ANNUAL SHAREHOLDER REPORT
| CCBFX
for the year ended May 31, 2026
What were the fund
(based on a hypothetical $10,000 investment)costs
for the last year?Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class M | $ * | % † |
*
Amount less than $1.†
Amount less than 0.01%.Management's discussion of fund performance
The fund’s Class M shares gained 5.81% for the year ended May 31, 2026. That result compares with a 5.13% gain for the Bloomberg U.S. Aggregate Index.
What factors influenced results
During the fund’s fiscal year, U.S. corporate bonds posted strong returns. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts over the period. Treasury yields varied, ending the period at their highest level since January. Meanwhile, credit spreads tightened modestly, underpinned by strong investor demand and resilient corporate fundamentals.
Within the fund, holdings in electric utilities and Treasuries sectors were particularly additive to results, relative to the benchmark. Similarly, holdings in consumer noncyclicals, insurance and cash & money markets added to relative returns.
Conversely, investments in energy and banking-related bonds weighed on results relative to the benchmark. To a l
e
sser degree, holdings within technology and consumer cyclical sectors detracted. Additionally, exposure to derivatives, duration and curve positioning detracted from the overall results.How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total returns
1 year | 5 years | Since inception 1 | |
M 2 | % | % | % |
Index 3 | % | % | % |
1
Class M shares were first offered on 2
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.3
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.Key fund statistics
| Fund net assets (in millions) | $ |
| Total number of portfolio holdings | |
| Total advisory fees paid (in millions) | |
| Portfolio turnover rate | % |
Portfolio holdings by sector
(percent of net assets)
*Includes derivatives.
Availability of additional information
Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at .
capitalgroup.com/CCBF-M
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. MFMXARX-137-0726 © 2026 Capital Group. All rights reserved.
