ANNUAL SHAREHOLDER REPORT
®
| BFCAX
for the year ended May 31, 2026
What were the fund costs for the last year?
(based on a hypothe
tical $10,000
inv
est
m
e
nt
)| Share class | Costs of a $10 ,000 i nvestm e nt | Costs paid as a percentage of a $10,000 investment |
| Class A | $ | % |
Management's discussion of fund performance
The fund’s Class A shares gained 5.01% for the year ended May 31, 2026. That result compares with a 6.09% gain for the Bloomberg U.S. Corporate Investment Grade Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/mutual-fund-returns-A
.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 consumer non-cyclical and Treasuries sectors were particularly additive to results, relative to the benchmark, the Bloomberg U.S. Corporate Investment Grade Index. Similarly, holdings in electric utilities and insurance contributed to relative returns.
Conversely, investments in banking and energy-related bonds weighed on results, relative to the index. To a lesser degree, holdings in technology and consumer cyclical sectors detracted. Additionally, exposure to derivatives, duration and curve positioning lagged the overall portfolio.
How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.
Average
annual
total returns| 1 year | 5 years | 10 years | |
charge) * | % | ( ) % | % |
charge) * | % | ( ) % | % |
Index † | % | % | % |
Index † | % | % | % |
*
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.†
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 s
(percent of net assets)ect
or 
*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/mutual-fund-literature-A
.Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.Lit. No. MFAAARX-032-0726 © 2026 Capital Group. All rights reserved.
