# EDGAR Filing Document

**Accession Number:** 0001660935
**File Stem:** 0001145549-25-057837
**Filing Date:** 2025-9
**Character Count:** 272328
**Document Hash:** 2d09ef1d1a84f8a2abbd58b8923ff5d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-057837.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001145549-25-057837

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23122
- **FILM NUMBER:** 251295783

**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'? 8dde4f3a1b91519

#### 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:
June 30, 2025

ITEM 1 - Reports to Stockholders

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class A \| EBNAX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$48 0.93%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class A](images_2119.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MFAASRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class C \| EBNCX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$87 1.68%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class C](images_2118.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### Important i nforma tion
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. MFCCSRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class T \| TEBMX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$35 0.67%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2120.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### Important i nform ation
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. MFTTSRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class F-1 \| EBNEX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$47 0.91%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class F1](images_2117.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MFF1SRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class F-2 \| EBNFX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$34 0.65%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class F2](images_2116.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MFF2SRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class F-3 \| EBNGX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$28 0.54%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class F3](images_2115.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MFF3SRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class 529-A \| CBNAX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529A. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-A | &nbsp;&nbsp;$49 0.95%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class 529A](images_2106.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MF5ASRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class 529-C \| CBNCX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529C. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-C | &nbsp;&nbsp;$90 1.73%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class 529C](images_2105.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MF5CSRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class 529-E \| CBNEX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529E. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-E | &nbsp;&nbsp;$60 1.16%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class 529E](images_2104.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MF5ESRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class 529-T \| TMEBX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-T | &nbsp;&nbsp;$38 0.73%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds (Mutual Funds)](images_2120.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MF5TSRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class 529-F-1 \| CBNFX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-1 | &nbsp;&nbsp;$38 0.74%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F1](images_2103.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MF5FSRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class 529-F-2 \| FEBMX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-2 | &nbsp;&nbsp;$34 0.66%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F2](images_2102.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MF5XSRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class 529-F-3 \| FMEBX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F3. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-3 | &nbsp;&nbsp;$31 0.60%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class 529F3](images_2101.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MF5YSRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class R-1 \| REGAX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-1 | &nbsp;&nbsp;$78 1.51%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class R1](images_2114.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MFR1SRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class R-2 \| REGBX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2 | &nbsp;&nbsp;$82 1.58%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class R2](images_2113.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MFR2SRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class R-2E \| REGHX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2E. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2E | &nbsp;&nbsp;$56 1.07%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class R2E](images_2111.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MF2ESRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class R-3 \| REGCX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R3. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-3 | &nbsp;&nbsp;$60 1.16%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class R3](images_2112.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MFR3SRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class R-4 \| REGEX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R4. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-4 | &nbsp;&nbsp;$46 0.89%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class R4](images_2110.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MFR4SRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class R-5E \| REGJX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5E. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5E | &nbsp;&nbsp;$34 0.65%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class R5E](images_2108.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MFE5SRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class R-5 \| REGFX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5 | &nbsp;&nbsp;$30 0.57%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class R5](images_2109.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MFR5SRX-114-0825© 2025 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2094.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## American Funds Emerging Markets Bond Fund <sup>®</sup>
**Class R-6 \| REGGX** for the six months ended June 30, 2025

This semi-annual shareholder report contains important information about American Funds Emerging Markets Bond Fund (the "fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R6. You can also request this information by contacting us at (800) 421-4225.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;Class R-6 | &nbsp;&nbsp;$28 0.54%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $3193 |
| Total number of portfolio holdings | 895 |
| Portfolio turnover rate | 31% |

---

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

\*Includes derivatives.

Availability of additional information

![TSR - QR Code - American Funds_Class R6](images_2107.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

#### 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. MFR6SRX-114-0825© 2025 Capital Group. All rights reserved.

------

#### ITEM 2 - Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.

------

#### ITEM 3 - Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.

------

#### ITEM 4 - Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.

------

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

------

#### ITEM 6 - 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

------

![](imge4d3c8e71.jpg)

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

Financial Statements and Other Information

N-CSR Items 7-11

for the six months ended June 30, 2025

Lit. No. MFGEFP2-114-0825© 2025 Capital Group. All rights reserved.

------

Investment portfolio June 30, 2025unaudited

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 91.63% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. 71.78%** | **Bonds & notes of governments & government agencies outside the U.S. 71.78%** | **Bonds & notes of governments & government agencies outside the U.S. 71.78%** |
| Abu Dhabi (Emirate of) 2.50% 9/30/2029 <sup>(a)</sup>  | USD350 | $328 |
| Abu Dhabi (Emirate of) 1.70% 3/2/2031  | 4200 | 3686 |
| Abu Dhabi (Emirate of) 3.125% 9/30/2049  | 5650 | 3859 |
| Abu Dhabi (Emirate of) 5.50% 4/30/2054 <sup>(a)</sup>  | 4225 | 4216 |
| Abu Dhabi (Emirate of) 5.50% 4/30/2054  | 2300 | 2295 |
| Albania (Republic of) 5.90% 6/9/2028  | EUR4,140 | 5175 |
| Albania (Republic of) 5.90% 6/9/2028  | 1800 | 2250 |
| Albania (Republic of) 4.75% 2/14/2035  | 10200 | 12025 |
| Angola (Republic of) 8.25% 5/9/2028  | USD2,450 | 2313 |
| Angola (Republic of) 8.00% 11/26/2029  | 3840 | 3492 |
| Angola (Republic of) 8.00% 11/26/2029 <sup>(a)</sup>  | 1500 | 1364 |
| Angola (Republic of) 8.75% 4/14/2032  | 12125 | 10724 |
| Angola (Republic of) 8.75% 4/14/2032 <sup>(a)</sup>  | 500 | 442 |
| Argentine Republic 0.75% 7/9/2030 (1.75% on 7/9/2027) <sup>(b)</sup>  | 14995 | 11996 |
| Argentine Republic 4.125% 7/9/2035 (4.75% on 7/9/2027) <sup>(b)</sup>  | 5841 | 3944 |
| Argentine Republic 0% 12/15/2035  | 600 | 20 |
| Argentine Republic 3.50% 7/9/2041 (4.875% on 7/9/2029) <sup>(b)</sup>  | 1715 | 1064 |
| Asian Development Bank 6.20% 10/6/2026  | INR230,400 | 2687 |
| Azerbaijan (Republic of) 3.50% 9/1/2032  | USD1,610 | 1443 |
| Bank Gospodarstwa Krajowego 5.75% 7/9/2034 <sup>(a)</sup>  | 3000 | 3091 |
| Bank Gospodarstwa Krajowego 5.75% 7/9/2034  | 250 | 258 |
| Brazil (Federative Republic of) 0% 7/1/2025  | BRL6,573 | 1209 |
| Brazil (Federative Republic of) 0% 1/1/2026  | 35100 | 6015 |
| Brazil (Federative Republic of) 10.00% 1/1/2027  | 34163 | 5967 |
| Brazil (Federative Republic of) 0% 7/1/2027  | 240700 | 34369 |
| Brazil (Federative Republic of) 10.00% 1/1/2029  | 206771 | 34938 |
| Brazil (Federative Republic of) 0% 1/1/2030  | 228200 | 23919 |
| Brazil (Federative Republic of) 3.875% 6/12/2030  | USD1,300 | 1227 |
| Brazil (Federative Republic of) 5.50% 11/6/2030  | 5880 | 5899 |
| Brazil (Federative Republic of) 10.00% 1/1/2031  | BRL139,586 | 22557 |
| Brazil (Federative Republic of) 6.00% 8/15/2032 <sup>(c)</sup>  | 37800 | 6439 |
| Brazil (Federative Republic of) 10.00% 1/1/2033  | 246468 | 38597 |
| Brazil (Federative Republic of) 6.125% 3/15/2034  | USD1,800 | 1787 |
| Brazil (Federative Republic of) 10.00% 1/1/2035  | BRL227,300 | 34532 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup>  | 4523 | 755 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup>  | 214390 | 35102 |
| Bulgaria (Republic of) 3.50% 5/7/2034  | EUR200 | 238 |
| Bulgaria (Republic of) 5.00% 3/5/2037  | USD1,442 | 1411 |
| Bulgaria (Republic of) 4.125% 5/7/2038  | EUR1,280 | 1538 |
| Chile (Republic of) 2.30% 10/1/2028  | CLP765,000 | 755 |
| Chile (Republic of) 1.90% 9/1/2030 <sup>(c)</sup>  | 7304648 | 7610 |
| Chile (Republic of) 6.00% 4/1/2033  | 340000 | 374 |
| Chile (Republic of) 3.80% 7/1/2035  | EUR3,170 | 3724 |
| Chile (Republic of) 4.95% 1/5/2036  | USD800 | 786 |
| Chile (Republic of) 5.30% 11/1/2037  | CLP1,710,000 | 1785 |
| Chile (Republic of) 3.10% 5/7/2041  | USD2,150 | 1604 |
| Chile (Republic of) 4.34% 3/7/2042  | 3785 | 3286 |
| Chile (Republic of) 4.00% 1/31/2052  | 200 | 155 |
| China (People's Republic of), Series 1915, 3.13% 11/21/2029  | CNY8,000 | 1198 |
| China (People's Republic of), Series INBK, 2.68% 5/21/2030  | 16050 | 2363 |
| China (People's Republic of), Series INBK, 2.67% 11/25/2033  | 16000 | 2405 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034  | 105070 | 15370 |
| China (People's Republic of), Series INBK, 2.33% 8/15/2044  | 50000 | 7436 |
| China (People's Republic of), Series INBK, 3.39% 3/16/2050  | 20670 | 3704 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052  | 20500 | 3572 |
| China (People's Republic of), Series INBK, 3.19% 4/15/2053  | 15940 | 2819 |
| China (People's Republic of), Series INBK, 2.47% 7/25/2054  | 3350 | 522 |
| China Development Bank Corp., Series 2009, 3.39% 7/10/2027  | 2590 | 374 |
| Colombia (Republic of) 4.50% 3/15/2029  | USD241 | 229 |
| Colombia (Republic of) 7.00% 3/26/2031  | COP5,102,400 | 1014 |
| Colombia (Republic of) 3.125% 4/15/2031  | USD1,511 | 1244 |
| Colombia (Republic of) 3.25% 4/22/2032  | 1053 | 836 |
| Colombia (Republic of) 8.00% 4/20/2033  | 4560 | 4724 |

---

---

| | |
|:---|:---|
| **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)** |
| Colombia (Republic of) 7.50% 2/2/2034  | USD8,910 | $8882 |
| Colombia (Republic of) 8.50% 4/25/2035  | 13055 | 13577 |
| Colombia (Republic of) 8.00% 11/14/2035  | 5380 | 5417 |
| Colombia (Republic of) 7.75% 11/7/2036  | 6415 | 6283 |
| Colombia (Republic of) 5.625% 2/26/2044  | 261 | 194 |
| Colombia (Republic of) 5.00% 6/15/2045  | 2635 | 1784 |
| Colombia (Republic of) 5.20% 5/15/2049  | 2600 | 1749 |
| Colombia (Republic of) 4.125% 5/15/2051  | 3930 | 2247 |
| Colombia (Republic of) 8.75% 11/14/2053  | 2100 | 2085 |
| Colombia (Republic of) 8.375% 11/7/2054  | 6800 | 6479 |
| Colombia (Republic of), Series B, 7.00% 3/26/2031  | COP102,525,900 | 20370 |
| Colombia (Republic of), Series B, 13.25% 2/9/2033  | 34868400 | 8950 |
| Colombia (Republic of), Series B, 7.25% 10/18/2034  | 67034200 | 12014 |
| Colombia (Republic of), Series UVR, 3.75% 2/25/2037 <sup>(c)</sup>  | 52412 | 3932 |
| Colombia (Republic of), Series B, 9.25% 5/28/2042  | 73840500 | 13893 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050  | 94212300 | 13857 |
| Cote d'Ivoire (Republic of) 5.25% 3/22/2030  | EUR1,380 | 1558 |
| Cote d'Ivoire (Republic of) 5.875% 10/17/2031  | 2630 | 2936 |
| Cote d'Ivoire (Republic of) 5.875% 10/17/2031  | 1745 | 1948 |
| Cote d'Ivoire (Republic of) 4.875% 1/30/2032  | 5900 | 6239 |
| Cote d'Ivoire (Republic of) 4.875% 1/30/2032  | 970 | 1026 |
| Cote d'Ivoire (Republic of) 7.625% 1/30/2033  | USD1,190 | 1177 |
| Cote d'Ivoire (Republic of) 8.075% 4/1/2036 <sup>(a)</sup>  | 5100 | 4929 |
| Cote d'Ivoire (Republic of) 8.075% 4/1/2036  | 600 | 580 |
| Cote d'Ivoire (Republic of) 6.875% 10/17/2040  | EUR8,600 | 8635 |
| Czech Republic 1.00% 6/26/2026  | CZK9,070 | 422 |
| Czech Republic 2.50% 8/25/2028  | 94880 | 4379 |
| Czech Republic 0.95% 5/15/2030  | 366000 | 15295 |
| Czech Republic 1.20% 3/13/2031  | 59630 | 2464 |
| Czech Republic 1.75% 6/23/2032  | 10300 | 427 |
| Czech Republic 4.90% 4/14/2034  | 168720 | 8482 |
| Czech Republic 3.50% 5/30/2035  | 157930 | 7096 |
| Czech Republic 1.95% 7/30/2037  | 67740 | 2495 |
| Czech Republic 1.50% 4/24/2040  | 80400 | 2585 |
| Development Bank of Kazakhstan JSC 10.95% 5/6/2026  | KZT613,500 | 1137 |
| Development Bank of Kazakhstan JSC 10.95% 5/6/2026  | 522000 | 968 |
| Development Bank of Kazakhstan JSC 13.00% 4/15/2027  | 868500 | 1591 |
| Development Bank of Kazakhstan JSC 13.00% 4/15/2027  | 400000 | 733 |
| Development Bank of Kazakhstan JSC 13.489% 5/23/2028  | 122000 | 215 |
| Dominican Republic 5.95% 1/25/2027 <sup>(a)</sup>  | USD1,450 | 1466 |
| Dominican Republic 5.50% 2/22/2029 <sup>(a)</sup>  | 1420 | 1417 |
| Dominican Republic 5.50% 2/22/2029  | 500 | 499 |
| Dominican Republic 4.50% 1/30/2030 <sup>(a)</sup>  | 1588 | 1512 |
| Dominican Republic 4.50% 1/30/2030  | 700 | 666 |
| Dominican Republic 7.05% 2/3/2031 <sup>(a)</sup>  | 665 | 698 |
| Dominican Republic 5.875% 1/30/2060  | 2835 | 2387 |
| Dominican Republic 5.875% 1/30/2060 <sup>(a)</sup>  | 1342 | 1130 |
| Dua Capital, Ltd. 2.78% 5/11/2031  | 7570 | 6917 |
| Egypt (Arab Republic of) 14.06% 1/12/2026  | EGP61,430 | 1163 |
| Egypt (Arab Republic of) 25.318% 8/13/2027  | 159820 | 3294 |
| Egypt (Arab Republic of) 5.80% 9/30/2027  | USD2,025 | 1987 |
| Egypt (Arab Republic of) 24.458% 10/1/2027  | EGP410,600 | 8375 |
| Egypt (Arab Republic of) 6.588% 2/21/2028  | USD2,155 | 2160 |
| Egypt (Arab Republic of) 7.60% 3/1/2029  | 880 | 888 |
| Egypt (Arab Republic of) 8.625% 2/4/2030 <sup>(a)</sup>  | 1700 | 1721 |
| Egypt (Arab Republic of) 5.625% 4/16/2030  | EUR1,000 | 1089 |
| Egypt (Arab Republic of) 5.875% 2/16/2031  | USD3,455 | 3061 |
| Egypt (Arab Republic of) 7.053% 1/15/2032  | 2759 | 2530 |
| Egypt (Arab Republic of) 7.625% 5/29/2032  | 7130 | 6613 |
| Egypt (Arab Republic of) 7.625% 5/29/2032 <sup>(a)</sup>  | 575 | 533 |
| Egypt (Arab Republic of) 9.45% 2/4/2033 <sup>(a)</sup>  | 3235 | 3278 |
| Egypt (Arab Republic of) 7.30% 9/30/2033  | 485 | 431 |
| Egypt (Arab Republic of) 8.50% 1/31/2047  | 1516 | 1232 |
| Egypt (Arab Republic of) 7.903% 2/21/2048  | 399 | 307 |
| Egypt (Arab Republic of) 8.70% 3/1/2049  | 3130 | 2571 |
| Egypt (Arab Republic of) 8.875% 5/29/2050  | 660 | 551 |
| Egypt (Arab Republic of) 8.75% 9/30/2051  | 880 | 723 |

---

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)** |
| Egypt (Arab Republic of) 8.15% 11/20/2059  | USD6,605 | $5100 |
| Egypt (Arab Republic of) 8.15% 11/20/2059 <sup>(a)</sup>  | 1300 | 1004 |
| Egypt (Arab Republic of) 7.50% 2/16/2061  | 7270 | 5302 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027  | INR383,500 | 4463 |
| European Bank for Reconstruction and Development 6.25% 4/11/2028  | 137900 | 1602 |
| European Bank for Reconstruction and Development 6.75% 3/14/2031  | 7000 | 82 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032  | 725100 | 8547 |
| European Investment Bank 6.95% 3/1/2029  | 163400 | 1932 |
| European Investment Bank 6.95% 3/1/2029  | 145500 | 1720 |
| European Investment Bank 7.40% 10/23/2033  | 270000 | 3319 |
| Export-Import Bank of India 3.25% 1/15/2030  | USD1,000 | 942 |
| Export-Import Bank of India 5.50% 1/18/2033  | 3100 | 3213 |
| Export-Import Bank of Korea 8.00% 10/16/2028  | INR391,200 | 4719 |
| Export-Import Bank of Korea 7.40% 2/5/2030  | 34100 | 398 |
| Export-Import Bank of Korea 8.10% 10/16/2030  | 148900 | 1813 |
| Export-Import Bank of Thailand 5.354% 5/16/2029  | USD4,300 | 4424 |
| Gabonese Republic 6.625% 2/6/2031  | 6933 | 5535 |
| Gabonese Republic 6.625% 2/6/2031 <sup>(a)</sup>  | 400 | 319 |
| Gabonese Republic 7.00% 11/24/2031  | 13100 | 10447 |
| Gabonese Republic 7.00% 11/24/2031 <sup>(a)</sup>  | 1820 | 1451 |
| Gaci First Investment Co. 5.00% 10/13/2027  | 200 | 202 |
| Georgia (Republic of) 2.75% 4/22/2026 <sup>(a)</sup>  | 1975 | 1923 |
| Honduras (Republic of) 6.25% 1/19/2027  | 10714 | 10734 |
| Honduras (Republic of) 6.25% 1/19/2027 <sup>(a)</sup>  | 263 | 263 |
| Honduras (Republic of) 5.625% 6/24/2030  | 8915 | 8549 |
| Honduras (Republic of) 5.625% 6/24/2030 <sup>(a)</sup>  | 1255 | 1204 |
| Hungary 3.00% 8/21/2030  | HUF1,500,000 | 3782 |
| Hungary (Republic of) 4.50% 3/23/2028  | 2870000 | 8076 |
| Hungary (Republic of) 6.125% 5/22/2028 <sup>(a)</sup>  | USD1,770 | 1829 |
| Hungary (Republic of) 5.375% 9/26/2030 <sup>(a)</sup>  | 3950 | 3991 |
| Hungary (Republic of) 2.125% 9/22/2031  | 810 | 675 |
| Hungary (Republic of) 6.25% 9/22/2032 <sup>(a)</sup>  | 1000 | 1045 |
| Hungary (Republic of) 5.50% 6/16/2034  | 1000 | 983 |
| Hungary (Republic of) 6.00% 9/26/2035 <sup>(a)</sup>  | 1215 | 1223 |
| Hungary (Republic of) 5.50% 3/26/2036  | 2260 | 2183 |
| Hungary (Republic of) 5.50% 3/26/2036 <sup>(a)</sup>  | 1950 | 1883 |
| Hungary (Republic of), Series A, 6.75% 10/22/2028  | HUF1,305,380 | 3891 |
| Hungary (Republic of), Series A, 2.00% 5/23/2029  | 2860440 | 7200 |
| Hungary (Republic of), Series Y, 4.00% 7/25/2029  | EUR670 | 811 |
| Hungary (Republic of), Series A, 4.75% 11/24/2032  | HUF431,390 | 1129 |
| Hungary (Republic of), Series Y, 4.50% 6/16/2034  | EUR3,235 | 3852 |
| Hungary (Republic of), Series Y, 4.875% 3/22/2040  | 1275 | 1473 |
| Hungary (Republic of), Series A, 3.25% 10/22/2031  | HUF931,890 | 2287 |
| Hungary (Republic of), Series C, 1.00% 11/26/2025  | 947430 | 2742 |
| Hungary (Republic of), Series H, 9.50% 10/21/2026  | 690000 | 2118 |
| India (Republic of) 7.10% 4/18/2029  | INR99,000 | 1196 |
| India (Republic of) 7.18% 8/14/2033  | 628000 | 7671 |
| India (Republic of) 7.10% 4/8/2034  | 200000 | 2437 |
| India (Republic of) 7.18% 7/24/2037  | 1764360 | 21554 |
| India (Republic of) 6.92% 11/18/2039  | 443000 | 5298 |
| India (Republic of) 7.06% 10/10/2046  | 50000 | 595 |
| India (Republic of) 7.72% 6/15/2049  | 235400 | 2999 |
| India (Republic of) 7.16% 9/20/2050  | 262000 | 3115 |
| India (Republic of) 6.67% 12/17/2050  | 177380 | 1987 |
| India (Republic of) 7.30% 6/19/2053  | 2852890 | 34501 |
| India (Republic of) 7.09% 8/5/2054  | 2171970 | 25598 |
| Indonesia (Republic of) 3.50% 1/11/2028  | USD1,400 | 1381 |
| Indonesia (Republic of) 4.10% 4/24/2028  | 1000 | 1000 |
| Indonesia (Republic of) 6.75% 7/15/2035  | IDR56,000,000 | 3481 |
| Indonesia (Republic of) 7.125% 8/15/2040  | 56000000 | 3503 |
| Indonesia (Republic of) 7.125% 6/15/2043  | 8663000 | 541 |
| Indonesia (Republic of), Series 86, 5.50% 4/15/2026  | 12700000 | 780 |
| Indonesia (Republic of), Series 31, 0.99% 5/27/2027  | JPY300,000 | 2069 |
| Indonesia (Republic of), Series 64, 6.125% 5/15/2028  | IDR44,769,000 | 2753 |
| Indonesia (Republic of), Series 95, 6.375% 8/15/2028  | 38968000 | 2413 |
| Indonesia (Republic of), Series 71, 9.00% 3/15/2029  | 29135000 | 1958 |
| Indonesia (Republic of), Series 101, 6.875% 4/15/2029  | 30000000 | 1886 |

---

---

| | |
|:---|:---|
| **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)** |
| Indonesia (Republic of), Series 78, 8.25% 5/15/2029  | IDR4,063,000 | $267 |
| Indonesia (Republic of), Series 104, 6.50% 7/15/2030  | 19968000 | 1240 |
| Indonesia (Republic of), Series 87, 6.50% 2/15/2031  | 161231000 | 9960 |
| Indonesia (Republic of), Series 73, 8.75% 5/15/2031  | 28473000 | 1948 |
| Indonesia (Republic of), Series 91, 6.375% 4/15/2032  | 408944000 | 24995 |
| Indonesia (Republic of), Series 74, 7.50% 8/15/2032  | 100000000 | 6468 |
| Indonesia (Republic of), Series 96, 7.00% 2/15/2033  | 456436000 | 28776 |
| Indonesia (Republic of), Series 65, 6.625% 5/15/2033  | 19400000 | 1194 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034  | 695180000 | 42778 |
| Indonesia (Republic of), Series 80, 7.50% 6/15/2035  | 69666000 | 4538 |
| Indonesia (Republic of), Series FR92, 7.125% 6/15/2042  | 28200000 | 1759 |
| Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/2030  | USD260 | 265 |
| Inter-American Development Bank 5.10% 11/17/2026  | IDR9,830,000 | 599 |
| Inter-American Development Bank 7.00% 4/17/2033  | INR430,000 | 5132 |
| International Bank for Reconstruction and Development 6.75% 9/8/2027  | 200000 | 2349 |
| International Bank for Reconstruction and Development 6.25% 1/12/2028  | IDR9,700,000 | 602 |
| International Bank for Reconstruction and Development 6.85% 4/24/2028  | INR435,500 | 5139 |
| International Bank for Reconstruction and Development 6.05% 2/9/2029  | 195500 | 2250 |
| International Bank for Reconstruction and Development 6.75% 7/13/2029  | 614600 | 7244 |
| International Finance Corp. 7.10% 3/21/2031  | 134810 | 1609 |
| Israel (State of) 2.75% 7/3/2030  | USD400 | 363 |
| Israel (State of) 4.50% 1/17/2033  | 1600 | 1531 |
| Israel (State of) 5.50% 3/12/2034  | 13980 | 14174 |
| Jordan (Hashemite Kingdom of) 6.125% 1/29/2026  | 2300 | 2297 |
| Kazakhstan (Republic of) 5.50% 7/1/2037 <sup>(a)</sup>  | 12220 | 12303 |
| Kenya (Republic of) 6.30% 1/23/2034  | 5450 | 4422 |
| Kenya (Republic of) 9.50% 3/5/2036 <sup>(a)</sup>  | 5225 | 4935 |
| Kenya (Republic of) 9.50% 3/5/2036  | 3100 | 2928 |
| Kenya (Republic of) 8.25% 2/28/2048  | 700 | 570 |
| Khazanah Capital, Ltd. 4.876% 6/1/2033  | 3500 | 3510 |
| Khazanah Capital, Ltd. 4.759% 9/5/2034  | 2000 | 1989 |
| Khazanah Global Sukuk Berhad 4.687% 6/1/2028  | 500 | 504 |
| Malaysia (Federation of) 4.28% 3/23/2054  | MYR19,841 | 4919 |
| Malaysia (Federation of), Series 0218, 4.369% 10/31/2028  | 10000 | 2462 |
| Malaysia (Federation of), Series 0219, 3.885% 8/15/2029  | 77754 | 18899 |
| Malaysia (Federation of), Series 0220, 2.632% 4/15/2031  | 47037 | 10739 |
| Malaysia (Federation of), Series 0122, 3.582% 7/15/2032  | 32201 | 7738 |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034  | 103432 | 25159 |
| Malaysia (Federation of), Series 0415, 4.254% 5/31/2035  | 159500 | 40151 |
| Malaysia (Federation of), Series 0615, 4.786% 10/31/2035  | 11925 | 3128 |
| Malaysia (Federation of), Series 0121, 3.447% 7/15/2036  | 7675 | 1795 |
| Malaysia (Federation of), Series 0317, 4.762% 4/7/2037  | 8842 | 2329 |
| Malaysia (Federation of), Series 0418, 4.893% 6/8/2038  | 52620 | 13989 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039  | 24190 | 5974 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040  | 20000 | 4765 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041  | 1506 | 386 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043  | 1831 | 463 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044  | 62447 | 15642 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047  | 415 | 112 |
| Malaysia (Federation of), Series 0519, 4.638% 11/15/2049  | 2448 | 641 |
| Malaysia (Federation of), Series 0120, 4.065% 6/15/2050  | 18166 | 4358 |
| Malaysia (Federation of), Series 022, 5.357% 5/15/2052  | 2352 | 679 |
| Malaysia (Federation of), Series 0123, 4.457% 3/31/2053  | 26100 | 6663 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028  | USD2,700 | 2800 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030  | EUR4,625 | 5526 |
| Morocco (Kingdom of) 5.95% 3/8/2028 <sup>(a)</sup>  | USD1,225 | 1257 |
| Morocco (Kingdom of) 3.875% 4/2/2029  | EUR12,940 | 15475 |
| Morocco (Kingdom of) 4.75% 4/2/2035  | 9910 | 11710 |
| Mozambique (Republic of) 9.00% 9/15/2031  | USD13,180 | 10904 |
| Namibia (Republic of) 5.25% 10/29/2025  | 3900 | 3872 |
| Nigeria (Republic of) 18.50% 2/21/2031  | NGN4,988,900 | 3277 |
| Nigeria (Republic of) 7.875% 2/16/2032  | USD6,830 | 6493 |
| Nigeria (Republic of) 10.375% 12/9/2034  | 10300 | 10859 |
| Nigeria (Republic of) 7.696% 2/23/2038  | 2550 | 2214 |
| Nigeria (Republic of) 8.25% 9/28/2051  | 1295 | 1077 |
| Oman (Sultanate of) 5.625% 1/17/2028  | 1000 | 1023 |
| Oman (Sultanate of) 4.875% 6/15/2030 <sup>(a)</sup>  | 800 | 809 |

---

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)** |
| Oman (Sultanate of) 6.25% 1/25/2031  | USD1,300 | $1382 |
| Oman (Sultanate of) 6.75% 1/17/2048  | 3150 | 3259 |
| Pakistan (Islamic Republic of) 6.00% 4/8/2026  | 400 | 394 |
| Panama (Republic of) 3.16% 1/23/2030  | 744 | 672 |
| Panama (Republic of) 6.375% 7/25/2033 <sup>(a)</sup>  | 1987 | 1877 |
| Panama (Republic of) 6.875% 1/31/2036  | 2931 | 2921 |
| Panama (Republic of) 8.00% 3/1/2038  | 11199 | 12029 |
| Panama (Republic of) 4.50% 5/15/2047  | 1350 | 935 |
| Panama (Republic of) 4.50% 4/1/2056  | 4104 | 2670 |
| Panama (Republic of) 7.875% 3/1/2057  | 770 | 785 |
| Panama (Republic of) 3.87% 7/23/2060  | 7456 | 4269 |
| Paraguay (Republic of) 5.00% 4/15/2026  | 46 | 46 |
| Paraguay (Republic of) 4.95% 4/28/2031  | 1830 | 1822 |
| Paraguay (Republic of) 5.60% 3/13/2048 <sup>(a)</sup>  | 2432 | 2171 |
| Peru (Republic of) 6.15% 8/12/2032  | PEN6,752 | 1969 |
| Peru (Republic of) 8.75% 11/21/2033  | USD4,180 | 5117 |
| Peru (Republic of) 3.00% 1/15/2034  | 840 | 710 |
| Peru (Republic of) 5.40% 8/12/2034  | PEN4,899 | 1305 |
| Peru (Republic of) 5.40% 8/12/2034  | 39 | 10 |
| Peru (Republic of) 6.85% 8/12/2035  | 63338 | 18413 |
| Peru (Republic of) 5.50% 3/30/2036  | USD22,720 | 22763 |
| Peru (Republic of) 7.60% 8/12/2039  | PEN1,664 | 500 |
| Peru (Republic of) 3.55% 3/10/2051  | USD2,600 | 1793 |
| Peru (Republic of) 5.875% 8/8/2054  | 220 | 213 |
| Peru (Republic of) 2.78% 12/1/2060  | 1665 | 899 |
| Peru (Republic of) 3.60% 1/15/2072  | 3000 | 1852 |
| PETRONAS Capital, Ltd. 3.50% 4/21/2030 <sup>(a)</sup>  | 1200 | 1153 |
| PETRONAS Capital, Ltd. 3.50% 4/21/2030  | 800 | 769 |
| PETRONAS Capital, Ltd. 4.95% 1/3/2031 <sup>(a)</sup>  | 5500 | 5615 |
| PETRONAS Capital, Ltd. 2.48% 1/28/2032  | 200 | 174 |
| PETRONAS Capital, Ltd. 5.34% 4/3/2035 <sup>(a)</sup>  | 2000 | 2049 |
| PETRONAS Capital, Ltd. 4.50% 3/18/2045  | 200 | 173 |
| PETRONAS Capital, Ltd. 3.404% 4/28/2061  | 250 | 163 |
| Philippines (Republic of) 6.25% 2/28/2029  | PHP160,355 | 2894 |
| Philippines (Republic of) 6.50% 5/19/2029  | 28460 | 516 |
| Philippines (Republic of) 5.609% 4/13/2033  | USD2,400 | 2515 |
| Philippines (Republic of) 3.95% 1/20/2040  | 4750 | 4101 |
| Philippines (Republic of) 2.95% 5/5/2045  | 3000 | 2058 |
| Philippines (Republic of) 5.95% 10/13/2047  | 1000 | 1033 |
| Poland (Republic of) 5.75% 4/25/2029  | PLN46,220 | 13292 |
| Poland (Republic of) 4.75% 7/25/2029  | 32370 | 8981 |
| Poland (Republic of) 4.875% 10/4/2033  | USD2,545 | 2533 |
| Poland (Republic of) 5.125% 9/18/2034  | 300 | 302 |
| Poland (Republic of) 5.50% 3/18/2054  | 200 | 186 |
| Poland (Republic of), Series 5Y, 3.75% 5/25/2027  | PLN82,188 | 22511 |
| Poland (Republic of), Series 0728, 7.50% 7/25/2028  | 7500 | 2248 |
| Poland (Republic of), Series 1030, 1.25% 10/25/2030  | 23900 | 5519 |
| Poland (Republic of), Series 0432, 1.75% 4/25/2032  | 27714 | 6206 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033  | 200955 | 58148 |
| Poland (Republic of), Series 1034, 5.00% 10/25/2034  | 83909 | 22584 |
| Qatar (State of) 6.40% 1/20/2040  | USD680 | 772 |
| Qatar (State of) 4.40% 4/16/2050 <sup>(a)</sup>  | 250 | 212 |
| Romania 3.65% 7/28/2025  | RON6,880 | 1593 |
| Romania 2.10% 10/8/2027  | JPY900,000 | 6158 |
| Romania 8.75% 10/30/2028  | RON3,860 | 933 |
| Romania 4.85% 7/25/2029  | 8200 | 1741 |
| Romania 1.75% 7/13/2030  | EUR5,900 | 5980 |
| Romania 5.375% 3/22/2031  | 5186 | 6136 |
| Romania 2.124% 7/16/2031  | 2300 | 2262 |
| Romania 5.25% 5/30/2032  | 7410 | 8618 |
| Romania 5.25% 5/30/2032  | 2265 | 2634 |
| Romania 2.00% 4/14/2033  | 830 | 750 |
| Romania 6.375% 1/30/2034 <sup>(a)</sup>  | USD2,416 | 2371 |
| Romania 3.75% 2/7/2034  | EUR890 | 897 |
| Romania 4.75% 10/11/2034  | RON4,990 | 956 |
| Romania 5.625% 5/30/2037  | EUR19,235 | 21388 |
| Romania 5.625% 5/30/2037  | 8370 | 9307 |

---

---

| | |
|:---|:---|
| **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)** |
| Romania 2.875% 4/13/2042  | EUR4,000 | $2939 |
| Romania 6.00% 9/24/2044  | 7970 | 8649 |
| Romania 6.00% 9/24/2044  | 1200 | 1302 |
| Romania 7.625% 1/17/2053 <sup>(a)</sup>  | USD200 | 202 |
| Saudi Arabia (Kingdom of) 3.25% 10/26/2026  | 1800 | 1775 |
| Saudi Arabia (Kingdom of) 4.75% 1/18/2028 <sup>(a)</sup>  | 1100 | 1109 |
| Saudi Arabia (Kingdom of) 4.75% 1/18/2028  | 1000 | 1008 |
| Saudi Arabia (Kingdom of) 5.375% 1/13/2031  | 820 | 851 |
| Saudi Arabia (Kingdom of) 4.875% 7/18/2033 <sup>(a)</sup>  | 3178 | 3194 |
| Saudi Arabia (Kingdom of) 4.875% 7/18/2033  | 808 | 812 |
| Saudi Arabia (Kingdom of) 5.625% 1/13/2035 <sup>(a)</sup>  | 3785 | 3951 |
| Saudi Arabia (Kingdom of) 5.25% 1/16/2050  | 6100 | 5534 |
| Saudi Arabia (Kingdom of) 5.00% 1/18/2053  | 5000 | 4268 |
| Saudi Arabia (Kingdom of) 5.75% 1/16/2054  | 14870 | 14189 |
| Saudi Arabia (Kingdom of) 5.75% 1/16/2054 <sup>(a)</sup>  | 4210 | 4017 |
| Senegal (Republic of) 4.75% 3/13/2028  | EUR3,140 | 2928 |
| Senegal (Republic of) 4.75% 3/13/2028  | 2960 | 2760 |
| Senegal (Republic of) 6.25% 5/23/2033  | USD7,920 | 5235 |
| Senegal (Republic of) 5.375% 6/8/2037  | EUR19,375 | 14131 |
| Senegal (Republic of) 5.375% 6/8/2037  | 1000 | 729 |
| Senegal (Republic of) 6.75% 3/13/2048  | USD9,400 | 5695 |
| Serbia (Republic of) 6.50% 9/26/2033 <sup>(a)</sup>  | 380 | 401 |
| Sharjah (Emirate of) 4.625% 2/13/2032  | EUR4,862 | 5741 |
| Sharjah Sukuk Programme, Ltd. 5.433% 4/17/2035 <sup>(a)</sup>  | USD1,500 | 1495 |
| Slovak Republic 3.75% 2/27/2040  | EUR4,900 | 5669 |
| South Africa (Republic of) 4.30% 10/12/2028  | USD3,775 | 3650 |
| South Africa (Republic of) 5.875% 4/20/2032  | 4900 | 4803 |
| South Africa (Republic of) 7.10% 11/19/2036 <sup>(a)</sup>  | 2700 | 2681 |
| South Africa (Republic of) 6.25% 3/8/2041  | 200 | 173 |
| South Africa (Republic of) 5.375% 7/24/2044  | 2125 | 1623 |
| South Africa (Republic of) 5.00% 10/12/2046  | 1705 | 1191 |
| South Africa (Republic of) 5.65% 9/27/2047  | 1055 | 791 |
| South Africa (Republic of) 6.30% 6/22/2048  | 995 | 807 |
| South Africa (Republic of) 5.75% 9/30/2049  | 1500 | 1131 |
| South Africa (Republic of) 11.625% 3/31/2053  | ZAR180,200 | 10682 |
| South Africa (Republic of), Series R-2030, 8.00% 1/31/2030  | 6635 | 369 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032  | 130044 | 7023 |
| South Africa (Republic of), Series R-2035, 8.875% 2/28/2035  | 793350 | 41954 |
| South Africa (Republic of), Series R-209, 6.25% 3/31/2036  | 175800 | 7417 |
| South Africa (Republic of), Series R-2037, 8.50% 1/31/2037  | 119630 | 5891 |
| South Africa (Republic of), Series R-2040, 9.00% 1/31/2040  | 494372 | 24180 |
| South Africa (Republic of), Series R-214, 6.50% 2/28/2041  | 819931 | 31345 |
| South Africa (Republic of), Series R-2044, 8.75% 1/31/2044  | 144390 | 6635 |
| South Africa (Republic of), Series R-2048, 8.75% 2/28/2048  | 251090 | 11398 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032  | KRW1,100,000 | 897 |
| Thailand (Kingdom of) 3.85% 12/12/2025  | THB33,348 | 1038 |
| Thailand (Kingdom of) 1.00% 6/17/2027  | 77000 | 2355 |
| Thailand (Kingdom of) 2.00% 12/17/2031  | 77400 | 2462 |
| Thailand (Kingdom of) 3.35% 6/17/2033  | 73000 | 2547 |
| Thailand (Kingdom of) 3.39% 6/17/2037  | 149478 | 5467 |
| Thailand (Kingdom of) 2.00% 6/17/2042  | 70307 | 2176 |
| Thailand (Kingdom of) 3.45% 6/17/2043  | 853662 | 31794 |
| Thailand (Kingdom of) 4.675% 6/29/2044  | 22013 | 943 |
| Thailand (Kingdom of) 2.875% 6/17/2046  | 102300 | 3530 |
| Thailand (Kingdom of) 3.15% 6/17/2050  | 24548 | 885 |
| Thailand (Kingdom of) 2.75% 6/17/2052  | 21257 | 716 |
| Thailand (Kingdom of) 4.00% 6/17/2055  | 117366 | 4959 |
| Turkey (Republic of) 36.00% 8/12/2026  | TRY317,610 | 7800 |
| Turkey (Republic of) 50.44% 6/16/2027 <sup>(d)</sup>  | 180975 | 4525 |
| Turkey (Republic of) 31.08% 11/8/2028  | 17609 | 418 |
| Turkey (Republic of) 6.50% 4/26/2030 <sup>(a)</sup>  | USD800 | 799 |
| Turkey (Republic of) 9.125% 7/13/2030  | 1400 | 1555 |
| Turkey (Republic of) 5.875% 6/26/2031  | 1900 | 1812 |
| Turkey (Republic of) 7.125% 7/17/2032  | 3200 | 3207 |
| Turkey (Republic of) 17.80% 7/13/2033  | TRY1,387 | 23 |
| Turkey (Republic of) 6.50% 9/20/2033  | USD1,310 | 1262 |
| Turkey (Republic of) 6.50% 1/3/2035  | 845 | 800 |

---

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)** |
| Turkey (Republic of) 6.00% 1/14/2041  | USD400 | $331 |
| Turkey (Republic of) 6.625% 2/17/2045  | 895 | 762 |
| Turkey (Republic of) 5.75% 5/11/2047  | 2510 | 1887 |
| Turkey (Republic of), Series 5Y, 12.60% 10/1/2025  | TRY540,959 | 12742 |
| Turkey (Republic of), Series 5Y, 9.875% 1/15/2028  | USD1,410 | 1544 |
| Turkey (Republic of), Series 5Y, 17.30% 7/19/2028  | TRY479,425 | 8522 |
| Turkey (Republic of), Series 30Y, 4.875% 4/16/2043  | USD13,650 | 9640 |
| Ukraine 15.09% 2/4/2026  | UAH15,544 | 339 |
| Ukraine 15.20% 4/29/2026  | 15740 | 339 |
| Ukraine 15.10% 6/24/2026  | 11551 | 250 |
| United Mexican States 4.50% 12/4/2025 <sup>(c)</sup>  | MXN73,741 | 3928 |
| United Mexican States 8.50% 3/1/2029  | 42000 | 2234 |
| United Mexican States 6.00% 5/13/2030  | USD1,840 | 1906 |
| United Mexican States 4.75% 4/27/2032  | 3400 | 3238 |
| United Mexican States 4.875% 5/19/2033  | 875 | 827 |
| United Mexican States 6.35% 2/9/2035  | 12680 | 13005 |
| United Mexican States 8.00% 5/24/2035  | MXN27,500 | 1345 |
| United Mexican States 4.50% 11/22/2035 <sup>(c)</sup>  | 210015 | 10766 |
| United Mexican States 6.00% 5/7/2036  | USD1,110 | 1098 |
| United Mexican States 6.875% 5/13/2037  | 2360 | 2467 |
| United Mexican States 6.625% 1/29/2038  | 10975 | 11156 |
| United Mexican States 4.50% 1/31/2050  | 1517 | 1107 |
| United Mexican States 6.338% 5/4/2053  | 7057 | 6493 |
| United Mexican States 6.40% 5/7/2054  | 3500 | 3230 |
| United Mexican States 7.375% 5/13/2055  | 5930 | 6136 |
| United Mexican States 3.771% 5/24/2061  | 5861 | 3476 |
| United Mexican States 3.75% 4/19/2071  | 4070 | 2317 |
| United Mexican States, Series M20, 8.50% 5/31/2029  | MXN143,170 | 7609 |
| United Mexican States, Series M, 7.75% 5/29/2031  | 388800 | 19757 |
| United Mexican States, Series S, 2.75% 11/27/2031 <sup>(c)</sup>  | 89107 | 4205 |
| United Mexican States, Series M, 7.50% 5/26/2033  | 256690 | 12500 |
| United Mexican States, Series M, 7.75% 11/23/2034  | 410543 | 19970 |
| United Mexican States, Series M30, 10.00% 11/20/2036  | 23040 | 1290 |
| United Mexican States, Series M30, 8.50% 11/18/2038  | 166200 | 8149 |
| United Mexican States, Series M, 7.75% 11/13/2042  | 138920 | 6140 |
| United Mexican States, Series M, 8.00% 11/7/2047  | 173053 | 7662 |
| United Mexican States, Series M, 8.00% 7/31/2053  | 606922 | 26623 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(c)</sup>  | 362919 | 16749 |
| Venezuela (Bolivarian Republic of) 7.00% 12/1/2018 <sup>(e)</sup>  | USD155 | 22 |
| Venezuela (Bolivarian Republic of) 7.75% 10/13/2019 <sup>(e)</sup>  | 3170 | 472 |
| Venezuela (Bolivarian Republic of) 6.00% 12/9/2020 <sup>(e)</sup>  | 2293 | 321 |
| Venezuela (Bolivarian Republic of) 9.00% 5/7/2023 <sup>(e)</sup>  | 2257 | 364 |
| Venezuela (Bolivarian Republic of) 8.25% 10/13/2024 <sup>(e)</sup>  | 1076 | 177 |
| Venezuela (Bolivarian Republic of) 9.25% 5/7/2028  | 562 | 100 |
| Venezuela (Bolivarian Republic of) 7.00% 3/31/2038  | 377 | 67 |
|  |  | 2292077 |
| **Corporate bonds, notes & loans 16.56%** | **Corporate bonds, notes & loans 16.56%** | **Corporate bonds, notes & loans 16.56%** |
| **Energy 4.65%** | **Energy 4.65%** | **Energy 4.65%** |
| 3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup>  | 1420 | 1437 |
| 3R Lux SARL 9.75% 2/5/2031  | 598 | 605 |
| Abu Dhabi Crude Oil Pipeline, LLC 3.65% 11/2/2029  | 845 | 820 |
| Abu Dhabi Crude Oil Pipeline, LLC 4.60% 11/2/2047  | 10350 | 9267 |
| Adnoc Murban RSC, Ltd. 5.125% 9/11/2054 <sup>(a)</sup>  | 450 | 411 |
| AI Candelaria (Spain) SA 7.50% 12/15/2028  | 260 | 260 |
| AI Candelaria (Spain) SA 5.75% 6/15/2033  | 2950 | 2506 |
| AI Candelaria (Spain) SA 5.75% 6/15/2033 <sup>(a)</sup>  | 2250 | 1911 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup>  | 4780 | 4868 |
| Ecopetrol SA 8.625% 1/19/2029  | 281 | 297 |
| Ecopetrol SA 4.625% 11/2/2031  | 590 | 499 |
| Ecopetrol SA 8.875% 1/13/2033  | 2280 | 2354 |
| Ecopetrol SA 8.375% 1/19/2036  | 700 | 676 |
| Ecopetrol SA 5.875% 5/28/2045  | 457 | 316 |
| EIG Pearl Holdings SARL 3.545% 8/31/2036  | 5559 | 4954 |
| Empresa Nacional del Petroleo 5.95% 7/30/2034 <sup>(a)</sup>  | 3795 | 3844 |
| Empresa Nacional del Petroleo 5.95% 7/30/2034  | 300 | 304 |

---

---

| | |
|:---|:---|
| **7** | American Funds Emerging Markets Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| FORESEA Holding SA 7.50% 6/15/2030  | USD939 | $893 |
| Galaxy Pipeline Assets Bidco, Ltd. 2.94% 9/30/2040  | 3930 | 3228 |
| Galaxy Pipeline Assets Bidco, Ltd. 3.25% 9/30/2040  | 1700 | 1329 |
| GeoPark, Ltd. 5.50% 1/17/2027  | 1733 | 1669 |
| GeoPark, Ltd. 8.75% 1/31/2030 <sup>(a)</sup>  | 3640 | 3206 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(a)</sup>  | 4740 | 4799 |
| Guara Norte SARL 5.198% 6/15/2034 <sup>(a)</sup>  | 1933 | 1833 |
| Guara Norte SARL 5.198% 6/15/2034  | 1767 | 1676 |
| Modec Finance BV 7.84% 7/15/2026 <sup>(f)(g)</sup>  | 200 | 202 |
| MV24 Capital BV 6.748% 6/1/2034  | 3188 | 3095 |
| MV24 Capital BV 6.748% 6/1/2034 <sup>(a)</sup>  | 1260 | 1223 |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(a)</sup>  | 2295 | 2238 |
| Oleoducto Central SA 4.00% 7/14/2027  | 1300 | 1268 |
| Petroleos Mexicanos 6.875% 10/16/2025  | 2498 | 2497 |
| Petroleos Mexicanos 6.875% 8/4/2026  | 984 | 985 |
| Petroleos Mexicanos 7.47% 11/12/2026  | MXN410,518 | 20984 |
| Petroleos Mexicanos 6.49% 1/23/2027  | USD5,190 | 5167 |
| Petroleos Mexicanos 5.35% 2/12/2028  | 935 | 898 |
| Petroleos Mexicanos 4.75% 2/26/2029  | EUR1,000 | 1128 |
| Petroleos Mexicanos 8.75% 6/2/2029  | USD1,400 | 1451 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 5850 | 5655 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 11150 | 10091 |
| Petroleos Mexicanos 6.70% 2/16/2032  | 8530 | 7933 |
| Petroleos Mexicanos 6.625% 6/15/2035  | 1200 | 1012 |
| Petroleos Mexicanos 6.375% 1/23/2045  | 1250 | 886 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 3350 | 2637 |
| Petrorio Luxembourg Holding SARL 6.125% 6/9/2026  | 700 | 702 |
| Petrorio Luxembourg Holding SARL 6.125% 6/9/2026 <sup>(a)</sup>  | 500 | 501 |
| Pluspetrol SA 8.50% 5/30/2032 <sup>(a)</sup>  | 400 | 405 |
| PTT PCL 4.50% 10/25/2042  | 500 | 426 |
| PTTEP Treasury Center Co., Ltd. 2.587% 6/10/2027 <sup>(a)</sup>  | 278 | 268 |
| PTTEP Treasury Center Co., Ltd. 2.587% 6/10/2027  | 200 | 193 |
| PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030  | 1228 | 1149 |
| PTTEP Treasury Center Co., Ltd. 3.903% 12/6/2059  | 200 | 144 |
| Qatar Energy 3.125% 7/12/2041 <sup>(a)</sup>  | 2995 | 2215 |
| Qatar Energy 3.125% 7/12/2041  | 325 | 240 |
| Qatar Energy 3.30% 7/12/2051 <sup>(a)</sup>  | 2710 | 1832 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(a)</sup>  | 200 | 200 |
| Raizen Fuels Finance SA 6.70% 2/25/2037 <sup>(a)</sup>  | 250 | 246 |
| Reliance Industries, Ltd. 3.625% 1/12/2052  | 250 | 173 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(a)</sup>  | 1540 | 1447 |
| Thaioil Treasury Center Co., Ltd. 4.875% 1/23/2043  | 200 | 163 |
| Thaioil Treasury Center Co., Ltd. 5.375% 11/20/2048  | 700 | 587 |
| Thaioil Treasury Center Co., Ltd. 3.50% 10/17/2049  | 200 | 123 |
| Transportadora de Gas del Sur SA 8.50% 7/24/2031 <sup>(a)</sup>  | 3020 | 3174 |
| Vista Energy Argentina SAU 8.50% 6/10/2033 <sup>(a)</sup>  | 1100 | 1113 |
| Vista Energy Argentina SAU 7.625% 12/10/2035 <sup>(a)</sup>  | 5550 | 5388 |
| YPF SA 8.50% 6/27/2029  | 300 | 307 |
| YPF SA 8.75% 9/11/2031 <sup>(a)</sup>  | 1100 | 1138 |
| YPF SA 8.25% 1/17/2034 <sup>(a)</sup>  | 2900 | 2907 |
|  |  | 148353 |
| **Financials 3.06%** | **Financials 3.06%** | **Financials 3.06%** |
| Banco de Bogota SA 6.25% 5/12/2026  | 605 | 607 |
| Banco de Credito del Peru SA 3.125% 7/1/2030 <br>(5-year UST Yield Curve Rate T Note Constant Maturity + 3.00% on 7/1/2025) <sup>(b)</sup>  | 485 | 485 |
| Banco de Credito del Peru SA 3.25% 9/30/2031 <br>(5-year UST Yield Curve Rate T Note Constant Maturity + 2.45% on 9/30/2026) <sup>(b)</sup>  | 8320 | 8075 |
| Banco de Credito del Peru SA 3.25% 9/30/2031 <br>(5-year UST Yield Curve Rate T Note Constant Maturity + 2.45% on 9/30/2026) <sup>(a)(b)</sup>  | 2955 | 2868 |
| Bancolombia SA 8.625% 12/24/2034 <br>(5-year UST Yield Curve Rate T Note Constant Maturity + 4.32% on 12/24/2029) <sup>(b)</sup>  | 2435 | 2562 |
| Bangkok Bank Public Co., Ltd. 4.45% 9/19/2028 <sup>(a)</sup>  | 1500 | 1495 |
| Bangkok Bank Public Co., Ltd. 4.45% 9/19/2028  | 900 | 897 |

---

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

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| 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>(b)</sup>  | USD2,997 | $2790 |
| 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>(b)</sup>  | 2250 | 2217 |
| Bank of East Asia, Ltd. 5.825% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 5.527% on 10/21/2025) <sup>(b)</sup>  | 2370 | 2366 |
| 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>(b)</sup>  | 4876 | 4795 |
| 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)(b)</sup>  | 4300 | 4426 |
| 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>(b)</sup>  | 1740 | 1841 |
| BBVA Bancomer, SA 5.125% 1/18/2033 <br>(5-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 1/17/2028) <sup>(b)</sup>  | 1335 | 1284 |
| China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031  | 272 | 243 |
| Hanwha Life Insurance Co., Ltd. 6.30% 6/24/2055 <sup>(a)(b)</sup>  | 1700 | 1753 |
| HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028) <sup>(b)</sup>  | 1000 | 932 |
| HSBC Holdings PLC (USD-SOFR + 1.57%) 4.29% 5/13/2031 <sup>(d)</sup>  | 3250 | 3270 |
| HSBC Holdings PLC 5.24% 5/13/2031 (USD-SOFR + 1.57% on 5/13/2030) <sup>(b)</sup>  | 1000 | 1018 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(b)</sup>  | 800 | 708 |
| HSBC Holdings PLC 8.113% 11/3/2033 (USD-SOFR + 4.25% on 11/3/2032) <sup>(b)</sup>  | 1900 | 2194 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(b)</sup>  | 250 | 280 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(b)</sup>  | 3100 | 3330 |
| IIFL Finance, Ltd. 8.75% 7/24/2028 <sup>(a)</sup>  | 4490 | 4520 |
| Itau Unibanco Holding SA 6.00% 2/27/2030 <sup>(a)</sup>  | 4005 | 4111 |
| Itau Unibanco Holding SA 3.875% 4/15/2031 <br>(5-year UST Yield Curve Rate T Note Constant Maturity + 3.446% on 4/15/2026) <sup>(b)</sup>  | 580 | 574 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 1.70% on 10/2/2026) <sup>(b)</sup>  | 11400 | 11103 |
| Kookmin Bank 5.375% 5/8/2027 <sup>(a)</sup>  | 980 | 1000 |
| Manappuram Finance, Ltd. 7.375% 5/12/2028  | 7700 | 7806 |
| Muangthai Capital PCL 6.875% 9/30/2028  | 4500 | 4502 |
| NongHyup Bank 4.875% 7/3/2028 <sup>(a)</sup>  | 1395 | 1418 |
| Power Finance Corp., Ltd. 3.90% 9/16/2029  | 500 | 481 |
| PT Bank Negara Indonesia (Persero) Tbk 5.28% 4/5/2029  | 1250 | 1271 |
| 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>(b)</sup>  | 7600 | 7264 |
| Simpar Europe SA 5.20% 1/26/2031  | 200 | 164 |
| Standard Chartered PLC 6.228% 1/21/2036 <br>(1-year UST Yield Curve Rate T Note Constant Maturity + 1.43% on 1/21/2035) <sup>(a)(b)</sup>  | 775 | 823 |
| Vigorous Champion International, Ltd. 4.25% 5/28/2029  | 750 | 739 |
| Xiaomi Best Time International, Ltd. 2.875% 7/14/2031  | 500 | 455 |
| Xiaomi Best Time International, Ltd. 4.10% 7/14/2051 <sup>(a)</sup>  | 1120 | 867 |
| Xiaomi Best Time International, Ltd. 4.10% 7/14/2051  | 200 | 155 |
|  |  | 97689 |
| **Utilities 2.70%** | **Utilities 2.70%** | **Utilities 2.70%** |
| Aegea Finance SARL 9.00% 1/20/2031 <sup>(a)</sup>  | 1845 | 1961 |
| Aegea Finance SARL 9.00% 1/20/2031  | 500 | 531 |
| AES Andes SA, junior subordinated, 8.15% 6/10/2055 <br>(5-year UST Yield Curve Rate T Note Constant Maturity + 3.835% on 6/10/2030) <sup>(a)(b)</sup>  | 1370 | 1420 |
| AES Panama Generation Holdings, SRL 4.375% 5/31/2030  | 2296 | 2103 |
| AES Panama Generation Holdings, SRL 4.375% 5/31/2030 <sup>(a)</sup>  | 673 | 616 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051  | 3481 | 2563 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051 <sup>(a)</sup>  | 1107 | 815 |
| Buffalo Energy Mexico Holdings 7.875% 2/15/2039  | 4500 | 4640 |
| Buffalo Energy Mexico Holdings 7.875% 2/15/2039 <sup>(a)</sup>  | 735 | 758 |
| Chile Electricity Lux MPC II SA r.l. 5.672% 10/20/2035 <sup>(a)</sup>  | 4860 | 4899 |
| Chile Electricity Lux MPC SARL 6.01% 1/20/2033 <sup>(a)</sup>  | 2423 | 2513 |
| Chile Electricity Lux MPC SARL 6.01% 1/20/2033  | 1674 | 1736 |
| China Huaneng Group Co., Ltd. 5.85% perpetual contingent convertible bonds (3-year UST Yield Curve Rate T <br> Note Constant Maturity + 3.775% on 7/5/2027) <sup>(b)</sup>  | 801 | 810 |
| China Oil and Gas Group, Ltd. 4.70% 6/30/2026  | 5859 | 5757 |
| Cikarang Listrindo Tbk PT 5.65% 3/12/2035  | 600 | 599 |
| Empresas Publicas de Medellin ESP 8.375% 11/8/2027  | COP16,026,000 | 3608 |

---

---

| | |
|:---|:---|
| **9** | American Funds Emerging Markets Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| Empresas Publicas de Medellin ESP 8.375% 11/8/2027  | COP1,400,000 | $315 |
| Empresas Publicas de Medellin ESP 4.25% 7/18/2029 <sup>(a)</sup>  | USD1,602 | 1480 |
| Empresas Publicas de Medellin ESP 4.25% 7/18/2029  | 200 | 185 |
| Enfragen Energia Sur SA 5.375% 12/30/2030  | 8744 | 7836 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026  | 2100 | 2071 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026 <sup>(a)</sup>  | 510 | 503 |
| Greenko Dutch BV 3.85% 3/29/2026 <sup>(a)</sup>  | 4246 | 4173 |
| Greenko Dutch BV 3.85% 3/29/2026  | 3047 | 2995 |
| Instituto Costarricense de Electricidad 6.75% 10/7/2031  | 570 | 588 |
| Interchile SA 4.50% 6/30/2056  | 460 | 367 |
| Investment Energy Resources, Ltd. 6.25% 4/26/2029 <sup>(a)</sup>  | 920 | 903 |
| Kallpa Generacion SA 5.875% 1/30/2032 <sup>(a)</sup>  | 200 | 205 |
| Light Energia SA 4.375% 6/18/2026  | 798 | 742 |
| Light Servicos de Eletricidade SA 4.21% 12/19/2032  | 354 | 189 |
| Light Servicos de Eletricidade SA 2.26% PIK 12/19/2037 <sup>(h)</sup>  | 147 | 34 |
| Minejesa Capital BV 4.625% 8/10/2030  | 1816 | 1795 |
| Minejesa Capital BV 5.625% 8/10/2037  | 700 | 675 |
| MVM Energetika Zartkoruen Mukodo Reszvenytarsasag 7.50% 6/9/2028  | 665 | 701 |
| Niagara Energy S.A.C. 5.746% 10/3/2034  | 700 | 694 |
| Saavi Energia SARL 8.875% 2/10/2035 <sup>(a)</sup>  | 9020 | 9424 |
| SAEL, Ltd. 7.80% 7/31/2031 <sup>(a)</sup>  | 2331 | 2273 |
| SAEL, Ltd. 7.80% 7/31/2031  | 486 | 474 |
| 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>(b)</sup>  | 4410 | 4365 |
| 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>(b)</sup>  | 4697 | 4724 |
| SMC Global Power Holdings Corp. 7.00% perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 9.199% on 10/21/2025) <sup>(b)</sup>  | 859 | 862 |
| TNB Global Ventures Capital Bhd 3.244% 10/19/2026  | 200 | 197 |
| 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 | 1602 |
|  |  | 86323 |
| **Consumer discretionary 1.88%** | **Consumer discretionary 1.88%** | **Consumer discretionary 1.88%** |
| Alibaba Group Holding, Ltd. 5.25% 5/26/2035  | 3300 | 3338 |
| Alibaba Group Holding, Ltd. 5.25% 5/26/2035 <sup>(a)</sup>  | 1400 | 1416 |
| Alibaba Group Holding, Ltd. 4.00% 12/6/2037  | 200 | 176 |
| Alibaba Group Holding, Ltd. 2.70% 2/9/2041  | 200 | 140 |
| Alibaba Group Holding, Ltd. 4.20% 12/6/2047  | 400 | 322 |
| Alibaba Group Holding, Ltd. 5.625% 11/26/2054  | 1500 | 1473 |
| Alibaba Group Holding, Ltd. 5.625% 11/26/2054 <sup>(a)</sup>  | 490 | 481 |
| Arcos Dorados BV 6.375% 1/29/2032 <sup>(a)</sup>  | 7455 | 7760 |
| GENM Capital Labuan, Ltd. 3.882% 4/19/2031  | 3800 | 3414 |
| GOHL Capital, Ltd. 4.25% 1/24/2027  | 1200 | 1182 |
| Meituan 2.125% 10/28/2025  | 1500 | 1488 |
| Meituan 2.125% 10/28/2025 <sup>(a)</sup>  | 200 | 198 |
| Meituan 3.05% 10/28/2030 <sup>(a)</sup>  | 250 | 231 |
| Meituan 3.05% 10/28/2030  | 200 | 185 |
| Melco Resorts Finance, Ltd. 5.25% 4/26/2026  | 400 | 400 |
| Melco Resorts Finance, Ltd. 5.625% 7/17/2027  | 700 | 699 |
| Melco Resorts Finance, Ltd. 5.625% 7/17/2027 <sup>(a)</sup>  | 200 | 200 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028  | 1805 | 1768 |
| Melco Resorts Finance, Ltd. 5.375% 12/4/2029  | 3490 | 3277 |
| Melco Resorts Finance, Ltd. 5.375% 12/4/2029 <sup>(a)</sup>  | 2250 | 2113 |
| Melco Resorts Finance, Ltd. 7.625% 4/17/2032 <sup>(a)</sup>  | 6355 | 6428 |
| Melco Resorts Finance, Ltd. 7.625% 4/17/2032  | 300 | 303 |
| MGM China Holdings, Ltd. 4.75% 2/1/2027  | 200 | 199 |
| MGM China Holdings, Ltd. 7.125% 6/26/2031  | 1390 | 1446 |
| Sands China, Ltd. 3.80% 1/8/2026  | 700 | 697 |
| Sands China, Ltd. 2.30% 3/8/2027  | 300 | 288 |
| Sands China, Ltd. 5.40% 8/8/2028  | 2000 | 2016 |
| Sands China, Ltd. 4.375% 6/18/2030  | 3100 | 2965 |
| Sands China, Ltd. 3.25% 8/8/2031  | 5431 | 4796 |
| SMRC Automotive Holdings Netherlands BV 5.625% 7/11/2029 <sup>(a)</sup>  | 1405 | 1428 |
| SMRC Automotive Holdings Netherlands BV 5.625% 7/11/2029  | 700 | 712 |

---

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, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Consumer discretionary (continued)** | **Consumer discretionary (continued)** | **Consumer discretionary (continued)** |
| Studio City Finance, Ltd. 6.50% 1/15/2028  | USD200 | $198 |
| Studio City Finance, Ltd. 5.00% 1/15/2029  | 2070 | 1901 |
| Wynn Macau, Ltd. 5.50% 10/1/2027  | 800 | 799 |
| Wynn Macau, Ltd. 5.625% 8/26/2028  | 5656 | 5564 |
|  |  | 60001 |
| **Materials 1.21%** | **Materials 1.21%** | **Materials 1.21%** |
| Alpek, SAB de CV 3.25% 2/25/2031 <sup>(a)</sup>  | 1285 | 1127 |
| Braskem Netherlands Finance BV 4.50% 1/10/2028  | 764 | 659 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031  | 1700 | 1488 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(a)</sup>  | 1005 | 879 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033  | 410 | 325 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 <sup>(a)</sup>  | 275 | 218 |
| Braskem Netherlands Finance BV 8.00% 10/15/2034 <sup>(a)</sup>  | 1620 | 1299 |
| CAP SA 3.90% 4/27/2031  | 200 | 161 |
| Celulosa Arauco y Constitucion SA 6.18% 5/5/2032 <sup>(a)</sup>  | 2240 | 2287 |
| CSN Inova Ventures 6.75% 1/28/2028  | 300 | 284 |
| CSN Resources SA 8.875% 12/5/2030  | 1150 | 1140 |
| CSN Resources SA 8.875% 12/5/2030 <sup>(a)</sup>  | 1100 | 1091 |
| CSN Resources SA 4.625% 6/10/2031  | 1645 | 1296 |
| Fresnillo PLC 4.25% 10/2/2050  | 2300 | 1679 |
| Fresnillo PLC 4.25% 10/2/2050 <sup>(a)</sup>  | 2160 | 1576 |
| GC Treasury Center Co., Ltd. 2.98% 3/18/2031 <sup>(a)</sup>  | 375 | 328 |
| GC Treasury Center Co., Ltd. 4.30% 3/18/2051  | 400 | 291 |
| POSCO 5.75% 1/17/2028 <sup>(a)</sup>  | 200 | 206 |
| PT Freeport Indonesia 4.763% 4/14/2027  | 1836 | 1840 |
| PT Freeport Indonesia 4.763% 4/14/2027 <sup>(a)</sup>  | 364 | 365 |
| PT Freeport Indonesia 6.20% 4/14/2052  | 600 | 589 |
| PT Krakatau Posco 6.375% 6/11/2027  | 3500 | 3526 |
| PT Krakatau Posco 6.375% 6/11/2029  | 3900 | 3915 |
| Sasol Financing USA, LLC 4.375% 9/18/2026  | 3110 | 3068 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(g)</sup>  | 3885 | 3850 |
| Sasol Financing USA, LLC 5.50% 3/18/2031  | 5350 | 4401 |
| Suzano Austria gmbh 3.125% 1/15/2032  | 600 | 530 |
| Vale Overseas, Ltd. 6.40% 6/28/2054  | 240 | 236 |
|  |  | 38654 |
| **Industrials 1.18%** | **Industrials 1.18%** | **Industrials 1.18%** |
| Adani Ports & Special Economic Zone, Ltd. 4.375% 7/3/2029  | 1155 | 1092 |
| Aeropuerto Internacional de Tocumen, SA 4.00% 8/11/2041  | 575 | 433 |
| Ambipar Lux SARL 9.875% 2/6/2031  | 600 | 567 |
| Ambipar Lux SARL 10.875% 2/5/2033 <sup>(a)</sup>  | 200 | 190 |
| CK Hutchison International (23), Ltd. 4.875% 4/21/2033  | 200 | 199 |
| CK Hutchison International (24), Ltd. 5.50% 4/26/2034  | 460 | 474 |
| CK Hutchison International (24), Ltd. 5.50% 4/26/2034 <sup>(a)</sup>  | 400 | 412 |
| CK Hutchison International (21), Ltd. 3.125% 4/15/2041  | 400 | 295 |
| CK Hutchison International (19) II, Ltd. 3.375% 9/6/2049  | 600 | 421 |
| Embraer Netherlands Finance BV 7.00% 7/28/2030 <sup>(a)</sup>  | 400 | 432 |
| HPHT Finance 25, Ltd. 5.00% 2/21/2030  | 400 | 404 |
| Hutchison Whampoa International, Ltd. 7.45% 11/24/2033  | 200 | 232 |
| IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(a)</sup>  | 1160 | 1164 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(a)</sup>  | 2280 | 2328 |
| LATAM Airlines Group SA 7.625% 1/7/2031 <sup>(a)</sup>  | 385 | 387 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 <sup>(a)</sup>  | 437 | 444 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034  | 136 | 138 |
| Lima Metro Line 2 Finance, Ltd. 4.35% 4/5/2036 <sup>(a)</sup>  | 793 | 747 |
| Mexico City Airport Trust 4.25% 10/31/2026  | 2100 | 2058 |
| Mexico City Airport Trust 5.50% 7/31/2047  | 2000 | 1653 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(a)</sup>  | 1510 | 1490 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027  | 200 | 197 |
| Movida Europe SA 7.85% 4/11/2029 <sup>(a)</sup>  | 1885 | 1742 |
| Movida Europe SA 7.85% 4/11/2029  | 1630 | 1506 |
| OCP SA 3.75% 6/23/2031  | 2000 | 1796 |
| OCP SA 6.75% 5/2/2034 <sup>(a)</sup>  | 3710 | 3851 |

---

---

| | |
|:---|:---|
| **11** | American Funds Emerging Markets Bond Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| OCP SA 6.70% 3/1/2036 <sup>(a)</sup>  | USD7,000 | $7047 |
| Rutas 2 & 7 Finance, Ltd. 0% 9/30/2036 <sup>(a)</sup>  | 2162 | 1569 |
| Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/2031  | 2950 | 2607 |
| Transnet SOC, Ltd. 8.25% 2/6/2028  | 300 | 311 |
| TSMC Arizona Corp. 3.125% 10/25/2041  | 200 | 155 |
| TSMC Arizona Corp. 3.25% 10/25/2051  | 200 | 145 |
| TSMC Arizona Corp. 4.50% 4/22/2052  | 400 | 364 |
| Varanasi Aurangabad Nh-2 Tollway Private, Ltd. 5.90% 2/28/2034 <sup>(a)</sup>  | 810 | 830 |
|  |  | 37680 |
| **Consumer staples 0.72%** | **Consumer staples 0.72%** | **Consumer staples 0.72%** |
| Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | 1755 | 1793 |
| Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031  | 2709 | 2485 |
| Indofood CBP Sukses Makmur Tbk PT 3.541% 4/27/2032  | 2600 | 2377 |
| Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051  | 200 | 162 |
| InRetail Consumer 3.25% 3/22/2028 <sup>(a)</sup>  | 2730 | 2591 |
| InRetail Consumer 3.25% 3/22/2028  | 1675 | 1590 |
| MARB BondCo PLC 3.95% 1/29/2031 <sup>(a)</sup>  | 1500 | 1331 |
| MARB BondCo PLC 3.95% 1/29/2031  | 1440 | 1278 |
| Minerva Luxembourg SA 4.375% 3/18/2031 <sup>(a)</sup>  | 400 | 357 |
| Minerva Luxembourg SA 8.875% 9/13/2033  | 4800 | 5188 |
| Minerva Luxembourg SA 8.875% 9/13/2033 <sup>(a)</sup>  | 3468 | 3748 |
|  |  | 22900 |
| **Communication services 0.56%** | **Communication services 0.56%** | **Communication services 0.56%** |
| America Movil, SAB de CV, 10.125% 1/22/2029  | MXN104,260 | 5727 |
| America Movil, SAB de CV, 9.50% 1/27/2031  | 106360 | 5687 |
| Axiata SPV5 (Labuan), Ltd. 3.064% 8/19/2050  | USD677 | 456 |
| PLDT, Inc. 2.50% 1/23/2031  | 200 | 180 |
| Tencent Holdings, Ltd. 2.39% 6/3/2030  | 500 | 458 |
| Tencent Holdings, Ltd. 3.925% 1/19/2038  | 200 | 178 |
| Tencent Holdings, Ltd. 3.68% 4/22/2041  | 400 | 319 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050  | 3360 | 2283 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050 <sup>(a)</sup>  | 900 | 612 |
| Tencent Holdings, Ltd. 3.84% 4/22/2051  | 2600 | 1963 |
| Tencent Holdings, Ltd. 3.29% 6/3/2060  | 200 | 128 |
|  |  | 17991 |
| **Health care 0.37%** | **Health care 0.37%** | **Health care 0.37%** |
| Biocon Biologics Global PLC 6.67% 10/9/2029 <sup>(a)</sup>  | 10285 | 9776 |
| Biocon Biologics Global PLC 6.67% 10/9/2029  | 530 | 504 |
| Rede D'Or Finance SARL 4.50% 1/22/2030  | 1485 | 1411 |
|  |  | 11691 |
| **Information technology 0.13%** | **Information technology 0.13%** | **Information technology 0.13%** |
| Lenovo Group, Ltd. 3.421% 11/2/2030  | 400 | 373 |
| Lenovo Group, Ltd. 6.536% 7/27/2032  | 200 | 214 |
| SK hynix, Inc. 1.50% 1/19/2026  | 600 | 590 |
| SK hynix, Inc. 6.375% 1/17/2028  | 200 | 209 |
| SK hynix, Inc. 2.375% 1/19/2031 <sup>(a)</sup>  | 400 | 354 |
| SK hynix, Inc. 6.50% 1/17/2033  | 1700 | 1838 |
| TSMC Global, Ltd. 1.75% 4/23/2028  | 200 | 187 |
| TSMC Global, Ltd. 1.375% 9/28/2030  | 200 | 172 |
| TSMC Global, Ltd. 2.25% 4/23/2031 <sup>(a)</sup>  | 400 | 357 |
|  |  | 4294 |

---

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, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (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 | $642 |
| FibraSOMA 4.375% 7/22/2031 <sup>(a)</sup>  | 1430 | 1117 |
| FibraSOMA 4.375% 7/22/2031  | 996 | 778 |
| Fideicomiso Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup>  | 500 | 522 |
|  |  | 3059 |
| **Total corporate bonds, notes & loans** |  | 528635 |
| **U.S. Treasury bonds & notes 2.94%** | **U.S. Treasury bonds & notes 2.94%** | **U.S. Treasury bonds & notes 2.94%** |
| **U.S. Treasury 2.49%** | **U.S. Treasury 2.49%** | **U.S. Treasury 2.49%** |
| U.S. Treasury 4.50% 11/15/2025  | 4200 | 4203 |
| U.S. Treasury 3.625% 5/31/2028  | 4968 | 4958 |
| U.S. Treasury 4.625% 9/30/2028 <sup>(i)</sup>  | 17700 | 18192 |
| U.S. Treasury 4.00% 6/30/2032  | 12549 | 12556 |
| U.S. Treasury 4.125% 11/15/2032  | 4300 | 4329 |
| U.S. Treasury 3.375% 5/15/2033 <sup>(i)</sup>  | 2593 | 2471 |
| U.S. Treasury 3.875% 8/15/2034  | 1364 | 1332 |
| U.S. Treasury 4.25% 11/15/2034  | 3500 | 3511 |
| U.S. Treasury 4.625% 2/15/2035  | 6000 | 6191 |
| U.S. Treasury 4.25% 5/15/2035  | 3937 | 3942 |
| U.S. Treasury 5.00% 5/15/2045  | 2098 | 2155 |
| U.S. Treasury 4.125% 8/15/2053 <sup>(i)</sup>  | 6733 | 6018 |
| U.S. Treasury 4.50% 11/15/2054  | 1700 | 1620 |
| U.S. Treasury 4.625% 2/15/2055  | 8229 | 8010 |
|  |  | 79488 |
| **U.S. Treasury inflation-protected securities 0.45%** | **U.S. Treasury inflation-protected securities 0.45%** | **U.S. Treasury inflation-protected securities 0.45%** |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(c)(i)</sup>  | 14841 | 14353 |
| **Total U.S. Treasury bonds & notes** |  | 93841 |
| **Federal agency bonds & notes 0.35%** | **Federal agency bonds & notes 0.35%** | **Federal agency bonds & notes 0.35%** |
| Korea Development Bank 7.40% 1/25/2029  | INR356,800 | 4199 |
| Korea Development Bank 7.25% 6/11/2029  | 330100 | 3887 |
| Korea Electric Power Corp. 4.00% 6/14/2027 <sup>(a)</sup>  | USD200 | 199 |
| Korea Electric Power Corp. 4.75% 2/13/2028 <sup>(a)</sup>  | 1100 | 1113 |
| Korea National Oil Corp. 4.625% 3/31/2028 <sup>(a)</sup>  | 400 | 403 |
| Korea National Oil Corp. 4.875% 4/3/2028 <sup>(a)</sup>  | 200 | 203 |
| Korea National Oil Corp. 4.75% 3/31/2030 <sup>(a)</sup>  | 1050 | 1069 |
| Korea National Oil Corp. 2.625% 4/18/2032  | 200 | 175 |
|  |  | 11248 |
| **Total bonds, notes & other debt instruments** (cost: $2,834,357,000) |  | 2925801 |
| Common stocks 0.05% | Shares |  |
| **Energy 0.05%** | **Energy 0.05%** | **Energy 0.05%** |
| FORESEA Holding SA, Class C, nonvoting shares  | 55880 | 1299 |
| FORESEA Holding SA, Class B  | 6208 | 145 |
|  |  | 1444 |
| **Utilities 0.00%** | **Utilities 0.00%** | **Utilities 0.00%** |
| Light SA, units <sup>(j)</sup>  | 1023721 | 102 |
| **Total common stocks** (cost: $1,540,000) |  | 1546 |
| Short-term securities 7.43% |  |  |
| **Money market investments 6.69%** | **Money market investments 6.69%** | **Money market investments 6.69%** |
| Capital Group Central Cash Fund 4.35% <sup>(k)(l)</sup>  | 2134855 | 213486 |

---

---

| | |
|:---|:---|
| **13** | American Funds Emerging Markets Bond Fund |

---

------

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition<br>| Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bills & notes of governments & government agencies outside the U.S. 0.74%** | **Bills & notes of governments & government agencies outside the U.S. 0.74%** | **Bills & notes of governments & government agencies outside the U.S. 0.74%** | **Bills & notes of governments & government agencies outside the U.S. 0.74%** |
| Egypt (Arab Republic of) 9/9/2025  | 22.142<br> %<br>| EGP349,700 | $6689 |
| Egypt (Arab Republic of) 11/11/2025  | 20.307 | 114725 | 2099 |
| Egypt (Arab Republic of) 12/16/2025  | 22.392 | 126100 | 2255 |
| Egypt (Arab Republic of) 1/6/2026  | 19.531 | 220400 | 3889 |
| Egypt (Arab Republic of) 1/20/2026  | 20.527 | 156100 | 2731 |
| Egypt (Arab Republic of) 5/26/2026  | 19.554 | 212750 | 3496 |
| Egypt (Arab Republic of) 6/2/2026  | 19.637 | 80775 | 1325 |
| Nigeria (Republic of) 12/16/2025  | 22.546 | NGN2,269,228 | 1318 |
|  |  |  | 23802 |
| **Total short-term securities** (cost: $237,139,000) | **Total short-term securities** (cost: $237,139,000) | **Total short-term securities** (cost: $237,139,000) | 237288 |
| **Total investment securities 99.11%** (cost: $3,073,036,000) | **Total investment securities 99.11%** (cost: $3,073,036,000) |  | 3164635 |
| Other assets less liabilities 0.89% | Other assets less liabilities 0.89% |  | 28295 |
| **Net assets 100.00%** | **Net assets 100.00%** |  | $3192930 |

---

**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 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 262 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD54,502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $214 |
| 5 Year Euro-Bobl Futures | Short | 429 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59469)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| 5 Year U.S. Treasury Note Futures | Long | 614 | 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748 |
| 10 Year Euro-Bund Futures | Short | 462 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70829)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 |
| 10 Year U.S. Treasury Note Futures | Long | 367 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 783 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 58 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6627)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132)<br>|
| 20 Year U.S. Treasury Bond Futures | Long | 49 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| 30 Year Euro-Buxl Futures | Short | 58 | 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8112)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 44 | 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2601 |

---

**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 6/30/2025 <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 6/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| EUR | 18234 | USD | 21391 | HSBC Bank | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $89 |
| EUR | 3374 | USD | 3958 | HSBC Bank | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| EUR | 3157 | USD | 3704 | HSBC Bank | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| EUR | 293 | USD | 344 | HSBC Bank | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 28395 | EUR | 25058 | BNP Paribas | 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1124)<br>|
| MYR | 12391 | USD | 2935 | JPMorgan Chase | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| MYR | 4439 | USD | 1048 | BNP Paribas | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| MYR | 7800 | USD | 1848 | JPMorgan Chase | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| CNH | 58400 | USD | 8164 | Standard Chartered Bank | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| MYR | 5498 | USD | 1304 | JPMorgan Chase | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| CLP | 1319504 | USD | 1420 | Morgan Stanley | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 1283 | CLP | 1209932 | Citibank | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 1276 | PEN | 4636 | Morgan Stanley | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32)<br>|
| USD | 9024 | MYR | 38208 | BNP Paribas | 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44)<br>|
| RON | 111 | USD | 25 | Goldman Sachs | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 1524 | COP | 6350941 | UBS AG | 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| EUR | 12200 | USD | 13980 | Standard Chartered Bank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 |
| PLN | 15224 | USD | 4099 | JPMorgan Chase | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 |
| PLN | 4753 | USD | 1279 | Goldman Sachs | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| HUF | 260000 | USD | 741 | JPMorgan Chase | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |

---

American Funds Emerging Markets Bond Fund<sub>14</sub>

------

**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 6/30/2025<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 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| CLP | 2585641 | USD | 2755 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21 |
| CLP | 1215841 | USD | 1294 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| CLP | 1413968 | USD | 1508 | Morgan Stanley | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| TRY | 83296 | USD | 2056 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| HUF | 123367 | USD | 357 | BNP Paribas | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| TRY | 52367 | USD | 1294 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| CLP | 593124 | USD | 632 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| TRY | 5221 | USD | 129 | JPMorgan Chase | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| CLP | 1215009 | USD | 1307 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 279 | EUR | 240 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 491 | RON | 2169 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | 1204 | PLN | 4430 | JPMorgan Chase | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| USD | 730 | BRL | 4184 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38)<br>|
| USD | 1283 | PLN | 4790 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)<br>|
| USD | 4867 | COP | 20131000 | Citibank | 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50)<br>|
| PLN | 5200 | USD | 1389 | UBS AG | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| PLN | 7166 | USD | 1940 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| EUR | 1480 | USD | 1716 | Barclays Bank PLC | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| CZK | 17101 | USD | 788 | UBS AG | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| PLN | 4757 | USD | 1300 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| MXN | 16280 | USD | 850 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| HUF | 147000 | USD | 420 | Goldman Sachs | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| ZAR | 11730 | USD | 650 | UBS AG | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| HUF | 77311 | USD | 219 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| THB | 41556 | USD | 1274 | UBS AG | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| MXN | 9743 | USD | 512 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| ZAR | 44061 | USD | 2482 | UBS AG | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| THB | 62353 | USD | 1922 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| THB | 432 | USD | 13 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 17 | HUF | 5924 | Goldman Sachs | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| THB | 143480 | USD | 4430 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 799 | MXN | 15297 | Citibank | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| USD | 941 | PLN | 3522 | UBS AG | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36)<br>|
| USD | 71780 | EUR | 62779 | BNP Paribas | 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2249)<br>|
| CZK | 381123 | USD | 17677 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490 |
| ZAR | 22835 | USD | 1268 | Goldman Sachs | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| CNH | 42346 | USD | 5912 | Citibank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| ZAR | 38073 | USD | 2142 | Goldman Sachs | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| CNH | 6620 | USD | 925 | HSBC Bank | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | 479 | RON | 2086 | Goldman Sachs | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 16891 | ZAR | 300224 | Goldman Sachs | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| USD | 14020 | EUR | 12189 | Bank of America | 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (354)<br>|
| USD | 696 | JPY | 100000 | JPMorgan Chase | 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| BRL | 4300 | USD | 769 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| IDR | 53230909 | USD | 3269 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| USD | 877 | KRW | 1200000 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| USD | 5516 | COP | 23284314 | Morgan Stanley | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168)<br>|
| USD | 45290 | BRL | 253325 | Citibank | 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1122)<br>|
| CZK | 288041 | USD | 13372 | Bank of New York Mellon | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 |
| CZK | 230000 | USD | 10802 | UBS AG | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| THB | 469811 | USD | 14401 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| PLN | 18885 | USD | 5161 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| HUF | 1100000 | USD | 3180 | Morgan Stanley | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| MYR | 9058 | USD | 2136 | JPMorgan Chase | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| ZAR | 23259 | USD | 1301 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| THB | 85000 | USD | 2620 | UBS AG | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| USD | 429 | PLN | 1570 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| USD | 1293 | PLN | 4684 | Citibank | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| USD | 1282 | ZAR | 23220 | Bank of America | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
| USD | 11949 | MYR | 50658 | JPMorgan Chase | 7/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80)<br>|
| IDR | 43223650 | USD | 2636 | HSBC Bank | 7/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| HUF | 452237 | USD | 1304 | Barclays Bank PLC | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |

---

---

| | |
|:---|:---|
| **15** | 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 6/30/2025<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 6/30/2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 24905 | EUR | 21400 | Morgan Stanley | 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(349)<br>|
| MXN | 22000 | USD | 1154 | Morgan Stanley | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| MXN | 25048 | USD | 1322 | Citibank | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| USD | 2651 | MXN | 50517 | Morgan Stanley | 7/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33)<br>|
| CZK | 243780 | USD | 11546 | Citibank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| HUF | 2548600 | USD | 7460 | HSBC Bank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| HUF | 237046 | USD | 694 | HSBC Bank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| USD | 15 | CNH | 105 | Citibank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(m)</sup><br>|
| USD | 110 | CZK | 2330 | Citibank | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| HUF | 255050 | EUR | 636 | Goldman Sachs | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| RON | 9730 | EUR | 1909 | Goldman Sachs | 8/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 1526 | EUR | 1300 | Morgan Stanley | 8/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| USD | 345 | EUR | 293 | HSBC Bank | 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 3714 | EUR | 3157 | HSBC Bank | 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 3969 | EUR | 3374 | HSBC Bank | 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| USD | 21449 | EUR | 18234 | HSBC Bank | 8/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93)<br>|
| EUR | 18178 | RON | 95000 | Citibank | 8/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (489)<br>|
| CZK | 153500 | USD | 6976 | Citibank | 8/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 |
| USD | 4802 | ZAR | 87200 | Goldman Sachs | 8/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102)<br>|
| MYR | 8850 | USD | 2122 | JPMorgan Chase | 11/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| USD | 7082 | RON | 32100 | Citibank | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (283)<br>|
| ZAR | 30460 | USD | 1647 | BNP Paribas | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| ZAR | 5170 | USD | 274 | Goldman Sachs | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| USD | 1563 | ZAR | 30460 | Goldman Sachs | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (136)<br>|
| USD | 2706 | ZAR | 53290 | Goldman Sachs | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (267)<br>|
| IDR | 23016890 | USD | 1411 | BNP Paribas | 12/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| INR | 218965 | USD | 2532 | JPMorgan Chase | 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
| USD | 2500 | INR | 218970 | Citibank | 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4376)<br>|

---

**Swap contracts**

------

**Interest rate swaps**

**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| Rate | Payment <br>frequency<br>| Rate | Payment <br>frequency<br>| Expiration <br>date | Notional <br>amount <br>(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <br>(000) |
| 5.298% | Annual | 6-month PLN-WIBOR | Semi-annual | 2/14/2026 | PLN20,400 | $5 | $— | $5 |
| 6-month CZK-PRIBOR | Semi-annual | 3.875% | Annual | 2/14/2026 | CZK117,590 | (11)<br>|  | (11)<br>|
| 8.9595% | 28-day | Overnight MXN-F-TIIE | 28-day | 11/16/2028 | MXN16,500 | 37 |  | 37 |
| 5.086% | Annual | 6-month PLN-WIBOR | Semi-annual | 7/12/2029 | PLN11,980 | 108 |  | 108 |
| 6-month CZK-PRIBOR | Semi-annual | 3.635% | Annual | 7/12/2029 | CZK68,840 | (5)<br>|  | (5)<br>|
| 8.805% | 28-day | Overnight MXN-F-TIIE | 28-day | 11/16/2029 | MXN31,650 | 74 |  | 74 |
| SHIR | Annual | 4.16% | Annual | 6/19/2030 | ILS16,878 | (79)<br>|  | (79)<br>|
|  |  |  |  |  |  | $129 | $— | $129 |

---

**Bilateral interest rate swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration <br>date | &nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <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>&nbsp;&nbsp;&nbsp;&nbsp;(000) | Value at <br>6/30/2025 <br>(000) | Upfront <br>premium <br>paid <br>(received) <br>(000) | Unrealized <br>appreciation <br>(depreciation) <br>at 6/30/2025 <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 |
| 13.87% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | &nbsp;&nbsp; 1/4/2027 | 12530 | &nbsp;&nbsp; — <br><sup>(m)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(m)</sup><br>|

---

---

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

---

------

**Swap contracts** (continued)

------

**Interest rate swaps** (continued)

**Bilateral interest rate swaps** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty | Expiration<br> date | &nbsp;&nbsp; Notional<br> amount<br> &nbsp;&nbsp;&nbsp;&nbsp;(000) | Value at<br> 6/30/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<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> &nbsp;&nbsp;&nbsp;&nbsp;(000) | Value at<br> 6/30/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 6/30/2025<br> (000) |
| 10.69660495% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | BRL10,441 | &nbsp;&nbsp; $(145)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(145)<br>|
| 10.8325% | At maturity | BZDIOVER | At maturity | Goldman Sachs | &nbsp;&nbsp; 1/4/2027 | 15000 | &nbsp;&nbsp; (170)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (170)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(257)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(257)<br>|

---

**Investments in affiliates** <sup>(l)</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>6/30/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 6.69%** |  |  |  |  |  |  |  |
| **Money market investments 6.69%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 4.35% <sup>(k)</sup>  | $83394 | &nbsp;&nbsp; $661071 | &nbsp;&nbsp; $530964 | &nbsp;&nbsp; $(16)<br>| &nbsp;&nbsp; $1 | &nbsp;&nbsp; $213486 | &nbsp;&nbsp; $3438 |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Sasol Financing USA, LLC 8.75% 5/3/2029  | 7/5/2023-11/20/2024 | $3895 | $3850 | 0.12<br> %<br>|
| Modec Finance BV 7.84% 7/15/2026 <sup>(f)</sup> <br>| 7/28/2023 | 200 | 202 | 0.01 |
| **Total** |  | $4095 | $4052 | 0.13<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 $275,570,000, which represented 8.63% of the net assets of the fund. 

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

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

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

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

<sup>(g)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $4,052,000, which represented 0.13% of the net assets of the fund. 

<sup>(h)</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>(i)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $9,382,000, which represented 0.29% of the net assets of the fund. 

<sup>(j)</sup> Security did not produce income during the last 12 months.

<sup>(k)</sup> Rate represents the seven-day yield at 6/30/2025.

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

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

---

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

---

------

---

| |
|:---|
| **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 |
| ILS = Israeli shekels |
| 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 |
| SHIR = Shekel Overnight Interest Rate |
| SOFR = Secured Overnight Financing Rate |
| THB = Thai baht |
| TIIE = Interbank Equilibrium Interest Rate |
| TRY = Turkish lira |
| UAH = Ukrainian hryvnia |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| WIBOR = Warsaw Interbank Offered Rate |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

---

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

---

------

Financial statements

**Statement of assets and liabilities** at June 30, 2025unaudited

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment securities, at value: |  |  |
| Unaffiliated issuers (cost: $2,859,562) | $2951149 |  |
| Affiliated issuers (cost: $213,474) | 213486 | $3164635 |
| Cash |  | 270 |
| Cash denominated in currencies other than U.S. dollars (cost: $666) |  | 669 |
| Unrealized appreciation on open forward currency contracts |  | 3021 |
| Bilateral swaps, at value |  | 58 |
| Receivables for: |  |  |
| Sales of investments | 24965 |  |
| Sales of fund's shares | 6105 |  |
| Dividends and interest | 59232 |  |
| Variation margin on futures contracts | 669 |  |
| Variation margin on centrally cleared swap contracts | 27 |  |
| Other | 1241 | 92239<br>|
|  |  | 3260892 |
| **Liabilities:** |  |  |
| Unrealized depreciation on open forward currency contracts |  | 7397 |
| Bilateral swaps, at value |  | 315 |
| Payables for: |  |  |
| Purchases of investments | 54130 |  |
| Repurchases of fund's shares | 2344 |  |
| Dividends on fund's shares | 193 |  |
| Investment advisory services | 1166 |  |
| Services provided by related parties | 244 |  |
| Trustees' deferred compensation | 16 |  |
| Variation margin on futures contracts | 85 |  |
| Variation margin on centrally cleared swap contracts | 20 |  |
| Other | 2052 | 60250<br>|
| **Net assets at June 30, 2025** |  | $3192930 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of beneficial interest |  | $3387786 |
| Total distributable earnings (accumulated loss) |  | (194856) <br>|
| **Net assets at June 30, 2025** |  | $3192930 |

---

Refer to the notes to financial statements.

---

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

---

------

Financial statements (continued)

**Statement of assets and liabilities** at June 30, 2025 (continued)unaudited

------

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

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

**unlimited shares authorized (401,366 total shares outstanding)** 

---

| | | | |
|:---|:---|:---|:---|
|  | Net assets | Shares <br>outstanding<br>| Net asset value <br>per share<br>|
| Class A | $318627 | 40054 | $7.95 |
| Class C | 14533 | 1827 | 7.95 |
| Class T | 8 | 1 | 7.95 |
| Class F-1 | 18738 | 2356 | 7.96 |
| Class F-2 | 409173 | 51436 | 7.95 |
| Class F-3 | 503257 | 63262 | 7.96 |
| Class 529-A | 9800 | 1232 | 7.95 |
| Class 529-C | 231 | 29 | 7.95 |
| Class 529-E | 655 | 82 | 7.95 |
| Class 529-T | 13 | 2 | 7.95 |
| Class 529-F-1 | 11 | 1 | 7.95 |
| Class 529-F-2 | 6794 | 854 | 7.95 |
| Class 529-F-3 | 12 | 1 | 7.95 |
| Class R-1 | 208 | 26 | 7.95 |
| Class R-2 | 1393 | 175 | 7.95 |
| Class R-2E | 61 | 8 | 7.95 |
| Class R-3 | 2920 | 367 | 7.96 |
| Class R-4 | 843 | 106 | 7.95 |
| Class R-5E | 1054 | 133 | 7.96 |
| Class R-5 | 506 | 64 | 7.95 |
| Class R-6 | 1904093 | 239350 | 7.96 |

---

Refer to the notes to financial statements.

---

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

---

------

Financial statements (continued)

**Statement of operations** for the six months ended June 30, 2025unaudited

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Investment income:** |  |  |
| Income: |  |  |
| Interest from unaffiliated issuers (net of non-U.S. taxes of $1,557) | $112680 |  |
| Dividends (net of non-U.S. taxes of $4; <br>also includes $3,438 from affiliates)<br>| 3538 | $116218 |
| Fees and expenses\*: |  |  |
| Investment advisory services | 6651 |  |
| Distribution services | 496 |  |
| Transfer agent services | 472 |  |
| Administrative services | 437 |  |
| 529 plan services | 4 |  |
| Reports to shareholders | 41 |  |
| Registration statement and prospectus | 360 |  |
| Trustees' compensation | 3 |  |
| Auditing and legal | 18 |  |
| Custodian | 315 |  |
| Other | 33 |  |
| Total fees and expenses before waivers and/or reimbursements | 8830 |  |
| Less waivers and/or reimbursements of fees and expenses: |  |  |
| Transfer agent services waiver | 1 |  |
| Miscellaneous fee reimbursement | 31 |  |
| Total fees and expenses after waivers and/or reimbursements |  | 8798<br>|
| Net investment income |  | 107420<br>|
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments (net of non-U.S. taxes of $1,373): |  |  |
| Unaffiliated issuers | (31508)<br>|  |
| Affiliated issuers | (16)<br>|  |
| Futures contracts | (685)<br>|  |
| Forward currency contracts | (10429)<br>|  |
| Swap contracts | 89 |  |
| Currency transactions | (2161)<br>| (44710)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |
| Investments (net of non-U.S. taxes of $977): |  |  |
| Unaffiliated issuers | 207892 |  |
| Affiliated issuers | 1 |  |
| Futures contracts | 3657 |  |
| Forward currency contracts | (7443)<br>|  |
| Swap contracts | 481 |  |
| Currency translations | 2797 | 207385<br>|
| Net realized gain (loss) and unrealized appreciation (depreciation) |  | 162675<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | $270095 |

---

\*

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

Refer to the notes to financial statements.

---

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

---

------

Financial statements (continued)

**Statements of changes in net assets**

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br>**June 30,**<br>| **Year ended** <br>**December 31,**<br>|
|  | **2025\*** | **2024** |
| **Operations:** |  |  |
| Net investment income | $107420 | $148352 |
| Net realized gain (loss) | (44710)<br>| (13291)<br>|
| Net unrealized appreciation (depreciation) | 207385 | (117589)<br>|
| Net increase (decrease) in net assets resulting from operations | 270095 | 17472 |
| **Distributions paid or accrued and return of capital paid to shareholders:** |  |  |
| Distributions | (103291)<br>| (139150)<br>|
| Return of capital |  | (9204)<br>|
| Total distributions paid or accrued and return of capital paid to <br> shareholders<br>| (103291)<br>| (148354)<br>|
| **Net capital share transactions** | 268569 | 1789417 |
| **Total increase (decrease) in net assets**  | 435373 | 1658535 |
| **Net assets:** |  |  |
| Beginning of period | 2757557 | 1099022 |
| End of period | $3192930 | $2757557 |

---

\*

Unaudited.

Refer to the notes to financial statements.

---

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

---

------

Notes to financial statementsunaudited

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

**1. Organization**

------

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:

---

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

---

\*

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

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

**2. Significant accounting policies**

------

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

---

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

---

------

**Operating segments** — The fund represents a single operating segment as the operating results of the fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the fund's Principal Executive Officer and Principal Financial Officer, serves as the fund's chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

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

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses) 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.

**New accounting pronouncements** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("the ASU"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

**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.

---

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

---

------

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>|

---

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.

---

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

---

------

**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 June 30, 2025, were as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Bonds & notes of governments & government agencies outside <br> the U.S.<br>| $— | $2292077 | $— | $2292077 |
| Corporate bonds, notes & loans |  | 528433 | 202 | 528635 |
| U.S. Treasury bonds & notes |  | 93841 |  | 93841 |
| Federal agency bonds & notes |  | 11248 |  | 11248 |
| Common stocks  |  | 1546 |  | 1546 |
| Short-term securities  | 213486 | 23802 |  | 237288 |
| Total | $213486 | $2950947 | $202 | $3164635 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $2733 | $— | $— | $2733 |
| Unrealized appreciation on open forward currency contracts |  | 3021 |  | 3021 |
| Unrealized appreciation on centrally cleared interest rate swaps |  | 224 |  | 224 |
| Unrealized appreciation on bilateral interest rate swaps |  | 58 |  | 58 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (132)<br>|  |  | (132)<br>|
| Unrealized depreciation on open forward currency contracts |  | (7397)<br>|  | (7397)<br>|
| Unrealized depreciation on bilateral interest rate swaps |  | (315)<br>|  | (315)<br>|
| Unrealized depreciation on centrally cleared interest rate swaps |  | (95)<br>|  | (95)<br>|
| Total  | $2601 | $(4504)<br>| $— | $(1903)<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,

---

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

---

------

major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

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

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities 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 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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| | |
|:---|:---|
| **27** | 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.

**Nondiversification risk** — As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. To the extent that the fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund's investment results.

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

**5. Certain investment techniques**

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**Index-linked bonds** — The fund has invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

**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.

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

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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 $303,850,000.

**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 $445,307,000.

**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.

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.

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| | |
|:---|:---|
| **29** | American Funds Emerging Markets Bond Fund |

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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 $41,629,000.

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 six months ended, June 30, 2025 (dollars in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **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\* | $2733 | Unrealized depreciation\* | $132 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open forward <br> currency contracts<br>| 3021 | &nbsp;&nbsp; Unrealized depreciation on open forward <br> currency contracts<br>| 7397 |
| Swap (centrally <br> cleared)<br>| Interest | Unrealized appreciation\* | 224 | Unrealized depreciation\* | 95 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 58 | Bilateral swaps, at value | 315 |
|  |  |  | $6036 |  | $7939 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **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 | $(685)<br>| &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on futures contracts<br>| $3657 |
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (10429)<br>| &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on forward currency contracts<br>| (7443)<br>|
| Swap | Interest | Net realized gain (loss) on swap contracts | 89 | &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on swap contracts<br>| 481 |
|  |  |  | $(11025)<br>|  | $(3305)<br>|

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\*

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.

**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.

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| | |
|:---|:---|
| American Funds Emerging Markets Bond Fund | **30** |

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**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 June 30, 2025, if close-out netting was exercised (dollars in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; $4<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4)<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>|
| Bank of New York Mellon | &nbsp;&nbsp; 360<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (270)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90<br>|
| Barclays Bank PLC | &nbsp;&nbsp; 111<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111<br>|
| BNP Paribas | &nbsp;&nbsp; 69<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69)<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; 1312<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1312)<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; 93<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93)<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; 196<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| JPMorgan Chase | &nbsp;&nbsp; 174<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51<br>|
| Morgan Stanley | &nbsp;&nbsp; 83<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83)<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; 407<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (300)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107<br>|
| UBS AG | &nbsp;&nbsp; 270<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (206)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Total | &nbsp;&nbsp; $3079<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1875)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(476)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(369)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $359<br>|
| Liabilities: |  |  |  |  |  |
| Bank of America | &nbsp;&nbsp; $381<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(289)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $88<br>|
| BNP Paribas | &nbsp;&nbsp; 3417<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2653)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695<br>|
| Citibank | &nbsp;&nbsp; 2131<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1312)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (554)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265<br>|
| Goldman Sachs | &nbsp;&nbsp; 874<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (338)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443<br>|
| HSBC Bank | &nbsp;&nbsp; 127<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127)<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; 123<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123)<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; 595<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (512)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| UBS AG | &nbsp;&nbsp; 64<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<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; $7712<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1875)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4346)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1491<br>|

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\*

Collateral is shown on a settlement basis.

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

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

**6. Taxation and distributions**

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

As of and during the period ended June 30, 2025, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

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

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

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; cost of investments sold; net capital losses; non-U.S. taxes on capital gains 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.

The components of distributable earnings on a tax basis are reported as of the fund's most recent year-end. As of December 31, 2024, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

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| | |
|:---|:---|
| Undistributed ordinary income | $205 |
| Distributions in excess of ordinary income | 9204 |
| Capital loss carryforward<sup>1</sup> <br>| (239386)<br>|

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<sup>1</sup>

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

As of June 30, 2025, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

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| | |
|:---|:---|
| Gross unrealized appreciation on investments | $143222 |
| Gross unrealized depreciation on investments | (55812)<br>|
| Net unrealized appreciation (depreciation) on investments | 87410 |
| Cost of investments | 3075323 |

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

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Distributions paid or accrued were characterized for tax purposes as follows (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary** <br>**income**<sup>2</sup> <br>| **Long-term** <br>**capital gains**<br>| **Total** <br>**distributions** <br>**paid or** <br>**accrued**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**income**<br>| **Return of** <br>**capital**<br>| **Total** <br>**distributions** <br>**paid or** <br>**accrued**<br>|
| Class A | &nbsp;&nbsp; $10098 | $— | $10098 | &nbsp;&nbsp;&nbsp;&nbsp; $19922 | $1318 | $21240 |
| Class C | &nbsp;&nbsp; 424 |  | 424 | &nbsp;&nbsp;&nbsp;&nbsp; 936 | 62 | 998 |
| Class T | &nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>3</sup><br>| — <br><sup>3</sup><br>| — <br><sup>3</sup><br>|
| Class F-1 | &nbsp;&nbsp; 540 |  | 540 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | 66 | 1066 |
| Class F-2 | &nbsp;&nbsp; 13332 |  | 13332 | &nbsp;&nbsp;&nbsp;&nbsp; 21580 | 1427 | 23007 |
| Class F-3 | &nbsp;&nbsp; 16437 |  | 16437 | &nbsp;&nbsp;&nbsp;&nbsp; 30469 | 2015 | 32484 |
| Class 529-A | &nbsp;&nbsp; 303 |  | 303 | &nbsp;&nbsp;&nbsp;&nbsp; 593 | 39 | 632 |
| Class 529-C | &nbsp;&nbsp; 7 |  | 7 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | 2 | 23 |
| Class 529-E | &nbsp;&nbsp; 19 |  | 19 | &nbsp;&nbsp;&nbsp;&nbsp; 36 | 3 | 39 |
| Class 529-T | &nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | — <br><sup>3</sup><br>| 1 |
| Class 529-F-1 | &nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | — <br><sup>3</sup><br>| 1 |
| Class 529-F-2 | &nbsp;&nbsp; 224 |  | 224 | &nbsp;&nbsp;&nbsp;&nbsp; 442 | 29 | 471 |
| Class 529-F-3 | &nbsp;&nbsp; — <br><sup>3</sup><br>|  | — <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | — <br><sup>3</sup><br>| 1 |
| Class R-1 | &nbsp;&nbsp; 6 |  | 6 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 1 | 13 |
| Class R-2 | &nbsp;&nbsp; 41 |  | 41 | &nbsp;&nbsp;&nbsp;&nbsp; 92 | 6 | 98 |
| Class R-2E | &nbsp;&nbsp; 2 |  | 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | — <br><sup>3</sup><br>| 3 |
| Class R-3 | &nbsp;&nbsp; 87 |  | 87 | &nbsp;&nbsp;&nbsp;&nbsp; 147 | 10 | 157 |
| Class R-4 | &nbsp;&nbsp; 28 |  | 28 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | 5 | 80 |
| Class R-5E | &nbsp;&nbsp; 38 |  | 38 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | 5 | 75 |
| Class R-5 | &nbsp;&nbsp; 17 |  | 17 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | 3 | 53 |
| Class R-6 | &nbsp;&nbsp; 61688 |  | 61688 | &nbsp;&nbsp;&nbsp;&nbsp; 63699 | 4213 | 67912 |
| Total | &nbsp;&nbsp; $103291 | $— | $103291 | &nbsp;&nbsp;&nbsp;&nbsp; $139150 | $9204 | $148354 |

---

<sup>2</sup>

All or a portion of these amounts may later be determined as return of capital; the determination will be made at December 31, 2025.

<sup>3</sup>

Amount less than one thousand.

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

------

CRMC, the fund's investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the principal underwriter of the fund's shares, and American Funds Service Company® ("AFS"), the fund's transfer agent. CRMC, CCG and AFS are considered related parties to the fund.

**Investment advisory services** — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.457% on the first $15 billion of daily net assets and decreasing to 0.428% on such assets in excess of $15 billion. For the six months ended June 30, 2025, the investment advisory services fees were $6,651,000, which were equivalent to an annualized rate of 0.457% of average daily net assets.

---

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

---

------

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

**Distribution services** — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate 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 June 30, 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 six months ended June 30, 2025, AFS waived transfer agent services fees of $1,000 for Class R-3 shares. AFS does not intend to recoup the waiver or reimbursement.

**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.

---

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

---

------

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 six months ended June 30, 2025, the 529 plan services fees were $4,000, which were equivalent to 0.054% of the average daily net assets of each 529 share class.

For the six months ended June 30, 2025, class-specific expenses under the agreements were as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>| **529 plan** <br>**services**<br>|
| Class A | $380 | $217 | $45 | Not applicable |
| Class C | 70 | 10 | 2 | Not applicable |
| Class T |  | —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class F-1 | 20 | 10 | 2 | Not applicable |
| Class F-2 | Not applicable | 214 | 57 | Not applicable |
| Class F-3 | Not applicable | 2 | 69 | Not applicable |
| Class 529-A | 10 | 6 | 1 | $2 |
| Class 529-C | 1 | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-E | 1 | —<br> \*<br>| —<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 | 2 | 1 | 2 |
| Class 529-F-3 | Not applicable | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class R-1 | 1 | —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class R-2 | 5 | 2 | —<br> \*<br>| Not applicable |
| Class R-2E | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class R-3 | 7 | 2 | 1 | Not applicable |
| Class R-4 | 1 | 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 | 5 | 259 | Not applicable |
| Total class-specific expenses | $496 | $472 | $437 | $4 |

---

\*

Amount less than one thousand.

**Miscellaneous fee reimbursement** — CRMC has agreed to reimburse a portion of miscellaneous fees and expenses of the fund. For the six months ended June 30, 2025, total fees and expenses reimbursed by CRMC were $31,000. CRMC may recoup all or a portion of this reimbursement by the end of the current fiscal year. This reimbursement may be adjusted or discontinued, subject to any restrictions in the fund's prospectus. Fees and expenses in the statement of operations are presented gross of any reimbursement from CRMC.

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

**Affiliated officers and trustees** — Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, 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 six months ended June 30, 2025, the fund did not engage in any such purchase or sale transactions with any related funds.

---

| | |
|:---|:---|
| **35** | 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 six months ended June 30, 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 six months ended June 30, 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** |
| **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| Class A | $29953 | 3898 | &nbsp;&nbsp;&nbsp; $9453 | 1224 | &nbsp;&nbsp;&nbsp; $(29543)<br>| (3851)<br>| &nbsp;&nbsp;&nbsp; $9863 | 1271 |
| Class C | 1097 | 143 | &nbsp;&nbsp;&nbsp; 419 | 54 | &nbsp;&nbsp;&nbsp; (2298)<br>| (300)<br>| &nbsp;&nbsp;&nbsp; (782)<br>| (103)<br>|
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 10418 | 1360 | &nbsp;&nbsp;&nbsp; 538 | 70 | &nbsp;&nbsp;&nbsp; (5510)<br>| (717)<br>| &nbsp;&nbsp;&nbsp; 5446 | 713 |
| Class F-2 | 71091 | 9248 | &nbsp;&nbsp;&nbsp; 13203 | 1710 | &nbsp;&nbsp;&nbsp; (62112)<br>| (8121)<br>| &nbsp;&nbsp;&nbsp; 22182 | 2837 |
| Class F-3 | 78378 | 10250 | &nbsp;&nbsp;&nbsp; 15950 | 2065 | &nbsp;&nbsp;&nbsp; (47817)<br>| (6242)<br>| &nbsp;&nbsp;&nbsp; 46511 | 6073 |
| Class 529-A | 1221 | 159 | &nbsp;&nbsp;&nbsp; 302 | 39 | &nbsp;&nbsp;&nbsp; (915)<br>| (120)<br>| &nbsp;&nbsp;&nbsp; 608 | 78 |
| Class 529-C | 27 | 4 | &nbsp;&nbsp;&nbsp; 7 | 1 | &nbsp;&nbsp;&nbsp; (80)<br>| (11)<br>| &nbsp;&nbsp;&nbsp; (46)<br>| (6)<br>|
| Class 529-E | 96 | 13 | &nbsp;&nbsp;&nbsp; 19 | 2 | &nbsp;&nbsp;&nbsp; (54)<br>| (7)<br>| &nbsp;&nbsp;&nbsp; 61 | 8 |
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class 529-F-2 | 406 | 53 | &nbsp;&nbsp;&nbsp; 223 | 29 | &nbsp;&nbsp;&nbsp; (292)<br>| (38)<br>| &nbsp;&nbsp;&nbsp; 337 | 44 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>| — <br><sup>†</sup><br>|
| Class R-1 | 3 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; 6 | 1 | &nbsp;&nbsp;&nbsp; (10)<br>| (1)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| — <br><sup>†</sup><br>|
| Class R-2 | 103 | 14 | &nbsp;&nbsp;&nbsp; 41 | 5 | &nbsp;&nbsp;&nbsp; (190)<br>| (25)<br>| &nbsp;&nbsp;&nbsp; (46)<br>| (6)<br>|
| Class R-2E | 5 | 1 | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; (1)<br>| — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; 5 | 1 |
| Class R-3 | 308 | 40 | &nbsp;&nbsp;&nbsp; 87 | 11 | &nbsp;&nbsp;&nbsp; (106)<br>| (14)<br>| &nbsp;&nbsp;&nbsp; 289 | 37 |
| Class R-4 | 119 | 15 | &nbsp;&nbsp;&nbsp; 28 | 4 | &nbsp;&nbsp;&nbsp; (554)<br>| (73)<br>| &nbsp;&nbsp;&nbsp; (407)<br>| (54)<br>|
| Class R-5E | 153 | 20 | &nbsp;&nbsp;&nbsp; 36 | 5 | &nbsp;&nbsp;&nbsp; (408)<br>| (54)<br>| &nbsp;&nbsp;&nbsp; (219)<br>| (29)<br>|
| Class R-5 | 30 | 4 | &nbsp;&nbsp;&nbsp; 17 | 2 | &nbsp;&nbsp;&nbsp; (81)<br>| (10)<br>| &nbsp;&nbsp;&nbsp; (34)<br>| (4)<br>|
| Class R-6 | 205438 | 26832 | &nbsp;&nbsp;&nbsp; 61688 | 7987 | &nbsp;&nbsp;&nbsp; (82324)<br>| (10777)<br>| &nbsp;&nbsp;&nbsp; 184802 | 24042 |
| Total net increase (decrease) | $398846 | 52054 | &nbsp;&nbsp;&nbsp; $102018 | 13209 | &nbsp;&nbsp;&nbsp; $(232295)<br>| (30361)<br>| &nbsp;&nbsp;&nbsp; $268569 | 34902 |

---

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

---

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

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 short-term securities and U.S. government obligations,

if any, of $876,874,000 and $720,971,000, respectively, during the six months ended June 30, 2025.

---

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

---

------

Financial highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Dividends, distributions and return of capital** | **Dividends, distributions and return of capital** | **Dividends, distributions 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>**distributions** <br>**and return** <br>**of 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:**  |
| 06/30/2025<sup>5,6</sup> <br>| $7.52 | $.27 | $.42 | $.69 | $(.26)<br>| $— | $(.26)<br>| $7.95 | 9.44 %<sup>7</sup><br>| $319 | .94 %<sup>8</sup><br>| .93 %<sup>8</sup><br>| 7.06 %<sup>8</sup><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 |
| 12/31/2020 | 9.94 | .50 | .21 | .71 | (.16)<br>| (.34)<br>| (.50)<br>| 10.15 | 7.62 | 372 | 1.09 | 1.06 | 5.24 |
| **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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .24 | .42 | .66 | (.23)<br>|  | (.23)<br>| 7.95 | 9.05 <br><sup>7</sup><br>| 14 | 1.69 <br><sup>8</sup><br>| 1.68 <br><sup>8</sup><br>| 6.32 <br><sup>8</sup><br>|
| 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 |
| 12/31/2020 | 9.94 | .43 | .21 | .64 | (.14)<br>| (.29)<br>| (.43)<br>| 10.15 | 6.87 | 28 | 1.79 | 1.77 | 4.54 |
| **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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.53 | .28 | .41 | .69 | (.27)<br>|  | (.27)<br>| 7.95 | 9.59 <br><sup>79</sup><br>| — <br><sup>10</sup><br>| .67 <br><sup>89</sup><br>| .67 <br><sup>89</sup><br>| 7.31 <br><sup>89</sup><br>|
| 12/31/2024 | 8.04 | .56 | (.50)<br>| .06 | (.53)<br>| (.04)<br>| (.57)<br>| 7.53 | .52 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| .68 <br><sup>9</sup><br>| .68 <br><sup>9</sup><br>| 7.17 <br><sup>9</sup><br>|
| 12/31/2023 | 7.59 | .52 | .48 | 1.00 | (.40)<br>| (.15)<br>| (.55)<br>| 8.04 | 13.76 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| .67 <br><sup>9</sup><br>| .67 <br><sup>9</sup><br>| 6.86 <br><sup>9</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>9</sup><br>| — <br><sup>10</sup><br>| .74 <br><sup>9</sup><br>| .73 <br><sup>9</sup><br>| 6.61 <br><sup>9</sup><br>|
| 12/31/2021 | 10.15 | .48 | (.85)<br>| (.37)<br>| (.40)<br>| (.08)<br>| (.48)<br>| 9.30 | (3.70 )<sup>9</sup><br>| — <br><sup>10</sup><br>| .75 <br><sup>9</sup><br>| .75 <br><sup>9</sup><br>| 4.98 <br><sup>9</sup><br>|
| 12/31/2020 | 9.94 | .53 | .21 | .74 | (.17)<br>| (.36)<br>| (.53)<br>| 10.15 | 7.95 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| .79 <br><sup>9</sup><br>| .77 <br><sup>9</sup><br>| 5.57 <br><sup>9</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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .27 | .43 | .70 | (.26)<br>|  | (.26)<br>| 7.96 | 9.45 <br><sup>7</sup><br>| 19 | .92 <br><sup>8</sup><br>| .91 <br><sup>8</sup><br>| 7.07 <br><sup>8</sup><br>|
| 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 |
| 12/31/2020 | 9.94 | .50 | .21 | .71 | (.16)<br>| (.34)<br>| (.50)<br>| 10.15 | 7.65 | 14 | 1.06 | 1.04 | 5.29 |
| **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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .28 | .42 | .70 | (.27)<br>|  | (.27)<br>| 7.95 | 9.60 <br><sup>7</sup><br>| 409 | .65 <br><sup>8</sup><br>| .65 <br><sup>8</sup><br>| 7.34 <br><sup>8</sup><br>|
| 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 |
| 12/31/2020 | 9.94 | .53 | .21 | .74 | (.17)<br>| (.36)<br>| (.53)<br>| 10.15 | 7.95 | 513 | .77 | .74 | 5.35 |
| **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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .28 | .43 | .71 | (.27)<br>|  | (.27)<br>| 7.96 | 9.65 <br><sup>7</sup><br>| 503 | .54 <br><sup>8</sup><br>| .54 <br><sup>8</sup><br>| 7.44 <br><sup>8</sup><br>|
| 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 |
| 12/31/2020 | 9.94 | .53 | .21 | .74 | (.17)<br>| (.36)<br>| (.53)<br>| 10.15 | 8.06 | 152 | .71 | .66 | 5.61 |
| **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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .27 | .42 | .69 | (.26)<br>|  | (.26)<br>| 7.95 | 9.44 <br><sup>7</sup><br>| 10 | .95 <br><sup>8</sup><br>| .95 <br><sup>8</sup><br>| 7.04 <br><sup>8</sup><br>|
| 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 |
| 12/31/2020 | 9.94 | .50 | .21 | .71 | (.16)<br>| (.34)<br>| (.50)<br>| 10.15 | 7.65 | 9 | 1.06 | 1.04 | 5.26 |

---

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

---

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

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Dividends, distributions and return of** <br> **capital** | **Dividends, distributions and return of** <br> **capital** | **Dividends, distributions and return of** <br> **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> **distributions**<br> **and return**<br> **of 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:**  |
| 06/30/2025<sup>5,6</sup> <br>| $7.53 | $.24 | $.41 | $.65 | $(.23)<br>| $— | $(.23)<br>| $7.95 | 9.03 %<sup>7</sup><br>| $— <br><sup>10</sup><br>| 1.74 %<sup>8</sup><br>| 1.73 %<sup>8</sup><br>| 6.29 %<sup>8</sup><br>|
| 12/31/2024 | 8.04 | .48 | (.51)<br>| (.03)<br>| (.45)<br>| (.03)<br>| (.48)<br>| 7.53 | (.51)<br>| — <br><sup>10</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>10</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 |
| 12/31/2020 | 9.94 | .42 | .22 | .64 | (.14)<br>| (.29)<br>| (.43)<br>| 10.15 | 6.82 | 1 | 1.84 | 1.81 | 4.57 |
| **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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .26 | .42 | .68 | (.25)<br>|  | (.25)<br>| 7.95 | 9.32 <br><sup>7</sup><br>| 1 | 1.16 <br><sup>8</sup><br>| 1.16 <br><sup>8</sup><br>| 6.82 <br><sup>8</sup><br>|
| 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>10</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 |
| 12/31/2020 | 9.94 | .48 | .20 | .68 | (.15)<br>| (.32)<br>| (.47)<br>| 10.15 | 7.41 | 1 | 1.29 | 1.27 | 5.09 |
| **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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .28 | .42 | .70 | (.27)<br>|  | (.27)<br>| 7.95 | 9.56 <br><sup>79</sup><br>| — <br><sup>10</sup><br>| .73 <br><sup>89</sup><br>| .73 <br><sup>89</sup><br>| 7.28 <br><sup>89</sup><br>|
| 12/31/2024 | 8.04 | .56 | (.52)<br>| .04 | (.53)<br>| (.03)<br>| (.56)<br>| 7.52 | .49 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| .73 <br><sup>9</sup><br>| .73 <br><sup>9</sup><br>| 7.16 <br><sup>9</sup><br>|
| 12/31/2023 | 7.59 | .51 | .48 | .99 | (.39)<br>| (.15)<br>| (.54)<br>| 8.04 | 13.61 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| .75 <br><sup>9</sup><br>| .75 <br><sup>9</sup><br>| 6.73 <br><sup>9</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>9</sup><br>| — <br><sup>10</sup><br>| .79 <br><sup>9</sup><br>| .78 <br><sup>9</sup><br>| 6.55 <br><sup>9</sup><br>|
| 12/31/2021 | 10.15 | .47 | (.85)<br>| (.38)<br>| (.40)<br>| (.07)<br>| (.47)<br>| 9.30 | (3.75 )<sup>9</sup><br>| — <br><sup>10</sup><br>| .81 <br><sup>9</sup><br>| .81 <br><sup>9</sup><br>| 4.92 <br><sup>9</sup><br>|
| 12/31/2020 | 9.94 | .52 | .21 | .73 | (.17)<br>| (.35)<br>| (.52)<br>| 10.15 | 7.89 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| .84 <br><sup>9</sup><br>| .81 <br><sup>9</sup><br>| 5.49 <br><sup>9</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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .28 | .42 | .70 | (.27)<br>|  | (.27)<br>| 7.95 | 9.55 <br><sup>79</sup><br>| — <br><sup>10</sup><br>| .74 <br><sup>89</sup><br>| .74 <br><sup>89</sup><br>| 7.26 <br><sup>89</sup><br>|
| 12/31/2024 | 8.04 | .56 | (.53)<br>| .03 | (.52)<br>| (.03)<br>| (.55)<br>| 7.52 | .46 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| .75 <br><sup>9</sup><br>| .75 <br><sup>9</sup><br>| 7.14 <br><sup>9</sup><br>|
| 12/31/2023 | 7.59 | .51 | .48 | .99 | (.39)<br>| (.15)<br>| (.54)<br>| 8.04 | 13.61 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| .76 <br><sup>9</sup><br>| .76 <br><sup>9</sup><br>| 6.72 <br><sup>9</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>9</sup><br>| — <br><sup>10</sup><br>| .79 <br><sup>9</sup><br>| .78 <br><sup>9</sup><br>| 6.55 <br><sup>9</sup><br>|
| 12/31/2021 | 10.15 | .47 | (.85)<br>| (.38)<br>| (.40)<br>| (.07)<br>| (.47)<br>| 9.30 | (3.78 )<sup>9</sup><br>| — <br><sup>10</sup><br>| .84 <br><sup>9</sup><br>| .84 <br><sup>9</sup><br>| 4.89 <br><sup>9</sup><br>|
| 12/31/2020 | 9.94 | .52 | .21 | .73 | (.17)<br>| (.35)<br>| (.52)<br>| 10.15 | 7.89 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| .84 <br><sup>9</sup><br>| .84 <br><sup>9</sup><br>| 5.61 <br><sup>9</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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .28 | .42 | .70 | (.27)<br>|  | (.27)<br>| 7.95 | 9.59 <br><sup>7</sup><br>| 7 | .66 <br><sup>8</sup><br>| .66 <br><sup>8</sup><br>| 7.33 <br><sup>8</sup><br>|
| 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 |
| 12/31/2020<sup>5,11</sup> <br>| 9.39 | .08 | .76 | .84 | (.03)<br>| (.05)<br>| (.08)<br>| 10.15 | 8.95 <br><sup>7</sup><br>| 5 | .14 <br><sup>7</sup><br>| .11 <br><sup>7</sup><br>| .82 <br><sup>7</sup><br>|
| **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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .28 | .42 | .70 | (.27)<br>|  | (.27)<br>| 7.95 | 9.61 <br><sup>7</sup><br>| — <br><sup>10</sup><br>| .61 <br><sup>8</sup><br>| .60 <br><sup>8</sup><br>| 7.39 <br><sup>8</sup><br>|
| 12/31/2024 | 8.04 | .57 | (.51)<br>| .06 | (.54)<br>| (.04)<br>| (.58)<br>| 7.52 | .60 | — <br><sup>10</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>10</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>10</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>10</sup><br>| .73 | .71 | 5.02 |
| 12/31/2020<sup>5,11</sup> <br>| 9.39 | .08 | .77 | .85 | (.03)<br>| (.06)<br>| (.09)<br>| 10.15 | 8.97 <br><sup>7</sup><br>| — <br><sup>10</sup><br>| .16 <br><sup>7</sup><br>| .10 <br><sup>7</sup><br>| .84 <br><sup>7</sup><br>|
| **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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .25 | .42 | .67 | (.24)<br>|  | (.24)<br>| 7.95 | 9.13 <br><sup>79</sup><br>| — <br><sup>10</sup><br>| 1.52 <br><sup>89</sup><br>| 1.51 <br><sup>89</sup><br>| 6.48 <br><sup>89</sup><br>|
| 12/31/2024 | 8.04 | .50 | (.52)<br>| (.02)<br>| (.47)<br>| (.03)<br>| (.50)<br>| 7.52 | (.31 )<sup>9</sup><br>| — <br><sup>10</sup><br>| 1.52 <br><sup>9</sup><br>| 1.52 <br><sup>9</sup><br>| 6.37 <br><sup>9</sup><br>|
| 12/31/2023 | 7.59 | .45 | .48 | .93 | (.35)<br>| (.13)<br>| (.48)<br>| 8.04 | 12.75 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| 1.54 <br><sup>9</sup><br>| 1.54 <br><sup>9</sup><br>| 5.96 <br><sup>9</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>9</sup><br>| — <br><sup>10</sup><br>| 1.57 <br><sup>9</sup><br>| 1.55 <br><sup>9</sup><br>| 5.85 <br><sup>9</sup><br>|
| 12/31/2021 | 10.15 | .40 | (.85)<br>| (.45)<br>| (.34)<br>| (.06)<br>| (.40)<br>| 9.30 | (4.42 )<sup>9</sup><br>| — <br><sup>10</sup><br>| 1.54 <br><sup>9</sup><br>| 1.52 <br><sup>9</sup><br>| 4.26 <br><sup>9</sup><br>|
| 12/31/2020 | 9.94 | .45 | .20 | .65 | (.14)<br>| (.30)<br>| (.44)<br>| 10.15 | 7.08 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| 1.62 <br><sup>9</sup><br>| 1.57 <br><sup>9</sup><br>| 4.73 <br><sup>9</sup><br>|

---

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

---

| | |
|:---|:---|
| **39** | American Funds Emerging Markets Bond Fund |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Income from investment operations**<sup>1</sup> | **Dividends, distributions and return of** <br> **capital** | **Dividends, distributions and return of** <br> **capital** | **Dividends, distributions and return of** <br> **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> **distributions**<br> **and return**<br> **of 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:**  |
| 06/30/2025<sup>5,6</sup> <br>| $7.52 | $.24 | $.42 | $.66 | $(.23)<br>| $— | $(.23)<br>| $7.95 | 9.10 %<sup>7</sup><br>| $1 | 1.58 %<sup>8</sup><br>| 1.58 %<sup>8</sup><br>| 6.42 %<sup>8</sup><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 |
| 12/31/2020 | 9.94 | .43 | .22 | .65 | (.14)<br>| (.30)<br>| (.44)<br>| 10.15 | 6.93 | 2 | 1.73 | 1.70 | 4.54 |
| **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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .26 | .42 | .68 | (.25)<br>|  | (.25)<br>| 7.95 | 9.38 <br><sup>79</sup><br>| — <br><sup>10</sup><br>| 1.08 <br><sup>89</sup><br>| 1.07 <br><sup>89</sup><br>| 6.93 <br><sup>89</sup><br>|
| 12/31/2024 | 8.04 | .54 | (.53)<br>| .01 | (.50)<br>| (.03)<br>| (.53)<br>| 7.52 | .18 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| 1.07 <br><sup>9</sup><br>| 1.07 <br><sup>9</sup><br>| 6.75 <br><sup>9</sup><br>|
| 12/31/2023 | 7.59 | .48 | .48 | .96 | (.37)<br>| (.14)<br>| (.51)<br>| 8.04 | 13.10 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| 1.23 <br><sup>9</sup><br>| 1.23 <br><sup>9</sup><br>| 6.27 <br><sup>9</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>9</sup><br>| — <br><sup>10</sup><br>| 1.26 <br><sup>9</sup><br>| 1.25 <br><sup>9</sup><br>| 6.13 <br><sup>9</sup><br>|
| 12/31/2021 | 10.15 | .45 | (.85)<br>| (.40)<br>| (.38)<br>| (.07)<br>| (.45)<br>| 9.30 | (4.01 )<sup>9</sup><br>| — <br><sup>10</sup><br>| 1.21 <br><sup>9</sup><br>| 1.20 <br><sup>9</sup><br>| 4.62 <br><sup>9</sup><br>|
| 12/31/2020 | 9.94 | .49 | .21 | .70 | (.16)<br>| (.33)<br>| (.49)<br>| 10.15 | 7.56 <br><sup>9</sup><br>| — <br><sup>10</sup><br>| 1.46 <br><sup>9</sup><br>| 1.39 <br><sup>9</sup><br>| 5.12 <br><sup>9</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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .26 | .43 | .69 | (.25)<br>|  | (.25)<br>| 7.96 | 9.32 <br><sup>7</sup><br>| 3 | 1.21 <br><sup>8</sup><br>| 1.16 <br><sup>8</sup><br>| 6.82 <br><sup>8</sup><br>|
| 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 |
| 12/31/2020 | 9.94 | .47 | .21 | .68 | (.15)<br>| (.32)<br>| (.47)<br>| 10.15 | 7.38 | 2 | 1.31 | 1.29 | 5.02 |
| **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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .27 | .42 | .69 | (.26)<br>|  | (.26)<br>| 7.95 | 9.47 <br><sup>7</sup><br>| 1 | .89 <br><sup>8</sup><br>| .89 <br><sup>8</sup><br>| 7.13 <br><sup>8</sup><br>|
| 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 |
| 12/31/2020 | 9.94 | .50 | .21 | .71 | (.16)<br>| (.34)<br>| (.50)<br>| 10.15 | 7.69 | 1 | 1.02 | 1.00 | 5.35 |
| **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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .28 | .43 | .71 | (.27)<br>|  | (.27)<br>| 7.96 | 9.59 <br><sup>7</sup><br>| 1 | .65 <br><sup>8</sup><br>| .65 <br><sup>8</sup><br>| 7.36 <br><sup>8</sup><br>|
| 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 |
| 12/31/2020 | 9.94 | .55 | .21 | .76 | (.18)<br>| (.37)<br>| (.55)<br>| 10.15 | 8.23 | 1 | .49 | .47 | 5.82 |
| **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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .28 | .42 | .70 | (.27)<br>|  | (.27)<br>| 7.95 | 9.65 <br><sup>7</sup><br>| 1 | .58 <br><sup>8</sup><br>| .57 <br><sup>8</sup><br>| 7.42 <br><sup>8</sup><br>|
| 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 |
| 12/31/2020 | 9.94 | .53 | .21 | .74 | (.17)<br>| (.36)<br>| (.53)<br>| 10.15 | 8.01 | 1 | .73 | .70 | 5.59 |
| **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:**  |
| 06/30/2025<sup>5,6</sup> <br>| 7.52 | .28 | .43 | .71 | (.27)<br>|  | (.27)<br>| 7.96 | 9.65 <br><sup>7</sup><br>| 1904 | .54 <br><sup>8</sup><br>| .54 <br><sup>8</sup><br>| 7.45 <br><sup>8</sup><br>|
| 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 |
| 12/31/2020 | 9.94 | .54 | .20 | .74 | (.17)<br>| (.36)<br>| (.53)<br>| 10.15 | 8.07 | 167 | .67 | .65 | 5.67 |

---

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

---

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

---

------

Financial highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months** <br>**ended** <br>**June 30,** <br>**2025**<sup>5,6,7</sup>  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **Six months** <br>**ended** <br>**June 30,** <br>**2025**<sup>5,6,7</sup>  | **2024** | **2023** | **2022** | **2021** | **2020** |
| Portfolio turnover rate for all share classes<sup>12</sup> | &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70<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> Based on operations for a period that is less than a full year.

<sup>6</sup> Unaudited.

<sup>7</sup> Not annualized.

<sup>8</sup> Annualized.

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

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

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

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

Refer to the notes to financial statements.

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| | |
|:---|:---|
| **41** | American Funds Emerging Markets Bond Fund |

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Changes in and disagreements with accountants

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None

Matters submitted for shareholder vote

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None

Remuneration paid to directors, officers and others

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

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

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Approval of Investment Advisory and Service Agreement

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The fund's board has approved the continuation of the fund's Investment Advisory and Service Agreement (the "agreement") with Capital Research and Management Company ("CRMC") for an additional one-year term through April 30, 2026. The board approved the agreement following the recommendation of the fund's Contracts Committee (the "committee"), which is composed of all the fund's independent board members. The board and the committee determined in the exercise of their business judgment that the fund's advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC and information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

**1. Nature, extent and quality of services**

The board and the committee considered the depth and quality of CRMC's investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which the fund's assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC's organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the fund, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.

**2. Investment results**

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund's investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included) and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including the fund's lifetime) through September 30, 2024. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with the fund's objective. On the basis of this evaluation and the board's and the committee's ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund's investment results have been satisfactory for renewal of the agreement, and that CRMC's record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

**3. Advisory fees and total expenses**

The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund's advisory fees and expenses generally compared favorably to those of other similar funds included in the comparable Lipper category. The board and the committee also considered the breakpoint discounts in the fund's advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the fund and the other clients. The board and the committee concluded that the fund's cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing the fund, and that the fund's shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

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

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

**4. Ancillary benefits**

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC's relationship with the fund and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC's affiliated transfer agent; sales charges and distribution fees received and retained by the fund's principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC's portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of the fund to facilitate payments to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

**5. Adviser financial information**

The board and the committee reviewed information regarding CRMC's costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC's costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC's investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC's profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC's long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund's advisory fee structure and CRMC's sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that the fund's advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund's shareholders.

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

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#### ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies
None

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#### ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
None

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#### 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.

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#### ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included as part of the material filed under Item 7 of this Form under Approval of Investment Advisory and Service Agreement.

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#### 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.

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#### 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.

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#### 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.

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#### 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.

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#### 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.

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#### 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.

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

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#### ITEM 19 - Exhibits
(a)(1) Not applicable for filing of semi-annual reports to shareholders.

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

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

**American Funds Emerging Markets Bond Fund**

By /s/ Kristine M. Nishiyama

Kristine M. Nishiyama,

Principal Executive Officer

Date: September 05, 2025

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: September 05, 2025

By /s/ Becky L. Park

Becky L. Park, Treasurer and

Principal Financial Officer

Date: September 05, 2025

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## 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: September 05, 2025

<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: September 05, 2025

<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 June 30, 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: September 05, 2025

Principal Financial Officer

**American Funds Emerging Markets Bond Fund**

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

Becky L. Park, Treasurer and Principal Financial Officer

Date: September 05, 2025

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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