Capital Group KKR Core Plus+
Investment portfolio
September 30, 2025
unaudited
 
Bonds, notes & other debt instruments 98.49%
Corporate bonds, notes & loans 53.13%
Financials 13.99%
 
Principal amount
(000)
Value
(000)
ACF TD Holdings, LLC 6.46% 5/30/2031 (a)
USD2,666
$2,703
AG Issuer, LLC 6.25% 3/1/2028 (b)
130
130
Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 (b)
110
108
Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 (b)
120
120
Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 (b)
90
92
Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 (b)
40
41
American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) (c)
125
130
American International Group, Inc. 5.125% 3/27/2033
50
51
AmWINS Group, Inc. 4.875% 6/30/2029 (b)
70
68
Aon North America, Inc. 5.45% 3/1/2034
125
130
Ardonagh Finco, Ltd. 7.75% 2/15/2031 (b)
200
209
Ares Secondaries Pbn Finance Co. IV, LLC, Term Loan, (3-month USD CME Term SOFR + 2.90%) 7.111%
4/14/2039 (a)(d)(e)
10
10
Ares Secondaries Pbn Finance Co. IV, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.041%
4/14/2039 (a)(d)(e)
5
5
Ares Secondaries Pbn Finance Co. IV, LLC, Term Loan, (3-month USD CME Term SOFR + 8.50%) 12.791%
4/14/2039 (a)(d)(e)
5
5
Aretec Group, Inc. 7.50% 4/1/2029 (b)
90
90
Aretec Group, Inc. 10.00% 8/15/2030 (b)
50
55
Arthur J. Gallagher & Co. 5.15% 2/15/2035
100
101
ASF Rembrandt, LP, Term Loan, (3-month USD CME Term SOFR + 3.15%) 6.808% 12/31/2028 (a)(d)(e)
737
738
Bank of America Corp. 5.162% 1/24/2031 (USD-SOFR + 1.00% on 1/24/2030) (c)
150
155
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) (c)
250
222
Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) (c)
100
104
Bank of New York Mellon Corp. 4.942% 2/11/2031 (USD-SOFR + 0.887% on 2/11/2030) (c)
100
103
Block, Inc. 2.75% 6/1/2026
70
69
Block, Inc. 5.625% 8/15/2030 (b)
55
56
Block, Inc. 3.50% 6/1/2031
30
28
Block, Inc. 6.50% 5/15/2032
210
218
Block, Inc. 6.00% 8/15/2033 (b)
70
72
Blue Owl Credit Income Corp. 4.70% 2/8/2027
105
105
BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) (b)(c)
250
257
BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) (b)(c)
250
268
BPCE SA 6.027% 5/28/2036 (USD-SOFR + 1.956% on 5/28/2035) (b)(c)
250
263
Brown & Brown, Inc. 5.55% 6/23/2035
428
441
Brown & Brown, Inc. 6.25% 6/23/2055
106
112
CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) (b)(c)
200
207
CaixaBank SA 4.885% 7/3/2031 (USD-SOFR + 1.36% on 7/3/2030) (b)(c)
200
202
Chubb INA Holdings, LLC 5.00% 3/15/2034
100
103
Citibank, NA 4.914% 5/29/2030
250
257
Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) (c)
200
201
Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) (c)
200
205
Coinbase Global, Inc. 3.375% 10/1/2028 (b)
175
166
Coinbase Global, Inc. 3.625% 10/1/2031 (b)
90
80
Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 (b)
390
360
Capital Group KKR Core Plus+ — Page 1 of 19
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued)
 
Principal amount
(000)
Value
(000)
Denali Topco, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.069% 8/26/2032 (a)(d)(e)
USD68
$68
FSS Buyer, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.856% 8/29/2031 (a)(d)(e)(f)
2,477
2,498
Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) (c)
400
414
Goldman Sachs Group, Inc. 5.536% 1/28/2036 (USD-SOFR + 1.38% on 1/28/2035) (c)
150
157
Hbwm Intermediate II, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.990% 8/18/2031 (a)(d)(e)
199
200
Hbwm Intermediate II, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.106% 11/17/2031 (a)(d)(e)
1,504
1,517
Hbwm Intermediate II, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.106% 11/17/2031 (a)(d)(e)
1,805
1,819
Hightower Holding, LLC 6.75% 4/15/2029 (b)
110
109
HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) (c)
400
413
HUB International, Ltd. 7.25% 6/15/2030 (b)
215
224
Integrity Marketing Acquisition, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%)
9.333% 8/25/2028 (a)(d)(e)(f)
3,192
3,191
ION Platform Finance US, Inc. 7.875% 9/30/2032 (b)
200
199
Jamestown Funding Trust, Term Loan, (3-month USD CME Term SOFR + 2.20%) 6.556% 6/15/2072 (a)(d)(e)(f)
481
481
Jamestown Funding Trust, Term Loan, (3-month USD CME Term SOFR + 3.15%) 7.506% 6/15/2072 (a)(d)(e)(f)
384
384
JPMorgan Chase & Co. 5.103% 4/22/2031 (USD-SOFR + 1.435% on 4/22/2030) (c)
175
181
JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) (c)
225
237
Koala Investment Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 9.079% 8/29/2032 (a)(d)(e)(f)
277
275
Marsh & McLennan Cos., Inc. 5.00% 3/15/2035
300
304
Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) (c)
500
516
Morgan Stanley 5.664% 4/17/2036 (USD-SOFR + 1.757% on 4/17/2035) (c)
100
106
Navient Corp. 5.00% 3/15/2027
100
100
Navient Corp. 5.50% 3/15/2029
135
132
Navient Corp. 9.375% 7/25/2030
180
199
Navient Corp. 11.50% 3/15/2031
70
79
Navient Corp. 7.875% 6/15/2032
255
269
Navient Corp. 5.625% 8/1/2033
110
100
OneMain Finance Corp. 7.125% 3/15/2026
8
8
OneMain Finance Corp. 6.125% 5/15/2030
330
334
OneMain Finance Corp. 7.50% 5/15/2031
30
31
OneMain Finance Corp. 7.125% 11/15/2031
60
62
Osaic Holdings, Inc. 6.75% 8/1/2032 (b)
20
21
Osaic Holdings, Inc. 8.00% 8/1/2033 (b)
17
18
Oxford Finance, LLC 6.375% 2/1/2027 (b)
60
60
PNC Bank, NA 5.373% 7/21/2036 (USD-SOFR + 1.417% on 7/21/2035) (c)
100
103
PNC Financial Services Group, Inc. 5.575% 1/29/2036 (USD-SOFR + 1.394% on 1/29/2035) (c)
225
235
PPV Intermediate Holdings, LLC, Term Loan B, (3-month USD CME Term SOFR + 5.75%) 9.949% 8/31/2029 (a)(d)(e)
2,648
2,648
PPV Intermediate Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 6.00%) 10.199% 8/31/2029 (a)(d)(e)
40
40
Rialto Management Group, LLC, Term Loan, (1-month USD CME Term SOFR + 5.00%) 9.316% 12/5/2030 (a)(d)(e)
1,765
1,782
Royal Bank of Canada 4.97% 5/2/2031 (USD-SOFR Index + 1.13% on 5/2/2030) (c)
80
82
Royal Bank of Canada 4.696% 8/6/2031 (USD-SOFR + 1.06% on 8/6/2030) (c)
150
152
Ryan Specialty, LLC 4.375% 2/1/2030 (b)
30
29
Ryan Specialty, LLC 5.875% 8/1/2032 (b)
20
20
Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.752% 5/6/2032 (e)
110
112
U.S. Bancorp 5.424% 2/12/2036 (USD-SOFR + 1.411% on 2/12/2035) (c)
110
114
Voyager Parent, LLC 9.25% 7/1/2032 (b)
75
79
Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) (c)
400
409
Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) (c)
200
206
Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on
11/15/2030) (c)
100
90
 
29,847
Capital Group KKR Core Plus+ — Page 2 of 19
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Industrials 11.91%
 
Principal amount
(000)
Value
(000)
ADT Security Corp. 4.125% 8/1/2029 (b)
USD30
$29
Amentum Holdings, Inc. 7.25% 8/1/2032 (b)
150
156
Avis Budget Car Rental, LLC 4.75% 4/1/2028 (b)
30
29
Avis Budget Car Rental, LLC 5.375% 3/1/2029 (b)
50
49
Axon Enterprise, Inc. 6.125% 3/15/2030 (b)
20
21
BAE Systems PLC 5.30% 3/26/2034 (b)
200
207
Boeing Co. (The) 3.25% 2/1/2028
100
98
Clarivate Science Holdings Corp. 3.875% 7/1/2028 (b)
50
48
Clean Harbors, Inc. 5.75% 10/15/2033 (b)
75
76
CoreLogic, Inc. 4.50% 5/1/2028 (b)
150
146
CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 10.778% 6/4/2029 (e)
50
50
CSX Corp. 5.05% 6/15/2035
325
332
Elk Bidco, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.823% 6/14/2032 (a)(d)(e)
2,409
2,409
Falconwing Aero Leasing DAC, Term Loan, 6.51% 10/26/2027 (a)(d)
246
246
Falconwing Aero Leasing DAC, Term Loan, 6.50% 12/11/2027 (a)(d)
246
246
Fortna AR, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.958% 6/1/2029 (a)(d)(e)(f)
2,987
2,988
Horizon CTS Buyer, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.796% 3/29/2032 (a)(d)(e)
3,043
3,070
Horizon CTS Buyer, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.796% 3/29/2032 (a)(d)(e)
230
230
Icahn Enterprises, LP 6.25% 5/15/2026
6
6
Icahn Enterprises, LP 5.25% 5/15/2027
140
138
Icahn Enterprises, LP 9.75% 1/15/2029
120
121
Low Voltage Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.046% 4/28/2032 (a)(d)(e)(f)
2,583
2,598
Norfolk Southern Corp. 4.45% 3/1/2033
19
19
Norfolk Southern Corp. 5.10% 5/1/2035
35
36
Norfolk Southern Corp. 5.35% 8/1/2054
100
99
Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.013% 2/1/2028 (e)
199
168
Railpros, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.704% 5/24/2032 (a)(d)(e)(f)
143
143
Reworld Holding Corp. 4.875% 12/1/2029 (b)
60
56
Sabre GLBL, Inc. 11.125% 7/15/2030 (b)
150
145
Spirit AeroSystems, Inc. 4.60% 6/15/2028
20
20
Spirit AeroSystems, Inc. 9.75% 11/15/2030 (b)
40
44
Sunrun Charis Portfolio 2023, LLC, Term Loan, 6.925% 4/30/2059 (a)(d)
659
683
Sunrun Romulus Portfolio 2024, LLC, Term Loan, 6.477% 1/31/2054 (a)(d)
783
796
TransDigm, Inc. 6.375% 3/1/2029 (b)
95
97
TransDigm, Inc. 6.625% 3/1/2032 (b)
90
93
Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 5.75%) 9.136% 2/13/2032 (a)(d)(e)(f)
3,906
3,945
Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 5.75%) 9.158% 2/13/2032 (a)(d)(e)(f)
111
112
Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 5.75%) 9.36% 2/13/2032 (a)(d)(e)(f)
142
145
Union Pacific Corp. 5.10% 2/20/2035
176
181
Union Pacific Corp. 3.50% 2/14/2053
15
11
Union Pacific Corp. 5.60% 12/1/2054
83
84
W. A. Kendall and Co., LLC, Term Loan, (3-month USD CME Term SOFR + 5.75%) 10.043% 4/22/2030 (a)(d)(e)
211
211
W. A. Kendall and Co., LLC, Term Loan, (3-month USD CME Term SOFR + 5.44%) 11.321% 4/22/2030 (a)(d)(e)
64
64
W. A. Kendall and Co., LLC, Term Loan, (6-month USD CME Term SOFR + 5.75%) 10.335% 4/22/2030 (a)(d)(e)
45
45
W. A. Kendall and Co., LLC, Term Loan, (6-month USD CME Term SOFR + 5.75%) 10.379% 4/22/2030 (a)(d)(e)
728
728
West Star Aviation Acquisition, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%)
8.796% 5/20/2032 (a)(d)(e)
3,705
3,720
West Star Aviation Acquisition, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%)
8.805% 5/20/2032 (a)(d)(e)
104
104
Woolpert Holdings Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.704% 4/5/2032 (a)(e)(f)
361
361
Woolpert Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.704% 4/5/2031 (a)(d)
6
6
 
25,409
Capital Group KKR Core Plus+ — Page 3 of 19
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Information technology 7.74%
 
Principal amount
(000)
Value
(000)
ams-OSRAM AG 12.25% 3/30/2029 (b)
USD150
$162
Analog Devices, Inc. 5.30% 4/1/2054
50
49
Bonterra, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 1.00% 3/5/2032 (a)(d)(e)(f)
708
708
Bonterra, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.046% 3/5/2032 (a)(d)(e)(f)
4,023
4,023
Bonterra, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.297% 3/5/2032 (a)(d)(e)(f)
106
106
Booz Allen Hamilton, Inc. 4.00% 7/1/2029 (b)
35
34
Broadcom, Inc. 4.90% 2/15/2038
463
461
Cisco Systems, Inc. 5.10% 2/24/2035
390
404
Cloud Software Group, Inc. 6.50% 3/31/2029 (b)
40
40
Cloud Software Group, Inc. 9.00% 9/30/2029 (b)
460
478
Cloud Software Group, Inc. 8.25% 6/30/2032 (b)
405
430
Cloud Software Group, Inc. 6.625% 8/15/2033 (b)
50
51
CommScope Technologies, LLC 5.00% 3/15/2027 (b)
20
20
CommScope Technologies, LLC 9.50% 12/15/2031 (b)
115
119
Diamondback Acquisition Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.726% 9/24/2032 (a)(d)(e)
746
744
Diamondback Acquisition Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.726% 9/24/2032 (a)(d)
19
19
Diebold Nixdorf, Inc. 7.75% 3/31/2030 (b)
40
42
Fair Isaac Corp. 6.00% 5/15/2033 (b)
150
152
Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 8.129% 7/30/2032 (e)
160
160
Flexera Software, LLC, Term Loan, (3-month EUR-EURIBOR + 4.75%) 6.594% 8/16/2032 (a)(d)(e)
EUR106
124
Flexera Software, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.961% 8/16/2032 (a)(d)(e)
USD351
350
Gartner, Inc. 3.75% 10/1/2030 (b)
35
33
Helios Software Holdings, Inc. 8.75% 5/1/2029 (b)
340
353
Hughes Satellite Systems Corp. 6.625% 8/1/2026
143
136
Intel Corp. 3.05% 8/12/2051
20
13
Intel Corp. 5.60% 2/21/2054
115
110
ION Trading Technologies SARL 9.50% 5/30/2029 (b)
210
223
MEDX Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.101% 7/21/2032 (a)(d)(e)(f)
3,725
3,707
Microchip Technology, Inc. 5.05% 2/15/2030
185
189
NCR Atleos Corp. 9.50% 4/1/2029 (b)
50
54
Oracle Corp. 5.50% 8/3/2035
60
62
Oracle Corp. 5.20% 9/26/2035
200
201
Oracle Corp. 6.00% 8/3/2055
207
208
Oracle Corp. 5.95% 9/26/2055
100
100
Oracle Corp. 6.10% 9/26/2065
100
100
Synopsys, Inc. 5.15% 4/1/2035
70
71
Synopsys, Inc. 5.70% 4/1/2055
125
126
Texas Instruments, Inc. 5.10% 5/23/2035
80
83
Texas Instruments, Inc. 5.15% 2/8/2054
85
82
UKG, Inc. 6.875% 2/1/2031 (b)
50
52
Unisys Corp. 10.625% 1/15/2031 (b)
79
84
Vamos Bidco, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.046% 1/30/2032 (a)(d)(e)
1,438
1,438
Vamos Bidco, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.064% 1/30/2032 (a)(d)(e)
60
60
Viasat, Inc. 6.50% 7/15/2028 (b)
50
49
Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.778% 3/2/2029 (e)
223
221
Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.75% 5/30/2030 (e)
90
89
 
16,520
Health care 3.64%
 
 
 
AbbVie, Inc. 5.20% 3/15/2035
100
104
AbbVie, Inc. 5.60% 3/15/2055
250
256
AdaptHealth, LLC 5.125% 3/1/2030 (b)
40
38
AGS Health BCP Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.808% 8/2/2032 (a)(d)(e)
224
224
AGS Health BCP, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.808% 8/2/2032 (a)(d)(e)
117
117
Capital Group KKR Core Plus+ — Page 4 of 19
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Health care (continued)
 
Principal amount
(000)
Value
(000)
Amgen, Inc. 5.25% 3/2/2033
USD200
$207
Amgen, Inc. 5.65% 3/2/2053
200
200
Amneal Pharmaceuticals, LLC 6.875% 8/1/2032 (b)
35
36
AthenaHealth Group, Inc. 6.50% 2/15/2030 (b)
130
129
Avantor Funding, Inc. 4.625% 7/15/2028 (b)
100
98
Avantor Funding, Inc. 3.875% 11/1/2029 (b)
70
67
Bayer US Finance, LLC 6.25% 1/21/2029 (b)
200
210
Bristol-Myers Squibb Co. 5.20% 2/22/2034
200
207
Bristol-Myers Squibb Co. 5.55% 2/22/2054
175
175
Centene Corp. 2.45% 7/15/2028
30
28
Centene Corp. 2.50% 3/1/2031
35
30
CHS / Community Health Systems, Inc. 5.25% 5/15/2030 (b)
10
9
Cigna Group (The) 5.25% 1/15/2036
155
157
Cigna Group (The) 6.00% 1/15/2056
105
109
CVS Health Corp. 5.00% 9/15/2032
355
360
CVS Health Corp. 5.70% 6/1/2034
300
313
CVS Health Corp. 6.05% 6/1/2054
200
202
CVS Health Corp. 6.20% 9/15/2055
40
41
DaVita, Inc. 4.625% 6/1/2030 (b)
100
96
DaVita, Inc. 6.875% 9/1/2032 (b)
60
62
DaVita, Inc. 6.75% 7/15/2033 (b)
90
93
Elevance Health, Inc. 5.70% 9/15/2055
200
198
Eli Lilly and Co. 5.10% 2/12/2035
275
285
Eli Lilly and Co. 5.55% 10/15/2055
140
144
Eli Lilly and Co. 5.65% 10/15/2065
85
88
Endo Finance Holdings, Inc. 8.50% 4/15/2031 (b)
50
54
Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.00%) 8.163% 4/23/2031 (e)
80
80
Gilead Sciences, Inc. 5.55% 10/15/2053
50
51
Humana, Inc. 5.375% 4/15/2031
225
232
IQVIA, Inc. 6.25% 6/1/2032 (b)
110
113
Medline Borrower, LP 3.875% 4/1/2029 (b)
70
68
Medline Borrower, LP 6.25% 4/1/2029 (b)
70
72
Medline Borrower, LP 5.25% 10/1/2029 (b)
160
159
Molina Healthcare, Inc. 3.875% 5/15/2032 (b)
120
109
Owens & Minor, Inc. 4.50% 3/31/2029 (b)
317
255
Owens & Minor, Inc. 6.25% 4/1/2030 (b)
110
91
Takeda U.S. Financing, Inc. 5.20% 7/7/2035
200
203
Takeda U.S. Financing, Inc. 5.90% 7/7/2055
200
206
Tenet Healthcare Corp. 6.25% 2/1/2027
10
10
Tenet Healthcare Corp. 4.25% 6/1/2029
275
269
Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028
350
364
Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032
200
208
Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046
40
30
UnitedHealth Group, Inc. 5.15% 7/15/2034
225
231
UnitedHealth Group, Inc. 5.30% 6/15/2035
420
434
UnitedHealth Group, Inc. 5.625% 7/15/2054
125
124
UnitedHealth Group, Inc. 5.95% 6/15/2055
120
125
 
7,771
Communication services 3.03%
 
 
 
Alphabet, Inc. 5.25% 5/15/2055
114
114
Alphabet, Inc. 5.30% 5/15/2065
49
49
AT&T, Inc. 5.375% 8/15/2035
150
155
AT&T, Inc. 3.50% 9/15/2053
225
156
Capital Group KKR Core Plus+ — Page 5 of 19
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Communication services (continued)
 
Principal amount
(000)
Value
(000)
CCO Holdings, LLC 5.00% 2/1/2028 (b)
USD130
$129
CCO Holdings, LLC 4.75% 3/1/2030 (b)
150
144
CCO Holdings, LLC 4.50% 8/15/2030 (b)
50
47
CCO Holdings, LLC 4.25% 2/1/2031 (b)
535
493
CCO Holdings, LLC 4.50% 6/1/2033 (b)
70
62
CCO Holdings, LLC 4.25% 1/15/2034 (b)
70
61
Charter Communications Operating, LLC 4.80% 3/1/2050
61
48
Charter Communications Operating, LLC 3.70% 4/1/2051
180
119
Charter Communications Operating, LLC 3.90% 6/1/2052
292
198
Charter Communications Operating, LLC 5.25% 4/1/2053
302
253
Charter Communications Operating, LLC 6.70% 12/1/2055
38
38
Charter Communications Operating, LLC 3.85% 4/1/2061
100
62
Connect Finco SARL 9.00% 9/15/2029 (b)
600
632
DIRECTV Financing, LLC 5.875% 8/15/2027 (b)
29
29
DIRECTV Financing, LLC 8.875% 2/1/2030 (b)
100
99
DISH Network Corp. 11.75% 11/15/2027 (b)
421
446
EchoStar Corp. 10.75% 11/30/2029
230
253
EchoStar Corp. 6.75% PIK 11/30/2030 (g)
135
139
Embarq, LLC 7.995% 6/1/2036
100
50
Frontier Communications Holdings, LLC 6.75% 5/1/2029 (b)
70
71
Gray Media, Inc. 10.50% 7/15/2029 (b)
30
32
Gray Media, Inc. 5.375% 11/15/2031 (b)
100
75
Lindblad Expeditions, LLC 7.00% 9/15/2030 (b)
25
25
Meta Platforms, Inc. 5.40% 8/15/2054
105
104
News Corp. 3.875% 5/15/2029 (b)
30
29
Sirius XM Radio, LLC 3.125% 9/1/2026 (b)
30
30
Sirius XM Radio, LLC 4.00% 7/15/2028 (b)
90
87
Sirius XM Radio, LLC 3.875% 9/1/2031 (b)
150
136
Snap, Inc. 6.875% 3/1/2033 (b)
70
72
TEGNA, Inc. 5.00% 9/15/2029
240
239
T-Mobile USA, Inc. 5.30% 5/15/2035
250
256
Univision Communications, Inc. 8.00% 8/15/2028 (b)
60
62
Univision Communications, Inc. 4.50% 5/1/2029 (b)
130
123
Univision Communications, Inc. 9.375% 8/1/2032 (b)
350
373
Verizon Communications, Inc. 5.25% 4/2/2035
250
254
WarnerMedia Holdings, Inc. 4.054% 3/15/2029
150
145
WarnerMedia Holdings, Inc. 5.05% 3/15/2042
583
466
WarnerMedia Holdings, Inc. 5.141% 3/15/2052
60
45
WMG Acquisition Corp. 3.75% 12/1/2029 (b)
20
19
WMG Acquisition Corp. 3.875% 7/15/2030 (b)
35
33
 
6,452
Materials 2.95%
 
 
 
BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055
49
51
Cleveland-Cliffs, Inc. 6.875% 11/1/2029 (b)
25
26
Cleveland-Cliffs, Inc. 6.75% 4/15/2030 (b)
140
142
Cleveland-Cliffs, Inc. 4.875% 3/1/2031 (b)
40
38
Cleveland-Cliffs, Inc. 7.50% 9/15/2031 (b)
60
62
Cleveland-Cliffs, Inc. 7.00% 3/15/2032 (b)
70
71
Cleveland-Cliffs, Inc. 7.625% 1/15/2034 (b)
110
113
Consolidated Energy Finance SA 12.00% 2/15/2031 (b)
150
137
CVR Partners, LP 6.125% 6/15/2028 (b)
80
80
Dow Chemical Co. (The) 5.95% 3/15/2055
250
238
First Quantum Minerals, Ltd. 9.375% 3/1/2029 (b)
210
223
Capital Group KKR Core Plus+ — Page 6 of 19
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Materials (continued)
 
Principal amount
(000)
Value
(000)
FXI Holdings, Inc. 12.25% 11/15/2026 (b)
USD210
$185
LYB International Finance III, LLC 6.15% 5/15/2035
11
11
Mercer International, Inc. 12.875% 10/1/2028 (b)
5
5
Mercer International, Inc. 5.125% 2/1/2029
15
11
Methanex Corp. 5.125% 10/15/2027
100
100
Methanex Corp. 5.25% 12/15/2029
40
40
Minera Mexico SA de CV 5.625% 2/12/2032 (b)
200
207
Mineral Resources, Ltd. 9.25% 10/1/2028 (b)
50
52
Mineral Resources, Ltd. 8.50% 5/1/2030 (b)
140
146
Packaging Coordinators Midco, Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.058% 1/22/2032 (a)(d)(e)(f)
4,035
4,067
Quikrete Holdings, Inc. 6.375% 3/1/2032 (b)
40
41
Quikrete Holdings, Inc. 6.75% 3/1/2033 (b)
20
21
Rio Tinto Finance (USA) PLC 5.75% 3/14/2055
100
103
Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.00% PIK and 4.00% Cash on 12/30/2025) (b)(c)(g)
69
70
Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.00% PIK and 4.00% Cash on 12/30/2025) (c)(g)
59
59
 
6,299
Consumer discretionary 2.84%
 
 
 
Advance Auto Parts, Inc. 3.90% 4/15/2030
180
167
Advance Auto Parts, Inc. 3.50% 3/15/2032
80
70
Advance Auto Parts, Inc. 7.375% 8/1/2033 (b)
50
52
Allied Universal Holdco, LLC 6.875% 6/15/2030 (b)
115
118
Asbury Automotive Group, Inc. 4.625% 11/15/2029 (b)
110
107
Caesars Entertainment, Inc. 7.00% 2/15/2030 (b)
30
31
Carnival Corp. 6.00% 5/1/2029 (b)
160
162
Carnival Corp. 5.75% 8/1/2032 (b)
110
112
Carnival Corp. 6.125% 2/15/2033 (b)
160
164
ClubCorp Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 9.328% 7/9/2032 (a)(d)(e)(f)
426
424
Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 (b)
200
206
Fertitta Entertainment, LLC 4.625% 1/15/2029 (b)
60
57
Fertitta Entertainment, LLC 6.75% 1/15/2030 (b)
30
28
First Student Bidco, Inc. 4.00% 7/31/2029 (b)
110
105
Ford Motor Credit Co., LLC 6.798% 11/7/2028
200
209
Ford Motor Credit Co., LLC 5.875% 11/7/2029
200
203
Ford Motor Credit Co., LLC 5.73% 9/5/2030
200
202
Ford Motor Credit Co., LLC 3.25% 2/12/2032
400
350
Ford Motor Credit Co., LLC 6.50% 2/7/2035
200
206
General Motors Financial Co., Inc. 5.90% 1/7/2035
175
181
Hanesbrands, Inc. 9.00% 2/15/2031 (b)
40
42
Home Depot, Inc. 4.95% 6/25/2034
300
307
HP TLE Buyer, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.041% 7/1/2032 (a)(d)(e)
662
662
Hyatt Hotels Corp. 5.75% 3/30/2032
175
183
Hyundai Capital America 4.90% 6/23/2028 (b)
93
94
Hyundai Capital America 5.30% 1/8/2030 (b)
325
334
Hyundai Capital America 5.10% 6/24/2030 (b)
94
96
LCM Investments Holdings II, LLC 4.875% 5/1/2029 (b)
110
108
LCM Investments Holdings II, LLC 8.25% 8/1/2031 (b)
80
85
Light and Wonder International, Inc. 7.25% 11/15/2029 (b)
40
41
Newell Brands, Inc. 6.625% 5/15/2032
60
59
Newell Brands, Inc. 7.00% 4/1/2046 (c)
35
31
Nissan Motor Co., Ltd. 8.125% 7/17/2035 (b)
250
268
Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036
131
132
Sonic Automotive, Inc. 4.625% 11/15/2029 (b)
50
49
Universal Entertainment Corp. 9.875% 8/1/2029 (b)
200
199
Capital Group KKR Core Plus+ — Page 7 of 19
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
 
Principal amount
(000)
Value
(000)
Wand NewCo 3, Inc. 7.625% 1/30/2032 (b)
USD20
$21
Wynn Resorts Finance, LLC 5.125% 10/1/2029 (b)
185
186
 
6,051
Consumer staples 2.82%
 
 
 
Albertsons Cos., Inc. 3.50% 3/15/2029 (b)
70
67
B&G Foods, Inc. 5.25% 9/15/2027
20
19
B&G Foods, Inc. 8.00% 9/15/2028 (b)
90
87
BAT Capital Corp. 4.625% 3/22/2033
78
77
BAT Capital Corp. 6.25% 8/15/2055
375
392
Imperial Brands Finance PLC 5.625% 7/1/2035 (b)
200
204
Kroger Co. 5.50% 9/15/2054
125
122
Lamb Weston Holdings, Inc. 4.125% 1/31/2030 (b)
90
87
Mars, Inc. 5.20% 3/1/2035 (b)
265
271
Mars, Inc. 5.70% 5/1/2055 (b)
150
152
Mondelez International, Inc. 5.125% 5/6/2035
38
39
Philip Morris International, Inc. 4.375% 4/30/2030
269
270
Philip Morris International, Inc. 4.90% 11/1/2034
525
530
Philip Morris International, Inc. 4.875% 4/30/2035
51
51
Post Holdings, Inc. 4.625% 4/15/2030 (b)
60
58
TPSI Receivables, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 0.50% 1/24/2029 (a)(d)(e)(f)
3,413
3,419
TreeHouse Foods, Inc. 4.00% 9/1/2028
110
107
United Natural Foods, Inc. 6.75% 10/15/2028 (b)
70
70
 
6,022
Energy 2.06%
 
 
 
Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 (b)
30
30
Borr IHC, Ltd. 10.00% 11/15/2028 (b)
178
177
Caturus Energy, LLC 8.50% 2/15/2030 (b)
50
52
Civitas Resources, Inc. 8.625% 11/1/2030 (b)
20
21
Civitas Resources, Inc. 9.625% 6/15/2033 (b)
25
26
CNX Resources Corp. 7.375% 1/15/2031 (b)
55
57
Comstock Resources, Inc. 5.875% 1/15/2030 (b)
50
48
Crescent Energy Finance, LLC 9.25% 2/15/2028 (b)
50
52
Crescent Energy Finance, LLC 7.375% 1/15/2033 (b)
120
117
Devon Energy Corp. 5.75% 9/15/2054
225
209
Diamondback Energy, Inc. 5.55% 4/1/2035
85
87
Diamondback Energy, Inc. 5.75% 4/18/2054
105
101
DT Midstream, Inc. 4.375% 6/15/2031 (b)
90
87
Energy Transfer, LP 6.00% 2/1/2029 (b)
20
20
Energy Transfer, LP 5.20% 4/1/2030
50
52
EQT Corp. 4.75% 1/15/2031
70
70
EQT Corp. 3.625% 5/15/2031 (b)
75
70
Expand Energy Corp. 5.875% 2/1/2029 (b)
30
30
Genesis Energy, LP 7.875% 5/15/2032
30
31
GreenSaif Pipelines Bidco SARL 6.129% 2/23/2038
200
213
Harvest Midstream I, LP 7.50% 9/1/2028 (b)
40
40
Harvest Midstream I, LP 7.50% 5/15/2032 (b)
20
21
Hess Midstream Operations, LP 5.875% 3/1/2028 (b)
10
10
Hess Midstream Operations, LP 4.25% 2/15/2030 (b)
125
121
Hess Midstream Operations, LP 5.50% 10/15/2030 (b)
80
81
Hilcorp Energy I, LP 6.00% 2/1/2031 (b)
40
39
Hilcorp Energy I, LP 6.25% 4/15/2032 (b)
40
38
Hilcorp Energy I, LP 8.375% 11/1/2033 (b)
50
53
Capital Group KKR Core Plus+ — Page 8 of 19
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Energy (continued)
 
Principal amount
(000)
Value
(000)
John Wood Group PLC, Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.818% 10/31/2028 (a)(d)(e)(f)
USD600
$600
NFE Financing, LLC 12.00% 11/15/2029 (b)
1,005
297
NGL Energy Operating, LLC 8.125% 2/15/2029 (b)
50
51
NGL Energy Operating, LLC 8.375% 2/15/2032 (b)
90
92
Noble Finance II, LLC 8.00% 4/15/2030 (b)
40
41
Petroleos Mexicanos 4.50% 1/23/2026
400
398
Saturn Oil & Gas, Inc. 9.625% 6/15/2029 (b)
18
19
Summit Midstream Holdings, LLC 8.625% 10/31/2029 (b)
50
50
Sunoco, LP 4.50% 5/15/2029
30
29
Sunoco, LP 5.625% 3/15/2031 (b)
20
20
Sunoco, LP 7.25% 5/1/2032 (b)
110
116
Sunoco, LP 5.875% 3/15/2034 (b)
30
30
Sunoco, LP, 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity
+ 4.23% on 9/18/2030) (b)(c)
50
51
Superior Plus, LP 4.50% 3/15/2029 (b)
30
29
Transocean International, Ltd. 7.875% 10/15/2032 (b)
15
15
Transocean Titan Financing, Ltd. 8.375% 2/1/2028 (b)
32
33
Transocean, Inc. 8.75% 2/15/2030 (b)
30
32
Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 (b)
70
67
Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 (b)
285
269
Venture Global LNG, Inc. 8.375% 6/1/2031 (b)
80
84
Venture Global LNG, Inc. 9.875% 2/1/2032 (b)
40
44
Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 (b)
75
83
 
4,403
Real estate 1.28%
 
 
 
Boston Properties, LP 5.75% 1/15/2035
225
230
Brookfield Property REIT, Inc. 5.75% 5/15/2026 (b)
90
90
Howard Hughes Corp. (The) 5.375% 8/1/2028 (b)
40
40
Howard Hughes Corp. (The) 4.125% 2/1/2029 (b)
70
67
Howard Hughes Corp. (The) 4.375% 2/1/2031 (b)
50
47
Iron Mountain, Inc. 5.25% 7/15/2030 (b)
205
203
Kennedy-Wilson, Inc. 4.75% 3/1/2029
40
38
Kennedy-Wilson, Inc. 4.75% 2/1/2030
230
215
Kennedy-Wilson, Inc. 5.00% 3/1/2031
90
84
Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 (b)
20
20
Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030
30
31
MPT Operating Partnership, LP 5.00% 10/15/2027
450
436
MPT Operating Partnership, LP 3.50% 3/15/2031
100
74
MPT Operating Partnership, LP 8.50% 2/15/2032 (b)
200
213
Park Intermediate Holdings, LLC 4.875% 5/15/2029 (b)
40
39
Service Properties Trust 4.75% 10/1/2026
50
50
Service Properties Trust 4.95% 2/15/2027
150
149
Service Properties Trust 8.00% 9/30/2027 (b)
55
48
Service Properties Trust 3.95% 1/15/2028
120
112
Service Properties Trust 4.95% 10/1/2029
360
318
Service Properties Trust 8.625% 11/15/2031 (b)
215
229
 
2,733
Utilities 0.87%
 
 
 
Edison International 6.25% 3/15/2030
275
286
Florida Power & Light Co. 5.70% 3/15/2055
75
78
Long Ridge Energy, LLC 8.75% 2/15/2032 (b)
120
123
Northern States Power Co. 5.40% 3/15/2054
75
75
Capital Group KKR Core Plus+ — Page 9 of 19
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Utilities (continued)
 
Principal amount
(000)
Value
(000)
Pacific Gas and Electric Co. 5.70% 3/1/2035
USD425
$436
Pacific Gas and Electric Co. 6.00% 8/15/2035
155
162
Pacific Gas and Electric Co. 4.95% 7/1/2050
100
86
Pacific Gas and Electric Co. 3.50% 8/1/2050
75
51
PacifiCorp 5.50% 5/15/2054
50
47
PG&E Corp. 5.25% 7/1/2030
140
138
Southern California Edison Co. 5.45% 3/1/2035
175
177
Southern California Edison Co. 6.20% 9/15/2055
50
51
Talen Energy Supply, LLC 8.625% 6/1/2030 (b)
140
149
 
1,859
Total corporate bonds, notes & loans
113,366
Mortgage-backed obligations 23.36%
Federal agency mortgage-backed obligations 14.52%
 
 
 
Fannie Mae Pool #BU2630 2.00% 2/1/2052 (h)
1,029
831
Fannie Mae Pool #BX4574 3.00% 8/1/2053 (h)
478
421
Fannie Mae Pool #CB0844 2.50% 6/1/2051 (h)
815
687
Fannie Mae Pool #CB3247 3.00% 4/1/2052 (h)
748
658
Fannie Mae Pool #FM7751 2.00% 5/1/2051 (h)
301
243
Fannie Mae Pool #FM8720 2.00% 8/1/2051 (h)
221
178
Fannie Mae Pool #FS2784 3.00% 6/1/2052 (h)
115
101
Fannie Mae Pool #MA5531 5.50% 11/1/2054 (h)
4,452
4,494
Freddie Mac Pool #QC5857 3.00% 8/1/2051 (h)
690
607
Freddie Mac Pool #QY1746 4.00% 4/1/2055 (h)
325
307
Freddie Mac Pool #RA6771 2.00% 2/1/2052 (h)
212
171
Freddie Mac Pool #SD0963 3.50% 1/1/2052 (h)
538
494
Freddie Mac Pool #SD4520 3.50% 7/1/2052 (h)
131
120
Freddie Mac Pool #SD8312 2.50% 1/1/2053 (h)
780
660
Freddie Mac Pool #SD8505 5.00% 2/1/2055 (h)
980
972
Uniform Mortgage-Backed Security 2.00% 10/1/2055 (h)(i)
215
174
Uniform Mortgage-Backed Security 2.50% 10/1/2055 (h)(i)
1,441
1,214
Uniform Mortgage-Backed Security 4.00% 10/1/2055 (h)(i)
1,423
1,341
Uniform Mortgage-Backed Security 4.50% 10/1/2055 (h)(i)
1,375
1,334
Uniform Mortgage-Backed Security 6.00% 10/1/2055 (h)(i)
9,200
9,400
Uniform Mortgage-Backed Security 6.50% 10/1/2055 (h)(i)
4,302
4,446
Uniform Mortgage-Backed Security 7.00% 10/1/2055 (h)(i)
500
523
Uniform Mortgage-Backed Security 2.00% 11/1/2055 (h)(i)
434
350
Uniform Mortgage-Backed Security 2.50% 11/1/2055 (h)(i)
551
464
Uniform Mortgage-Backed Security 3.00% 11/1/2055 (h)(i)
300
264
Uniform Mortgage-Backed Security 5.00% 11/1/2055 (h)(i)
525
520
 
30,974
Collateralized mortgage-backed obligations (privately originated) 4.97%
 
 
 
BRAVO Residential Funding Trust, Series 2024-NQM7, Class A1, 5.554% 10/27/2064
(6.554% on 10/1/2028) (b)(c)(h)
757
763
BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on 5/1/2027) (b)(c)(h)
206
207
COLT Funding, LLC, Series 2023-1, Class B1, 8.002% 4/25/2068 (b)(e)(h)
1,500
1,508
COLT Funding, LLC, Series 2024-INV3, Class A1, 5.443% 9/25/2069 (6.443% on 8/1/2028) (b)(c)(h)
128
129
Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 (b)(c)(h)
217
210
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average
USD-SOFR + 2.90%) 7.256% 4/25/2042 (b)(e)(h)
1,561
1,607
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA1, Class B2, (30-day Average
USD-SOFR + 5.214%) 9.571% 1/25/2050 (b)(e)(h)
440
484
Capital Group KKR Core Plus+ — Page 10 of 19
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
 
Principal amount
(000)
Value
(000)
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA5, Class B2, (30-day Average
USD-SOFR + 11.50%) 15.856% 10/25/2050 (b)(e)(h)
USD480
$672
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA6, Class B2, (30-day Average
USD-SOFR + 5.65%) 10.006% 12/25/2050 (b)(e)(h)
460
531
Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class AIOS, 0.327% 9/25/2070 (b)(e)(h)
7,171
49
Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class AIOS, 1.919% 9/25/2070 (a)(b)(e)(h)
7,171
424
Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class B1, 6.432% 9/25/2070 (b)(e)(h)
197
195
Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class B2, 7.09% 9/25/2070 (b)(e)(h)
226
221
Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class B3, 7.09% 9/25/2070 (b)(e)(h)
115
104
Onslow Bay Financial, LLC, Series 2025-NQM14, Class A1A, 5.162% 7/25/2065 (6.162% on 7/1/2029) (b)(c)(h)
561
566
Progress Residential Trust, Series 2024-SFR1, Class A, 3.35% 2/17/2041 (b)(h)
99
96
Progress Residential Trust, Series 2024-SFR1, Class E2, 3.85% 2/17/2041 (b)(h)
664
623
Progress Residential Trust, Series 2025-SFR3, Class D, 3.39% 7/17/2042 (b)(h)
800
726
Tricon Residential Trust, Series 2023-SFR2, Class A, 5.00% 12/17/2040 (b)(h)
131
132
Verus Securitization Trust, Series 2023-INV3, Class B2, 8.184% 11/25/2068 (b)(e)(h)
809
814
Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 (b)(e)(h)
531
534
 
10,595
Commercial mortgage-backed securities 3.87%
 
 
 
ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.743%) 5.894% 6/15/2030 (b)(e)(h)
142
143
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class B, 6.623% 3/15/2056 (e)(h)
1,087
1,123
Barclays Commercial Mortgage Securities, LLC, Series 2024-5C27, Class C, 6.70% 7/15/2057 (e)(h)
240
248
Barclays Commercial Mortgage Securities, LLC, Series 2025-5C34, Class A3, 5.659% 5/15/2058 (h)
666
699
Benchmark Mortgage Trust, Series 2018-B7, Class B, 4.999% 5/15/2053 (e)(h)
300
278
Benchmark Mortgage Trust, Series 2020-B22, Class AM, 2.163% 1/15/2054 (h)
203
173
Benchmark Mortgage Trust, Series 2022-B32, Class A5, 3.002% 1/15/2055 (h)
190
169
BMO Mortgage Trust, Series 2025-5C10, Class B, 6.445% 5/15/2058 (e)(h)
1,000
1,046
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049 (h)
847
842
Commercial Mortgage Trust, Series 2019-GC44, Class AM, 3.263% 8/15/2057 (h)
1,000
931
DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.919% 8/12/2043 (b)(e)(h)
250
259
DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/12/2040 (b)(h)
250
260
Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 (b)(e)(h)
175
178
Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class E, (1-month USD CME Term SOFR + 3.15%) 7.30%
12/15/2039 (b)(e)(h)
500
502
HTL Commercial Mortgage Trust, Series 2024-T53, Class D, 8.471% 5/10/2039 (b)(e)(h)
100
103
Multifamily Connecticut Avenue Securities, Series 2023-01, Class M7, (30-day Average USD-SOFR + 4.00%)
8.356% 11/25/2053 (b)(e)(h)
384
400
Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%)
6.756% 5/25/2055 (b)(e)(h)
289
291
Multifamily Connecticut Avenue Securities, Series 2025-01, Class M2, (30-day Average USD-SOFR + 3.10%)
7.456% 5/25/2055 (b)(e)(h)
258
260
SCG Hotel Issuer Inc., Series 2025-SNIP, Class A, 5.75% 9/15/2042 (b)(e)(h)
360
362
 
8,267
Total mortgage-backed obligations
49,836
Asset-backed obligations 11.03%
Other asset-backed securities 5.29%
 
 
 
Affirm, Inc., Series 2024, Class 1A, 5.61% 2/15/2029 (b)(h)
100
101
EquipmentShare, Series 2025-1M, Class B, 6.31% 9/26/2033 (b)(h)
860
871
Global SC Finance SRL, Series 2025-1H, Class A, 9/22/2045 (b)(h)
401
402
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 (b)(h)
2,755
2,635
MMP Capital, Series 2025-A, Class A, 5.36% 12/15/2031 (b)(h)
92
93
MMP Capital, Series 2025-A, Class B, 5.72% 12/15/2031 (b)(h)
282
287
Capital Group KKR Core Plus+ — Page 11 of 19
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued)
Other asset-backed securities (continued)
 
Principal amount
(000)
Value
(000)
PK ALIFT Loan Funding, Series 2025-2, Class A, 4.75% 3/15/2043 (b)(h)
USD250
$251
SSI ABS Issuer, LLC, Series 2025-1, Class A, 6.15% 7/25/2065 (b)(h)
428
434
SSI ABS Issuer, LLC, Series 2025-1, Class B, 7.82% 7/25/2065 (a)(b)(h)
402
408
Sunrun Julius Issuer, LLC, Series 2023-2A, Class A1, 6.60% 1/30/2059 (b)(h)
719
725
Sunrun Jupiter Issuer, LLC, Series 2022-1A, Class A, 4.75% 7/30/2057 (b)(h)
359
345
Sunrun Neptune Issuer, LLC, Series 2024-1A, Class A, 6.27% 2/1/2055 (b)(h)
115
115
SunStrong Issuer, LLC, Series 2025-1, Class A2, 5.95% 12/28/2055 (b)(h)
1,261
1,260
U.S. Bank National Association, Series 2025-SUP2, Class B1, 4.818% 9/25/2032 (b)(h)
250
250
Zayo Issuer, LLC, Series 2025-2A, Class A2, 5.953% 6/20/2055 (b)(h)
500
515
Zayo Issuer, LLC, Series 2025-2A, Class B, 6.586% 6/20/2055 (b)(h)
2,500
2,598
 
11,290
Home equity 3.31%
 
 
 
Unison Trust, Series 2025-1, Class A, 6.00% 7/25/2055 (a)(h)
1,558
1,455
Woodward Capital Management, Series 2024-CES8, Class B2, 8.391% 11/25/2044 (b)(h)
3,000
3,054
Woodward Capital Management, Series 2025-CES1, Class B1, 7.653% 1/25/2045 (b)(e)(h)
2,500
2,553
 
7,062
Auto loan 2.17%
 
 
 
American Credit Acceptance Receivables Trust, Series 2023-1, Class E, 9.79% 12/12/2029 (b)(h)
800
828
American Credit Acceptance Receivables Trust, Series 2022-4, Class E, 10.00% 1/14/2030 (b)(h)
800
826
Avis Budget Rental Car Funding (AESOP), LLC, Series 2022-1A, Class B, 4.30% 8/21/2028 (b)(h)
420
419
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-7, Class B, 6.44% 8/21/2028 (b)(h)
100
103
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6A, Class D, 7.37% 12/20/2029 (b)(h)
100
103
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-8A, Class D, 7.52% 2/20/2030 (b)(h)
100
102
Credit Acceptance Auto Loan Trust, Series 2024-3A, Class C, 5.39% 1/16/2035 (b)(h)
120
121
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028 (b)(h)
500
486
Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 (b)(h)
336
327
Santander Consumer Bank (3-month Norway Interbank Offer Rate + 6.50%) 6.50% 1/1/2033 (e)(h)
NOK13,139
1,317
 
4,632
Credit card 0.20%
 
 
 
Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 (b)(h)
USD220
220
Mission Lane Credit Card Master Trust, Series 2025-B, Class D, 5.80% 9/15/2031 (b)(h)
200
201
 
421
Student loan 0.06%
 
 
 
DRB Prime Student Loan Trust, Series 2017-B, Class R, 0% 8/25/2042 (a)(b)(h)
—
(j)
67
SMB Private Education Loan Trust, Series 2022-D, Class C, 6.58% 10/15/2058 (b)(h)
54
55
 
122
Total asset-backed obligations
23,527
U.S. Treasury bonds & notes 10.53%
U.S. Treasury 10.36%
 
 
 
U.S. Treasury 3.50% 9/30/2027
7,542
7,526
U.S. Treasury 3.625% 9/30/2030
1,834
1,825
U.S. Treasury 3.875% 9/30/2032
6,318
6,298
U.S. Treasury 4.25% 8/15/2035
292
294
U.S. Treasury 4.875% 8/15/2045
2,907
2,971
U.S. Treasury 4.75% 5/15/2055 (k)
3,183
3,193
 
22,107
Capital Group KKR Core Plus+ — Page 12 of 19
unaudited
Bonds, notes & other debt instruments (continued)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities 0.17%
 
Principal amount
(000)
Value
(000)
U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026 (l)
USD61
$61
U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 (l)
314
300
 
361
Total U.S. Treasury bonds & notes
22,468
Bonds & notes of governments & government agencies outside the U.S. 0.44%
Mexico  0.19%
 
 
 
United Mexican States 4.75% 4/27/2032
200
196
United Mexican States 6.875% 5/13/2037
200
216
 
412
State of Kuwait  0.09%
 
 
 
Kuwait (State of) 4.652% 10/9/2035
200
200
Canada  0.08%
 
 
 
Ontario (Province of) 3.90% 9/4/2030
173
173
Peru  0.08%
 
 
 
Peru (Republic of) 2.783% 1/23/2031
80
74
Peru (Republic of) 5.875% 8/8/2054
30
30
Peru (Republic of) 2.78% 12/1/2060
100
56
 
160
Total bonds & notes of governments & government agencies outside the U.S.
945
Total bonds, notes & other debt instruments (cost: $207,568,000)
210,142
Convertible bonds & notes 0.08%
Communication services 0.02%
 
 
 
EchoStar Corp., convertible notes, 3.875% PIK 11/30/2030 (g)
21
50
Information technology 0.06%
 
 
 
Microstrategy, Inc., convertible notes, 0% 12/1/2029 (b)
130
117
Total convertible bonds & notes (cost: $139,000)
167
Common stocks 0.00%
Energy 0.00%
 
Shares
 
New Fortress Energy, Inc., Class A (m)
4,124
9
Total common stocks (cost: $24,000)
9
Capital Group KKR Core Plus+ — Page 13 of 19
unaudited
Short-term securities 9.52%
Money market investments 9.52%
 
Shares
Value
(000)
Capital Group Central Cash Fund 4.17% (n)(o)
203,098
$20,310
Total short-term securities (cost: $20,308,000)
20,310
Total investment securities 108.09% (cost: $228,039,000)
230,628
Other assets less liabilities (8.09)%
(17,266
)
Net assets 100.00%
$213,362
Futures contracts
 
Contracts
Type
Number of
contracts
Expiration
date
Notional
amount
(000)
Value and
unrealized
appreciation
(depreciation)
at 9/30/2025
(000)
2 Year U.S. Treasury Note Futures
Long
213
12/31/2025
USD44,389
$7
5 Year U.S. Treasury Note Futures
Long
459
12/31/2025
50,121
2
10 Year U.S. Treasury Note Futures
Long
188
12/19/2025
21,150
32
10 Year Ultra U.S. Treasury Note Futures
Short
87
12/19/2025
(10,012
)
40
U.S. Treasury Long Term Bonds Futures
Long
53
12/19/2025
6,179
76
U.S. Treasury Ultra Long-Term Bonds Futures
Long
30
12/19/2025
3,602
81
 
 
 
 
$238
Forward currency contracts
 
Contract amount
Counterparty
Settlement
date
Unrealized
appreciation
(depreciation)
at 9/30/2025
(000)
Currency purchased
(000)
Currency sold
(000)
USD
124
EUR
105
Bank of America
10/23/2025
$—
(j)
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps 
Receive
Pay
Expiration
date
Notional
amount
(000)
Value at
9/30/2025
(000)
Upfront
premium
paid
(received)
(000)
Unrealized
appreciation
(depreciation)
at 9/30/2025
(000)
Rate
Payment
frequency
Rate
Payment
frequency
SOFR
Annual
3.480%
Annual
10/1/2032
USD2,897
$3
$—
$3
SOFR
Annual
3.482%
Annual
10/1/2032
2,824
2
—
2
SOFR
Annual
3.482%
Annual
10/1/2032
2,899
2
—
2
SOFR
Annual
3.648%
Annual
10/2/2035
2,560
2
—
2
 
 
 
 
$9
$—
$9
Capital Group KKR Core Plus+ — Page 14 of 19
unaudited
Swap contracts
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection 
Reference
index
Financing
rate received
Payment
frequency
Expiration
date
Notional
amount(p)
(000)
Value at
9/30/2025(q)
(000)
Upfront
premium
paid
(received)
(000)
Unrealized
appreciation
(depreciation)
at 9/30/2025
(000)
CDX.NA.HY.45
5.00%
Quarterly
12/20/2030
USD6,760
$524
$515
$9
CDX.NA.IG.45
1.00%
Quarterly
12/20/2030
8,087
184
186
(2
)
 
 
 
$708
$701
$7
Investments in affiliates(o)
 
 
Value at
4/29/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
9/30/2025
(000)
Dividend
or interest
income
(000)
Short-term securities 9.52%
Money market investments 9.52%
Capital Group Central Cash Fund 4.17%(n)
$—
$183,976
$163,680
$12
$2
$20,310
$451
Restricted securities(f)
 
 
Acquisition
date(s)(r)
Cost
(000)
Value
(000)
Percent
of net
assets
Bonterra, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%)
9.046% 3/5/2032 (a)(d)(e)
4/24/2025 - 8/27/2025
$3,984
$4,023
1.88
%
Bonterra, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%)
1.00% 3/5/2032 (a)(d)(e)
5/29/2025
705
708
0.33
Bonterra, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%)
9.297% 3/5/2032 (a)(d)(e)
4/24/2025
105
106
0.05
Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR +
5.75%) 9.136% 2/13/2032 (a)(d)(e)
6/17/2025 - 6/17/2025
3,903
3,945
1.85
Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR +
5.75%) 9.36% 2/13/2032 (a)(d)(e)
6/17/2025 - 8/27/2025
142
145
0.07
Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR +
5.75%) 9.158% 2/13/2032 (a)(d)(e)
6/17/2025
110
112
0.05
Packaging Coordinators Midco, Term Loan, (3-month USD CME Term
SOFR + 4.75%) 9.058% 1/22/2032 (a)(d)(e)
4/24/2025 - 8/27/2025
4,028
4,067
1.91
MEDX Holdings, LLC, Term Loan, (3-month USD CME Term SOFR +
4.75%) 9.101% 7/21/2032 (a)(d)(e)
7/21/2025 - 8/27/2025
3,695
3,707
1.74
TPSI Receivables, LLC, Term Loan, (3-month USD CME Term SOFR +
4.75%) 0.50% 1/24/2029 (a)(d)(e)
4/24/2025
3,366
3,419
1.60
Integrity Marketing Acquisition, LLC, Term Loan, (3-month USD CME
Term SOFR + 5.00%)
9.333% 8/25/2028 (a)(d)(e)
4/24/2025
3,184
3,191
1.50
Fortna AR, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%)
8.958% 6/1/2029 (a)(d)(e)
4/24/2025
2,947
2,988
1.40
Low Voltage Holdings, Inc., Term Loan, (3-month USD CME Term
SOFR + 4.75%) 9.046% 4/28/2032 (a)(d)(e)
4/30/2025 - 5/29/2025
2,565
2,598
1.22
FSS Buyer, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%)
8.856% 8/29/2031 (a)(d)(e)
4/24/2025
2,467
2,498
1.17
Capital Group KKR Core Plus+ — Page 15 of 19
unaudited
Restricted securities(f) (continued)
 
Acquisition
date(s)(r)
Cost
(000)
Value
(000)
Percent
of net
assets
Jamestown Funding Trust, Term Loan, (3-month USD CME Term
SOFR + 2.20%) 6.556% 6/15/2072 (a)(d)(e)
6/13/2025
$481
$481
0.22
%
Jamestown Funding Trust, Term Loan, (3-month USD CME Term
SOFR + 3.15%) 7.506% 6/15/2072 (a)(d)(e)
6/13/2025
384
384
0.18
John Wood Group PLC, Term Loan, (3-month USD CME Term SOFR
+ 5.50%) 9.818% 10/31/2028 (a)(d)(e)
9/9/2025
600
600
0.28
ClubCorp Holdings, Inc., Term Loan, (3-month USD CME Term SOFR
+ 5.00%) 9.328% 7/9/2032 (a)(d)(e)
7/10/2025
423
424
0.20
Woolpert Holdings Inc., Term Loan, (3-month USD CME Term SOFR
+ 4.50%) 8.704% 4/5/2032 (a)(e)
9/26/2025
361
361
0.17
Koala Investment Holdings, Inc., Term Loan, (3-month USD CME
Term SOFR + 4.50%) 9.079% 8/29/2032 (a)(d)(e)
8/29/2025
275
275
0.13
Railpros, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%)
8.704% 5/24/2032 (a)(d)(e)
8/4/2025
143
143
0.07
Total
 
$33,868
$34,175
16.02
%
 
(a)
Value determined using significant unobservable inputs.
(b)
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 $55,630,000, which
represented 26.07% of the net assets of the fund.
(c)
Step bond; coupon rate may change at a later date.
(d)
Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $58,942,000, which
represented 27.63% of the net assets of the fund.
(e)
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. For short-term securities, the date of the next
scheduled coupon rate change is considered to be the maturity date.
(f)
Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.
(g)
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.
(h)
Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
(i)
Represents securities transacted on a TBA basis
(j)
Amount less than one thousand.
(k)
All or a portion of this security was pledged as collateral. The total value of pledged collateral was $830,000, which represented 0.39% of the net assets of
the fund.
(l)
Index-linked bond whose principal amount moves with a government price index.
(m)
Security did not produce income during the last 12 months.
(n)
Rate represents the seven-day yield at 9/30/2025.
(o)
Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.
(p)
The maximum potential amount the fund may pay as a protection seller should a credit event occur.
(q)
The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a
sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may
decrease or increase, respectively.
(r)
The fund was seeded, and began trading, on 4/24/2025. The fund commenced operations and shares became available for purchase on 4/29/2025.
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. 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. Security transactions are recorded by the fund as of the date the trades are executed with brokers. 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.
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.
Capital Group KKR Core Plus+ — Page 16 of 19
unaudited
Equity securities, including depositary receipts, exchange-traded funds, and certain convertible preferred stocks that trade on an exchange or market, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities and loans other than directly originated loans, 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
Example of standard inputs
All
Benchmark yields, transactions, bids, offers, quotations from dealers and
trading systems, new issues, spreads and other relationships observed in
the markets among comparable securities; and proprietary pricing
models such as yield measures calculated using factors such as cash flows,
financial or collateral characteristics or performance and other reference
data (collectively referred to as “standard inputs”)
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
Standard inputs and cash flows, prepayment information, default rates,
delinquency and loss assumptions, credit enhancements and specific deal
information
Municipal securities
Standard inputs and, for certain distressed securities, cash flows or
liquidation values using a net present value calculation based on inputs
that include, but are not limited to, financial statements and debt contracts
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. As of September 30, 2025, the fund did not have any options on futures. The average month-end notional amount of options on futures while held was $3,000. The average month-end notional amount of futures contracts while held was $89,633,000. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. The average month-end notional amount of open forward currency contracts while held was $41,000. 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. The average month-end notional amounts of interest rate swaps and credit default swaps while held were $932,000 and $16,441,000, respectively.
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. Directly originated loans are valued on an individual loan basis. The fair value of each loan may be informed by the inputs of third-party services. These valuations will incorporate borrower-specific information such as credit performance, significant events affecting the borrower or underlying collateral, and relevant market developments each business day that the New York Stock Exchange is open. 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.
Capital Group KKR Core Plus+ — Page 17 of 19
unaudited
Processes and structure — The fund’s board of trustees has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The fund’s valuation levels as of September 30, 2025, were as follows (dollars in thousands): 
 
Investment securities
 
Level 1
Level 2
Level 3
Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans
$—
$51,360
$62,006
$113,366
Mortgage-backed obligations
—
49,412
424
49,836
Asset-backed obligations
—
21,597
1,930
23,527
U.S. Treasury bonds & notes
—
22,468
—
22,468
Bonds & notes of governments & government agencies outside
the U.S.
—
945
—
945
Convertible bonds & notes
—
167
—
167
Common stocks
9
—
—
9
Short-term securities
20,310
—
—
20,310
Total
$20,319
$145,949
$64,360
$230,628
 
 
Other investments1
 
Level 1
Level 2
Level 3
Total
Assets:
Unrealized appreciation on futures contracts
$238
$—
$—
$238
Unrealized appreciation on forward currency contracts
—
—
2
—
—
2
Unrealized appreciation on centrally cleared interest rate swaps
—
9
—
9
Unrealized appreciation on centrally cleared credit default swaps
—
9
—
9
Liabilities:
Unrealized depreciation on centrally cleared credit default swaps
—
(2
)
—
(2
)
Total
$238
$16
$—
$254
1
Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.
2
Amount less than one thousand.
Capital Group KKR Core Plus+ — Page 18 of 19
unaudited
The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the period from April 29, 2025, commencement of operations, through September 30, 2025 (dollars in thousands): 
 
Beginning
value at
April 29, 2025
Transfers
into
Level 33
Purchases
Sales
Accrued
premiums/
discounts
Net
realized
gain (loss)
Unrealized appreciation
(depreciation)
Transfers
out of
Level 33
Ending
value at
9/30/2025
Bonds, notes &
other debt
instruments
$—
$—
$63,963
$(273
)
$18
$2
$650
$—
$64,360
Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at September 30, 2025
$650
3
Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
Unobservable inputs — Valuation of the fund’s Level 3 securities is 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 following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands): 
 
Value at
9/30/2025
Valuation
technique(s)
Unobservable
inputs
Range
(if applicable)
Weighted
average*
Impact to
valuation from
an increase in
input†
Bonds, notes & other
debt instruments
$64,360
Yield analysis
Yield
6% - 10%
8%
Decrease
Discount Margin
2% - 9%
5%
Decrease
Transaction
Transaction price
Not applicable
Not applicable
Not applicable
 
$64,360
 
 
 
 
 
*
Weighted average is by relative fair value.
†
This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
 
Key to abbreviation(s)
CME = CME Group
DAC = Designated Activity Company
EUR = Euro
EURIBOR = Euro Interbank Offered Rate
NOK = Norwegian Krone
PIK = Payment In Kind
 
REIT = Real Estate Investment Trust
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. Dollar
UST = U.S. Treasury
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Capital Client Group, Inc.
© 2025 Capital Group. All rights reserved.
PVGEFP3-400-1125
Capital Group KKR Core Plus+ — Page 19 of 19