | 1793 | 0.05 |
| Grupo Aval, Ltd. 4.375% 2/4/2030  | 8/25/2025 | 706 | 708 | 0.02 |
| HPHT Finance 25, Ltd. 5.00% 2/21/2030  | 4/8/2025-5/22/2025 | 396 | 407 | 0.01 |
| CK Hutchison International (21), Ltd. 3.125% 4/15/2041  | 11/4/2024-5/19/2025 | 300 | 308 | 0.01 |
| Modec Finance BV 7.84% 7/15/2026 <sup>(g)</sup> <br>| 7/28/2023 | 200 | 202 | 0.01 |
| Sun Hung Kai Properties (Capital Market), Ltd. 2.875% <br> 1/21/2030 <br>| 11/17/2025 | 190 | 190 | 0.01 |
| **Total** |  | $11726 | $12079 | 0.34<br> %<br>|

---

<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 $320,789,000, which represented 8.90% of the net assets of the fund. 

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

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

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

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

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

<sup>(h)</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>(i)</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>(j)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $6,810,000, which represented 0.19% of the net assets of the fund. 

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

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

<sup>(m)</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.

---

| |
|:---|
| **Key to abbreviation(s)** |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate |
| CLP = Chilean pesos |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CZK = Czech korunas |
| EGP = Egyptian pounds |
| EUR = Euros |
| F-TIIE = Funding Equilibrium Interbank Interest Rate |
| HUF = Hungarian forints |
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| JPY = Japanese yen |
| KRW = South Korean won |
| KZT = Kazakhstani tenge |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |

---

---

| |
|:---|
| NGN = Nigerian naira |
| PEN = Peruvian nuevos soles |
| PHP = Philippine pesos |
| PIK = Payment In Kind |
| PLN = Polish zloty |
| PRIBOR = Prague Interbank Offered Rate |
| RON = Romanian leu |
| RSC = Restricted Scope Company |
| SOFR = Secured Overnight Financing Rate |
| THB = Thai baht |
| TRY = Turkish lira |
| UAH = Ukrainian hryvnia |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| UYU = Uruguayan pesos |
| WIBOR = Warsaw Interbank Offered Rate |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **20** |

---

------

Financial statements

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

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment securities, at value: |  |  |
| Unaffiliated issuers (cost: $3,211,425) | $3366785 |  |
| Affiliated issuers (cost: $211,035) | 211066 | $3577851 |
| Cash |  | 141 |
| Cash denominated in currencies other than U.S. dollars (cost: $1,504) |  | 1498 |
| Unrealized appreciation on open forward currency contracts |  | 2647 |
| Bilateral swaps, at value |  | 58 |
| Receivables for: |  |  |
| Sales of investments | 43 |  |
| Sales of fund's shares | 2701 |  |
| Dividends and interest | 75003 |  |
| Currency translations | 453 |  |
| Variation margin on futures contracts | 100 |  |
| Variation margin on centrally cleared swap contracts | 200 | 78500<br>|
|  |  | 3660695 |
| **Liabilities:** |  |  |
| Unrealized depreciation on open forward currency contracts |  | 1653 |
| Bilateral swaps, at value |  | 343 |
| Payables for: |  |  |
| Purchases of investments | 679 |  |
| Repurchases of fund's shares | 50161 |  |
| Dividends on fund's shares | 219 |  |
| Investment advisory services | 1397 |  |
| Services provided by related parties | 198 |  |
| Trustees' deferred compensation | 19 |  |
| Variation margin on futures contracts | 246 |  |
| Variation margin on centrally cleared swap contracts | 177 |  |
| Non-U.S. taxes | 1899 |  |
| Other | 154 | 55149<br>|
| **Net assets at December 31, 2025** |  | $3603550 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of beneficial interest |  | $3658224 |
| Total distributable earnings (accumulated loss) |  | (54674) <br>|
| **Net assets at December 31, 2025** |  | $3603550 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **21** | American Funds Emerging Markets Bond Fund |

---

------

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 (440,492 total shares outstanding)** 

---

| | | | |
|:---|:---|:---|:---|
|  | Net assets | Shares <br>outstanding<br>| Net asset value <br>per share<br>|
| Class A | $342647 | 41885 | $8.18 |
| Class C | 13277 | 1623 | 8.18 |
| Class T | 8 | 1 | 8.18 |
| Class F-1 | 18833 | 2302 | 8.18 |
| Class F-2 | 484833 | 59265 | 8.18 |
| Class F-3 | 571644 | 69877 | 8.18 |
| Class 529-A | 10139 | 1239 | 8.18 |
| Class 529-C | 237 | 29 | 8.18 |
| Class 529-E | 698 | 85 | 8.18 |
| Class 529-T | 14 | 2 | 8.18 |
| Class 529-F-1 | 12 | 2 | 8.18 |
| Class 529-F-2 | 7323 | 895 | 8.18 |
| Class 529-F-3 | 12 | 2 | 8.18 |
| Class R-1 | 167 | 20 | 8.18 |
| Class R-2 | 1490 | 182 | 8.18 |
| Class R-2E | 74 | 9 | 8.18 |
| Class R-3 | 3253 | 398 | 8.18 |
| Class R-4 | 697 | 85 | 8.18 |
| Class R-5E | 1148 | 140 | 8.18 |
| Class R-5 | 404 | 49 | 8.18 |
| Class R-6 | 2146640 | 262402 | 8.18 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **22** |

---

------

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 $3,826) | $233127 |  |
| Dividends (net of non-U.S. taxes of $9; <br>also includes $8,416 from affiliates)<br>| 8811 | $241938 |
| Fees and expenses\*: |  |  |
| Investment advisory services | 14598 |  |
| Distribution services | 1054 |  |
| Transfer agent services | 965 |  |
| Administrative services | 958 |  |
| 529 plan services | 9 |  |
| Reports to shareholders | 78 |  |
| Registration statement and prospectus | 501 |  |
| Trustees' compensation | 12 |  |
| Auditing and legal | 168 |  |
| Custodian | 619 |  |
| Other | 49 |  |
| Total fees and expenses before waivers and/or reimbursements | 19011 |  |
| Less waivers and/or reimbursements of fees and expenses: |  |  |
| Transfer agent services waiver | 1 |  |
| Total fees and expenses after waivers and/or reimbursements |  | 19010<br>|
| Net investment income |  | 222928<br>|
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments (net of non-U.S. taxes of $1,512): |  |  |
| Unaffiliated issuers | (6523)<br>|  |
| Affiliated issuers | (8)<br>|  |
| Futures contracts | 4436 |  |
| Forward currency contracts | (16102)<br>|  |
| Swap contracts | 437 |  |
| Currency transactions | (1074)<br>| (18834)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |
| Investments (net of non-U.S. taxes of $858): |  |  |
| Unaffiliated issuers | 271784 |  |
| Affiliated issuers | 20 |  |
| Futures contracts | 703 |  |
| Forward currency contracts | (2073)<br>|  |
| Swap contracts | (1085)<br>|  |
| Currency translations | 2000 | 271349<br>|
| Net realized gain (loss) and unrealized appreciation (depreciation) |  | 252515<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | $475443 |

---

\*

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

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **23** | American Funds Emerging Markets Bond Fund |

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Financial statements (continued)

**Statements of changes in net assets**

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(dollars in thousands)

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| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | $222928 | $148352 |
| Net realized gain (loss) | (18834)<br>| (13291)<br>|
| Net unrealized appreciation (depreciation) | 271349 | (117589)<br>|
| Net increase (decrease) in net assets resulting from operations | 475443 | 17472 |
| **Distributions paid or accrued and return of capital paid to shareholders:** |  |  |
| Distributions | (168456)<br>| (139150)<br>|
| Return of capital | (44200)<br>| (9204)<br>|
| Total distributions paid or accrued and return of capital paid to <br> shareholders<br>| (212656)<br>| (148354)<br>|
| **Net capital share transactions** | 583206 | 1789417 |
| **Total increase (decrease) in net assets**  | 845993 | 1658535 |
| **Net assets:** |  |  |
| Beginning of year | 2757557 | 1099022 |
| End of year | $3603550 | $2757557 |

---

Refer to the notes to financial statements.

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| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **24** |

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Notes to financial statements

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

**1. Organization**

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American Funds Emerging Markets Bond Fund (the "fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, nondiversified management investment company. The fund seeks to provide a high level of total return over the long term, of which current income is a large component.

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:

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| | | | |
|:---|:---|:---|:---|
| **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**

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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.

**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.

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| | |
|:---|:---|
| **25** | American Funds Emerging Markets Bond Fund |

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------

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

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

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

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>|

---

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| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **26** |

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

**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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| | |
|:---|:---|
| **27** | American Funds Emerging Markets Bond Fund |

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------

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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: |  |  |  |  |
| Bonds & notes of governments & government agencies outside <br> the U.S.<br>| $— | $2584496 | $— | $2584496 |
| Corporate bonds and notes |  | 574898 | 202 | 575100 |
| U.S. Treasury bonds & notes |  | 154636 |  | 154636 |
| Federal agency bonds & notes |  | 29632 |  | 29632 |
| Common stocks  |  | 1771 |  | 1771 |
| Short-term securities  | 211066 | 21150 |  | 232216 |
| Total | $211066 | $3366583 | $202 | $3577851 |

---

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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 | $462 | $— | $— | $462 |
| Unrealized appreciation on open forward currency contracts |  | 2647 |  | 2647 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 280 |  | 280 |
| Unrealized appreciation on bilateral interest rate swaps |  | 58 |  | 58 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (815)<br>|  |  | (815)<br>|
| Unrealized depreciation on open forward currency contracts |  | (1653)<br>|  | (1653)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (343)<br>|  | (343)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (1688)<br>|  | (1688)<br>|
| Total  | $(353)<br>| $(699)<br>| $— | $(1052)<br>|

---

\*

Futures contracts, forward currency contracts and interest rate swaps are not included in the fund's investment portfolio.

**4. Risk factors**

------

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

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

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

**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.

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| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **28** |

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**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 that 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 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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| | |
|:---|:---|
| **29** | American Funds Emerging Markets 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, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, 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.

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

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

**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 Emerging Markets Bond Fund | **30** |

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

**5. Certain investment techniques**

------

**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.

**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 $328,262,000.

**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 $510,539,000.

**Swap contracts** — The fund has entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a 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.

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| | |
|:---|:---|
| **31** | American Funds Emerging Markets Bond Fund |

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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 $199,065,000.

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 futures contracts, forward currency contracts and interest rate 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** |
| Futures | Interest | Unrealized appreciation\* | $462 | Unrealized depreciation\* | $815 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open forward <br> currency contracts<br>| 2647 | &nbsp;&nbsp; Unrealized depreciation on open forward <br> currency contracts<br>| 1653 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation\* | 280 | Unrealized depreciation\* | 1688 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 58 | Bilateral swaps, at value | 343 |
|  |  |  | $3447 |  | $4499 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **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** |
| Futures | Interest | Net realized gain (loss) on futures contracts | $4436 | &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on futures contracts<br>| $703 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (16102)<br>| &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on forward currency contracts<br>| (2073)<br>|
| Swap | Interest | Net realized gain (loss) on swap contracts | 437 | &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on swap contracts<br>| (1085)<br>|
|  |  |  | $(11229)<br>|  | $(2455)<br>|

---

\*

Includes cumulative appreciation/depreciation on futures contracts and centrally cleared interest rate 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.

---

| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **32** |

---

------

**Collateral** — The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to its use of futures contracts, forward currency contracts and interest rate swaps. For futures contracts and centrally cleared interest rate 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. 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; $30<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19<br>|
| Bank of New York Mellon | &nbsp;&nbsp; 357<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (355)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<br>|
| Barclays Bank PLC | &nbsp;&nbsp; 122<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (110)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| BNP Paribas | &nbsp;&nbsp; 76<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26<br>|
| Citibank | &nbsp;&nbsp; 1177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1014)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (160)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Goldman Sachs | &nbsp;&nbsp; 75<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75)<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>|
| HSBC Bank | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65)<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>|
| JPMorgan Chase | &nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| Morgan Stanley | &nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| Standard Chartered Bank | &nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| UBS AG | &nbsp;&nbsp; 68<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68)<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; $2705<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1584)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(625)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $496 |
| Liabilities: |  |  |  |  |  |
| Bank of America | &nbsp;&nbsp; $11<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(11)<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; 12<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<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>|
| BNP Paribas | &nbsp;&nbsp; 50<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50)<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>|
| Citibank | &nbsp;&nbsp; 1014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1014)<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; 356<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (281)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| HSBC Bank | &nbsp;&nbsp; 135<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| JPMorgan Chase | &nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264)<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; 9<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)<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>|
| Standard Chartered Bank | &nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<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; 129<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61<br>|
| Total | &nbsp;&nbsp; $1996<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1584)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(281)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $131 |

---

\*

Collateral is shown on a settlement basis.

---

| | |
|:---|:---|
| **33** | American Funds Emerging Markets Bond Fund |

---

------

&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; 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 $1,000 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):

---

| | |
|:---|:---|
| Undistributed ordinary income | $219 |
| Distributions in excess of ordinary income | 44200 |
| Late year ordinary loss deferral\* | (925)<br>|
| Capital loss carryforward<sup>†</sup> <br>| (203782)<br>|
| Gross unrealized appreciation on investments | 217537 |
| Gross unrealized depreciation on investments | (62065)<br>|
| Net unrealized appreciation (depreciation) on investments | 155472 |
| Cost of investments | 3421327 |

---

\*

This deferral is considered incurred in the subsequent year.

<sup>†</sup>

Reflects the utilization of capital loss carryforward of $35,604,000. 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.

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| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **34** |

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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 or accrued 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 or** <br>**accrued**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**income**<br>| **Return of** <br>**capital**<br>| **Total** <br>**paid or** <br>**accrued**<br>|
| Class A | &nbsp;&nbsp; $15874 | $4165 | $20039 | &nbsp;&nbsp;&nbsp;&nbsp; $19922 | $1318 | $21240 |
| Class C | &nbsp;&nbsp; 620 | 163 | 783 | &nbsp;&nbsp;&nbsp;&nbsp; 936 | 62 | 998 |
| Class T | &nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class F-1 | &nbsp;&nbsp; 859 | 225 | 1084 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | 66 | 1066 |
| Class F-2 | &nbsp;&nbsp; 21705 | 5695 | 27400 | &nbsp;&nbsp;&nbsp;&nbsp; 21580 | 1427 | 23007 |
| Class F-3 | &nbsp;&nbsp; 26932 | 7067 | 33999 | &nbsp;&nbsp;&nbsp;&nbsp; 30469 | 2015 | 32484 |
| Class 529-A | &nbsp;&nbsp; 476 | 125 | 601 | &nbsp;&nbsp;&nbsp;&nbsp; 593 | 39 | 632 |
| Class 529-C | &nbsp;&nbsp; 10 | 3 | 13 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | 2 | 23 |
| Class 529-E | &nbsp;&nbsp; 31 | 8 | 39 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | 3 | 39 |
| Class 529-T | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| 1 |
| Class 529-F-1 | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| 1 |
| Class 529-F-2 | &nbsp;&nbsp; 354 | 93 | 447 | &nbsp;&nbsp;&nbsp;&nbsp; 442 | 29 | 471 |
| Class 529-F-3 | &nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| 1 |
| Class R-1 | &nbsp;&nbsp; 9 | 2 | 11 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 1 | 13 |
| Class R-2 | &nbsp;&nbsp; 64 | 17 | 81 | &nbsp;&nbsp;&nbsp;&nbsp; 92 | 6 | 98 |
| Class R-2E | &nbsp;&nbsp; 3 | 1 | 4 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | — <br><sup>†</sup><br>| 3 |
| Class R-3 | &nbsp;&nbsp; 139 | 36 | 175 | &nbsp;&nbsp;&nbsp;&nbsp; 147 | 10 | 157 |
| Class R-4 | &nbsp;&nbsp; 41 | 11 | 52 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | 5 | 80 |
| Class R-5E | &nbsp;&nbsp; 57 | 15 | 72 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | 5 | 75 |
| Class R-5 | &nbsp;&nbsp; 26 | 7 | 33 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | 3 | 53 |
| Class R-6 | &nbsp;&nbsp; 101253 | 26567 | 127820 | &nbsp;&nbsp;&nbsp;&nbsp; 63699 | 4213 | 67912 |
| Total | &nbsp;&nbsp; $168456 | $44200 | $212656 | &nbsp;&nbsp;&nbsp;&nbsp; $139150 | $9204 | $148354 |

---

<sup>†</sup>

Amount less than one thousand.

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

------

CRMC, the fund's investment adviser, is the parent company of 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 0.457% on the first $15 billion of daily net assets and decreasing to 0.428% on such assets in excess of $15 billion. For the year ended December 31, 2025, the investment advisory services fees were $14,598,000, which were equivalent to an annualized rate of 0.457% of average daily net assets.

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| | |
|:---|:---|
| **35** | American Funds Emerging Markets 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. For the year ended December 31, 2025, AFS waived transfer agent services fees of $1,000 for Class R-3 shares. AFS does not intend to recoup the waiver.

**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.

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| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **36** |

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------

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 $9,000, which were equivalent to 0.053% of the average daily net assets of each 529 share class.

For the year ended December 31, 2025, class-specific expenses under the agreements were as follows (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>| **529 plan** <br>**services**<br>|
| Class A | $816 | $433 | $95 | Not applicable |
| Class C | 139 | 20 | 4 | Not applicable |
| Class T |  | —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class F-1 | 43 | 22 | 5 | Not applicable |
| Class F-2 | Not applicable | 447 | 124 | Not applicable |
| Class F-3 | Not applicable | 3 | 152 | Not applicable |
| Class 529-A | 21 | 12 | 3 | $5 |
| Class 529-C | 2 | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-E | 3 | 1 | —<br> \*<br>| —<br> \*<br>|
| 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 | 4 | 2 | 4 |
| Class 529-F-3 | Not applicable | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class R-1 | 2 | —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class R-2 | 11 | 4 | 1 | Not applicable |
| Class R-2E | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class R-3 | 15 | 5 | 1 | Not applicable |
| Class R-4 | 2 | 1 | —<br> \*<br>| Not applicable |
| Class R-5E | Not applicable | 1 | —<br> \*<br>| Not applicable |
| Class R-5 | Not applicable | —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class R-6 | Not applicable | 12 | 571 | Not applicable |
| Total class-specific expenses | $1054 | $965 | $958 | $9 |

---

\*

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 $12,000 in the fund's statement of operations reflects $10,000 in current fees (either paid in cash or deferred) and a net increase of $2,000 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.

---

| | |
|:---|:---|
| **37** | American Funds Emerging Markets Bond Fund |

---

------

**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.

**8. Committed line of credit**

------

The fund participates with other funds managed by CRMC (or funds managed by certain affiliates of CRMC) in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to support shareholder redemptions. The fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in the fund's statement of operations. The fund did not borrow on this line of credit at any time during the year ended December 31, 2025.

**9. 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.

**10. 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 | $67113 | 8498 | &nbsp;&nbsp;&nbsp; $18729 | 2371 | &nbsp;&nbsp;&nbsp; $(61210)<br>| (7767)<br>| &nbsp;&nbsp;&nbsp; $24632 | 3102 |
| Class C | 2145 | 272 | &nbsp;&nbsp;&nbsp; 773 | 98 | &nbsp;&nbsp;&nbsp; (5348)<br>| (677)<br>| &nbsp;&nbsp;&nbsp; (2430)<br>| (307)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 14395 | 1852 | &nbsp;&nbsp;&nbsp; 1080 | 137 | &nbsp;&nbsp;&nbsp; (10441)<br>| (1330)<br>| &nbsp;&nbsp;&nbsp; 5034 | 659 |
| Class F-2 | 160052 | 20250 | &nbsp;&nbsp;&nbsp; 27099 | 3427 | &nbsp;&nbsp;&nbsp; (101689)<br>| (13011)<br>| &nbsp;&nbsp;&nbsp; 85462 | 10666 |
| Class F-3 | 158418 | 20197 | &nbsp;&nbsp;&nbsp; 33019 | 4175 | &nbsp;&nbsp;&nbsp; (91872)<br>| (11684)<br>| &nbsp;&nbsp;&nbsp; 99565 | 12688 |
| Class 529-A | 2283 | 289 | &nbsp;&nbsp;&nbsp; 598 | 76 | &nbsp;&nbsp;&nbsp; (2209)<br>| (280)<br>| &nbsp;&nbsp;&nbsp; 672 | 85 |
| Class 529-C | 63 | 8 | &nbsp;&nbsp;&nbsp; 13 | 2 | &nbsp;&nbsp;&nbsp; (123)<br>| (16)<br>| &nbsp;&nbsp;&nbsp; (47)<br>| (6)<br>|
| Class 529-E | 149 | 19 | &nbsp;&nbsp;&nbsp; 39 | 5 | &nbsp;&nbsp;&nbsp; (103)<br>| (13)<br>| &nbsp;&nbsp;&nbsp; 85 | 11 |
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; 1 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | 1 |
| Class 529-F-2 | 1281 | 162 | &nbsp;&nbsp;&nbsp; 446 | 56 | &nbsp;&nbsp;&nbsp; (1059)<br>| (133)<br>| &nbsp;&nbsp;&nbsp; 668 | 85 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; 1 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | 1 |
| Class R-1 | 12 | 2 | &nbsp;&nbsp;&nbsp; 10 | 1 | &nbsp;&nbsp;&nbsp; (70)<br>| (9)<br>| &nbsp;&nbsp;&nbsp; (48)<br>| (6)<br>|
| Class R-2 | 224 | 29 | &nbsp;&nbsp;&nbsp; 80 | 10 | &nbsp;&nbsp;&nbsp; (295)<br>| (38)<br>| &nbsp;&nbsp;&nbsp; 9 | 1 |
| Class R-2E | 15 | 2 | &nbsp;&nbsp;&nbsp; 3 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; (1)<br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; 17 | 2 |
| Class R-3 | 607 | 77 | &nbsp;&nbsp;&nbsp; 175 | 22 | &nbsp;&nbsp;&nbsp; (246)<br>| (31)<br>| &nbsp;&nbsp;&nbsp; 536 | 68 |
| Class R-4 | 167 | 21 | &nbsp;&nbsp;&nbsp; 51 | 7 | &nbsp;&nbsp;&nbsp; (792)<br>| (103)<br>| &nbsp;&nbsp;&nbsp; (574)<br>| (75)<br>|
| Class R-5E | 292 | 37 | &nbsp;&nbsp;&nbsp; 70 | 8 | &nbsp;&nbsp;&nbsp; (518)<br>| (67)<br>| &nbsp;&nbsp;&nbsp; (156)<br>| (22)<br>|
| Class R-5 | 307 | 38 | &nbsp;&nbsp;&nbsp; 32 | 4 | &nbsp;&nbsp;&nbsp; (489)<br>| (61)<br>| &nbsp;&nbsp;&nbsp; (150)<br>| (19)<br>|
| Class R-6 | 421303 | 53615 | &nbsp;&nbsp;&nbsp; 127821 | 16162 | &nbsp;&nbsp;&nbsp; (179196)<br>| (22683)<br>| &nbsp;&nbsp;&nbsp; 369928 | 47094 |
| Total net increase (decrease) | $828826 | 105368 | &nbsp;&nbsp;&nbsp; $210041 | 26563 | &nbsp;&nbsp;&nbsp; $(455661)<br>| (57903)<br>| &nbsp;&nbsp;&nbsp; $583206 | 74028 |

---

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

---

| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **38** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 | $53214 | 6783 | &nbsp;&nbsp;&nbsp; $19743 | 2528 | &nbsp;&nbsp;&nbsp; $(67787)<br>| (8680)<br>| &nbsp;&nbsp;&nbsp; $5170 | 631 |
| Class C | 2186 | 279 | &nbsp;&nbsp;&nbsp; 984 | 126 | &nbsp;&nbsp;&nbsp; (4869)<br>| (622)<br>| &nbsp;&nbsp;&nbsp; (1699)<br>| (217)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 28137 | 3567 | &nbsp;&nbsp;&nbsp; 1057 | 135 | &nbsp;&nbsp;&nbsp; (32368)<br>| (4113)<br>| &nbsp;&nbsp;&nbsp; (3174)<br>| (411)<br>|
| Class F-2 | 220367 | 28130 | &nbsp;&nbsp;&nbsp; 22824 | 2924 | &nbsp;&nbsp;&nbsp; (95966)<br>| (12279)<br>| &nbsp;&nbsp;&nbsp; 147225 | 18775 |
| Class F-3 | 235687 | 30152 | &nbsp;&nbsp;&nbsp; 31544 | 4039 | &nbsp;&nbsp;&nbsp; (187803)<br>| (24215)<br>| &nbsp;&nbsp;&nbsp; 79428 | 9976 |
| Class 529-A | 1937 | 247 | &nbsp;&nbsp;&nbsp; 630 | 81 | &nbsp;&nbsp;&nbsp; (2206)<br>| (282)<br>| &nbsp;&nbsp;&nbsp; 361 | 46 |
| Class 529-C | 86 | 11 | &nbsp;&nbsp;&nbsp; 23 | 3 | &nbsp;&nbsp;&nbsp; (280)<br>| (36)<br>| &nbsp;&nbsp;&nbsp; (171)<br>| (22)<br>|
| Class 529-E | 34 | 4 | &nbsp;&nbsp;&nbsp; 38 | 5 | &nbsp;&nbsp;&nbsp; (52)<br>| (7)<br>| &nbsp;&nbsp;&nbsp; 20 | 2 |
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; 1 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | 1 |
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class 529-F-2 | 1315 | 167 | &nbsp;&nbsp;&nbsp; 465 | 59 | &nbsp;&nbsp;&nbsp; (2264)<br>| (290)<br>| &nbsp;&nbsp;&nbsp; (484)<br>| (64)<br>|
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class R-1 | 22 | 3 | &nbsp;&nbsp;&nbsp; 11 | 1 | &nbsp;&nbsp;&nbsp; (16)<br>| (2)<br>| &nbsp;&nbsp;&nbsp; 17 | 2 |
| Class R-2 | 399 | 51 | &nbsp;&nbsp;&nbsp; 96 | 12 | &nbsp;&nbsp;&nbsp; (699)<br>| (89)<br>| &nbsp;&nbsp;&nbsp; (204)<br>| (26)<br>|
| Class R-2E | 27 | 3 | &nbsp;&nbsp;&nbsp; 2 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; (100)<br>| (12)<br>| &nbsp;&nbsp;&nbsp; (71)<br>| (9)<br>|
| Class R-3 | 1118 | 142 | &nbsp;&nbsp;&nbsp; 156 | 20 | &nbsp;&nbsp;&nbsp; (663)<br>| (85)<br>| &nbsp;&nbsp;&nbsp; 611 | 77 |
| Class R-4 | 536 | 68 | &nbsp;&nbsp;&nbsp; 79 | 10 | &nbsp;&nbsp;&nbsp; (195)<br>| (25)<br>| &nbsp;&nbsp;&nbsp; 420 | 53 |
| Class R-5E | 413 | 53 | &nbsp;&nbsp;&nbsp; 73 | 9 | &nbsp;&nbsp;&nbsp; (176)<br>| (22)<br>| &nbsp;&nbsp;&nbsp; 310 | 40 |
| Class R-5 | 21 | 2 | &nbsp;&nbsp;&nbsp; 53 | 7 | &nbsp;&nbsp;&nbsp; (414)<br>| (53)<br>| &nbsp;&nbsp;&nbsp; (340)<br>| (44)<br>|
| Class R-6 | 1511316 | 194414 | &nbsp;&nbsp;&nbsp; 67922 | 8724 | &nbsp;&nbsp;&nbsp; (17243)<br>| (2193)<br>| &nbsp;&nbsp;&nbsp; 1561995 | 200945 |
| Total net increase (decrease) | $2056815 | 264076 | &nbsp;&nbsp;&nbsp; $145703 | 18684 | &nbsp;&nbsp;&nbsp; $(413101)<br>| (53005)<br>| &nbsp;&nbsp;&nbsp; $1789417 | 229755 |

---

\*

Includes exchanges between share classes of the fund.

<sup>†</sup>

Amount less than one thousand.

**11. Investment transactions**

------

The fund engaged in purchases and sales of investment securities, excluding in-kind transactions, short-term securities and U.S. government obligations, if any, of $1,785,185,000 and $1,382,777,000, respectively, during the year ended December 31, 2025.

**12. Ownership concentration**

------

At December 31, 2025, two shareholders held more than 10% of the fund's outstanding shares. The two shareholders were American Funds 2045 Target Date Retirement Fund and American Funds 2050 Target Date Retirement Fund, with aggregate ownership of the fund's outstanding shares of 10% and 11%, respectively. CRMC is the investment adviser to the two target date funds.

---

| | |
|:---|:---|
| **39** | American Funds Emerging Markets 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 | $7.52 | $.53 | $.63 | $1.16 | $(.40)<br>| $(.10)<br>| $(.50)<br>| $8.18 | 15.88<br> %<br>| $343 | .93<br> %<br>| .93<br> %<br>| 6.66<br> %<br>|
| 12/31/2024 | 8.04 | .55 | (.53)<br>| .02 | (.51)<br>| (.03)<br>| (.54)<br>| 7.52 | .28 | 292 | .93 | .93 | 6.96 |
| 12/31/2023 | 7.59 | .50 | .48 | .98 | (.38)<br>| (.15)<br>| (.53)<br>| 8.04 | 13.39 | 307 | .97 | .97 | 6.54 |
| 12/31/2022 | 9.30 | .50 | (1.65)<br>| (1.15)<br>| (.47)<br>| (.09)<br>| (.56)<br>| 7.59 | (12.30)<br>| 270 | .99 | .98 | 6.36 |
| 12/31/2021 | 10.15 | .45 | (.85)<br>| (.40)<br>| (.38)<br>| (.07)<br>| (.45)<br>| 9.30 | (3.98)<br>| 375 | 1.06 | 1.06 | 4.70 |
| **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 | 7.52 | .47 | .63 | 1.10 | (.35)<br>| (.09)<br>| (.44)<br>| 8.18 | 15.03 | 13 | 1.67 | 1.67 | 5.95 |
| 12/31/2024 | 8.04 | .49 | (.52)<br>| (.03)<br>| (.46)<br>| (.03)<br>| (.49)<br>| 7.52 | (.47)<br>| 15 | 1.68 | 1.68 | 6.20 |
| 12/31/2023 | 7.59 | .44 | .48 | .92 | (.34)<br>| (.13)<br>| (.47)<br>| 8.04 | 12.57 | 17 | 1.70 | 1.70 | 5.81 |
| 12/31/2022 | 9.30 | .44 | (1.65)<br>| (1.21)<br>| (.42)<br>| (.08)<br>| (.50)<br>| 7.59 | (12.96)<br>| 16 | 1.74 | 1.73 | 5.60 |
| 12/31/2021 | 10.15 | .38 | (.85)<br>| (.47)<br>| (.32)<br>| (.06)<br>| (.38)<br>| 9.30 | (4.66)<br>| 24 | 1.76 | 1.76 | 3.99 |
| **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 | 7.53 | .54 | .63 | 1.17 | (.41)<br>| (.11)<br>| (.52)<br>| 8.18 | 16.19 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .66 <br><sup>5</sup><br>| .66 <br><sup>5</sup><br>| 6.92 <br><sup>5</sup><br>|
| 12/31/2024 | 8.04 | .56 | (.50)<br>| .06 | (.53)<br>| (.04)<br>| (.57)<br>| 7.53 | .52 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .68 <br><sup>5</sup><br>| .68 <br><sup>5</sup><br>| 7.17 <br><sup>5</sup><br>|
| 12/31/2023 | 7.59 | .52 | .48 | 1.00 | (.40)<br>| (.15)<br>| (.55)<br>| 8.04 | 13.76 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .67 <br><sup>5</sup><br>| .67 <br><sup>5</sup><br>| 6.86 <br><sup>5</sup><br>|
| 12/31/2022 | 9.30 | .51 | (1.65)<br>| (1.14)<br>| (.48)<br>| (.09)<br>| (.57)<br>| 7.59 | (12.09 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .74 <br><sup>5</sup><br>| .73 <br><sup>5</sup><br>| 6.61 <br><sup>5</sup><br>|
| 12/31/2021 | 10.15 | .48 | (.85)<br>| (.37)<br>| (.40)<br>| (.08)<br>| (.48)<br>| 9.30 | (3.70 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .75 <br><sup>5</sup><br>| .75 <br><sup>5</sup><br>| 4.98 <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 | 7.52 | .53 | .63 | 1.16 | (.40)<br>| (.10)<br>| (.50)<br>| 8.18 | 15.90 | 19 | .91 | .91 | 6.67 |
| 12/31/2024 | 8.04 | .55 | (.53)<br>| .02 | (.51)<br>| (.03)<br>| (.54)<br>| 7.52 | .28 | 12 | .93 | .93 | 6.95 |
| 12/31/2023 | 7.59 | .50 | .48 | .98 | (.38)<br>| (.15)<br>| (.53)<br>| 8.04 | 13.43 | 17 | .94 | .94 | 6.55 |
| 12/31/2022 | 9.30 | .50 | (1.65)<br>| (1.15)<br>| (.47)<br>| (.09)<br>| (.56)<br>| 7.59 | (12.30)<br>| 12 | .99 | .98 | 6.36 |
| 12/31/2021 | 10.15 | .45 | (.85)<br>| (.40)<br>| (.38)<br>| (.07)<br>| (.45)<br>| 9.30 | (3.95)<br>| 12 | 1.03 | 1.03 | 4.72 |
| **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 | 7.52 | .55 | .63 | 1.18 | (.41)<br>| (.11)<br>| (.52)<br>| 8.18 | 16.21 | 485 | .64 | .64 | 6.93 |
| 12/31/2024 | 8.04 | .57 | (.52)<br>| .05 | (.53)<br>| (.04)<br>| (.57)<br>| 7.52 | .57 | 366 | .64 | .64 | 7.28 |
| 12/31/2023 | 7.59 | .52 | .48 | 1.00 | (.40)<br>| (.15)<br>| (.55)<br>| 8.04 | 13.75 | 240 | .65 | .65 | 6.84 |
| 12/31/2022 | 9.30 | .51 | (1.65)<br>| (1.14)<br>| (.48)<br>| (.09)<br>| (.57)<br>| 7.59 | (12.10)<br>| 169 | .75 | .74 | 6.50 |
| 12/31/2021 | 10.15 | .48 | (.85)<br>| (.37)<br>| (.40)<br>| (.08)<br>| (.48)<br>| 9.30 | (3.69)<br>| 604 | .75 | .75 | 5.01 |
| **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 | 7.52 | .56 | .63 | 1.19 | (.42)<br>| (.11)<br>| (.53)<br>| 8.18 | 16.33 | 572 | .53 | .53 | 7.04 |
| 12/31/2024 | 8.04 | .58 | (.52)<br>| .06 | (.54)<br>| (.04)<br>| (.58)<br>| 7.52 | .68 | 430 | .54 | .54 | 7.36 |
| 12/31/2023 | 7.59 | .53 | .48 | 1.01 | (.40)<br>| (.16)<br>| (.56)<br>| 8.04 | 13.86 | 380 | .55 | .55 | 6.94 |
| 12/31/2022 | 9.30 | .53 | (1.65)<br>| (1.12)<br>| (.49)<br>| (.10)<br>| (.59)<br>| 7.59 | (11.95)<br>| 248 | .59 | .58 | 6.78 |
| 12/31/2021 | 10.15 | .49 | (.85)<br>| (.36)<br>| (.41)<br>| (.08)<br>| (.49)<br>| 9.30 | (3.58)<br>| 237 | .65 | .65 | 5.13 |
| **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 | 7.52 | .53 | .63 | 1.16 | (.40)<br>| (.10)<br>| (.50)<br>| 8.18 | 15.87 | 10 | .94 | .94 | 6.65 |
| 12/31/2024 | 8.04 | .54 | (.52)<br>| .02 | (.51)<br>| (.03)<br>| (.54)<br>| 7.52 | .27 | 9 | .95 | .95 | 6.95 |
| 12/31/2023 | 7.59 | .50 | .48 | .98 | (.38)<br>| (.15)<br>| (.53)<br>| 8.04 | 13.39 | 9 | .97 | .97 | 6.53 |
| 12/31/2022 | 9.30 | .50 | (1.65)<br>| (1.15)<br>| (.47)<br>| (.09)<br>| (.56)<br>| 7.59 | (12.32)<br>| 8 | 1.01 | 1.00 | 6.35 |
| 12/31/2021 | 10.15 | .45 | (.85)<br>| (.40)<br>| (.38)<br>| (.07)<br>| (.45)<br>| 9.30 | (3.97)<br>| 10 | 1.05 | 1.05 | 4.71 |

---

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

---

| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **40** |

---

------

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 | $7.53 | $.46 | $.63 | $1.09 | $(.35)<br>| $(.09)<br>| $(.44)<br>| $8.18 | 14.98<br> %<br>| $— <br><sup>6</sup><br>| 1.72<br> %<br>| 1.72<br> %<br>| 5.89<br> %<br>|
| 12/31/2024 | 8.04 | .48 | (.51)<br>| (.03)<br>| (.45)<br>| (.03)<br>| (.48)<br>| 7.53 | (.51)<br>| — <br><sup>6</sup><br>| 1.72 | 1.72 | 6.13 |
| 12/31/2023 | 7.59 | .44 | .48 | .92 | (.34)<br>| (.13)<br>| (.47)<br>| 8.04 | 12.51 | — <br><sup>6</sup><br>| 1.75 | 1.75 | 5.76 |
| 12/31/2022 | 9.30 | .43 | (1.65)<br>| (1.22)<br>| (.41)<br>| (.08)<br>| (.49)<br>| 7.59 | (13.00)<br>| 1 | 1.79 | 1.78 | 5.56 |
| 12/31/2021 | 10.15 | .38 | (.85)<br>| (.47)<br>| (.32)<br>| (.06)<br>| (.38)<br>| 9.30 | (4.70)<br>| 1 | 1.80 | 1.80 | 3.94 |
| **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 | 7.52 | .51 | .63 | 1.14 | (.38)<br>| (.10)<br>| (.48)<br>| 8.18 | 15.62 | 1 | 1.15 | 1.15 | 6.42 |
| 12/31/2024 | 8.04 | .53 | (.52)<br>| .01 | (.50)<br>| (.03)<br>| (.53)<br>| 7.52 | .05 | 1 | 1.16 | 1.16 | 6.73 |
| 12/31/2023 | 7.59 | .48 | .48 | .96 | (.37)<br>| (.14)<br>| (.51)<br>| 8.04 | 13.16 | 1 | 1.18 | 1.18 | 6.33 |
| 12/31/2022 | 9.30 | .48 | (1.65)<br>| (1.17)<br>| (.45)<br>| (.09)<br>| (.54)<br>| 7.59 | (12.50)<br>| — <br><sup>6</sup><br>| 1.21 | 1.20 | 6.14 |
| 12/31/2021 | 10.15 | .43 | (.85)<br>| (.42)<br>| (.36)<br>| (.07)<br>| (.43)<br>| 9.30 | (4.17)<br>| 1 | 1.25 | 1.25 | 4.50 |
| **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 | 7.52 | .55 | .63 | 1.18 | (.41)<br>| (.11)<br>| (.52)<br>| 8.18 | 16.12 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .72 <br><sup>5</sup><br>| .72 <br><sup>5</sup><br>| 6.88 <br><sup>5</sup><br>|
| 12/31/2024 | 8.04 | .56 | (.52)<br>| .04 | (.53)<br>| (.03)<br>| (.56)<br>| 7.52 | .49 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .73 <br><sup>5</sup><br>| .73 <br><sup>5</sup><br>| 7.16 <br><sup>5</sup><br>|
| 12/31/2023 | 7.59 | .51 | .48 | .99 | (.39)<br>| (.15)<br>| (.54)<br>| 8.04 | 13.61 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .75 <br><sup>5</sup><br>| .75 <br><sup>5</sup><br>| 6.73 <br><sup>5</sup><br>|
| 12/31/2022 | 9.30 | .51 | (1.65)<br>| (1.14)<br>| (.48)<br>| (.09)<br>| (.57)<br>| 7.59 | (12.16 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .79 <br><sup>5</sup><br>| .78 <br><sup>5</sup><br>| 6.55 <br><sup>5</sup><br>|
| 12/31/2021 | 10.15 | .47 | (.85)<br>| (.38)<br>| (.40)<br>| (.07)<br>| (.47)<br>| 9.30 | (3.75 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .81 <br><sup>5</sup><br>| .81 <br><sup>5</sup><br>| 4.92 <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 | 7.52 | .55 | .63 | 1.18 | (.41)<br>| (.11)<br>| (.52)<br>| 8.18 | 16.11 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .73 <br><sup>5</sup><br>| .73 <br><sup>5</sup><br>| 6.88 <br><sup>5</sup><br>|
| 12/31/2024 | 8.04 | .56 | (.53)<br>| .03 | (.52)<br>| (.03)<br>| (.55)<br>| 7.52 | .46 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .75 <br><sup>5</sup><br>| .75 <br><sup>5</sup><br>| 7.14 <br><sup>5</sup><br>|
| 12/31/2023 | 7.59 | .51 | .48 | .99 | (.39)<br>| (.15)<br>| (.54)<br>| 8.04 | 13.61 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| .76 <br><sup>5</sup><br>| .76 <br><sup>5</sup><br>| 6.72 <br><sup>5</sup><br>|
| 12/31/2022 | 9.30 | .51 | (1.65)<br>| (1.14)<br>| (.48)<br>| (.09)<br>| (.57)<br>| 7.59 | (12.14 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .79 <br><sup>5</sup><br>| .78 <br><sup>5</sup><br>| 6.55 <br><sup>5</sup><br>|
| 12/31/2021 | 10.15 | .47 | (.85)<br>| (.38)<br>| (.40)<br>| (.07)<br>| (.47)<br>| 9.30 | (3.78 )<sup>5</sup><br>| — <br><sup>6</sup><br>| .84 <br><sup>5</sup><br>| .84 <br><sup>5</sup><br>| 4.89 <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 | 7.52 | .55 | .63 | 1.18 | (.41)<br>| (.11)<br>| (.52)<br>| 8.18 | 16.20 | 7 | .65 | .65 | 6.94 |
| 12/31/2024 | 8.04 | .57 | (.52)<br>| .05 | (.53)<br>| (.04)<br>| (.57)<br>| 7.52 | .55 | 6 | .66 | .66 | 7.21 |
| 12/31/2023 | 7.59 | .52 | .48 | 1.00 | (.40)<br>| (.15)<br>| (.55)<br>| 8.04 | 13.74 | 7 | .66 | .66 | 6.83 |
| 12/31/2022 | 9.30 | .52 | (1.65)<br>| (1.13)<br>| (.49)<br>| (.09)<br>| (.58)<br>| 7.59 | (12.05)<br>| 6 | .71 | .69 | 6.68 |
| 12/31/2021 | 10.15 | .48 | (.85)<br>| (.37)<br>| (.40)<br>| (.08)<br>| (.48)<br>| 9.30 | (3.71)<br>| 6 | .77 | .77 | 4.99 |
| **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 | 7.52 | .56 | .63 | 1.19 | (.42)<br>| (.11)<br>| (.53)<br>| 8.18 | 16.25 | — <br><sup>6</sup><br>| .60 | .60 | 7.00 |
| 12/31/2024 | 8.04 | .57 | (.51)<br>| .06 | (.54)<br>| (.04)<br>| (.58)<br>| 7.52 | .60 | — <br><sup>6</sup><br>| .61 | .61 | 7.28 |
| 12/31/2023 | 7.59 | .52 | .48 | 1.00 | (.40)<br>| (.15)<br>| (.55)<br>| 8.04 | 13.76 | — <br><sup>6</sup><br>| .63 | .63 | 6.85 |
| 12/31/2022 | 9.30 | .52 | (1.65)<br>| (1.13)<br>| (.49)<br>| (.09)<br>| (.58)<br>| 7.59 | (12.02)<br>| — <br><sup>6</sup><br>| .64 | .63 | 6.68 |
| 12/31/2021 | 10.15 | .49 | (.85)<br>| (.36)<br>| (.41)<br>| (.08)<br>| (.49)<br>| 9.30 | (3.66)<br>| — <br><sup>6</sup><br>| .73 | .71 | 5.02 |
| **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 | 7.52 | .48 | .63 | 1.11 | (.36)<br>| (.09)<br>| (.45)<br>| 8.18 | 15.21 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| 1.51 <br><sup>5</sup><br>| 1.51 <br><sup>5</sup><br>| 6.13 <br><sup>5</sup><br>|
| 12/31/2024 | 8.04 | .50 | (.52)<br>| (.02)<br>| (.47)<br>| (.03)<br>| (.50)<br>| 7.52 | (.31 )<sup>5</sup><br>| — <br><sup>6</sup><br>| 1.52 <br><sup>5</sup><br>| 1.52 <br><sup>5</sup><br>| 6.37 <br><sup>5</sup><br>|
| 12/31/2023 | 7.59 | .45 | .48 | .93 | (.35)<br>| (.13)<br>| (.48)<br>| 8.04 | 12.75 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| 1.54 <br><sup>5</sup><br>| 1.54 <br><sup>5</sup><br>| 5.96 <br><sup>5</sup><br>|
| 12/31/2022 | 9.30 | .45 | (1.65)<br>| (1.20)<br>| (.43)<br>| (.08)<br>| (.51)<br>| 7.59 | (12.80 )<sup>5</sup><br>| — <br><sup>6</sup><br>| 1.57 <br><sup>5</sup><br>| 1.55 <br><sup>5</sup><br>| 5.85 <br><sup>5</sup><br>|
| 12/31/2021 | 10.15 | .40 | (.85)<br>| (.45)<br>| (.34)<br>| (.06)<br>| (.40)<br>| 9.30 | (4.42 )<sup>5</sup><br>| — <br><sup>6</sup><br>| 1.54 <br><sup>5</sup><br>| 1.52 <br><sup>5</sup><br>| 4.26 <br><sup>5</sup><br>|

---

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

---

| | |
|:---|:---|
| **41** | American Funds Emerging Markets 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 | $7.52 | $.48 | $.63 | $1.11 | $(.36)<br>| $(.09)<br>| $(.45)<br>| $8.18 | 15.14<br> %<br>| $2 | 1.57<br> %<br>| 1.57<br> %<br>| 6.02<br> %<br>|
| 12/31/2024 | 8.04 | .50 | (.52)<br>| (.02)<br>| (.47)<br>| (.03)<br>| (.50)<br>| 7.52 | (.34)<br>| 1 | 1.55 | 1.55 | 6.34 |
| 12/31/2023 | 7.59 | .45 | .48 | .93 | (.35)<br>| (.13)<br>| (.48)<br>| 8.04 | 12.72 | 2 | 1.57 | 1.56 | 5.95 |
| 12/31/2022 | 9.30 | .45 | (1.65)<br>| (1.20)<br>| (.43)<br>| (.08)<br>| (.51)<br>| 7.59 | (12.84)<br>| 1 | 1.61 | 1.60 | 5.76 |
| 12/31/2021 | 10.15 | .39 | (.85)<br>| (.46)<br>| (.33)<br>| (.06)<br>| (.39)<br>| 9.30 | (4.55)<br>| 2 | 1.65 | 1.65 | 4.11 |
| **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 | 7.52 | .52 | .63 | 1.15 | (.39)<br>| (.10)<br>| (.49)<br>| 8.18 | 15.70 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| 1.09 <br><sup>5</sup><br>| 1.09 <br><sup>5</sup><br>| 6.48 <br><sup>5</sup><br>|
| 12/31/2024 | 8.04 | .54 | (.53)<br>| .01 | (.50)<br>| (.03)<br>| (.53)<br>| 7.52 | .18 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| 1.07 <br><sup>5</sup><br>| 1.07 <br><sup>5</sup><br>| 6.75 <br><sup>5</sup><br>|
| 12/31/2023 | 7.59 | .48 | .48 | .96 | (.37)<br>| (.14)<br>| (.51)<br>| 8.04 | 13.10 <br><sup>5</sup><br>| — <br><sup>6</sup><br>| 1.23 <br><sup>5</sup><br>| 1.23 <br><sup>5</sup><br>| 6.27 <br><sup>5</sup><br>|
| 12/31/2022 | 9.30 | .48 | (1.65)<br>| (1.17)<br>| (.45)<br>| (.09)<br>| (.54)<br>| 7.59 | (12.54 )<sup>5</sup><br>| — <br><sup>6</sup><br>| 1.26 <br><sup>5</sup><br>| 1.25 <br><sup>5</sup><br>| 6.13 <br><sup>5</sup><br>|
| 12/31/2021 | 10.15 | .45 | (.85)<br>| (.40)<br>| (.38)<br>| (.07)<br>| (.45)<br>| 9.30 | (4.01 )<sup>5</sup><br>| — <br><sup>6</sup><br>| 1.21 <br><sup>5</sup><br>| 1.20 <br><sup>5</sup><br>| 4.62 <br><sup>5</sup><br>|
| **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 | 7.52 | .51 | .63 | 1.14 | (.38)<br>| (.10)<br>| (.48)<br>| 8.18 | 15.61 | 3 | 1.20 | 1.16 | 6.42 |
| 12/31/2024 | 8.04 | .53 | (.53)<br>|  | (.49)<br>| (.03)<br>| (.52)<br>| 7.52 | .04 | 3 | 1.18 | 1.18 | 6.71 |
| 12/31/2023 | 7.59 | .48 | .48 | .96 | (.37)<br>| (.14)<br>| (.51)<br>| 8.04 | 13.13 | 2 | 1.20 | 1.20 | 6.29 |
| 12/31/2022 | 9.30 | .48 | (1.65)<br>| (1.17)<br>| (.45)<br>| (.09)<br>| (.54)<br>| 7.59 | (12.52)<br>| 2 | 1.24 | 1.23 | 6.11 |
| 12/31/2021 | 10.15 | .43 | (.85)<br>| (.42)<br>| (.36)<br>| (.07)<br>| (.43)<br>| 9.30 | (4.19)<br>| 2 | 1.28 | 1.28 | 4.47 |
| **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 | 7.52 | .53 | .63 | 1.16 | (.40)<br>| (.10)<br>| (.50)<br>| 8.18 | 15.92 | 1 | .89 | .89 | 6.75 |
| 12/31/2024 | 8.04 | .55 | (.52)<br>| .03 | (.52)<br>| (.03)<br>| (.55)<br>| 7.52 | .33 | 1 | .89 | .89 | 7.03 |
| 12/31/2023 | 7.59 | .50 | .48 | .98 | (.38)<br>| (.15)<br>| (.53)<br>| 8.04 | 13.47 | 1 | .90 | .90 | 6.59 |
| 12/31/2022 | 9.30 | .50 | (1.65)<br>| (1.15)<br>| (.47)<br>| (.09)<br>| (.56)<br>| 7.59 | (12.27)<br>| 1 | .95 | .95 | 6.37 |
| 12/31/2021 | 10.15 | .46 | (.85)<br>| (.39)<br>| (.39)<br>| (.07)<br>| (.46)<br>| 9.30 | (3.91)<br>| 1 | .99 | .99 | 4.78 |
| **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 | 7.52 | .55 | .63 | 1.18 | (.41)<br>| (.11)<br>| (.52)<br>| 8.18 | 16.20 | 1 | .64 | .64 | 6.97 |
| 12/31/2024 | 8.04 | .57 | (.52)<br>| .05 | (.53)<br>| (.04)<br>| (.57)<br>| 7.52 | .55 | 1 | .66 | .66 | 7.24 |
| 12/31/2023 | 7.59 | .52 | .48 | 1.00 | (.40)<br>| (.15)<br>| (.55)<br>| 8.04 | 13.73 | 1 | .67 | .67 | 6.82 |
| 12/31/2022 | 9.30 | .51 | (1.65)<br>| (1.14)<br>| (.48)<br>| (.09)<br>| (.57)<br>| 7.59 | (12.08)<br>| 1 | .74 | .73 | 6.67 |
| 12/31/2021 | 10.15 | .51 | (.85)<br>| (.34)<br>| (.43)<br>| (.08)<br>| (.51)<br>| 9.30 | (3.40)<br>| 1 | .44 | .44 | 5.32 |
| **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 | 7.52 | .56 | .63 | 1.19 | (.42)<br>| (.11)<br>| (.53)<br>| 8.18 | 16.29 | — <br><sup>6</sup><br>| .57 | .57 | 7.05 |
| 12/31/2024 | 8.04 | .57 | (.51)<br>| .06 | (.54)<br>| (.04)<br>| (.58)<br>| 7.52 | .64 | 1 | .58 | .58 | 7.30 |
| 12/31/2023 | 7.59 | .53 | .47 | 1.00 | (.40)<br>| (.15)<br>| (.55)<br>| 8.04 | 13.83 | 1 | .58 | .58 | 6.94 |
| 12/31/2022 | 9.30 | .53 | (1.65)<br>| (1.12)<br>| (.49)<br>| (.10)<br>| (.59)<br>| 7.59 | (11.98)<br>| 1 | .63 | .62 | 6.73 |
| 12/31/2021 | 10.15 | .49 | (.85)<br>| (.36)<br>| (.41)<br>| (.08)<br>| (.49)<br>| 9.30 | (3.61)<br>| 1 | .67 | .67 | 5.09 |
| **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 | 7.52 | .56 | .63 | 1.19 | (.42)<br>| (.11)<br>| (.53)<br>| 8.18 | 16.33 | 2147 | .53 | .53 | 7.04 |
| 12/31/2024 | 8.04 | .58 | (.52)<br>| .06 | (.54)<br>| (.04)<br>| (.58)<br>| 7.52 | .68 | 1620 | .54 | .54 | 7.47 |
| 12/31/2023 | 7.59 | .53 | .48 | 1.01 | (.40)<br>| (.16)<br>| (.56)<br>| 8.04 | 13.86 | 115 | .55 | .55 | 6.96 |
| 12/31/2022 | 9.30 | .53 | (1.65)<br>| (1.12)<br>| (.49)<br>| (.10)<br>| (.59)<br>| 7.59 | (11.95)<br>| 136 | .60 | .59 | 6.74 |
| 12/31/2021 | 10.15 | .49 | (.85)<br>| (.36)<br>| (.41)<br>| (.08)<br>| (.49)<br>| 9.30 | (3.58)<br>| 194 | .64 | .64 | 5.12 |

---

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

---

| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **42** |

---

------

Financial highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025**<sup>7</sup> | **2024** | **2023** | **2022** | **2021** |
| Portfolio turnover rate for all share classes<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52<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 exclude in-kind transactions, if any.

<sup>8</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **43** | American Funds Emerging Markets Bond Fund |

---

------

Report of Independent Registered Public Accounting Firm

------

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

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

We have audited the accompanying statement of assets and liabilities of American Funds Emerging Markets 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 and brokers; 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 11, 2026

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

---

| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **44** |

---

------

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:

---

| | |
|:---|:---|
| Foreign taxes | $0.01 per share |
| Foreign source income | $0.52 per share |
| Qualified dividend income | $1191000 |
| Section 163(j) interest dividends | 100% |
| U.S. government income that may be exempt from state taxation | $9617000 |

---

**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.**

---

| | |
|:---|:---|
| **45** | American Funds Emerging Markets Bond Fund |

---

------

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 Emerging Markets Bond Fund | **46** |

---

------

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):

421,162,075

Total shares voting on November 25, 2025:

373,717,459 (88.7% 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 | 354284966 | 94.8% | 19432493 | 5.2% |
| Pramod Atluri | 371614456 | 99.4% | 2103003 | 0.6% |
| Francisco G. Cigarroa | 371816853 | 99.5% | 1900606 | 0.5% |
| Nariman Farvardin | 371709636 | 99.5% | 2007823 | 0.5% |
| Jennifer C. Feikin | 371784193 | 99.5% | 1933266 | 0.5% |
| Leslie Stone Heisz | 371735001 | 99.5% | 1982458 | 0.5% |
| Merit E. Janow | 371802462 | 99.5% | 1914997 | 0.5% |
| Martin E. Koehler | 371806263 | 99.5% | 1911196 | 0.5% |
| Benjamin R. Miller | 371891395 | 99.5% | 1826064 | 0.5% |
| Josette Sheeran | 371702046 | 99.5% | 2015413 | 0.5% |
| Margaret Spellings | 371842793 | 99.5% | 1874666 | 0.5% |
| Alexandra Trower | 371693408 | 99.5% | 2024051 | 0.5% |
| Paul S. Williams | 371832996 | 99.5% | 1884463 | 0.5% |
| Courtney K. Wolf | 371673404 | 99.5% | 2044055 | 0.5% |

---

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.

---

| | |
|:---|:---|
| **47** | American Funds Emerging Markets 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 Emerging Markets 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

------

## Ex-99.Cert

**CERTIFICATION**

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

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

**CERTIFICATION**

I, **Becky L. Park**, certify that:

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

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## 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 Emerging Markets 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 Emerging Markets Bond Fund**

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

Kristine M. Nishiyama, Principal Executive Officer

Date: March 09, 2026

Principal Financial Officer

**American Funds Emerging Markets 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 Emerging Markets Bond Fund** and will be retained by **American Funds Emerging Markets 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.

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## Ex-99

![Image is missing](g65zj8wv4rladh2se48su.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 Emerging Markets 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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