Form N-CSR Capital Group KKR Core For: Dec 31
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E-mailUNITED 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 811-24016
Capital Group KKR Core Plus (plus)
(Exact name of registrant as specified in charter)
6455 Irvine Center Drive
Irvine, California 92618
(Address of principal executive offices)
Brian C. Janssen
6455 Irvine Center Drive
Irvine, California 92618
(Name and address of agent for service)
Registrant’s telephone number, including area code: (949) 975-5000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2025
ITEM 1 - Reports to Stockholders
Capital Group
KKR Core Plus+
KKR Core Plus+
Annual report
for
the period ended
December 31, 2025
Seeking higher
income than a traditional core plus strategy
Capital Group KKR Core Plus+ seeks
to blend public fixed income and private credit to pursue higher income than a traditional core plus strategy.
Fund results shown in this report, unless
otherwise indicated, are for Class F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge
(maximum 3.75%) had been deducted from Class A shares, the results would have been lower. Results are for past periods and are not predictive of
results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may
lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.
Here are the cumulative total returns on a $1,000 investment for the
period April 29, 2025*, commencement of operations, through December 31, 2025:
| |
Lifetime
(since 4/29/2025*) |
| Class F-2 shares |
5.36
% |
| Class A shares (reflecting 3.75% maximum sales charge)
|
1.26 |
For other share class results, visit capitalgroup.com.
*
The Fund was seeded on April 24, 2025, and commenced operations and began offering shares to the
public on April 29, 2025. The audited financial statements reflect activity from the seeding date through December 31, 2025. Performance information presented herein and in the Fund’s prospectus is measured from April 29, 2025, and does not include performance during the seed period.
The total
annual fund operating expense ratios are 1.27% for Class F-2 shares and 1.55% for Class A shares, and the net expense ratios are 0.98% for Class F-2 shares and 1.26%
for Class A shares as of the prospectus dated March 6, 2026 (unaudited). The expense ratios are restated to reflect current fees.
Investment results assume all distributions are reinvested and reflect
applicable fees and expenses. The investment adviser and sub-adviser are currently reimbursing a portion of other expenses. The reimbursement will be in effect
through at least March 1, 2027, and renewed annually thereafter unless terminated by the fund, the investment adviser and sub-adviser or otherwise. Investment results
shown reflect the reimbursement, without which they would have been lower. Refer to the fund’s most recent prospectus for details.
The fund’s net 30-day yield as of December
31, 2025, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, was 5.70% for Class F-2 shares and 5.17% for
Class A shares. The fund’s gross 30-day yield as of that date was 4.68% for Class F-2 shares and 4.19% for Class A shares. The Class A share results
reflect the 3.75% maximum sales charge.
The return
of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation
and credit risks associated with the underlying bond holdings. Higher yielding, higher risk bonds can fluctuate in price more than investment-grade bonds, so
investors should maintain a long-term perspective. Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price
volatility. These risks may be heightened in connection with investments in developing countries. Investments in mortgage-related securities involve additional risks,
such as prepayment risk. As a nondiversified fund, Capital Group KKR Core Plus+ has the ability to invest a larger percentage of assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor results by a single issuer could adversely affect fund results more than if the fund were invested in a larger number of issuers. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.
The fund is an interval fund that currently provides liquidity to shareholders through quarterly repurchase offers for up to 10% of its outstanding shares. To the extent more than 10% of outstanding shares are tendered for repurchase, the redemption proceeds are generally distributed proportionately to redeeming investors (“proration”). Due to this repurchase limit, shareholders may be unable to liquidate all or a portion of their investment during a particular repurchase offer window. In addition, anticipating proration, some shareholders may request more shares to be repurchased than they actually wish, increasing the likelihood of proration. Shares are not listed on any stock exchange, and we do not expect a secondary market in the shares to develop. Due to these restrictions, investors should consider their investment in the fund to be subject to illiquidity risk.
Investment strategies are not guaranteed to meet their objectives and are subject to loss. Investing in the fund is not suitable for all investors. Investors should consult their investment professional before making an investment decision and evaluate their ability to invest for the long term. Because of the nature of the fund’s investments, the results of the fund’s operations may be volatile. Accordingly, investors should understand that past performance is not predictive of future results.
Contents
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| 47 |
Bond investments may be worth more or less than the original cost when redeemed. High-yield, lower rated securities involve greater risk
than higher rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. The fund may invest in structured products, which generally entail risks associated with derivative instruments and bear risks of the underlying investments, index or reference obligation. These securities include asset-based finance securities, mortgage-related assets and other asset-backed instruments, which may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee, there is no assurance that private guarantors will meet their obligations. While not directly correlated to changes in interest rates, the values of inflation-linked bonds generally fluctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations. 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. For example, the fund may purchase and write call and put options on futures, giving the holder the right to assume a long (call) or short (put) position in a futures contract at a specified price. There is no assurance of a liquid market for any futures or futures options contract at any time.
The fund invests in private, illiquid credit securities, consisting primarily of loans and asset-backed finance securities. The fund may invest in or originate senior loans, which hold the most senior position in a business’s capital structure. Some senior loans lack an active trading market and are subject to resale restrictions, leading to potential illiquidity. The fund may need to sell other investments or borrow to meet obligations. The fund may also invest in mezzanine debt, which is generally unsecured and subordinated, carrying higher credit and liquidity risk than investment-grade corporate obligations. Default rates for mezzanine debt have historically been higher than for investment-grade securities. Bank loans are often less liquid than other types of debt instruments, and general market and financial conditions may affect the prepayment of bank loans. As such, the prepayments cannot be predicted with accuracy.
Illiquid assets are more difficult to sell and may become impossible
to sell in volatile market conditions. Reduced liquidity may have an adverse impact on the market price of such holdings, 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. Illiquid assets are also generally difficult to
value because they rarely have readily available market conditions. Such securities require fair value pricing, which is based on subjective judgments and may differ materially from the value that would be realized if the security were to be sold.
The fund intends to declare daily dividends from net investment income and distribute the accrued dividends, which may fluctuate, to investors each month. Generally, dividends begin accruing on the day payment for shares is received by the fund. In the event the fund’s distribution of net investment income exceeds its income and capital gains paid by the fund’s underlying investments for tax purposes, a portion of such distribution may be classified as return of capital. The fund’s current intention not to use borrowings other than for temporary and/or extraordinary purposes may result in a lower yield than it could otherwise achieve by using such strategies and may make it more difficult for the fund to achieve its investment objective than if the fund were to use leverage on an ongoing basis. There can be no assurance that a change in market conditions or other factors will not result in a change in the fund distribution rate at a future time.
Investments are not FDIC-insured, nor are they
deposits of or guaranteed by a bank or any other entity, so they may lose value.
| Capital Group KKR
Core Plus+ |
1 |
It was an eventful year for markets, as a broad and changing tariff policy sparked fears of a wider trade war and potential recession. The year also featured the longest government shutdown in U.S. history. Despite these headwinds, however, both equities and bonds produced positive results, and GDP grew in Q2 and Q3, following a contraction in the first quarter of the year.
The fund’s benchmark, the Bloomberg U.S. Aggregate Index, grew by 3.94% for the year. Since the fund’s inception in April, it has generated positive returns and outpaced the benchmark on a net-asset-value-basis for Q4 across share classes, but it does not yet have a full-year track record.
Bond market overview
Bond markets advanced in 2025, as many central banks around the world moved to reduce interest rates or hold them steady. The Bank of Japan, which raised its key interest rate to a 30-year high, is a notable exception.
In the U.S., the Federal Reserve (Fed) delivered three rate cuts of 25 basis points each. There was significant division among Fed rate-setters, however, with some pushing for larger cuts. A modestly weakening labor market has provided fuel for that side of the argument. Unemployment trended slightly higher throughout the year, reaching 4.4% in December, up from 4.0 in January – the highest rate since September 2021. Inflation has also moderated, though it remains above the Fed’s usual 2% target. The Consumer Price Index rose at an annualized 2.7% in November.
Fed chair Jerome Powell has come under direct criticism from President Trump over his hesitancy to reduce rates faster. The U.S. Justice Department is conducting a criminal investigation into Powell over alleged mismanagement of renovations at the Fed’s Washington headquarters. The unprecedented public fight has led to concerns over the Fed’s independence going forward.
The market’s perception of a dovish Fed
reinforced further yield curve steepening, with the yield on U.S. 10-year notes falling 40 bps to 4.17%, while the two-year yield dropped by 77 bps to 3.48%.
In Europe, bonds advanced amid modest growth in the eurozone economy and the European Central Bank’s decision to keep policy rates steady. The yield on Germany’s benchmark 10-year note rose 49 bps to end the year at 2.85%. The same maturity in Spain rose 23 bps to 3.29%. In currency markets over the full year, the euro climbed more than 13% against the dollar.
Most emerging markets currencies also appreciated against the U.S. dollar, which had its worst year since 2017. Both dollar- and local currency-denominated emerging markets bonds rose significantly during 2025.
Inside
the portfolio
The fund seeks to offer strategic exposure to higher income-focused sectors in the public and private fixed income markets with a target, under normal circumstances, of approximately 60% of assets to be invested in public credit assets and approximately 40% of assets to be invested across higher income seeking private credit sectors. Such allocation between public and private credit may fluctuate (potentially significantly) depending on market conditions and the fund’s subscription and repurchase activities. The fund’s private credit sleeve is sub-advised by KKR as part of an exclusive partnership with Capital Group.
The fund may invest up to 20% of its net assets in securities tied economically to countries outside the U.S., including emerging markets. The fund may also invest up to 10% of its net assets in securities denominated in currencies other than the U.S. dollar.
Interval funds such as this one offer limited liquidity in the form of quarterly repurchase offers. In the case of this particular fund, quarterly repurchases are capped at 10%
of the fund’s
total assets, with requests surpassing that threshold reduced on a pro-rata basis.
In public markets, the fund invests primarily in a broad range of debt securities, including U.S and other government securities, corporate bonds and mortgage-related securities and cash. The fund will normally invest its private credit assets across two primary strategies: corporate direct lending and asset-based finance. The fund is intended to look and feel like a traditional core/core plus strategy, which has an up in quality bias for public credit instruments. However, the vehicle may invest in lower rated debt instruments or in securities that are unrated.
As of December 31, 2025, the fund held 56.9% of its assets in public markets and 43.1% in private markets. Securitized debt represented the largest sector allocation of the public markets component, particularly mortgage-backed securities.
Looking ahead
The current outlook for 2026 is generally positive, though with some caveats to watch. Stocks are expensive and many companies’ price-to-earnings ratios are above historical averages. Markets were mostly able to shrug off trade anxieties in 2025 and further expected trade deals should continue to ease uncertainty, but another “Liberation Day”- style event could cause significant disruptions. In addition, geopolitical tensions are on the rise, adding the possibility of further unforeseen risks.
Companies appear so far to have largely avoided passing on the costs of tariffs to consumers, but as inventories dwindle they will come under more pressure to do so. An uptick in inflation would further complicate the Fed’s already tricky balancing act.
Fed projections currently reflect only one further interest rate cut for 2026, but there
are a number of questions looming over
| 2 |
Capital Group KKR Core Plus+ |
the central bank.
Powell’s term as Fed chair will end this year. Any potential successor can expect a contentious nomination
hearing, with pointed questions about their commitment to independence from political pressure.
The fund will have its first anniversary in Q2 of this year. We’ve always believed
in presenting our clients with a wide range of options to help try to meet their investment objectives, and we are thrilled to be able to broaden access to private markets by offering this fund. In our view, the lines between public and private credit markets continue to blur and the private credit asset class should be considered as part of a well-diversified credit allocation that complements existing fixed income allocations. It has been an exciting first year, and we look forward to many more to come.
Thank
you for your continued trust and support.
Cordially,
John R. Queen
President
President
February 27, 2026
For current information about the fund, visit
capitalgroup.com.
| Capital Group KKR
Core Plus+ |
3 |
How a hypothetical $10,000 investment has
grown for the period April 29, 20251, commencement of operations, through
December 31, 2025, with all distributions reinvested.
Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 3.75% on the $10,000 investment; thus, the net amount invested was $9,6252. The results shown are before taxes on fund distributions and sale of fund shares. Results are for past periods and are
not predictive of results for future periods; current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money.
Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.
For the period ended December 31, 2025, with all distributions
reinvested
| |
|
| |
Lifetime
(since 4/29/20251) |
| Capital Group KKR Core Plus+ (Class F-2 shares) |
5.36
% |
| Capital Group KKR Core Plus+ (Class A shares) |
5.17 |
| Bloomberg U.S. Aggregate Index3
|
3.94 |
Past results are not predictive of results in future
periods.
1
The Fund was seeded on April 24, 2025, and commenced operations and began offering shares to the
public on April 29, 2025. The audited financial statements reflect activity from the seeding date through December 31, 2025. Performance information presented herein and in the
Fund’s prospectus is measured from April 29, 2025, and does not include performance during the seed period.
2
As outlined in the prospectus, the sales charge is reduced for purchases (and eligible aggregated
investments) of $100,000 or more and is eliminated for purchases (and eligible aggregated investments) of $500,000 or more. There is no sales charge on dividends or capital gain
distributions that are reinvested in additional shares.
3
The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in
an index. Source(s): Bloomberg Index Services Ltd. There may have been periods when the fund has lagged the index.
| 4 |
Capital Group KKR Core Plus+ |
Portfolio by type of security
Percent of net assets
| Portfolio quality summary* |
Percent of net assets |
| U.S. Treasury and
agency† |
5.15% |
| AAA/Aaa |
2.91 |
| AA/Aa
|
16.03 |
| A
|
7.93 |
| BBB/Baa |
7.43 |
| Below investment
grade |
17.30 |
| Unrated |
42.09 |
| Short-term
securities & other assets less liabilities |
1.16 |
*
Bond ratings, which typically range from AAA (highest) to D (lowest), are assigned by credit
rating agencies such as Standard & Poor’s, Moody/s and/or Fitch as an indication of an issuer’s creditworthiness. If agency ratings differ, the security will be
considered to have received the highest of those ratings, consistent with the fund’s investment policies. Securities in the "unrated" category (above) have not been rated by
any of the rating agencies noted above; however, the investment adviser or sub-adviser performs its own credit analysis and assigns comparable ratings that are used for compliance
with the fund’s investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.
†
These securities are guaranteed by the full faith and credit of the U.S. government.
| Bonds, notes & other debt instruments 97.76% |
Principal amount (000) |
Value (000)
| |
| Loans 33.15% | |||
| Industrials 12.34% | |||
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 (a)(b)
|
USD50 |
$51 | |
| Dispatch Acquisition Holdings, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.589% 11/19/2032 (a)(b)(c)(d) |
56 |
55 | |
| Dispatch Acquisition Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 11/19/2032 (a)(b)(c)(d) |
846 |
842 | |
| Elk Bidco, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.172% 6/14/2032 (a)(b)(c)
|
2,403 |
2,420 | |
| Falconwing Aero Leasing DAC, Term Loan, 6.51% 10/26/2027 (a)(c) |
237 |
236 | |
| Falconwing Aero Leasing DAC, Term Loan, 6.50% 12/11/2027 (a)(c) |
237 |
236 | |
| Fortna AR, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.493% 6/1/2029 (a)(b)(c)(d)
|
3,421 |
3,421 | |
| Horizon CTS Buyer, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 9.555% 3/29/2032 (a)(b)(c)
|
127 |
126 | |
| Horizon CTS Buyer, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.752% 3/29/2032 (a)(b)(c)
|
3,035 |
3,032 | |
| Jeppesen Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.59% 10/31/2032 (a)(b)(c)
|
1,177 |
1,173 | |
| Low Voltage Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 4/28/2032 (a)(b)(c)(d)
|
2,583 |
2,599 | |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 (a)(b)
|
352 |
328 | |
| Pike Group, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.201% 12/17/2032 (a)(b)(c)
|
734 |
732 | |
| Railpros, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 10.043% 5/24/2032 (a)(b)(c)(d)
|
143 |
143 | |
| Saber Parent Holdings Corp., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.206% 12/16/2032 (a)(b)(c)
|
707 |
706 | |
| Setna Aero Lease 3 Borrower, LLC, Term Loan, 5.86%
12/2/2031 (a)(c)
|
477 |
477 | |
| Sunrun Charis Portfolio 2023, LLC, Term Loan, 6.925%
7/30/2053 (a)(c)
|
656 |
684 | |
| Sunrun Romulus Portfolio 2024, LLC, Term Loan, 6.477%
1/31/2054 (a)(c)
|
776 |
796 | |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.451% 2/13/2032 (a)(b)(c)(d)
|
29 |
29 | |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.477% 2/13/2032 (a)(b)(c)(d)
|
111 |
111 | |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.484% 2/13/2032 (a)(b)(c)(d)
|
3,896 |
3,908 | |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.484% 2/13/2032 (a)(b)(c)(d)
|
144 |
144 | |
| W. A. Kendall and Co., LLC, Revolver, (3-month USD CME Term SOFR + 5.44%) 10.236% 4/22/2030 (a)(b)(c)
|
84 |
84 | |
| W. A. Kendall and Co., LLC, Term Loan, (3-month USD CME Term SOFR + 5.75%) 10.043% 4/22/2030 (a)(b)(c)
|
211 |
211 | |
| W. A. Kendall and Co., LLC, Term Loan, (6-month USD CME Term SOFR + 5.75%) 10.336% 4/22/2030 (a)(b)(c)
|
44 |
44 | |
| Capital Group KKR
Core Plus+ |
5 |
| Bonds, notes & other debt instruments (continued) |
Principal amount (000) |
Value (000)
| |
| Loans (continued) |
|||
| Industrials (continued) | |||
| W. A. Kendall and Co., LLC, Term Loan, (6-month USD CME Term SOFR + 5.75%) 10.379% 4/22/2030 (a)(b)(c)
|
USD726 |
$727 | |
| West Star Aviation Acquisition, LLC, Revolver, (3-month USD CME Term SOFR + 4.50%) 8.301% 5/20/2032 (a)(b)(c)
|
78 |
78 | |
| West Star Aviation Acquisition, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.416% 5/20/2032 (a)(b)(c) |
3,695 |
3,718 | |
| Woolpert Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.316% 4/5/2032 (a)(b)(c)(d)
|
360 |
363 | |
| Woolpert, Inc., Revolver, (3-month USD CME Term SOFR + 4.50%) 8.316% 4/5/2031 (a)(b)(c)(d)
|
6 |
6 | |
| |
|
|
27,480 |
| | |||
| Financials 9.53% | |||
| Ares Secondaries Pbn Finance Co. IV, LLC, Term Loan, (3-month USD CME Term SOFR + 2.90%) 6.885% 4/14/2039 (a)(b)(c) |
7 |
7 | |
| Ares Secondaries Pbn Finance Co. IV, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.735% 4/14/2039 (a)(b)(c) |
5 |
5 | |
| Ares Secondaries Pbn Finance Co. IV, LLC, Term Loan, (3-month USD CME Term SOFR + 8.50%) 12.485%
4/14/2039 (a)(b)(c)
|
5 |
5 | |
| ASF Nia, LP, Term Loan, (3-month USD CME Term SOFR + 2.35%) 6.022%
3/27/2031 (a)(b)(c)
|
1,116 |
1,116 | |
| ASF Rembrandt, LP, Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.502% 12/31/2028 (a)(b)(c)
|
690 |
690 | |
| Astra Service Partners, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.34% 10/10/2032 (a)(b)(c)
|
752 |
747 | |
| Com Laude Group, Ltd., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.661% 12/30/2032 (a)(b)(c)
|
394 |
392 | |
| Denali Topco, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.59% 8/26/2032 (a)(b)(c)
|
68 |
68 | |
| FSS Buyer, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.216% 8/29/2031 (a)(b)(c)(d)
|
2,471 |
2,496 | |
| Hbwm Intermediate II, LLC, Revolver, (3-month USD CME Term SOFR + 4.50%) 8.475% 8/18/2031 (a)(b)(c)
|
200 |
200 | |
| Hbwm Intermediate II, LLC, Term Loan, (1-month USD CME Term SOFR + 4.75%) 8.466% 11/17/2031 (a)(b)(c)
|
1,804 |
1,804 | |
| Hbwm Intermediate II, LLC, Term Loan, (1-month USD CME Term SOFR + 4.75%) 8.466% 11/17/2031 (a)(b)(c)
|
1,500 |
1,503 | |
| Higginbotham Insurance Agency, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.216% 6/11/2031 (a)(b)(c)(d) |
852 |
853 | |
| Integrity Marketing Acquisition, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.822% 8/25/2028 (a)(b)(c)(d) |
3,184 |
3,184 | |
| Jamestown Funding Trust, Term Loan, (1-month USD CME Term SOFR + 2.20%) 5.86% 6/15/2072 (a)(b)(c)(d)
|
451 |
451 | |
| Jamestown Funding Trust, Term Loan, (1-month USD CME Term SOFR + 3.15%) 6.81% 6/15/2072 (a)(b)(c)(d)
|
361 |
361 | |
| KKR Maguire Levered Borrower, LLC, Term Loan, (3-month USD CME Term SOFR + 2.75%) 6.466% 11/22/2032 (a)(b)(c) |
195 |
195 | |
| Koala Investment Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.172% 8/29/2032 (a)(b)(c)(d)
|
277 |
275 | |
| Oak Funding, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.287% 12/2/2032 (a)(b)(c)(d)
|
911 |
907 | |
| PPV Intermediate Holdings, LLC, Revolver, (3-month USD CME Term SOFR + 5.75%) 9.627% 8/31/2029 (a)(b)(c)
|
28 |
28 | |
| PPV Intermediate Holdings, LLC, Term Loan B, (3-month USD CME Term SOFR + 5.75%) 9.572% 8/31/2029 (a)(b)(c) |
2,641 |
2,641 | |
| PPV Intermediate Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 6.00%) 9.822% 8/31/2029 (a)(b)(c)
|
40 |
40 | |
| Rialto Management Group, LLC, Term Loan, (1-month USD CME Term SOFR + 5.00%) 8.916% 12/5/2030 (a)(b)(c)
|
1,765 |
1,782 | |
| Truist Insurance Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 (a)(b)
|
110 |
112 | |
| VIB Trade Receivable DAC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.445% 4/23/2029 (a)(b)(c)
|
1,361 |
1,361 | |
| |
|
|
21,223 |
| | |||
| Information technology 6.34% | |||
| Bonterra, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.436%
3/5/2032 (a)(b)(c)(d)
|
106 |
106 | |
| Bonterra, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 3/5/2032 (a)(b)(c)(d)
|
4,013 |
4,013 | |
| Bonterra, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.687% 3/5/2032 (a)(b)(c)(d)
|
708 |
708 | |
| Diamondback Acquisition, Inc., Revolver, (3-month USD CME Term SOFR + 4.50%) 8.216% 9/24/2032 (a)(b)(c)
|
19 |
19 | |
| Diamondback Acquisition, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.416% 9/24/2032 (a)(b)(c)
|
746 |
744 | |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 (a)(b)
|
160 |
157 | |
| Flexera Software, LLC, Term Loan, (3-month EUR-EURIBOR + 4.75%) 6.384% 8/16/2032 (a)(b)(c)
|
EUR106 |
124 | |
| Flexera Software, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.602% 8/16/2032 (a)(b)(c)
|
USD350 |
350 | |
| MEDX Holdings, LLC, Term Loan, (1-month USD CME Term SOFR + 4.75%) 8.466% 7/21/2032 (a)(b)(c)(d)
|
3,725 |
3,734 | |
| Navex Global Holding Co., (3-month USD CME Term SOFR + 5.00%) 8.912% 10/14/2032 (a)(b)(c)(d)
|
92 |
92 | |
| Pros Parent, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.488% 12/9/2032 (a)(b)(c)
|
896 |
895 | |
| Safety Borrower Holdings, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 10.50% 12/20/2032 (a)(b)(c)(d)
|
5 |
6 | |
| Safety Borrower Holdings, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.451% 12/20/2032 (a)(b)(c)(d) |
607 |
605 | |
| Vamos Bidco, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 1/30/2032 (a)(b)(c)
|
1,435 |
1,436 | |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 (a)(b)
|
223 |
222 | |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 (a)(b)
|
90 |
90 | |
| Webpros Holding SARL, Revolver, (3-month USD CME Term SOFR + 5.00%) 8.75% 6/4/2032 (a)(b)(c)(d)
|
8 |
8 | |
| 6 |
Capital Group KKR Core Plus+ |
| Bonds, notes & other debt instruments (continued) |
Principal amount (000) |
Value (000)
| |
| Loans (continued) |
|||
| Information technology (continued) | |||
| Webpros Holding SARL, Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.818% 12/4/2032 (a)(b)(c)(d)
|
USD816 |
$804
| |
| |
|
|
14,113 |
| | |||
| Materials 1.81% | |||
| Packaging Coordinators Midco, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.59% 1/22/2032 (a)(b)(c)(d) |
4,025 |
4,033 | |
| | |||
| Consumer staples 1.55% | |||
| TPSI Receivables, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.572% 1/24/2029 (a)(b)(c)(d)
|
3,458 |
3,458 | |
| | |||
| Consumer discretionary 0.49% | |||
| ClubCorp Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.672% 7/9/2032 (a)(b)(c)(d)
|
425 |
426 | |
| HP TLE Buyer, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.752% 7/1/2032 (a)(b)(c)
|
662 |
667 | |
| |
|
|
1,093 |
| | |||
| Health care 0.39% | |||
| AGS Health BCP Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.322% 8/2/2032 (a)(b)(c)
|
224 |
224 | |
| AGS Health BCP, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.322% 8/2/2032 (a)(b)(c)
|
117 |
117 | |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 (a)(b)
|
79 |
79 | |
| Premise Health Holdings Corp., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.172% 11/8/2032 (a)(b)(c)
|
457 |
452 | |
| |
|
|
872 |
| | |||
| Communication services 0.37% | |||
| Medmark Media Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 8.922% 2/16/2030 (a)(b)(c)(d) |
827 |
827 | |
| | |||
| Energy 0.33% | |||
| John Wood Group PLC, Revolver, (3-month USD CME Term SOFR + 5.50%) 9.284% 10/31/2028 (a)(b)(c)(d)
|
722 |
722 | |
| Total
loans |
|
|
73,821 |
| Corporate bonds and
notes 24.30% | |||
| Financials 6.31% | |||
| ACF TD Holdings, LLC 6.46% 5/30/2031 (c) |
2,667 |
2,731 | |
| AG Issuer, LLC 6.25% 3/1/2028 (e) |
130 |
131 | |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 (e) |
110 |
110 | |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 (e) |
120 |
121 | |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 (e) |
90 |
93 | |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 (e) |
40 |
41 | |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) (f)
|
125 |
130 | |
| American International Group, Inc. 5.125% 3/27/2033
|
50 |
51 | |
| AmWINS Group, Inc. 4.875% 6/30/2029 (e) |
70 |
69 | |
| Aon North America, Inc. 5.45% 3/1/2034 |
125 |
130 | |
| Ardonagh Finco, Ltd. 7.75% 2/15/2031 (e) |
200 |
210 | |
| Aretec Group, Inc. 7.50% 4/1/2029 (e) |
90 |
91 | |
| Aretec Group, Inc. 10.00% 8/15/2030 (e) |
46 |
50 | |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035 |
100 |
101 | |
| Bank of America Corp. 1.898% 7/23/2031 (USD-SOFR + 1.53% on 7/23/2030) (f)
|
150 |
135 | |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) (f)
|
200 |
179 | |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) (f)
|
250 |
224 | |
| Blackstone Private Credit Fund 5.95% 7/16/2029 |
216 |
220 | |
| Block, Inc. 2.75% 6/1/2026 |
70 |
70 | |
| Block, Inc. 5.625% 8/15/2030 (e) |
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 (e) |
70 |
72 | |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027 |
105 |
105 | |
| Brown & Brown, Inc. 5.55% 6/23/2035 |
428 |
439 | |
| Brown & Brown, Inc. 6.25% 6/23/2055 |
106 |
110 | |
| Chubb INA Holdings, LLC 5.00% 3/15/2034 |
100 |
102 | |
| Capital Group KKR
Core Plus+ |
7 |
| Bonds, notes & other debt instruments (continued) |
Principal amount (000) |
Value (000)
| |
| Corporate bonds and
notes (continued) | |||
| Financials (continued) | |||
| Citibank, NA 4.914% 5/29/2030 |
USD250 |
$257 | |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) (f)
|
200 |
202 | |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) (f)
|
200 |
205 | |
| Coinbase Global, Inc. 3.375% 10/1/2028 (e) |
175 |
167 | |
| Coinbase Global, Inc. 3.625% 10/1/2031 (e) |
90 |
80 | |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 (e) |
394 |
366 | |
| Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) (f)
|
400 |
413 | |
| Goldman Sachs Group, Inc. 4.939% 10/21/2036 (USD-SOFR + 1.33% on 10/21/2035) (f)
|
150 |
149 | |
| Hightower Holding, LLC 6.75% 4/15/2029 (e) |
110 |
110 | |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) (f)
|
400 |
413 | |
| HUB International, Ltd. 7.25% 6/15/2030 (e) |
215 |
226 | |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 (e) |
340 |
345 | |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 (e) |
210 |
213 | |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 (e) |
200 |
190 | |
| JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) (f)
|
150 |
150 | |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) (f)
|
25 |
22 | |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) (f)
|
225 |
236 | |
| 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) (f)
|
500 |
516 | |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) (f)
|
99 |
98 | |
| Navient Corp. 5.00% 3/15/2027 |
100 |
100 | |
| Navient Corp. 5.50% 3/15/2029 |
135 |
134 | |
| Navient Corp. 9.375% 7/25/2030 |
180 |
200 | |
| Navient Corp. 11.50% 3/15/2031 |
70 |
78 | |
| Navient Corp. 7.875% 6/15/2032 |
255 |
267 | |
| Navient Corp. 5.625% 8/1/2033 |
110 |
101 | |
| OneMain Finance Corp. 7.125% 3/15/2026 |
8 |
8 | |
| OneMain Finance Corp. 6.125% 5/15/2030 |
330 |
337 | |
| OneMain Finance Corp. 7.50% 5/15/2031 |
30 |
32 | |
| OneMain Finance Corp. 7.125% 11/15/2031 |
60 |
63 | |
| Osaic Financial Services, Inc. 6.50% 11/30/2027
|
22 |
513 | |
| Osaic Holdings, Inc. 6.75% 8/1/2032 (e) |
20 |
21 | |
| Osaic Holdings, Inc. 8.00% 8/1/2033 (e) |
17 |
18 | |
| Oxford Finance, LLC 6.375% 2/1/2027 (e) |
60 |
60 | |
| PNC Bank, NA 5.373% 7/21/2036 (USD-SOFR + 1.417% on 7/21/2035) (f)
|
100 |
103 | |
| PNC Financial Services Group, Inc. 5.575% 1/29/2036 (USD-SOFR + 1.394% on 1/29/2035) (f)
|
225 |
235 | |
| Royal Bank of Canada 4.696% 8/6/2031 (USD-SOFR + 1.06% on 8/6/2030) (f)
|
150 |
152 | |
| Ryan Specialty, LLC 4.375% 2/1/2030 (e) |
30 |
29 | |
| Ryan Specialty, LLC 5.875% 8/1/2032 (e) |
20 |
20 | |
| U.S. Bancorp 5.424% 2/12/2036 (USD-SOFR + 1.411% on 2/12/2035) (f)
|
110 |
114 | |
| Voyager Parent, LLC 9.25% 7/1/2032 (e) |
75 |
80 | |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) (f)
|
400 |
408 | |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) (f)
|
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) (f) |
100 |
91 | |
| |
|
|
14,049 |
| | |||
| Communication services 3.52% | |||
| Alphabet, Inc. 4.70% 11/15/2035 |
102 |
102 | |
| Alphabet, Inc. 5.25% 5/15/2055 |
114 |
109 | |
| Alphabet, Inc. 5.45% 11/15/2055 |
166 |
163 | |
| Alphabet, Inc. 5.30% 5/15/2065 |
49 |
46 | |
| Altice France 6.50% 3/15/2032 (e) |
295 |
283 | |
| AT&T, Inc. 5.375% 8/15/2035 |
150 |
154 | |
| AT&T, Inc. 3.50% 9/15/2053 |
225 |
151 | |
| CCO Holdings, LLC 5.00% 2/1/2028 (e) |
130 |
129 | |
| CCO Holdings, LLC 4.75% 3/1/2030 (e) |
150 |
143 | |
| CCO Holdings, LLC 4.50% 8/15/2030 (e) |
50 |
47 | |
| CCO Holdings, LLC 4.25% 2/1/2031 (e) |
535 |
492 | |
| CCO Holdings, LLC 4.50% 6/1/2033 (e) |
70 |
61 | |
| CCO Holdings, LLC 4.25% 1/15/2034 (e) |
70 |
60 | |
| Charter Communications Operating, LLC 4.80% 3/1/2050
|
61 |
46 | |
| Charter Communications Operating, LLC 3.70% 4/1/2051
|
180 |
114 | |
| Charter Communications Operating, LLC 3.90% 6/1/2052
|
292 |
189 | |
| Charter Communications Operating, LLC 5.25% 4/1/2053
|
302 |
239 | |
| 8 |
Capital Group KKR Core Plus+ |
| Bonds, notes & other debt instruments (continued) |
Principal amount (000) |
Value (000)
| |
| Corporate bonds and
notes (continued) | |||
| Communication services (continued) | |||
| Charter Communications Operating, LLC 6.70% 12/1/2055
|
USD38 |
$36 | |
| Charter Communications Operating, LLC 3.85% 4/1/2061
|
100 |
60 | |
| Connect Finco SARL 9.00% 9/15/2029 (e) |
600 |
637 | |
| DIRECTV Financing, LLC 5.875% 8/15/2027 (e) |
29 |
29 | |
| DIRECTV Financing, LLC 8.875% 2/1/2030 (e) |
100 |
101 | |
| DISH Network Corp. 11.75% 11/15/2027 (e) |
266 |
277 | |
| EchoStar Corp. 10.75% 11/30/2029 |
230 |
255 | |
| EchoStar Corp. 6.75% Cash 11/30/2030 (g) |
135 |
138 | |
| Embarq, LLC 7.995% 6/1/2036 |
100 |
42 | |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 (e) |
70 |
71 | |
| Gray Media, Inc. 10.50% 7/15/2029 (e) |
28 |
30 | |
| Gray Media, Inc. 5.375% 11/15/2031 (e) |
100 |
75 | |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 (e) |
25 |
26 | |
| Meta Platforms, Inc. 4.60% 11/15/2032 |
231 |
233 | |
| Meta Platforms, Inc. 4.875% 11/15/2035 |
276 |
276 | |
| Meta Platforms, Inc. 5.50% 11/15/2045 |
69 |
67 | |
| Meta Platforms, Inc. 5.40% 8/15/2054 |
105 |
98 | |
| Meta Platforms, Inc. 5.625% 11/15/2055 |
149 |
143 | |
| Meta Platforms, Inc. 5.75% 11/15/2065 |
71 |
68 | |
| News Corp. 3.875% 5/15/2029 (e) |
30 |
29 | |
| Sirius XM Radio, LLC 3.125% 9/1/2026 (e) |
30 |
30 | |
| Sirius XM Radio, LLC 4.00% 7/15/2028 (e) |
90 |
88 | |
| Sirius XM Radio, LLC 3.875% 9/1/2031 (e) |
150 |
138 | |
| Snap, Inc. 6.875% 3/1/2033 (e) |
70 |
73 | |
| TEGNA, Inc. 5.00% 9/15/2029 |
240 |
238 | |
| T-Mobile USA, Inc. 5.30% 5/15/2035 |
200 |
205 | |
| T-Mobile USA, Inc. 4.95% 11/15/2035 |
50 |
50 | |
| Univision Communications, Inc. 8.00% 8/15/2028 (e) |
60 |
62 | |
| Univision Communications, Inc. 4.50% 5/1/2029 (e) |
130 |
125 | |
| Univision Communications, Inc. 9.375% 8/1/2032 (e) |
350 |
376 | |
| Verizon Communications, Inc. 2.355% 3/15/2032 |
23 |
20 | |
| Verizon Communications, Inc. 4.75% 1/15/2033 |
88 |
88 | |
| Verizon Communications, Inc. 5.25% 4/2/2035 |
250 |
254 | |
| Verizon Communications, Inc. 5.00% 1/15/2036 |
147 |
146 | |
| Verizon Communications, Inc. 5.75% 11/30/2045 |
35 |
35 | |
| Verizon Communications, Inc. 5.875% 11/30/2055 |
85 |
84 | |
| Verizon Communications, Inc. 6.00% 11/30/2065 |
39 |
39 | |
| Versant Media Group, Inc. 7.25% 1/30/2031 (e) |
45 |
46 | |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029 |
150 |
146 | |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042 |
431 |
304 | |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052 |
33 |
22 | |
| WMG Acquisition Corp. 3.75% 12/1/2029 (e) |
20 |
19 | |
| WMG Acquisition Corp. 3.875% 7/15/2030 (e) |
35 |
34 | |
| |
|
|
7,841 |
| | |||
| Health care 3.08% | |||
| AbbVie, Inc. 5.20% 3/15/2035 |
100 |
104 | |
| AbbVie, Inc. 5.60% 3/15/2055 |
250 |
251 | |
| AdaptHealth, LLC 5.125% 3/1/2030 (e) |
35 |
34 | |
| Amgen, Inc. 5.25% 3/2/2033 |
200 |
207 | |
| Amgen, Inc. 5.65% 3/2/2053 |
200 |
196 | |
| Amneal Pharmaceuticals, LLC 6.875% 8/1/2032 (e) |
35 |
37 | |
| AthenaHealth Group, Inc. 6.50% 2/15/2030 (e) |
130 |
130 | |
| Avantor Funding, Inc. 4.625% 7/15/2028 (e) |
100 |
100 | |
| Avantor Funding, Inc. 3.875% 11/1/2029 (e) |
70 |
67 | |
| Bayer US Finance, LLC 6.25% 1/21/2029 (e) |
200 |
210 | |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034 |
200 |
208 | |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054 |
175 |
172 | |
| 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 (e) |
10 |
9 | |
| Cigna Group (The) 5.25% 1/15/2036 |
155 |
158 | |
| Cigna Group (The) 6.00% 1/15/2056 |
105 |
108 | |
| CVS Health Corp. 5.00% 9/15/2032 |
355 |
362 | |
| CVS Health Corp. 5.70% 6/1/2034 |
300 |
315 | |
| Capital Group KKR
Core Plus+ |
9 |
| Bonds, notes & other debt instruments (continued) |
Principal amount (000) |
Value (000)
| |
| Corporate bonds and
notes (continued) | |||
| Health care (continued) | |||
| CVS Health Corp. 6.05% 6/1/2054 |
USD200 |
$199 | |
| CVS Health Corp. 6.20% 9/15/2055 |
40 |
41 | |
| DaVita, Inc. 4.625% 6/1/2030 (e) |
100 |
97 | |
| DaVita, Inc. 6.875% 9/1/2032 (e) |
60 |
63 | |
| DaVita, Inc. 6.75% 7/15/2033 (e) |
90 |
93 | |
| Elevance Health, Inc. 5.70% 9/15/2055 |
200 |
196 | |
| Eli Lilly and Co. 5.10% 2/12/2035 |
275 |
284 | |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 (e) |
50 |
53 | |
| Gilead Sciences, Inc. 5.55% 10/15/2053 |
50 |
50 | |
| Humana, Inc. 5.375% 4/15/2031 |
225 |
233 | |
| IQVIA, Inc. 6.25% 6/1/2032 (e) |
110 |
115 | |
| Medline Borrower, LP 3.875% 4/1/2029 (e) |
70 |
68 | |
| Medline Borrower, LP 6.25% 4/1/2029 (e) |
70 |
72 | |
| Medline Borrower, LP 5.25% 10/1/2029 (e) |
160 |
161 | |
| Molina Healthcare, Inc. 6.50% 2/15/2031 (e) |
65 |
67 | |
| Molina Healthcare, Inc. 3.875% 5/15/2032 (e) |
120 |
109 | |
| Owens & Minor, Inc. 4.50% 3/31/2029 (e) |
317 |
215 | |
| Owens & Minor, Inc. 6.25% 4/1/2030 (e) |
120 |
77 | |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035 |
200 |
204 | |
| Tenet Healthcare Corp. 4.25% 6/1/2029 |
275 |
271 | |
| 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 |
210 | |
| Teva Pharmaceutical Finance Netherlands III BV 4.10%
10/1/2046 |
40 |
30 | |
| UnitedHealth Group, Inc. 5.15% 7/15/2034 |
185 |
190 | |
| UnitedHealth Group, Inc. 5.30% 6/15/2035 |
420 |
435 | |
| UnitedHealth Group, Inc. 5.625% 7/15/2054 |
125 |
123 | |
| UnitedHealth Group, Inc. 5.95% 6/15/2055 |
120 |
123 | |
| |
|
|
6,869 |
| | |||
| Consumer discretionary 2.64% | |||
| Advance Auto Parts, Inc. 3.90% 4/15/2030 |
180 |
165 | |
| Advance Auto Parts, Inc. 3.50% 3/15/2032 |
80 |
68 | |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 (e) |
50 |
50 | |
| Allied Universal Holdco, LLC 6.875% 6/15/2030 (e) |
115 |
120 | |
| Amazon.com, Inc. 4.65% 11/20/2035 |
172 |
171 | |
| Amazon.com, Inc. 5.45% 11/20/2055 |
275 |
269 | |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 (e) |
110 |
108 | |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 (e) |
30 |
31 | |
| Carnival Corp. 5.75% 8/1/2032 (e) |
110 |
113 | |
| Carnival Corp. 6.125% 2/15/2033 (e) |
160 |
165 | |
| Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 (e) |
200 |
206 | |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 (e) |
60 |
58 | |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 (e) |
30 |
29 | |
| First Student Bidco, Inc. 4.00% 7/31/2029 (e) |
110 |
107 | |
| Ford Motor Co. 3.25% 2/12/2032 |
400 |
353 | |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028 |
200 |
210 | |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029 |
200 |
205 | |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030 |
200 |
203 | |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033 |
200 |
215 | |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035 |
200 |
207 | |
| Ford Motor Credit Co., LLC 5.869% 10/31/2035 |
200 |
198 | |
| General Motors Financial Co., Inc. 5.90% 1/7/2035
|
175 |
183 | |
| Home Depot, Inc. 4.95% 6/25/2034 |
300 |
307 | |
| Hyatt Hotels Corp. 5.75% 3/30/2032 |
175 |
184 | |
| Hyundai Capital America 4.90% 6/23/2028 (e) |
93 |
95 | |
| Hyundai Capital America 5.30% 1/8/2030 (e) |
325 |
335 | |
| Hyundai Capital America 5.10% 6/24/2030 (e) |
94 |
96 | |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 (e) |
110 |
109 | |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 (e) |
80 |
85 | |
| Light and Wonder International, Inc. 7.25% 11/15/2029 (e) |
40 |
41 | |
| Newell Brands, Inc. 6.625% 5/15/2032 |
95 |
92 | |
| Newell Brands, Inc. 7.50% 4/1/2046 (f) |
35 |
29 | |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 (e) |
250 |
266 | |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036 |
201 |
202 | |
| Scientific Games Holdings, LP 6.625% 3/1/2030 (e) |
48 |
43 | |
| 10 |
Capital Group KKR Core Plus+ |
| Bonds, notes & other debt instruments (continued) |
Principal amount (000) |
Value (000)
| |
| Corporate bonds and
notes (continued) | |||
| Consumer discretionary (continued) | |||
| Sonic Automotive, Inc. 4.625% 11/15/2029 (e) |
USD50 |
$49 | |
| Starbucks Corp. 5.00% 2/15/2034 |
34 |
35 | |
| Starbucks Corp. 5.40% 5/15/2035 |
70 |
73 | |
| Universal Entertainment Corp. 9.875% 8/1/2029 (e) |
200 |
196 | |
| Wand NewCo 3, Inc. 7.625% 1/30/2032 (e) |
20 |
21 | |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 (e) |
185 |
186 | |
| |
|
|
5,878 |
| | |||
| Information technology 2.09% | |||
| Amphenol Corp. 4.625% 2/15/2036 |
275 |
270 | |
| Amphenol Corp. 5.30% 11/15/2055 |
133 |
127 | |
| ams-OSRAM AG 12.25% 3/30/2029 (e) |
150 |
160 | |
| Analog Devices, Inc. 5.30% 4/1/2054 |
50 |
48 | |
| Booz Allen Hamilton, Inc. 4.00% 7/1/2029 (e) |
35 |
34 | |
| Broadcom, Inc. 4.90% 2/15/2038 |
463 |
454 | |
| Cisco Systems, Inc. 5.10% 2/24/2035 |
390 |
401 | |
| Cloud Software Group, Inc. 6.50% 3/31/2029 (e) |
40 |
41 | |
| Cloud Software Group, Inc. 9.00% 9/30/2029 (e) |
460 |
479 | |
| Cloud Software Group, Inc. 8.25% 6/30/2032 (e) |
405 |
423 | |
| Cloud Software Group, Inc. 6.625% 8/15/2033 (e) |
50 |
50 | |
| CommScope Technologies, LLC 5.00% 3/15/2027 (e) |
20 |
20 | |
| CommScope, LLC 9.50% 12/15/2031 (e) |
90 |
91 | |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 (e) |
40 |
43 | |
| Fair Isaac Corp. 6.00% 5/15/2033 (e) |
150 |
155 | |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026 |
15 |
14 | |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026 |
360 |
329 | |
| Intel Corp. 3.05% 8/12/2051 |
20 |
12 | |
| Intel Corp. 5.60% 2/21/2054 |
115 |
106 | |
| Microchip Technology, Inc. 5.05% 2/15/2030 |
185 |
189 | |
| NCR Atleos Corp. 9.50% 4/1/2029 (e) |
50 |
54 | |
| Oracle Corp. 5.50% 8/3/2035 |
60 |
59 | |
| Oracle Corp. 5.20% 9/26/2035 |
200 |
192 | |
| Oracle Corp. 6.00% 8/3/2055 |
132 |
117 | |
| Oracle Corp. 5.95% 9/26/2055 |
100 |
89 | |
| Oracle Corp. 6.10% 9/26/2065 |
100 |
88 | |
| Synopsys, Inc. 5.15% 4/1/2035 |
70 |
71 | |
| Synopsys, Inc. 5.70% 4/1/2055 |
125 |
124 | |
| Texas Instruments, Inc. 5.10% 5/23/2035 |
80 |
83 | |
| Texas Instruments, Inc. 5.15% 2/8/2054 |
85 |
80 | |
| UKG, Inc. 6.875% 2/1/2031 (e) |
50 |
51 | |
| Unisys Corp. 10.625% 1/15/2031 (e) |
79 |
81 | |
| Viasat, Inc. 6.50% 7/15/2028 (e) |
50 |
49 | |
| WULF Compute, LLC 7.75% 10/15/2030 (e) |
75 |
77 | |
| |
|
|
4,661 |
| | |||
| Energy 1.45% | |||
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 (e) |
95 |
96 | |
| Borr IHC, Ltd. 10.00% 11/15/2028 (e) |
171 |
172 | |
| Caturus Energy, LLC 8.50% 2/15/2030 (e) |
50 |
52 | |
| Civitas Resources, Inc. 8.625% 11/1/2030 (e) |
20 |
21 | |
| Civitas Resources, Inc. 9.625% 6/15/2033 (e) |
25 |
27 | |
| CNX Resources Corp. 7.375% 1/15/2031 (e) |
55 |
57 | |
| Comstock Resources, Inc. 5.875% 1/15/2030 (e) |
50 |
49 | |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 (e) |
50 |
52 | |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 (e) |
120 |
114 | |
| Devon Energy Corp. 5.75% 9/15/2054 |
225 |
207 | |
| Diamondback Energy, Inc. 5.75% 4/18/2054 |
105 |
99 | |
| DT Midstream, Inc. 4.375% 6/15/2031 (e) |
90 |
88 | |
| Energy Transfer, LP 6.00% 2/1/2029 (e) |
20 |
20 | |
| Energy Transfer, LP 5.20% 4/1/2030 |
50 |
52 | |
| Enterprise Products Operating, LLC 5.20% 1/15/2036
|
20 |
20 | |
| EQT Corp. 4.75% 1/15/2031 |
70 |
70 | |
| EQT Corp. 3.625% 5/15/2031 (e) |
75 |
71 | |
| Expand Energy Corp. 5.875% 2/1/2029 (e) |
30 |
30 | |
| Capital Group KKR
Core Plus+ |
11 |
| Bonds, notes & other debt instruments (continued) |
Principal amount (000) |
Value (000)
| |
| Corporate bonds and
notes (continued) | |||
| Energy (continued) | |||
| Genesis Energy, LP 7.875% 5/15/2032 |
USD30 |
$31 | |
| Harvest Midstream I, LP 7.50% 9/1/2028 (e) |
40 |
41 | |
| Harvest Midstream I, LP 7.50% 5/15/2032 (e) |
20 |
21 | |
| Hess Midstream Operations, LP 5.875% 3/1/2028 (e) |
10 |
10 | |
| Hess Midstream Operations, LP 4.25% 2/15/2030 (e) |
125 |
123 | |
| Hess Midstream Operations, LP 5.50% 10/15/2030 (e) |
80 |
81 | |
| Hilcorp Energy I, LP 6.00% 2/1/2031 (e) |
40 |
38 | |
| Hilcorp Energy I, LP 6.25% 4/15/2032 (e) |
40 |
38 | |
| Hilcorp Energy I, LP 8.375% 11/1/2033 (e) |
50 |
51 | |
| NFE Financing, LLC 12.00% 11/15/2029 (e)(h) |
1,100 |
319 | |
| NGL Energy Operating, LLC 8.125% 2/15/2029 (e) |
50 |
52 | |
| NGL Energy Operating, LLC 8.375% 2/15/2032 (e) |
90 |
93 | |
| Noble Finance II, LLC 8.00% 4/15/2030 (e) |
40 |
42 | |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 (e) |
18 |
18 | |
| Summit Midstream Holdings, LLC 8.625% 10/31/2029 (e) |
50 |
52 | |
| Sunoco, LP 4.50% 5/15/2029 |
30 |
29 | |
| Sunoco, LP 5.625% 3/15/2031 (e) |
20 |
20 | |
| Sunoco, LP 7.25% 5/1/2032 (e) |
110 |
116 | |
| Sunoco, LP 5.875% 3/15/2034 (e) |
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) (e)(f) |
50 |
51 | |
| Superior Plus, LP 4.50% 3/15/2029 (e) |
30 |
29 | |
| Transocean International, Ltd. 8.75% 2/15/2030 (e) |
30 |
31 | |
| Transocean International, Ltd. 7.875% 10/15/2032 (e) |
15 |
16 | |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 (e) |
32 |
33 | |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 (e) |
70 |
66 | |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 (e) |
285 |
260 | |
| Venture Global LNG, Inc. 8.375% 6/1/2031 (e) |
80 |
80 | |
| Venture Global LNG, Inc. 9.875% 2/1/2032 (e) |
40 |
41 | |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 (e) |
25 |
25 | |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 (e) |
75 |
81 | |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 (e) |
25 |
26 | |
| |
|
|
3,241 |
| | |||
| Real estate 1.21% | |||
| Boston Properties, LP 5.75% 1/15/2035 |
225 |
231 | |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 (e) |
90 |
89 | |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 (e) |
40 |
40 | |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 (e) |
70 |
68 | |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 (e) |
50 |
48 | |
| Iron Mountain, Inc. 5.25% 7/15/2030 (e) |
205 |
203 | |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029 |
40 |
39 | |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030 |
230 |
217 | |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031 |
90 |
85 | |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 (e) |
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 |
73 | |
| MPT Operating Partnership, LP 8.50% 2/15/2032 (e) |
200 |
214 | |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 (e) |
40 |
39 | |
| Service Properties Trust 4.95% 2/15/2027 |
150 |
151 | |
| Service Properties Trust 8.00% 9/30/2027 (e) |
55 |
50 | |
| Service Properties Trust 3.95% 1/15/2028 |
120 |
113 | |
| Service Properties Trust 4.95% 10/1/2029 |
360 |
314 | |
| Service Properties Trust 8.625% 11/15/2031 (e) |
215 |
226 | |
| |
|
|
2,687 |
| | |||
| Industrials 1.10% | |||
| ADT Security Corp. 4.125% 8/1/2029 (e) |
30 |
29 | |
| Amentum Holdings, Inc. 7.25% 8/1/2032 (e) |
150 |
158 | |
| Avis Budget Car Rental, LLC 4.75% 4/1/2028 (e) |
30 |
29 | |
| Avis Budget Car Rental, LLC 5.375% 3/1/2029 (e) |
50 |
49 | |
| Axon Enterprise, Inc. 6.125% 3/15/2030 (e) |
20 |
21 | |
| BAE Systems PLC 5.30% 3/26/2034 (e) |
200 |
207 | |
| 12 |
Capital Group KKR Core Plus+ |
| Bonds, notes & other debt instruments (continued) |
Principal amount (000) |
Value (000)
| |
| Corporate bonds and
notes (continued) | |||
| Industrials (continued) | |||
| Boeing Co. (The) 3.25% 2/1/2028 |
USD100 |
$98 | |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 (e) |
50 |
48 | |
| Clean Harbors, Inc. 5.75% 10/15/2033 (e) |
75 |
77 | |
| CoreLogic, Inc. 4.50% 5/1/2028 (e) |
150 |
148 | |
| CSX Corp. 5.05% 6/15/2035 |
325 |
331 | |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 (e) |
55 |
57 | |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 (e) |
45 |
48 | |
| EquipmentShare.com, Inc. 8.00% 3/15/2033 (e) |
25 |
26 | |
| Garda World Security Corp. 6.50% 1/15/2031 (e) |
50 |
51 | |
| 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 |
120 | |
| 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 |
96 | |
| Reworld Holding Corp. 4.875% 12/1/2029 (e) |
60 |
58 | |
| Sabre GLBL, Inc. 11.125% 7/15/2030 (e) |
150 |
124 | |
| TransDigm, Inc. 6.375% 3/1/2029 (e) |
95 |
98 | |
| TransDigm, Inc. 6.625% 3/1/2032 (e) |
90 |
94 | |
| Union Pacific Corp. 5.10% 2/20/2035 |
176 |
182 | |
| Union Pacific Corp. 3.50% 2/14/2053 |
15 |
11 | |
| Union Pacific Corp. 5.60% 12/1/2054 |
83 |
83 | |
| |
|
|
2,442 |
| | |||
| Materials 1.05% | |||
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055
|
58 |
59 | |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 (e) |
25 |
26 | |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 (e) |
140 |
144 | |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 (e) |
40 |
39 | |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 (e) |
60 |
63 | |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 (e) |
70 |
72 | |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 (e) |
110 |
115 | |
| Consolidated Energy Finance SA 12.00% 2/15/2031 (e) |
150 |
106 | |
| CVR Partners, LP 6.125% 6/15/2028 (e) |
80 |
80 | |
| Dow Chemical Co. (The) 5.95% 3/15/2055 |
250 |
228 | |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 (e) |
210 |
221 | |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (e)(f)(g) |
83 |
48 | |
| FXI Holdings, Inc. 11.00% 11/15/2030 (e) |
142 |
128 | |
| LYB International Finance III, LLC 5.50% 3/1/2034
|
19 |
19 | |
| LYB International Finance III, LLC 6.15% 5/15/2035
|
11 |
11 | |
| LYB International Finance III, LLC 5.875% 1/15/2036
|
130 |
129 | |
| Methanex Corp. 5.125% 10/15/2027 |
100 |
101 | |
| Methanex Corp. 5.25% 12/15/2029 |
40 |
40 | |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 (e) |
200 |
207 | |
| Mineral Resources, Ltd. 9.25% 10/1/2028 (e) |
50 |
53 | |
| Mineral Resources, Ltd. 8.50% 5/1/2030 (e) |
140 |
146 | |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 (e) |
40 |
42 | |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 (e) |
20 |
21 | |
| Rio Tinto Finance (USA) PLC 5.75% 3/14/2055 |
100 |
102 | |
| Samarco Mineracao SA 9.00% 6/30/2031 (9.00% PIK on 12/30/2026) (f)(g)
|
71 |
72 | |
| Samarco Mineracao SA 9.00% 6/30/2031 (9.00% PIK on 12/30/2026) (f)(g)
|
60 |
61 | |
| |
|
|
2,333 |
| | |||
| Consumer staples 0.99% | |||
| Albertsons Cos., Inc. 3.50% 3/15/2029 (e) |
70 |
67 | |
| B&G Foods, Inc. 5.25% 9/15/2027 |
20 |
20 | |
| B&G Foods, Inc. 8.00% 9/15/2028 (e) |
90 |
89 | |
| BAT Capital Corp. 4.625% 3/22/2033 |
78 |
78 | |
| BAT Capital Corp. 6.25% 8/15/2055 |
200 |
207 | |
| Imperial Brands Finance PLC 5.625% 7/1/2035 (e) |
200 |
206 | |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 (e) |
90 |
87 | |
| Mars, Inc. 5.20% 3/1/2035 (e) |
265 |
272 | |
| Mars, Inc. 5.70% 5/1/2055 (e) |
150 |
150 | |
| Mondelez International, Inc. 5.125% 5/6/2035 |
38 |
39 | |
| Capital Group KKR
Core Plus+ |
13 |
| Bonds, notes & other debt instruments (continued) |
Principal amount (000) |
Value (000)
| |
| Corporate bonds and
notes (continued) | |||
| Consumer staples (continued) | |||
| Philip Morris International, Inc. 4.375% 4/30/2030
|
USD269 |
$271 | |
| Philip Morris International, Inc. 4.90% 11/1/2034
|
300 |
303 | |
| Philip Morris International, Inc. 4.875% 4/30/2035
|
51 |
51 | |
| Philip Morris International, Inc. 4.625% 10/29/2035
|
137 |
134 | |
| Post Holdings, Inc. 4.625% 4/15/2030 (e) |
60 |
58 | |
| TreeHouse Foods, Inc. 4.00% 9/1/2028 |
110 |
110 | |
| United Natural Foods, Inc. 6.75% 10/15/2028 (e) |
70 |
70 | |
| |
|
|
2,212 |
| | |||
| Utilities 0.59% | |||
| Duke Energy Florida, LLC 4.85% 12/1/2035 |
50 |
50 | |
| Edison International 6.25% 3/15/2030 |
275 |
288 | |
| Florida Power & Light Co. 5.70% 3/15/2055 |
75 |
76 | |
| Long Ridge Energy, LLC 8.75% 2/15/2032 (e) |
120 |
128 | |
| Northern States Power Co. 5.40% 3/15/2054 |
75 |
73 | |
| Pacific Gas and Electric Co. 4.95% 7/1/2050 |
100 |
85 | |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |
75 |
51 | |
| PacifiCorp 5.50% 5/15/2054 |
50 |
45 | |
| PG&E Corp. 5.25% 7/1/2030 |
140 |
139 | |
| Southern California Edison Co. 5.45% 3/1/2035 |
175 |
177 | |
| Southern California Edison Co. 6.20% 9/15/2055 |
50 |
50 | |
| Talen Energy Supply, LLC 8.625% 6/1/2030 (e) |
140 |
148 | |
| |
|
|
1,310 |
| | |||
| Municipals 0.27% | |||
| Pacific Gas and Electric Co. 5.70% 3/1/2035 |
425 |
437 | |
| Pacific Gas and Electric Co. 6.00% 8/15/2035 |
155 |
163 | |
| |
|
|
600 |
| Total corporate bonds and notes |
54,123 | ||
| Mortgage-backed
obligations 21.41% | |||
| Federal agency mortgage-backed obligations 12.90% | |||
| Fannie Mae Pool #CA8827 2.50% 2/1/2051 (i) |
367 |
311 | |
| Fannie Mae Pool #BQ7729 2.50% 3/1/2051 (i) |
380 |
321 | |
| Fannie Mae Pool #BR3771 2.00% 4/1/2051 (i) |
215 |
174 | |
| Fannie Mae Pool #FM6965 2.50% 4/1/2051 (i) |
647 |
549 | |
| Fannie Mae Pool #FM7751 2.00% 5/1/2051 (i) |
296 |
239 | |
| Fannie Mae Pool #CB0844 2.50% 6/1/2051 (i) |
805 |
682 | |
| Fannie Mae Pool #FM8720 2.00% 8/1/2051 (i) |
219 |
177 | |
| Fannie Mae Pool #BV7491 3.00% 8/1/2051 (i) |
463 |
411 | |
| Fannie Mae Pool #BT7309 2.00% 9/1/2051 (i) |
703 |
569 | |
| Fannie Mae Pool #CB2041 2.50% 11/1/2051 (i) |
40 |
34 | |
| Fannie Mae Pool #FS0490 2.00% 1/1/2052 (i) |
205 |
166 | |
| Fannie Mae Pool #BT2052 2.00% 3/1/2052 (i) |
430 |
348 | |
| Fannie Mae Pool #FS6031 2.00% 6/1/2052 (i) |
88 |
72 | |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 (i) |
483 |
409 | |
| Fannie Mae Pool #BX4574 3.00% 8/1/2053 (i) |
475 |
421 | |
| Fannie Mae Pool #DB6296 6.50% 6/1/2054 (i) |
107 |
111 | |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 (i) |
4,196 |
4,259 | |
| Fannie Mae Pool #MA5643 4.00% 3/1/2055 (i) |
423 |
401 | |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 (i) |
6,994 |
7,185 | |
| Fannie Mae Pool #190445 6.50% 3/1/2055 (i) |
2,416 |
2,511 | |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 (i) |
500 |
526 | |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 (i) |
1,143 |
1,188 | |
| Freddie Mac Pool #QC5857 3.00% 8/1/2051 (i) |
677 |
600 | |
| Freddie Mac Pool #SD0963 3.50% 1/1/2052 (i) |
533 |
495 | |
| Freddie Mac Pool #QD6951 2.00% 2/1/2052 (i) |
27 |
22 | |
| Freddie Mac Pool #RA6771 2.00% 2/1/2052 (i) |
207 |
167 | |
| Freddie Mac Pool #SD4635 3.00% 6/1/2052 (i) |
336 |
298 | |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 (i) |
66 |
56 | |
| Freddie Mac Pool #SD4520 3.50% 7/1/2052 (i) |
128 |
119 | |
| Freddie Mac Pool #SD8312 2.50% 1/1/2053 (i) |
774 |
658 | |
| Freddie Mac Pool #SD8505 5.00% 2/1/2055 (i) |
957 |
955 | |
| 14 |
Capital Group KKR Core Plus+ |
| Bonds, notes & other debt instruments (continued) |
Principal amount (000) |
Value (000)
| |
| Mortgage-backed
obligations (continued) | |||
| Federal agency mortgage-backed obligations (continued) | |||
| Freddie Mac Pool #QY1746 4.00% 4/1/2055 (i) |
USD324 |
$308 | |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 (i) |
200 |
205 | |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 (i) |
74 |
77 | |
| Freddie Mac Pool #RQ0082 4.00% 1/1/2056 (i) |
1,000 |
949 | |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 (i)(j) |
357 |
316 | |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 (i)(j) |
1,375 |
1,342 | |
| Uniform Mortgage-Backed Security 5.00% 1/1/2056 (i)(j) |
525 |
524 | |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 (i)(j) |
538 |
560 | |
| |
|
|
28,715 |
| | |||
| Collateralized mortgage-backed obligations 4.68% | |||
| BRAVO Residential Funding Trust, Series 2024-NQM7, Class A1, 5.554% 10/27/2064 (6.554% on 10/1/2028) (e)(f)(i)
|
703 |
709 | |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on 5/1/2027) (e)(f)(i) |
184 |
186 | |
| COLT Funding, LLC, Series 2024-INV3, Class A1, 5.443%
9/25/2069 (6.443% on 8/1/2028) (e)(f)(i) |
121 |
122 | |
| Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 (e)(f)(i)
|
213 |
207 | |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average
USD-SOFR + 2.90%) 6.774% 4/25/2042 (b)(e)(i)
|
1,561 |
1,601 | |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA2, Class B2, (30-day Average
USD-SOFR + 7.714%) 11.589% 3/25/2050 (b)(e)(i)
|
50 |
61 | |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA4, Class B2, (30-day Average
USD-SOFR + 9.514%) 13.389% 9/25/2050 (b)(e)(i)
|
345 |
447 | |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA1, Class B2, (30-day Average
USD-SOFR + 5.214%) 9.089% 1/25/2050 (b)(e)(i)
|
440 |
490 | |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA5, Class B2, (30-day Average
USD-SOFR + 11.50%) 15.374% 10/25/2050 (b)(e)(i)
|
660 |
915 | |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA6, Class B2, (30-day Average
USD-SOFR + 5.65%) 9.524% 12/25/2050 (b)(e)(i)
|
1,095 |
1,264 | |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class AIOS, 0.327% 9/25/2070 (b)(e)(i)
|
7,062 |
43 | |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class AIOS, 1.959% 9/25/2070 (b)(e)(i)
|
7,062 |
417 | |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class B1, 6.432% 9/25/2070 (b)(e)(i)
|
197 |
195 | |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class B2, 7.134% 9/25/2070 (b)(e)(i)
|
226 |
222 | |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class B3, 7.134% 9/25/2070 (b)(e)(i)
|
115 |
108 | |
| Onslow Bay Financial, LLC, Series 2025-NQM14, Class A1A, 5.162%
7/25/2065 (6.162% on 7/1/2029) (e)(f)(i) |
524 |
526 | |
| Progress Residential Trust, Series 2024-SFR1, Class A, 3.35%
2/17/2041 (e)(i)
|
99 |
96 | |
| Progress Residential Trust, Series 2024-SFR1, Class E2, 3.85%
2/17/2041 (e)(i)
|
664 |
632 | |
| Progress Residential Trust, Series 2025-SFR3, Class D, 3.39%
7/17/2042 (e)(i)
|
800 |
736 | |
| Tricon Residential Trust, Series 2023-SFR2, Class A, 5.00%
12/17/2040 (e)(i)
|
130 |
131 | |
| Verus Securitization Trust, Series 2023-INV3, Class B2, 8.171%
11/25/2068 (b)(e)(i)
|
809 |
813 | |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364%
10/25/2069 (b)(e)(i)
|
495 |
498 | |
| |
|
|
10,419 |
| | |||
| Commercial mortgage-backed securities 3.83% | |||
| ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.743%) 5.494% 6/15/2030 (b)(e)(i)
|
142 |
143 | |
| Bank Commercial Mortgage Trust, Series 2023-5YR1, Class B, 6.457%
4/15/2056 (b)(i)
|
1,087 |
1,123 | |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-5C27, Class C, 6.70% 7/15/2057 (b)(i)
|
240 |
248 | |
| Barclays Commercial Mortgage Securities, LLC, Series 2025-5C34, Class A3, 5.659% 5/15/2058 (i)
|
666 |
698 | |
| Benchmark Mortgage Trust, Series 2018-B7, Class B, 4.842%
5/15/2053 (b)(i)
|
300 |
280 | |
| Benchmark Mortgage Trust, Series 2020-B22, Class AM, 2.163%
1/15/2054 (i)
|
203 |
174 | |
| Benchmark Mortgage Trust, Series 2022-B32, Class A5, 3.002%
1/15/2055 (b)(i)
|
190 |
170 | |
| BMO Mortgage Trust, Series 2025-5C10, Class B, 6.445%
5/15/2058 (b)(i)
|
1,000 |
1,044 | |
| BX Trust, Series 2025-VOLT, Class D, (1-month USD CME Term SOFR + 2.75%) 6.50% 12/15/2044 (b)(e)(i)
|
512 |
513 | |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049 (i)
|
340 |
338 | |
| Commercial Mortgage Trust, Series 2019-GC44, Class AM, 3.263%
8/15/2057 (i)
|
1,000 |
937 | |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728%
8/12/2043 (b)(e)(i)
|
250 |
257 | |
| DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804%
9/12/2040 (e)(i)
|
250 |
258 | |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.145%
8/10/2042 (b)(e)(i)
|
175 |
179 | |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class E, (1-month USD CME Term SOFR + 3.15%) 6.90%
12/15/2039 (b)(e)(i)
|
500 |
504 | |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class D, 8.198%
5/10/2039 (b)(e)(i)
|
100 |
102 | |
| Multifamily Connecticut Avenue Securities, Series 2023-01, Class M7, (30-day Average USD-SOFR + 4.00%)
7.874% 11/25/2053 (b)(e)(i)
|
379 |
391 | |
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%)
6.274% 5/25/2055 (b)(e)(i)
|
289 |
290 | |
| Capital Group KKR
Core Plus+ |
15 |
| Bonds, notes & other debt instruments (continued) |
Principal amount (000) |
Value (000)
| |
| Mortgage-backed
obligations (continued) | |||
| Commercial mortgage-backed securities (continued) | |||
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M2, (30-day Average USD-SOFR + 3.10%)
6.974% 5/25/2055 (b)(e)(i)
|
USD258 |
$259 | |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class D, 6.213%
11/5/2038 (b)(e)(i)
|
264 |
266 | |
| SCG Hotel Issuer, Inc., Series 2025-SNIP, Class A, 5.75%
9/15/2042 (b)(e)(i)
|
360 |
361 | |
| |
|
|
8,535 |
| Total mortgage-backed obligations |
47,669 | ||
| Asset-backed
obligations 13.33% | |||
| Other
asset-backed securities 6.48% | |||
| ACHD Trust, Series 2025-DS1, Class A, 5.978% 1/9/2034 (e)(i) |
100 |
100 | |
| Affirm, Inc., Series 2024, Class 1A, 5.61% 2/15/2029 (e)(i) |
100 |
100 | |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 (e)(i)
|
658 |
660 | |
| Centersquare Issuer, LLC, Series 2025-5A, Class A2, 5.30%
12/27/2055 (i)
|
1,103 |
1,091 | |
| Global SC Finance SRL, Series 2025-1H, Class A, 6.169%
9/20/2045 (e)(i)
|
398 |
400 | |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26%
11/19/2040 (e)(i)
|
2,613 |
2,513 | |
| Grayrock Fund IV ABS Issuer, LLC, Series 2025-1, Class A, 6.118%
2/15/2041 (c)(d)(i)
|
2,026 |
2,026 | |
| Grayrock Fund IV ABS Issuer, LLC, Series 2025-1, Class B, 11.243%
2/15/2041 (c)(d)(i)
|
474 |
474 | |
| MESA Trust, Series 2025-1, Class A, 5.20% 6/25/2060 (c)(e)(i) |
1,965 |
1,965 | |
| MESA Trust, Series 2025-1, Class B, 5.70% 6/25/2060 (c)(e)(i) |
217 |
217 | |
| MESA Trust, Series 2025-1, Class C, 6.45% 6/25/2060 (c)(e)(i) |
183 |
183 | |
| MESA Trust, Series 2025-1, Class A, 15.00% 6/25/2060 (c)(e)(i) |
135 |
135 | |
| MMP Capital, Series 2025-A, Class A, 5.36% 12/15/2031 (e)(i) |
79 |
80 | |
| MMP Capital, Series 2025-A, Class B, 5.72% 12/15/2031 (e)(i) |
282 |
288 | |
| OWN Equipment Fund III, Series 2025-2M, Class C, 8.77%
3/27/2034 (e)(i)
|
500 |
502 | |
| PK ALIFT Loan Funding, Series 2025-2, Class A, 4.75%
3/15/2043 (e)(i)
|
244 |
245 | |
| SSI ABS Issuer, LLC, Series 2025-1, Class A, 6.15%
7/25/2065 (e)(i)
|
421 |
427 | |
| SSI ABS Issuer, LLC, Series 2025-1, Class B, 7.82%
7/25/2065 (e)(i)
|
396 |
402 | |
| Sunrun Julius Issuer, Series 2023-2A, Class A1, 6.60%
1/30/2059 (e)(i)
|
714 |
724 | |
| Sunrun Jupiter Issuer, LLC, Series 2022-1A, Class A, 4.75%
7/30/2057 (e)(i)
|
357 |
346 | |
| Sunrun Neptune Issuer, LLC, Series 2024-1A, Class A, 6.27%
2/1/2055 (e)(i)
|
112 |
111 | |
| SunStrong Issuer, LLC, Series 2025-1, Class A2, 5.95%
12/28/2055 (e)(i)
|
1,223 |
1,220 | |
| U.S. Bank National Association, Series 2025-SUP2, Class B1, 4.818%
9/25/2032 (e)(i)
|
230 |
231 | |
| |
|
|
14,440 |
| | |||
| Home
equity 4.51% | |||
| Unison Trust, Series 2025-1, Class A, 6.00% 7/25/2055 (i) |
1,530 |
1,437 | |
| Unlock HEA Trust, Series 2025-2, Class A, 6.00% 11/25/2041 (e)(i) |
322 |
323 | |
| Unlock HEA Trust, Series 2025-2, Class B, 7.25% 11/25/2041 (e)(i) |
168 |
166 | |
| Unlock HEA Trust, Series 2025-3, Class A, 5.75% 12/25/2041 (e)(i) |
1,999 |
1,994 | |
| Unlock HEA Trust, Series 2025-3, Class B, 7.25% 12/25/2041 (e)(i) |
501 |
495 | |
| Woodward Capital Management, Series 2024-CES8, Class B2, 8.391%
11/25/2044 (e)(i)
|
3,000 |
3,052 | |
| Woodward Capital Management, Series 2025-CES1, Class B1, 7.653%
1/25/2045 (b)(e)(i)
|
2,500 |
2,567 | |
| |
|
|
10,034 |
| | |||
| Auto
loan 1.79% | |||
| American Credit Acceptance Receivables Trust, Series 2023-1, Class E, 9.79% 12/12/2029 (e)(i)
|
800 |
819 | |
| American Credit Acceptance Receivables Trust, Series 2022-4, Class E, 10.00% 1/14/2030 (e)(i)
|
800 |
816 | |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2022-1A, Class B, 4.30% 8/21/2028 (e)(i)
|
420 |
420 | |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-7, Class B, 6.44% 8/21/2028 (e)(i)
|
100 |
103 | |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6A, Class D, 7.37% 12/20/2029 (e)(i)
|
100 |
103 | |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-8A, Class D, 7.52% 2/20/2030 (e)(i)
|
100 |
103 | |
| Credit Acceptance Auto Loan Trust, Series 2024-3A, Class C, 5.39%
1/16/2035 (e)(i)
|
120 |
121 | |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33%
6/26/2028 (e)(i)
|
500 |
489 | |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12%
12/27/2027 (e)(i)
|
336 |
330 | |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class D, 9.22%
1/25/2029 (e)(i)
|
283 |
293 | |
| Hertz Vehicle Financing, LLC, Series 2025-5A, Class D, 7.74%
5/25/2030 (e)(i)
|
385 |
388 | |
| |
|
|
3,985 |
| | |||
| Credit
card 0.33% | |||
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class D, 5.82% 9/15/2029 (e)(i)
|
322 |
323 | |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 (e)(i)
|
220 |
221 | |
| 16 |
Capital Group KKR Core Plus+ |
| Bonds, notes & other debt instruments (continued) |
Principal amount (000) |
Value (000)
| |
| Asset-backed
obligations (continued) | |||
| Credit
card (continued) | |||
| Mission Lane Credit Card Master Trust, Series 2025-B, Class D, 5.80% 9/15/2031 (e)(i)
|
USD200 |
$200
| |
| |
|
|
744 |
| | |||
| Student
loan 0.22% | |||
| DRB Prime Student Loan Trust, Series 2017-B, Class R, 0%
8/25/2042 (c)(e)(i)
|
— (k) |
69 | |
| JPTR Trust, Series 2025-1, Class R, 0% 12/25/2055 (c)(i) |
30 |
30 | |
| JPTR Trust, Series 2025-1, Class A-FX, 4.95% 12/25/2055 (c)(i) |
248 |
248 | |
| JPTR Trust, Series 2025-1, Class A-FL, (3-month USD CME Term SOFR + 1.20%) 5.077% 12/25/2055 (b)(c)(i)
|
19 |
19 | |
| JPTR Trust, Series 2025-1, Class B, 5.45% 12/25/2055 (c)(i) |
42 |
42 | |
| JPTR Trust, Series 2025-1, Class C, 5.65% 12/25/2055 (c)(i) |
10 |
10 | |
| JPTR Trust, Series 2025-1, Class D, 6.25% 12/25/2055 (c)(i) |
7 |
7 | |
| SMB Private Education Loan Trust, Series 2022-D, Class C, 6.58%
10/15/2058 (e)(i)
|
51 |
53 | |
| |
|
|
478 |
| Total asset-backed obligations |
|
|
29,681 |
| U.S. Treasury bonds &
notes 5.15% | |||
| U.S. Treasury 4.99% | |||
| U.S. Treasury 3.375% 11/30/2027 |
— (k) |
1 | |
| U.S. Treasury 3.375% 12/31/2027 |
4,964 |
4,954 | |
| U.S. Treasury 4.00% 11/15/2035 |
290 |
286 | |
| U.S. Treasury 4.625% 11/15/2045 (l) |
2,907 |
2,844 | |
| U.S. Treasury 4.75% 8/15/2055 (l) |
3,068 |
3,023 | |
| |
|
|
11,108 |
| | |||
| U.S. Treasury inflation-protected securities 0.16% | |||
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026 (m) |
62 |
62 | |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 (m) |
316 |
300 | |
| |
|
|
362 |
| Total U.S. Treasury bonds & notes |
11,470 | ||
| Bonds & notes of governments & government
agencies outside the U.S. 0.42% | |||
| Mexico
0.18% | |||
| United Mexican States
4.75% 4/27/2032 |
|
200 |
195 |
| United Mexican States
6.875% 5/13/2037 |
|
200 |
214 |
| |
|
|
409 |
| | |||
| State of
Kuwait 0.09% | |||
| Kuwait (State of) 4.652%
10/9/2035 (e)
|
|
200 |
200 |
| | |||
| Canada
0.08% | |||
| Ontario (Province of)
3.90% 9/4/2030 |
|
173 |
173 |
| | |||
| Peru
0.07% | |||
| 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 |
55 |
| |
|
|
159 |
| Total bonds & notes of governments & government agencies outside the U.S. |
|
|
941 |
| Total bonds, notes & other debt instruments (cost:
$215,862,000) |
217,705 | ||
| Common stock and other investments 1.00% |
Shares |
| |
| Financials 0.67% | |||
| Kasper 2, LP (c)(n)(o) |
13,139,000 |
1,365 | |
| Capital Group KKR
Core Plus+ |
17 |
| Common stock and other investments (continued) |
Shares |
Value (000)
| |
| Financials (continued) |
|||
| KKR Maguire Aggregator, LLC (c)(n)(o)
|
140,059 |
$140
| |
| |
|
|
1,505 |
| Industrials 0.33% |
|||
| KSC I Aircraft, LP (c)(n)(o)
|
729,034 |
729 | |
| Energy 0.00% | |||
| New Fortress Energy, Inc., Class A (n)
|
4,124 |
5 | |
| Total
common stock and other investments (cost: $2,209,000) |
|
|
2,239 |
| Convertible bonds & notes 0.08% |
Principal amount (000) |
| |
| Communication services 0.03% | |||
| EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 (g) |
USD21 |
68 | |
| Information technology 0.05% | |||
| Strategy, Inc., 0% 12/1/2029 |
130 |
107 | |
| Total
convertible bonds & notes (cost: $142,000) |
|
|
175 |
| Short-term securities 3.74% |
Shares |
| |
| Money market investments 3.74% | |||
| Capital Group Central Cash Fund 3.79% (p)(q)
|
83,313 |
8,332 | |
| Total
short-term securities (cost: $8,331,000) |
|
|
8,332 |
| Total investment securities 102.58% (cost: $226,544,000)
|
228,451 | ||
| Other
assets less liabilities (2.58)% |
|
|
(5,755 ) |
| Net assets 100.00% |
$222,696
| ||
Futures contracts
| Contracts |
Type |
Number of
contracts |
Expiration
date |
Notional
amount
(000) |
Value and
unrealized
appreciation
(depreciation)
at 12/31/2025
(000) |
| 2 Year U.S. Treasury Note Futures |
Long |
281 |
3/31/2026 |
USD58,670 |
$(13 ) |
| 5 Year U.S. Treasury Note Futures |
Long |
494 |
3/31/2026 |
53,997 |
(130 ) |
| 10 Year U.S. Treasury Note Futures |
Long |
243 |
3/20/2026 |
27,322 |
(190 ) |
| 10 Year Ultra U.S. Treasury Note Futures |
Short |
66 |
3/20/2026 |
(7,591 ) |
27 |
| U.S. Treasury Long Term Bonds Futures |
Long |
46 |
3/20/2026 |
5,317 |
(64 ) |
| U.S. Treasury Ultra Long-Term Bonds Futures |
Long |
43 |
3/20/2026 |
5,074 |
(76
) |
| |
|
|
|
|
$(446 ) |
Forward currency contracts
| Contract amount
|
Counterparty |
Settlement
date |
Unrealized
appreciation
(depreciation)
at 12/31/2025
(000) | |||
| Currency purchased (000) |
Currency sold
(000) | |||||
| USD |
1,313 |
NOK |
13,270 |
JPMorgan Chase & Co. |
1/7/2026 |
$(4
) |
| USD |
124 |
EUR |
105 |
Morgan Stanley |
1/30/2026 |
—
(k) |
| |
|
|
|
|
|
$(4
) |
| 18 |
Capital Group KKR Core Plus+ |
Swap contracts
Interest rate swaps
Centrally cleared interest rate
swaps
| Receive |
Pay |
Expiration
date |
Notional
amount
(000) |
Value at
12/31/2025
(000) |
Upfront
premium
paid
(received)
(000) |
Unrealized
appreciation
(depreciation)
at 12/31/2025
(000) | ||
| Rate |
Payment
frequency |
Rate |
Payment
frequency | |||||
| SOFR |
Annual |
3.475% |
Annual |
11/3/2032 |
USD3,540 |
$24 |
$— |
$24 |
| SOFR |
Annual |
3.648% |
Annual |
10/2/2035 |
2,560 |
28 |
— |
28 |
| SOFR |
Annual |
3.482% |
Annual |
10/2/2035 |
2,899 |
18 |
— |
18 |
| SOFR |
Annual |
3.480% |
Annual |
10/2/2035 |
2,897 |
18 |
— |
18 |
| SOFR |
Annual |
3.482% |
Annual |
10/2/2035 |
2,824 |
17 |
— |
17 |
| |
|
|
|
|
|
$105
|
$—
|
$105
|
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection
| Reference
index |
Financing
rate received |
Payment
frequency |
Expiration
date |
Notional
amount(r) (000) |
Value at
12/31/2025(s) (000) |
Upfront
premium
paid
(received)
(000) |
Unrealized
appreciation
(depreciation)
at 12/31/2025
(000) |
| CDX.NA.HY.45 |
5.00% |
Quarterly |
12/20/2030 |
USD2,023 |
$154 |
$153 |
$1 |
| CDX.NA.IG.45 |
1.00% |
Quarterly |
12/20/2030 |
2,337 |
53 |
54 |
(1 ) |
| |
|
|
|
|
$207
|
$207
|
$—
(k) |
Investments in affiliates(q)
| |
Value at 4/24/2025
(000) |
Additions
(000) |
Reductions
(000) |
Net
realized
gain (loss)
(000) |
Net
unrealized
appreciation
(depreciation)
(000) |
Value at
12/31/2025
(000) |
Dividend
or interest
income
(000) |
| Short-term securities 3.74% |
|
|
|
|
|
|
|
| Money market investments 3.74% |
|
|
|
|
|
|
|
| Capital Group Central Cash Fund 3.79%(p) |
$— |
$208,488 |
$200,172 |
$15 |
$1 |
$8,332 |
$641 |
Restricted securities(d)
| |
Acquisition
date(s) |
Cost (000) |
Value (000) |
Percent of net
assets |
| Bonterra, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422%
3/5/2032 (a)(b)(c)
|
4/24/2025 - 8/27/2025 |
$3,975
|
$4,013 |
1.80
% |
| Bonterra, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.687%
3/5/2032 (a)(b)(c)
|
5/29/2025 |
705 |
708 |
0.32 |
| Bonterra, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.436%
3/5/2032 (a)(b)(c)
|
4/24/2025 |
105 |
106 |
0.05 |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.484%
2/13/2032 (a)(b)(c)
|
6/17/2025 - 8/27/2025 |
3,893 |
3,908 |
1.76 |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.484%
2/13/2032 (a)(b)(c)
|
6/17/2025 - 8/27/2025 |
143 |
144 |
0.06 |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.477%
2/13/2032 (a)(b)(c)
|
6/17/2025 |
110 |
111 |
0.05 |
| Truck-Lite Co., LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.451%
2/13/2032 (a)(b)(c)
|
6/17/2025 |
29 |
29 |
0.01 |
| Capital Group KKR
Core Plus+ |
19 |
Restricted securities(d) (continued)
| |
Acquisition
date(s) |
Cost (000) |
Value (000) |
Percent of net
assets |
| Packaging Coordinators Midco, Inc., Term Loan, (3-month USD CME Term SOFR +
4.50%) 8.59% 1/22/2032 (a)(b)(c)
|
8/27/2025 |
$4,018
|
$4,033 |
1.81
% |
| MEDX
Holdings, LLC, Term Loan, (1-month USD CME Term SOFR + 4.75%) 8.466% 7/21/2032 (a)(b)(c)
|
7/21/2025 - 8/27/2025 |
3,696 |
3,734 |
1.68 |
| TPSI
Receivables, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.572% 1/24/2029 (a)(b)(c)
|
4/24/2025 |
3,407 |
3,458 |
1.55 |
| Fortna AR, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%) 8.493%
6/1/2029 (a)(b)(c)
|
4/24/2025 |
3,377 |
3,421 |
1.54 |
| Integrity Marketing Acquisition, LLC, Term Loan, (3-month USD CME Term SOFR +
5.00%) 8.822% 8/25/2028 (a)(b)(c)
|
4/24/2025 |
3,178 |
3,184 |
1.43 |
| Low
Voltage Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422%
4/28/2032 (a)(b)(c)
|
4/30/2025 - 5/29/2025 |
2,566 |
2,599 |
1.17 |
| Grayrock Fund IV ABS Issuer, LLC, Series 2025-1, Class A, 6.118% 2/15/2041 (c)(i)
|
12/29/2025 |
2,026 |
2,026 |
0.91 |
| Grayrock Fund IV ABS Issuer, LLC, Series 2025-1, Class B, 11.243% 2/15/2041 (c)(i)
|
12/29/2025 |
474 |
474 |
0.21 |
| FSS
Buyer, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.216% 8/29/2031 (a)(b)(c)
|
4/24/2025 |
2,461 |
2,496 |
1.12 |
| Oak
Funding, LLC, Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.287% 12/2/2032 (a)(b)(c)
|
12/2/2025 |
907 |
907 |
0.41 |
| Dispatch Acquisition Holdings, LLC, Term Loan, (3-month USD CME Term SOFR +
4.75%) 8.422% 11/19/2032 (a)(b)(c)
|
11/19/2025 |
842 |
842 |
0.38 |
| Dispatch Acquisition Holdings, LLC, Revolver, (3-month USD CME Term SOFR +
4.75%) 8.589% 11/19/2032 (a)(b)(c)
|
11/19/2025 |
55 |
55 |
0.02 |
| Higginbotham Insurance Agency, Inc., Term Loan, (3-month USD CME Term
SOFR + 4.50%) 8.216% 6/11/2031 (a)(b)(c)
|
12/11/2025 |
852 |
853 |
0.38 |
| Medmark Media Communications, Inc., Term Loan, (3-month USD CME Term
SOFR + 5.25%) 8.922% 2/16/2030 (a)(b)(c)
|
12/4/2025 |
827 |
827 |
0.37 |
| Jamestown Funding Trust, Term Loan, (1-month USD CME Term SOFR + 2.20%)
5.86% 6/15/2072 (a)(b)(c)
|
6/13/2025 |
451 |
451 |
0.21 |
| Jamestown Funding Trust, Term Loan, (1-month USD CME Term SOFR + 3.15%)
6.81% 6/15/2072 (a)(b)(c)
|
6/13/2025 |
361 |
361 |
0.16 |
| Webpros Holding SARL, Term Loan, (3-month USD CME Term SOFR + 5.00%)
8.818% 12/4/2032 (a)(b)(c)
|
12/5/2025 |
804 |
804 |
0.36 |
| Webpros Holding SARL, Revolver, (3-month USD CME Term SOFR + 5.00%) 8.75%
6/4/2032 (a)(b)(c)
|
12/5/2025 |
8 |
8 |
0.01 |
| John
Wood Group PLC, Revolver, (3-month USD CME Term SOFR + 5.50%) 9.284% 10/31/2028 (a)(b)(c)
|
9/9/2025 |
720 |
722 |
0.32 |
| Safety Borrower Holdings, LLC, Term Loan, (3-month USD CME Term SOFR +
4.75%) 8.451% 12/20/2032 (a)(b)(c)
|
12/19/2025 |
606 |
605 |
0.27 |
| Safety Borrower Holdings, LLC, Revolver, (3-month USD CME Term SOFR + 4.75%)
10.50% 12/20/2032 (a)(b)(c)
|
12/19/2025 |
6 |
6 |
0.01 |
| ClubCorp Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%)
8.672% 7/9/2032 (a)(b)(c)
|
7/10/2025 |
422 |
426 |
0.19 |
| Woolpert Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%)
8.316% 4/5/2032 (a)(b)(c)
|
9/26/2025 |
360 |
363 |
0.17 |
| Woolpert, Inc., Revolver, (3-month USD CME Term SOFR + 4.50%) 8.316%
4/5/2031 (a)(b)(c)
|
9/26/2025 |
6 |
6 |
0.00 (t) |
| Koala Investment Holdings, Inc., Term Loan, (3-month USD CME Term SOFR +
4.50%) 8.172% 8/29/2032 (a)(b)(c)
|
8/29/2025 |
275 |
275 |
0.12 |
| 20 |
Capital Group KKR Core Plus+ |
Restricted securities(d) (continued)
| |
Acquisition
date(s) |
Cost (000) |
Value (000) |
Percent of net
assets |
| Railpros, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 10.043%
5/24/2032 (a)(b)(c)
|
8/4/2025 |
$143
|
$143 |
0.06
% |
| Navex Global Holding Co., (3-month USD CME Term SOFR + 5.00%) 8.912%
10/14/2032 (a)(b)(c)
|
10/14/2025 |
92 |
92 |
0.04 |
| Total |
|
$41,900
|
$42,190
|
18.95 % |
| (a) |
Loan
participations and assignments; may be subject to legal or contractual restrictions on resale. |
| (b) |
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. |
| (c) |
Value determined using significant unobservable inputs. |
| (d) |
Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section
4(a)(2) of the Securities Act of 1933. |
| (e) |
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 $58,827,000, which represented 26.42% of the net assets of the fund. |
| (f) |
Step
bond; coupon rate may change at a later date. |
| (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) |
Scheduled interest and/or principal payment was not received. |
| (i) |
Principal payments may be made periodically. Therefore, the effective maturity date may be earlier
than the stated maturity date. |
| (j) |
Represents securities transacted on a TBA basis. |
| (k) |
Amount less than one thousand. |
| (l) |
All
or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,881,000, which represented 1.29% of the net assets of the fund. |
| (m) |
Index-linked bond whose principal amount moves with a government price index. |
| (n) |
Non-income producing. |
| (o) |
Special purpose vehicle. |
| (p) |
Rate
represents the seven-day yield at 12/31/2025. |
| (q) |
Affiliate of the fund or part of the same “group of investment companies“ as the fund, as
defined under the Investment Company Act of 1940, as amended. |
| (r) |
The
maximum potential amount the fund may pay as a protection seller should a credit event occur. |
| (s) |
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. |
| (t) |
Amount less than 0.01%. |
| 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 |
Refer to the notes to financial statements.
| Capital Group KKR
Core Plus+ |
21 |
Statement of assets and liabilities at December 31, 2025
(dollars in thousands)
| Assets: |
|
|
| Investment securities, at value: |
|
|
| Unaffiliated issuers (cost: $218,213) |
$220,119 |
|
| Affiliated issuers (cost: $8,331) |
8,332 |
$228,451 |
| Cash |
|
947 |
| Net unrealized appreciation on unfunded commitments* |
|
56 |
| Receivables for: |
|
|
| Sales of investments |
3,549 |
|
| Sales of fund’s shares |
494 |
|
| Dividends and interest |
1,555 |
|
| Variation margin on futures contracts |
12 |
|
| Variation margin on centrally cleared swap contracts |
27 |
|
| Expense reimbursement |
385 |
6,022 |
| |
|
235,476 |
| Liabilities: |
|
|
| Unrealized depreciation on open forward currency contracts |
|
4 |
| Payables for: |
|
|
| Purchases of investments |
8,489 |
|
| Dividends on fund’s shares |
2,949 |
|
| Investment advisory services |
806 |
|
| Services provided by related parties |
41 |
|
| Trustees’ deferred compensation |
52 |
|
| Variation margin on futures contracts |
154 |
|
| Other |
285 |
12,776 |
| Commitments and contingencies* |
|
|
| Net assets at December 31, 2025 |
|
$222,696
|
| Net assets consist of: |
|
|
| Capital paid in on shares of beneficial interest |
|
$220,457 |
| Total distributable earnings (accumulated loss) |
|
2,239 |
| Net assets at December 31, 2025 |
|
$222,696
|
| * |
Refer to Note 5 for
further information on unfunded commitments and Note 7 for further information on the expense recoupment. |
(dollars and shares in thousands, except per-share amounts)
Shares of beneficial interest issued and outstanding (no stated par
value) —
unlimited shares authorized (21,927 total shares outstanding)
unlimited shares authorized (21,927 total shares outstanding)
| |
Net assets |
Shares outstanding |
Net asset value per share |
| Class A |
$1,906 |
188 |
$10.16 |
| Class A-2 |
10 |
1 |
10.16 |
| Class A-3 |
1,490 |
147 |
10.16 |
| Class F-2 |
53,470 |
5,265 |
10.16 |
| Class F-3 |
165,810 |
16,325 |
10.16 |
| Class R-6 |
10 |
1 |
10.16 |
Refer to the notes to financial statements.
| 22 |
Capital Group KKR Core Plus+ |
Financial statements (continued)
Statement of operations for the period ended December 31, 20251
(dollars in thousands)
| Investment income: |
|
|
| Income: |
|
|
| Interest from unaffiliated issuers |
$8,212 |
|
| Dividends from affiliated issuers |
641 |
$8,853 |
| Fees and expenses2: |
|
|
| Investment advisory services |
807 |
|
| Distribution services |
3 |
|
| Transfer agent services |
23 |
|
| Administrative services |
40 |
|
| Reports to shareholders |
— 3 |
|
| Accounting and administrative services |
170 |
|
| Trustees’ compensation |
156 |
|
| Auditing and legal |
196 |
|
| Registration statement and prospectus |
84 |
|
| Custodian |
— 3 |
|
| Independent valuation services |
27 |
|
| Other |
16 |
|
| Total fees and expenses before waivers/reimbursements |
1,522 |
|
| Less: |
|
|
| Expense reimbursement |
(960 ) |
|
| Recoupment of expense reimbursement |
575 |
|
| Net expense reimbursement |
(385 ) |
|
| Total fees and expenses after waivers/reimbursements |
|
1,137 |
| Net investment income |
|
7,716 |
| Net realized gain (loss) and unrealized appreciation (depreciation): |
|
|
| Net realized gain (loss) on: |
|
|
| Investments: |
|
|
| Unaffiliated issuers |
1,023 |
|
| Affiliated issuers |
15 |
|
| Options written |
14 |
|
| Futures contracts |
661 |
|
| Forward currency contracts |
25 |
|
| Swap contracts |
857 |
|
| Currency transactions |
(3 ) |
2,592 |
| Net unrealized appreciation (depreciation) on: |
|
|
| Investments: |
|
|
| Unaffiliated issuers |
1,962 |
|
| Affiliated issuers |
1 |
|
| Futures contracts |
(446 ) |
|
| Forward currency contracts |
(4 ) |
|
| Swap contracts |
105 |
1,618 |
| Net realized gain (loss) and unrealized appreciation (depreciation): |
|
4,210 |
| Net increase (decrease) in net assets resulting from operations |
|
$11,926
|
1
For the period April 24, 2025 through December 31, 2025.
2
Additional information related to class-specific fees and expenses is included in the notes
to financial statements.
3
Amount less than one thousand.
Refer to the notes to financial statements.
| Capital Group KKR
Core Plus+ |
23 |
Financial statements (continued)
Statement of changes in net assets
(dollars in thousands)
| |
Period ended
December 31, |
| |
2025* |
| |
|
| Operations: |
|
| Net investment income |
$7,716 |
| Net realized gain (loss) |
2,592 |
| Net unrealized appreciation (depreciation) |
1,618 |
| Net increase (decrease) in net assets resulting from operations |
11,926 |
| Distributions paid or accrued to shareholders |
(9,687 ) |
| Net capital share transactions |
220,457 |
| Total increase (decrease) in net assets |
222,696 |
| Net Assets: |
|
| Beginning of period |
— |
| End of period |
$222,696
|
| * |
For the period April
24, 2025 through December 31, 2025. |
Refer to
the notes to financial statements.
| 24 |
Capital Group KKR Core Plus+ |
Financial statements (continued)
Statement of cash flows for the period ended December 31, 2025*
(dollars in thousands)
| Cash flows from operating activities: |
|
| Net increase in net assets resulting from operations |
$11,926 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided
by (used in) operating activities: |
|
| Purchases of investment securities |
(720,934 ) |
| Proceeds from sales and repayments of investment securities |
505,200 |
| Net purchases, sales and maturities of short-term investments |
(9,467 ) |
| Payment-in-kind income |
(13 ) |
| Net realized (gain) loss on investments |
(1,038 ) |
| Net unrealized (appreciation) depreciation on investments and forward currency
contracts |
(1,959 ) |
| Net amortization of premium (accretion of discount) |
(292 ) |
| Changes in assets and liabilities: |
|
| (Increase) decrease in receivables for sales of investments |
(3,549 ) |
| (Increase) decrease in receivables for dividends and interest |
(1,555 ) |
| (Increase) decrease in receivables for variation margin on futures contracts |
(12 ) |
| (Increase) decrease in receivables for variation margin on centrally cleared swap contracts |
(27 ) |
| (Increase) decrease in receivables for expense reimbursement |
(385 ) |
| Increase (decrease) in payables for purchases of investments |
8,489 |
| Increase (decrease) in payables for investment advisory services |
806 |
| Increase (decrease) in payables for variation margin on futures contracts |
154 |
| Increase (decrease) in payables for services provided by related parties |
41 |
| Increase (decrease) in other payables |
285 |
| Increase (decrease) in payables for trustees’ deferred compensation |
52 |
| Net cash provided by (used in) operating activities |
(212,278 ) |
| |
|
| Cash flows from financing activities: |
|
| Distributions paid to shareholders |
(6,661 ) |
| Proceeds from sales of fund’s shares |
220,149 |
| Payments on shares repurchased |
(263 ) |
| Net cash provided by (used in) financing
activities |
213,225 |
| Net increase (decrease) in cash |
947 |
| Cash at beginning of period |
— |
| Cash at end of period |
$947
|
| |
|
| Supplemental disclosure of cash flow information: |
|
| Reinvestment of distributions |
$77 |
*
For the period April 24, 2025 through December 31, 2025.
Refer to the notes to financial statements.
| Capital Group KKR
Core Plus+ |
25 |
Notes to financial statements
1. Organization
Capital Group KKR Core Plus+ (the “fund”) was organized on October 4, 2024 as a Delaware statutory trust. The fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as a nondiversified, closed-end management investment company operating as an interval fund, and its shares are registered under the Securities Act of 1933. The fund’s investment objective is to provide a high level of current income and seek maximum total return, consistent with preservation of capital. The fund will seek to allocate approximately 60% of its net assets to public debt assets and approximately 40% to private credit assets. Capital Research and
Management Company (“CRMC”) is the fund’s investment adviser. KKR Credit Advisors (US) LLC (“KKR”) is the fund’s sub-adviser and primarily manages private credit assets held by the fund.
The fund has six share classes consisting of five retail share classes (Classes A, A-2,
A-3, F-2 and F-3) and one retirement plan share class (Class R-6). The retirement plan share class is 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 |
Contingent deferred sales charge upon redemption | |
| Class A |
Up to 3.75% |
0.75% for redemptions within 18 months of purchase for investments of $500,000 or
more | |
| Class A-2 |
Up to 2.00% |
1.00% for redemptions within one year of purchase for investments of $250,000 or
more | |
| Class A-3 |
None |
None | |
| Classes F-2 and F-3 |
None |
None | |
| Class R-6 |
None |
None | |
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. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.
Operating segments — The fund represents a single operating segment
as the operating results of the fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined
investment objectives that are executed by the fund’s portfolio management team. A senior executive team comprised of the fund’s Principal Executive Officer and Principal Financial Officer, serves as the fund’s chief operating decision maker (“CODM”), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the fund’s profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.
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.
| 26 |
Capital Group KKR Core Plus+ |
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.
Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are
translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.
3. Valuation
CRMC, the fund’s investment adviser, values the fund’s investments at fair
value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York
time, each day the New York Stock Exchange is open.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to
establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and
economic conditions evolve.
Equity securities, including depositary receipts, 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.
| Capital Group KKR
Core Plus+ |
27 |
Exchange-traded
options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are
traded, as of the close of business on the day such instruments 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. 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.
Processes and structure — The fund’s board of trustees has designated the fund’s investment
adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to
administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed
appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market
movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The fund’s valuation levels as of December 31, 2025, were as follows (dollars in thousands):
| |
Investment securities | |||
| |
Level 1 |
Level 2 |
Level 3 |
Total |
| Assets: |
|
|
|
|
| Bonds, notes & other debt instruments: |
|
|
|
|
| Loans |
$— |
$1,039 |
$72,782 |
$73,821 |
| Corporate bonds and notes |
— |
51,392 |
2,731 |
54,123 |
| Mortgage-backed obligations |
— |
47,669 |
— |
47,669 |
| Asset-backed obligations |
— |
24,256 |
5,425 |
29,681 |
| U.S. Treasury bonds & notes |
— |
11,470 |
— |
11,470 |
| Bonds & notes of governments & government agencies outside
the U.S. |
— |
941 |
— |
941 |
| Common stock and other investments |
5 |
— |
2,234 |
2,239 |
| Convertible bonds & notes |
— |
175 |
— |
175 |
| Short-term securities |
8,332 |
— |
— |
8,332 |
| Total |
$8,337
|
$136,942
|
$83,172
|
$228,451
|
| 28 |
Capital Group KKR Core Plus+ |
| |
Other investments1 | |||
| |
Level 1 |
Level 2 |
Level 3 |
Total |
| Assets: |
|
|
|
|
| Unrealized appreciation on futures contracts |
$27 |
$— |
$— |
$27 |
| Unrealized appreciation on centrally cleared interest rate swaps |
— |
105 |
— |
105 |
| Unrealized appreciation on centrally cleared credit default swaps |
— |
1 |
— |
1 |
| Liabilities: |
|
|
|
|
| Unrealized depreciation on futures contracts |
(473
) |
— |
— |
(473
) |
| Unrealized depreciation on forward currency contracts |
— |
(4
) |
— |
(4
) |
| Unrealized depreciation on centrally cleared credit default swaps |
— |
(1 ) |
— |
(1 ) |
| Total |
$(446
) |
$101
|
$—
|
$(345
) |
1
Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.
The following table reconciles
the valuation of the fund’s Level 3 investment securities and related transactions for the period April 24, 2025 through December 31, 2025 (dollars in thousands):
| |
Beginning
value at
April 24, 2025 |
Transfers
into
Level 32 |
Purchases |
Sales
and
paydowns |
Accrued
premiums/
discounts |
Net
realized
gain (loss)3 |
Unrealized
appreciation
(depreciation)3 |
Transfers
out of
Level 32 |
Ending
value at
12/31/2025 |
| Loans |
$— |
$— |
$73,384 |
$(1,201
) |
$38 |
$1 |
$560 |
$— |
$72,782 |
| Corporate bonds and
notes |
— |
— |
2,667 |
— |
— |
— |
64 |
— |
2,731 |
| Asset- backed
obligations |
— |
— |
5,420 |
— |
(15
) |
— |
20 |
— |
5,425 |
| Common stock and
other investments |
— |
— |
2,186 |
— |
— |
— |
48 |
— |
2,234 |
| Total |
$—
|
$—
|
$83,657
|
$(1,201
) |
$23
|
$1
|
$692
|
$—
|
$83,172
|
| |
|
|
|
|
|
|
|
|
|
| Net unrealized appreciation (depreciation) on Level 3 investment securities held at December 31, 2025 |
|
$692 | |||||||
2
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.
3
Net realized gain (loss) and unrealized appreciation (depreciation) are included in the
related amounts on investments in the fund’s statement of operations.
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
12/31/2025 |
Valuation
technique(s) |
Unobservable inputs |
Range (if applicable) |
Weighted
average* |
Impact to valuation from an increase in input†
|
| Loans |
72,782 |
Yield analysis |
Yield |
6%-10% |
8% |
Decrease |
| Discount margin |
2%-10% |
8% |
Decrease | |||
| Transaction |
Transaction price |
Not applicable |
Not applicable
|
Not applicable | ||
| Corporate bonds and notes |
2,731 |
Yield analysis |
Yield |
6% |
6% |
Decrease |
| Asset-backed
obligations |
5,425 |
Yield analysis |
Yield |
5%-18% |
6% |
Decrease |
| Transaction |
Transaction price |
Not applicable |
Not applicable
|
Not applicable | ||
| Common stock and other investments |
$2,234 |
Yield analysis |
Yield |
9%-10% |
10% |
Decrease |
| Transaction |
Transaction price |
Not applicable |
Not applicable
|
Not applicable | ||
| Total |
$83,172 |
|
|
|
|
|
*
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.
| Capital Group KKR
Core Plus+ |
29 |
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.
Repurchase offers risk — The fund is an interval fund and, in order to provide liquidity to shareholders, the fund, subject to applicable law,
will conduct periodic repurchase offers of 5% to 25% of its outstanding shares at net asset value, subject to approval of the board. The fund expects initially to conduct quarterly repurchase offers for 10% of its outstanding shares under ordinary circumstances. As a result, shareholders may be unable to liquidate all or a given percentage of their investment in the fund during a particular repurchase offer. Some shareholders, in anticipation of proration, may request that more shares be repurchased than they wish to have repurchased in a particular month, thereby increasing the likelihood that proration will occur. A shareholder may be subject to market and other risks, and the net asset value per share of shares subject of a repurchase request in a repurchase offer may decline to the extent there is any delay between the repurchase request deadline and the date on which the net asset value for tendered shares is determined. Such fluctuations may be exacerbated by currency fluctuations to the extent the fund invests in securities denominated in currencies other than the U.S. dollar. The net asset value on the repurchase request deadline or the repurchase pricing date may be higher or lower than on the date a shareholder submits a repurchase request.
The fund believes that these repurchase offers are generally beneficial to the
fund’s shareholders, and repurchases generally will be funded from available cash, cash from the sale of shares or sales of portfolio securities. However, repurchase offers
and the need to fund repurchase obligations may affect the ability of the fund to be fully invested or force the fund to maintain a higher percentage of its assets in liquid investments than would otherwise be the case, which could adversely affect the fund’s investment performance. In addition, diminution in the size of the fund through repurchases may result in an increased expense ratio for shareholders who do not submit a repurchase request, may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant) and, unless offset by sufficient sales of fund shares, may limit the ability of the fund to participate in new investment opportunities or to achieve its investment objective.
Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in
response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance,
major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers,
acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. To the extent that the market prices of securities of issuers in the same or related industries or sectors tend to move in the same direction at the same time, and these issuers make up a sizeable portion of the market, events affecting one issuer, industry or sector or the securities markets generally may have a larger impact. If such issuers represent a substantial portion of major market indices, or the economy, a downturn in the prices of their securities may have a disproportionate adverse effect on the overall market, even if other segments of the market perform well. The fund’s portfolio managers invest in issuers based on their level of investment conviction. At times, the fund may invest more significantly in a single issuer, which could increase the fund’s volatility and the risk of loss arising from the factors described above.
Investing in debt instruments — The prices of, and the income generated by, bonds, loans 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-based finance securities, are less likely to refinance existing
| 30 |
Capital Group KKR Core Plus+ |
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 repurchase requests from fund shareholders. 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 investment adviser and the sub-adviser rely on their own credit analysts to research issuers and issues in assessing credit and default risks.
Investing in lower rated debt instruments — Lower rated debt securities or instruments, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating
Organizations (also known as “junk bonds”), 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.
Investing in illiquid investments and liquidity risk — The
sub-adviser expects to invest primarily in private, illiquid securities. Illiquid assets may be more difficult to value, especially in changing markets. In addition, illiquid
securities are typically subject to restrictions on resale and the fund may be legally, contractually or otherwise prohibited from selling or disposing certain investments for a
period of time. 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.
Fund holdings in general may be or may become difficult or impossible to sell, particularly during times of market turmoil. In addition legal or contractual restrictions on resale, liquidity may be impacted by the lack of an active market for a holding 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.
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, than those in the U.S. As a result, the fund’s investments outside the U.S. may be subject to limited available information and, may be more difficult to value than investments in the U.S; the fund may be unable to pursue legal remedies or obtain and enforce judgments in local courts; and repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval. 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
| Capital Group KKR
Core Plus+ |
31 |
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.
Investing in mortgage-related and other asset-based finance securities
— Mortgage-related securities, such as mortgage-backed securities, and other asset-based finance securities, include debt obligations that represent interests in pools of
mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. Investments in such securities may include collateralized debt obligations, such as collateralized loan obligations and collateralized mortgage obligations, and may, from time to time, include lower-rated tranches of these instruments. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-based finance securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-based finance securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in
asset-based finance securities are subject to similar risks, as well as additional risks associated with the assets underlying those securities.
Interest rate risk — The values and liquidity of the securities held by the fund may be affected by
changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. 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. The fund may invest in variable and floating rate securities. When the fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.
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).
Investing in future delivery contracts — The fund may enter into transactions involving future delivery
contracts, such as to-be-announced (TBA) contracts and mortgage dollar rolls. These contracts involve the purchase or sale of mortgage-backed securities for settlement at a future date and predetermined price. When the fund enters into a TBA commitment for the sale of mortgage-backed securities (which may be referred to as having a short position in such TBA securities), the fund may or may not hold the types of mortgage-backed
securities required to be delivered. The fund may choose to roll these transactions in lieu of settling them.
| 32 |
Capital Group KKR Core Plus+ |
When the fund rolls
the purchase of these types of future delivery transactions, the fund simultaneously sells the mortgage-backed securities for delivery in the current month and repurchases
substantially similar securities for delivery at a future date at a predetermined price. When the fund rolls the sale of these transactions rather than settling them, the fund
simultaneously purchases the mortgage-backed securities for delivery in the current month and sells substantially similar securities for delivery at a future date at a predetermined
price. Such roll transactions can increase the turnover rate of the fund and may increase the risk that market prices may move unfavorably between the original and new contracts, potentially resulting in losses or reduced returns for the fund.
Investing in inflation-linked bonds — The values of
inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates
may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater
losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.
Investing in inflation-linked bonds may also reduce the fund’s
distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may
decline and result in losses to the fund.
Currency — The prices of, and the income generated by, 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.
Investing in subordinated and unsecured or partially secured loans — The fund will, from time to time,
invest in unsecured loans and secured subordinated loans, including second and lower lien loans. Second lien loans are generally second in line in terms of repayment priority. A second lien loan could have a claim on the same collateral pool as the first lien or it could be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk and interest rate risk. Due to their lower place in the borrower’s capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than Senior Loans of the same borrower.
Investing in securities backed by the U.S. government — U.S. government securities are subject to
market risk, interest rate risk and credit risk. Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely
payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets.
Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.
Valuation risk — Unlike publicly traded common stock which trades
on national exchanges, there is no central place or exchange for loans or fixed-income instruments to trade. Loans and fixed-income instruments are generally valued at evaluated
prices obtained from third-party pricing vendors and generally trade on an OTC market which could be anywhere in the world where the buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of loans or fixed-income instruments generally carries more risk than that of common stock. In addition, other market participants may value securities differently than the fund. As a result, the fund may be subject to the risk that when a loan or fixed-income instrument is sold in the market, the amount received by the fund is less than the value carried on the fund’s books. These risks are heightened with respect to private fixed-income instruments, which rarely have readily available market quotations. As a result, such securities require the investment adviser to estimate, in accordance with their valuation policies, the fair value of such investments on the valuation date. Fair value pricing is based on subjective judgments, significant unobservable inputs and may differ materially from the value that would be realized if the security were to be sold. Absent bad faith or manifest error, valuation determinations of the investment adviser will be conclusive and binding on shareholders of the fund.
Nondiversification — As a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified
fund. A fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political, geographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely
| Capital Group KKR
Core Plus+ |
33 |
affect fund
performance more than if the fund were invested in a larger number of issuers. The value of the fund’s shares can be expected to fluctuate more than might be the case if the
fund were more broadly diversified.
Dependence on
investment adviser and sub-adviser — The fund’s strategy to invest in publicly-traded fixed income securities and private credit loans and securities is highly dependent on the strategic partnership between, and the investment advisory services provided by, both the investment adviser and the sub-adviser. As a result, the investment adviser and sub-adviser have agreed that the investment adviser will terminate its own Investment Advisory and Service Agreement with the fund if it or the board of the fund provides notice of termination or non-renewal of the investment adviser’s Subadvisory Agreement with KKR Credit with respect to the fund without cause. If the Subadvisory Agreement and/or the Investment Advisory and Service Agreement is terminated for any reason, the fund would incur costs in order to find a replacement adviser and, in the event it were unable to find a replacement adviser, may be forced to liquidate.
Management — The investment adviser and sub-adviser to the fund actively manage 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 or sub-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
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.
Mortgage dollar rolls — The fund has entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA
mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund’s portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the fund’s financial highlights table.
Loans — The fund has entered into loan transactions in which the
fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder’s portion of a loan. These loans are often
administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The fund also invests in loans originated or negotiated by non-bank lenders in private markets, including first-lien loans, unsecured loans and secured subordinated loans (such as second and lower lien loans). Due to their unsecured or partially secured status, lower lien loans involve a higher degree of risk overall than senior loans of the same borrower. A loan’s interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal. There may be no active trading market for some loans, and the fund may not be able to readily dispose of certain loans at desired prices.
Unfunded commitments — The fund has participated in transactions that involve unfunded commitments, which may obligate the fund to make
certain investments, including unsettled bank loan purchase transactions. The table below presents the fund’s unfunded commitments as of December 31, 2025 (dollars in
thousands). Net unrealized appreciation is disclosed as net unrealized appreciation on unfunded commitments in the fund’s statement of assets and liabilities and is included
in net unrealized appreciation or depreciation on investments in unaffiliated issuers in the fund’s statement of operations.
| Loan commitment |
Unfunded
commitment |
Unrealized appreciation
(depreciation) |
| AGS
Health BCP Holdings, Inc. |
$102 |
$—
* |
| AGS
Health BCP, LLC |
57 |
— * |
| Ares
Secondaries Pbn Finance Co. IV, LLC |
1,827 |
14 |
| Astra
Service Partners, LLC |
247 |
(1
) |
| Bonterra, LLC |
596 |
5 |
| ClubCorp Holdings, Inc. |
74 |
— * |
| Com
Laude Group, Ltd. |
105 |
— |
| Denali Topco, LLC |
30 |
— * |
| Diamondback Acquisition, Inc. |
234 |
— * |
| Dispatch Acquisition Holdings, LLC |
98 |
— * |
| Elk
Bidco, Inc. |
952 |
6 |
Refer to the end of the table(s) for footnote(s).
| 34 |
Capital Group KKR Core Plus+ |
| Loan commitment |
Unfunded
commitment |
Unrealized appreciation
(depreciation) |
| Falconwing Aero Leasing DAC |
$280 |
$4 |
| Flexera Software, LLC |
28 |
— * |
| FSS
Buyer, LLC |
230 |
1 |
| Hbwm Intermediate II, LLC |
162 |
1 |
| Higginbotham Insurance Agency, Inc. |
145 |
— * |
| Horizon CTS Buyer, LLC |
587 |
5 |
| HP
TLE Buyer, Inc. |
146 |
— |
| Jeppesen Holdings, LLC |
61 |
— * |
| John Wood Group PLC |
780 |
2 |
| KKR
Maguire Levered Borrower, LLC |
375 |
— |
| Koala Investment Holdings, Inc. |
77 |
— * |
| Medmark Media Communications, Inc. |
171 |
— |
| Med-Metrix, LLC |
742 |
4 |
| Navex Global Holding Co. |
44 |
— * |
| Oak
Funding, LLC |
88 |
— * |
| Pike Group, Inc. |
266 |
— * |
| PPV
Intermediate Holdings, LLC |
198 |
— * |
| Premise Health Holdings Corp. |
237 |
(1
) |
| Pros Parent, Inc. |
104 |
— |
| Railpros, Inc. |
66 |
— |
| Rialto Management Group, LLC |
65 |
1 |
| Saber Parent Holdings Corp. |
292 |
— * |
| Safety Borrower Holdings, LLC |
123 |
— |
| Setna Aero Lease 3 Borrower, LLC |
7 |
— * |
| TPSI Receivables, LLC |
84 |
1 |
| Truck-Lite Co., LLC |
466 |
3 |
| Vamos Bidco, Inc. |
777 |
5 |
| VIB
Trade Receivable DAC |
639 |
— |
| W.
A. Kendall and Co., LLC |
949 |
1 |
| Webpros Holding SARL |
173 |
— * |
| West Star Aviation Acquisition, LLC |
437 |
3 |
| Woolpert, Inc. |
131 |
2 |
| Total |
$13,252
|
$56
|
| |
|
|
| *Amount less than one thousand. |
|
|
Option contracts — The fund has entered into option contracts, which give the purchaser of the option,
in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the
option (or the cash value of the instrument underlying the option) at a specified exercise price. The writer of an option on a security has the obligation, upon exercise of the option, to cash settle or deliver the underlying currency or instrument upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying currency or instrument and pay the exercise price (in the case of a put).
By purchasing a put option, the fund obtains the right (but not the obligation) to sell the currency or instrument underlying the option (or to deliver the cash value of the instrument underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or cash settles) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.
The features of call options are essentially the same as those of put options, except
that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying currency or instrument (or cash settle) at the specified
exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying currency or instrument with risk limited to the cost of the option if the price of the underlying currency or instrument falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying currency or instrument does not rise sufficiently to offset the cost of the option.
The writer of a put or call option takes the opposite side of the transaction from the
option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option’s underlying currency or
instrument if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering
| Capital Group KKR
Core Plus+ |
35 |
into opposing
close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise
price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option’s underlying
currency or instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of
writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.
Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities in the fund’s statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in the fund’s statement of assets and liabilities. The net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments for purchased options and in options written for written options in the fund’s statement of operations.
Option contracts can take different forms. The fund has entered into the following types of option contract:
Options on futures — The fund has entered into options on futures contracts to seek to manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. An option on a futures contract gives the holder of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date. As of December 31, 2025, the fund did not have any options on future contracts. The average month-end notional amount of options on futures while held was $4,095,000.
Futures contracts — The fund has entered into futures contracts,
which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place
designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration
of the fund or a portion of the fund’s portfolio.
Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM“), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.
On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund’s statement of assets and liabilities. The fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund’s statement of operations. The average month-end notional amount of futures contracts while held was $115,934,000.
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 $2,482,000.
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
| 36 |
Capital Group KKR Core Plus+ |
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.
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 $13,835,000.
Credit default swap indices — The fund has
entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as “CDSI”), in order to assume
exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar
characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other
party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with
respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.
The fund may enter into a CDSI transaction as
either protection buyer or protection seller. If the fund is a protection buyer, it would pay the counterparty a periodic stream of payments over the term of the
contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a
credit event did occur, the fund,as a protection buyer, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending
on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, the fund would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the fund, coupled with the periodic payments previously received by the fund, may be less than the full notional value that the fund, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the fund. Furthermore, as a protection seller, the fund would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap transaction. The average month-end notional amount of credit default swaps while held was $14,246,000.
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 option contracts, futures contracts, forward currency contracts, interest rate
| Capital Group KKR
Core Plus+ |
37 |
swaps and credit
default swaps as of December 31, 2025, or for the period April 24, 2025 through December 31, 2025 (dollars in thousands):
| |
|
Assets |
Liabilities | ||
| Contracts |
Risk type |
Location on statement of
assets and liabilities |
Value |
Location on statement of
assets and liabilities |
Value |
| Futures |
Interest |
Unrealized appreciation* |
$27
|
Unrealized depreciation* |
$473
|
| Forward currency |
Currency |
Unrealized appreciation on open forward currency contracts |
— |
Unrealized depreciation on open forward currency contracts |
4 |
| Swap (centrally cleared) |
Interest |
Unrealized appreciation* |
105 |
Unrealized depreciation* |
— |
| Swap (centrally cleared) |
Credit |
Unrealized appreciation* |
1 |
Unrealized depreciation* |
1 |
| |
|
|
$133 |
|
$478 |
| |
|
Net
realized gain (loss) |
Net unrealized appreciation (depreciation) | ||
| Contracts |
Risk Type |
Location on statement of operations |
Value |
Location on statement of operations |
Value |
| Options purchased (equity style) |
Interest |
Net realized gain (loss) on investments |
$(42
) |
Net unrealized appreciation (depreciation) on investments |
$—
|
| Options written (equity style) |
Interest |
Net realized gain (loss) on options written |
14 |
Net unrealized appreciation (depreciation) on options written |
— |
| Futures |
Interest |
Net realized gain (loss) on futures contracts |
661 |
Net unrealized appreciation (depreciation) on futures contracts |
(446 ) |
| Forward currency |
Currency |
Net realized gain (loss) on forward currency contracts |
25 |
Net unrealized appreciation (depreciation) on forward currency contracts |
(4 ) |
| Swap |
Interest |
Net realized gain (loss) on swap contracts |
(40 ) |
Net unrealized appreciation (depreciation) on swap contracts |
105 |
| Swap |
Credit |
Net realized gain (loss) on swap contracts |
897 |
Net unrealized appreciation (depreciation) on swap contracts |
—
† |
| |
|
|
$1,515 |
|
$(345 ) |
*
Includes cumulative appreciation/depreciation on futures contracts, centrally cleared
interest rate swaps and centrally cleared credit default 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.
†
Amount less than one thousand.
Collateral — The fund receives or pledges highly liquid assets,
such as cash or U.S. government securities, as collateral due to its use of option contracts, futures contracts, forward currency contracts, interest rate swaps, credit default
swaps and future delivery contracts. For options on futures, futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the fund
pledges collateral for initial and variation margin by contract. For forward currency contracts, the fund either receives or pledges collateral based on the net gain or loss on unsettled contracts by counterparties. For future delivery contracts, the fund either receives or pledges collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in the fund’s statement of assets and liabilities.
Rights of offset — The fund has entered into enforceable master netting agreements with certain counterparties for forward currency
contracts, 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.
| 38 |
Capital Group KKR Core Plus+ |
The following table
presents the fund’s forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the fund’s statement of assets
and liabilities. The net amount column shows the impact of offsetting on the fund’s statement of assets and liabilities as of December 31, 2025, if close-out netting was
exercised (dollars in thousands):
| Counterparty |
Gross amounts
recognized in the
statement of assets
and liabilities |
Gross amounts
not offset in the statement of assets and liabilities and
subject to a master netting agreement |
Net
amount | ||
| Available
to offset |
Non-cash
collateral* |
Cash
collateral* | |||
| Liabilities: |
|
|
|
|
|
| JPMorgan Chase & Co. |
$4 |
$— |
$— |
$— |
$4 |
| Morgan Stanley |
—
† |
— |
— |
— |
—
† |
| Total |
$4
|
$—
|
$—
|
$—
|
$4
|
*
Collateral is shown
on a settlement basis.
†
Amount less than one thousand.
6. Taxation and distributions
Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated
investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent
such distributions are made. Therefore, no federal income tax provision is required.
As of and during the period ended December 31, 2025, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the 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; 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.
As of December 31, 2025, the tax basis components of distributable earnings,
unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):
| Undistributed ordinary income |
$206 |
| Gross unrealized appreciation on investment securities |
2,808 |
| Gross unrealized depreciation on investment securities |
(935
) |
| Net unrealized appreciation on investment securities |
1,873 |
| Cost
of investment securities |
226,578 |
| Capital Group KKR
Core Plus+ |
39 |
Tax-basis distributions
paid or accrued to shareholders from ordinary income were as follows (dollars in thousands):
| |
Period ended December 31, |
| Share class |
20251 |
| Class
A |
$45 |
| Class
A-2 |
— 2 |
| Class
A-33 |
23 |
| Class
F-2 |
1,629 |
| Class
F-3 |
7,989 |
| Class
R-6 |
1 |
| Total |
$9,687
|
| 1
|
For the period April
24, 2025 through December 31, 2025. |
| 2
|
Amount less than
one thousand. |
| 3
|
Class A-3 shares began
investment operations on September 2, 2025. |
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 an annual rate of 0.61% of daily net assets. Sub-advisory fees for the fund
are paid by CRMC to KKR. The fund is not responsible for paying any sub-advisory fees.
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 the share classes indicated below. 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 0.75% 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% |
0.30% |
| Class A-2 |
0.55 |
0.75 |
| Class A-3 |
0.75 |
0.75 |
For Class A and A-2 shares,
distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by CCG for certain shares sold without a sales charge. These
share classes reimburse CCG for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of
December 31, 2025, unreimbursed expenses subject to reimbursement totaled $5,000 for Class A shares. There were no unreimbursed expenses subject to reimbursement
for Class A-2 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.
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,
| 40 |
Capital Group KKR Core Plus+ |
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.
For the period April 24, 2025 through December 31,
2025, class-specific expenses under the agreements were as follows (dollars in thousands):
| Share class |
Distribution
services |
Transfer agent
services |
Administrative
services |
| Class A |
$1 |
$1 |
$—
* |
| Class A-2 |
— |
— * |
— * |
| Class A-3† |
2 |
— * |
— * |
| Class F-2 |
Not applicable |
21 |
6 |
| Class F-3 |
Not applicable |
1 |
34 |
| Class R-6 |
Not applicable |
— * |
— * |
| |
|
|
|
| Total class-specific expenses |
$3
|
$23
|
$40
|
*
Amount less than one
thousand.
†
Class A-3 shares began investment operations on September 2, 2025.
Expense reimbursement — CRMC and KKR have
entered into an expense limitation agreement under which CRMC and KKR have agreed to reimburse the fund to the extent certain fund offering and operating expenses ("specified
expenses") exceed 0.20% of the average daily net assets of each share class (“expense limit”). The expense limit is calculated on a class-by-class basis and is exclusive
of (i) advisory fees, including sub-advisory fees and administrative services fees, (ii) distribution or shareholder servicing fees, (iii) transfer agency fees, (iv) certain portfolio transaction and other investment-related costs, (v) interest expense and other financing costs, (vi) taxes, (vii) acquired fund fees and expenses, (viii) litigation and indemnification expenses, (ix) judgments, and (x) extraordinary expenses. CRMC and KKR may recoup their respective share of amounts reimbursed during the previous thirty-six months, to the extent the fund’s estimated annualized specified expenses, calculated on a monthly basis, is less than the expense limit for such month. The 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 and KKR. Expense reimbursement of $385,000 in the fund’s statement of operations reflects $960,000 of reimbursements and $575,000 in recoupments during the period April 24, 2025 through December 31, 2025.
Organizational and initial offering expenses — CRMC and KKR have
agreed to bear the organizational and initial offering expenses incurred with respect to the fund. CRMC and KKR do not intend to recoup these expenses.
Accounting and administrative services – The fund has a sub-administration agreement with Bank of New York (“BNY”) under which the fund compensates BNY
for providing accounting and administrative services to each of the fund’s share classes. These services include, but are not limited to, fund accounting (including
calculation of net asset value), financial reporting and tax services. BNY is not a related party to the fund.
Trustees deferred compensation — The board of trustees has adopted a deferred compensation plan. 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 Capital Group Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’
compensation of $156,000 in the fund’s statement of operations reflects current fees.
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 will receive 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
| Capital Group KKR
Core Plus+ |
41 |
price of the security
and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. During the period ended December 31, 2025, the fund did not engage in any such purchase
or sale transactions with any related funds.
8. 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.
9. Capital share transactions
Capital share transactions in the fund were as follows (dollars and shares in
thousands):
| |
Sales1
|
Reinvestment of distributions |
Repurchases1 |
Net increase (decrease) | ||||
| Share class |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
| For the period April 24, 2025 through December 31, 2025 | ||||||||
| Class A |
$1,947 |
191 |
$1 |
— 2 |
$(32
) |
(3
) |
$1,916 |
188 |
| Class A-2 |
10 |
1 |
— |
— |
— |
— |
10 |
1 |
| Class A-33 |
1,486 |
145 |
18 |
2 |
— |
— |
1,504 |
147 |
| Class F-2 |
53,805 |
5,282 |
58 |
6 |
(231
) |
(23
) |
53,632 |
5,265 |
| Class F-3 |
163,385 |
16,325 |
— |
— |
— |
— |
163,385 |
16,325 |
| Class R-6 |
10 |
1 |
— |
— |
— |
— |
10 |
1 |
| Total net increase (decrease) |
$220,643
|
21,945 |
$77
|
8 |
$(263
) |
(26 ) |
$220,457
|
21,927 |
1
Includes exchanges between share classes of the fund.
2
Amount less than one thousand.
3
Class A-3 shares began investment operations on September 2, 2025.
10. Repurchase offers
As a closed-end interval fund, pursuant to Rule 23c-3 under the Investment Company Act
of 1940, as amended ("Rule 23c-3"), the fund has adopted a fundamental policy to either conduct quarterly repurchase offers of between 5% and 25% of its outstanding shares at net
asset value per share or, if permitted by SEC exemptive relief or amendments to Rule 23c-3, make monthly repurchase offers to repurchase not less than 5% of its outstanding shares in any month and not more than 25% of its outstanding shares in any three-month period, in each case unless suspended or postponed in accordance with regulatory requirements. The fund currently conducts quarterly repurchase offers for up to10% of its outstanding shares under ordinary circumstances, subject to approval of the board of trustees.
Repurchases generally are funded from available cash, cash from the sale of shares or sales of portfolio securities. While the fund believes repurchases are generally beneficial to shareholders, repurchase offers and the need to fund repurchase obligations may affect the ability of the fund to be fully invested, which may reduce returns. In addition, diminution in the size of the fund through repurchases without offsetting new sales, may result in untimely sales of portfolio securities (with imputed transaction costs, which may be significant) and a higher expense ratio, and may limit the ability of the fund to participate in new investment opportunities. The fund may also sell portfolio securities to meet repurchase obligations which, in certain circumstances, may adversely affect the market for loans and reduce the fund’s value.
The
fund will initially make quarterly repurchase offers. The date on which the repurchase price for shares is determined will occur no later than the 14th day after the repurchase
request deadline (or the next business day, if the 14th day is not a business day). When a repurchase offer commences, the fund sends written notice to each shareholder at least 21
business days before the repurchase request deadline. The purchase price will be the net asset value of the fund as determined at the close of business on the repurchase pricing
date.
In the event a repurchase offer is oversubscribed, the fund may but is not required to repurchase additional shares up to a maximum amount of 2% of the outstanding shares of the fund in any three-month period. If the fund determines not to repurchase additional shares
| 42 |
Capital Group KKR Core Plus+ |
beyond the repurchase
offer amount, or if shareholders request that the fund repurchase an amount of shares greater than that which the fund is entitled to repurchase, the fund will repurchase such
shares on a pro rata basis.
For the period April 24, 2025 through December
31, 2025, repurchase offers were as follows (dollars and shares in thousands):
| Commencement
date |
Repurchase
request
deadline
/pricing date |
Percentage of
outstanding
shares requested
for repurchase |
Repurchase
price |
Amount
repurchased |
Number of
outstanding
shares
repurchased |
Percentage of
outstanding
shares
repurchased |
|
| 10/20/2025 |
11/19/2025 |
0.12
% |
$10.21 |
$263 |
26 |
0.12
% |
|
11. Investment transactions
The fund engaged in purchases and sales of investment securities, excluding in-kind
transactions, short-term securities and U.S. government obligations, if any, of $193,589,000 and $21,883,000, respectively, during the period April 24, 2025 through December 31,
2025.
12. Ownership concentration
On April 24, 2025, CRMC and KKR each made equal seed capital investments in exchange
for fund shares. As of December 31, 2025, CRMC and KKR each held 34%, and collectively held 68%, of the fund’s outstanding shares.
13. Subsequent events
Subsequent events have been evaluated through February 27, 2026, the date the
financial statements were available to be issued. On February 18, 2026, the fund completed a quarterly repurchase offer, which resulted in 43,674 repurchased shares for $445,000.
The shares repurchased represented 0.20% of the fund’s outstanding shares on the repurchase pricing date.
| Capital Group KKR
Core Plus+ |
43 |
Financial highlights
| |
|
Income (loss) from investment operations1 |
Dividends and distributions |
|
|
|
|
|
| ||||
| Period ended |
Net asset
value,
beginning
of period |
Net
investment
income
(loss) |
Net gains
(losses) on
securities
(both
realized and
unrealized) |
Total from
investment
operations |
Dividends
(from net
investment
income) |
Distributions
(from capital
gains) |
Total
dividends
and
distributions |
Net assets
value,
end
of period |
Total return2,3,4 |
Net assets,
end of
year
(in millions) |
Ratio of
expenses to
average net
assets before
waivers/
reimburse
ments5,6 |
Ratio of
expenses to
average net
assets after
waivers/
reimburse
ments2,5,6 |
Ratio of net income (loss) to average net assets2,5
|
| | |||||||||||||
| Class A: | |||||||||||||
| 12/31/20257,8
|
$10.00 |
$0.38 |
$0.24 |
$0.62 |
$(0.41
) |
$(0.05
) |
$(0.46
) |
$10.16 |
5.17
% |
$2 |
1.59
% |
1.33
% |
5.53 % |
| Class A-2: | |||||||||||||
| 12/31/20257,8
|
10.00 |
0.39 |
0.24 |
0.63 |
(0.42
) |
(0.05
) |
(0.47
) |
10.16 |
5.29
9 |
—
10 |
1.35
9 |
1.09
9 |
5.59 9 |
| Class A-3: | |||||||||||||
| 12/31/20258,11
|
10.19 |
0.18 |
0.06 |
0.24 |
(0.22
) |
(0.05
) |
(0.27
) |
10.16 |
2.40 |
1 |
1.85 |
1.59 |
5.45 |
| Class F-2: | |||||||||||||
| 12/31/20257,8
|
10.00 |
0.41 |
0.23 |
0.64 |
(0.43
) |
(0.05
) |
(0.48
) |
10.16 |
5.36 |
54 |
1.21 |
0.95 |
5.82 |
| Class F-3: | |||||||||||||
| 12/31/20257,8
|
10.00 |
0.41 |
0.24 |
0.65 |
(0.44
) |
(0.05
) |
(0.49
) |
10.16 |
5.47 |
166 |
1.10 |
0.84 |
5.84 |
| Class R-6: | |||||||||||||
| 12/31/20257,8
|
10.00 |
0.41 |
0.24 |
0.65 |
(0.44 ) |
(0.05 ) |
(0.49 ) |
10.16 |
5.47 |
— 10 |
1.10 |
0.84 |
5.83 |
| Portfolio turnover rate for all share classes12 |
Period ended December 31,
20253,7,8,13 |
| Including mortgage dollar roll transactions |
267
% |
| Excluding mortgage dollar roll transactions |
113
% |
| 1
|
Based on average
shares outstanding. |
| 2
|
This column reflects
the impact of certain fee waivers and/or expense reimbursements less recoupments. |
| 3
|
Not
annualized. |
| 4
|
Total returns exclude
any applicable sales charges, including contingent deferred sales charges. |
| 5
|
Annualized. |
| 6
|
Ratios do not include
expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds. |
| 7
|
For the period April
24, 2025 through December 31, 2025, except total return. Total return shown is measured from April 29, 2025, when shares were first offered to the public, and does not include performance during the seed period. If performance during the seed period were included, total return would be
approximately 1.05% higher than amounts shown. |
| 8
|
Based on operations
for a period that is less than a full year. |
| 9
|
All or a significant
portion of assets in this class consisted of seed capital invested by CRMC and KKR. Certain fees (including, where applicable, 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. |
| 10 |
Amount less than $1
million. |
| 11 |
Class A-3 shares began
investment operations on September 2, 2025. |
| 12 |
Rates do not include
the fund’s portfolio activity with respect to any Central Funds. |
| 13 |
Rates exclude in-kind
transactions, if any. |
Refer to the notes to
financial statements.
| 44 |
Capital Group KKR Core Plus+ |
Report of Independent Registered Public Accounting Firm
To the shareholders
and the Board of Trustees of Capital Group KKR Core Plus+:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Capital Group
KKR Core Plus + (the “Fund”), including the investment portfolio, as of December 31, 2025, the related statements of operations, changes in net assets, cash flows, and
financial highlights for the period from April 24, 2025 through December 31, 2025, and the related notes (collectively referred to as the ”financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations, its cash flows, the changes in its net assets, and the financial highlights for the period from April 24, 2025 through December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we
performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Costa Mesa, California
February 27, 2026
We have served as the auditor of one or more Capital Group investment companies since 1956.
| Capital Group KKR
Core Plus+ |
45 |
Tax informationunaudited
We are required to
advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the period April
24, 2025 through December 31, 2025:
| Section 163(j) interest dividends |
$7,598,000 |
| U.S. government income that may be exempt from state taxation |
$504,000
|
Individual shareholders should refer to
their Form 1099 or other tax information, which was mailed in January 2026, to determine the calendar year amounts to be included on their 2025 tax returns. Shareholders should consult their tax advisors.
| 46 |
Capital Group KKR Core Plus+ |
Independent
trustees1
| Name, year of birth and position with fund |
Year first
elected
a trustee
of the fund2 |
Principal occupation(s) during past five
years |
Number of
portfolios in
fund complex
overseen by
trustee |
Other
directorships3
held by trustee during
the past five years |
| Pablo R. González Guajardo,1967 |
2025 |
CEO, Kimberly-Clark de México, SAB de CV |
22
|
América Móvil, SAB de CV (telecommunications company); Kimberly-Clark de México, SAB de CV (consumer staples) Former director Grupo Lala, SAB de CV (dairy company) (until 2022); Grupo Sanborns, SAB de CV (retail stores and restaurants) (until 2023) |
| William D. Jones, 1955
Chair of the Board (Independent
and Non-Executive) |
2025 |
Managing Member, CityLink LLC (investing and consulting);
former President and CEO, CityLink Investment Corporation
(acquires, develops and manages real estate ventures in
urban communities) |
22
|
Former director of Sempra Energy (until 2022); Biogen Inc. (until 2023) |
| Amy Zegart, PhD, 1967 |
2025 |
Morris Arnold and Nona Jean Cox Senior Fellow, Hoover Institution; Senior Fellow and Associate Director, Stanford Institute for Human-Centered Artificial Intelligence, Stanford University |
22 |
Kratos Defense & Security Solutions |
Interested trustees4,5
| Name, year of birth and position with fund |
Year first
elected
a trustee
or officer
or the fund2 |
Principal occupation(s) during past five years
and positions held with affiliated entities or
the principal underwriter of the fund |
Number of
portfolios in
fund complex
overseen
by trustee |
Other
directorships3
held by trustee during the
past five years |
| Walt Burkley, 1966
Trustee |
2025 |
Senior Vice President and General Counsel – Legal and Compliance Group, Capital Research and Management Company; Director and General Counsel, The Capital Group Companies, Inc.6; Director, Capital Research and Management Company |
3 |
None |
The fund’s statement of additional information includes further details about fund trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com. The address for all trustees and officers of the fund is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.
Refer to the following page for footnotes.
| Capital Group KKR
Core Plus+ |
47 |
Board of trustees and other officers (continued)
Other officers5
| Name, year of birth and position with fund |
Year first
elected
an officer
of the fund2 |
Principal occupation(s) during past five years and positions held with affiliated entities
or the principal underwriter of the fund |
| John R. Queen, 1965
President |
2025 |
Partner – Capital Fixed Income Investors, Capital Research and Management Company; Partner – Capital
Fixed Income Investors, Capital Bank and Trust Company6; Director, The Capital Group Companies, Inc.6;
Senior Vice President, Capital Group Private Client Services, Inc. |
| Michael W. Stockton, 1967 Principal Executive Officer and Executive Vice President |
2025 |
Senior Vice President – Legal and Compliance Group, Capital Research and Management Company |
| Clara Kang, 1987
Senior Vice President |
2025 |
Vice President – Legal and Compliance Group, Capital Research and Management Company |
| Erik A. Vayntrub, 1984
Senior Vice President |
2025 |
Senior Vice President – Legal and Compliance Group, Capital Research and Management Company;
Secretary, Capital Management Services, Inc.6 |
| Michael R. Tom, 1988
Secretary |
2025 |
Associate – Legal and Compliance Group, Capital Research and Management Company |
| Brian C. Janssen, 1972 Treasurer |
2025 |
Senior Vice President – Legal and Compliance Group, Capital Research and Management Company |
| Susan K. Countess, 1966 Assistant Secretary |
2025 |
Associate – Legal and Compliance Group, Capital Research and Management Company |
| Patrick C. Castellani, 1978 Assistant Treasurer |
2025 |
Assistant Vice President – Investment Operations, Capital Research and Management Company |
| Sandra Chuon, 1972
Assistant Treasurer |
2025 |
Vice President – Investment Operations, Capital Research and Management Company |
1
The term independent trustee refers to a trustee who is not an “interested person” of the fund within the meaning of the Investment Company Act of 1940.
2
Trustees and officers of the fund serve until their resignation, removal or retirement.
3
This includes all directorships/trusteeships (other than those in the American Funds or other
funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment
company.
4
The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter).
5
All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.
6
Company affiliated with Capital Research and Management Company.
| 48 |
Capital Group KKR Core Plus+ |
Office of the fund
6455 Irvine Center Drive
Irvine, CA 92618-4518
Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
Investment sub-adviser
KKR Credit Advisors (US) LLC
555 California Street, 50th Floor
San Francisco, CA 94104
Transfer agent for shareholder accounts
American Funds Service Company
(Write to the address nearest you.)
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Custodian of assets
The Bank of New York
240 Greenwich Street
New York, NY 10286
Counsel
Stradley Ronon Stevens & Young, LLP
100 Park Avenue, Suite 2000
New York, NY 10017
Independent registered public accounting firm
Deloitte & Touche LLP
695 Town Center Drive
Suite 1000
Costa Mesa, CA 92626-7188
Principal underwriter
Capital Client Group,
Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund 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 refer to the
Capital Group website at capitalgroup.com.
"Capital Group Proxy Voting
Procedures and Principles" — which describes how the fund’s investment adviser votes proxies of securities held in the portion of the fund managed by the investment adviser — is available on the Capital Group website or upon request by calling AFS. The sub-adviser votes
proxies of securities held in the portion of the fund it manages. The sub-adviser’s proxy voting policy is designed to ensure that all proxies are voted in the best interest of the sub-adviser’s clients, to provide disclosure of the sub-adviser’s proxy voting
records, and to ensure that certain documentation is retained. To assist it in its proxy-voting responsibilities, the sub-adviser subscribes to proxy-related services offered by Institutional Shareholder Services, Inc. (“ISS”), which provides the sub-adviser with
independent analysis and recommendation with respect to proxy proposals that the sub-adviser votes on behalf of its clients. The sub-adviser retains ultimate voting discretion with respect to its clients and may depart from an ISS recommendation in order to avoid voting decisions
believed to be contrary to the best interests of its clients. The sub-adviser may be subject to conflicts of interest in the voting of proxies. If at any time the sub-adviser becomes aware of an existing or potential conflict of interest relating to a particular proxy proposal, the
sub-adviser’s conflicts committee, or its designee, must be notified. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended December 31 by February 28. The proxy voting record is available free of charge on
the SEC website at sec.gov or on our website or
by calling AFS.
Capital Group KKR Core Plus+ files a complete list of its portfolio holdings with the SEC for the first and third quarters of
each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its
affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees
the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages
arising in connection therewith.
KKR Credit Advisors (US) LLC serves
as the sub-adviser with respect to the management of the fund’s private credit assets. Capital Group and KKR are not affiliated. The two firms maintain an exclusive partnership to manage and deliver public-private investment solutions to investors.
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.
Lit. No.
PVGEARX-400-0226P Printed in USA CGD/CGRC/10772-S109474 © 2026 Capital Group. All rights reserved.
ITEM 2 - Code of Ethics
The Registrant has adopted a Code of Ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at https://www.capitalgroup.com/individual/pdf/shareholder/cg_code_of_ethics.pdf.
ITEM 3 - Audit Committee Financial Expert
The Registrant’s board has determined that Pablo R. González Guajardo, a member of the Registrant’s audit committee, is an “audit committee financial expert” and “independent,” as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as “audit committee financial experts” if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.
ITEM 4 - Principal Accountant Fees and Services
| Registrant1 | (a) Audit Fees | (b) Audit-Related Fees | (c) Tax Fees | (d) All Other Fees | ||||
| December 31, 2025 | None | None | None | None | ||||
| December 31, 2024 | None | None | None | None | ||||
| Adviser and Affiliates2 | ||||||||
| December 31, 2025 | Not Applicable | 2,010,000 | 4,000 | 93,000 | ||||
| December 31, 2024 | Not Applicable | None | None | None | ||||
| (g) Aggregate | ||||||||
| Registrant, Adviser and Affiliates3 | non-audit fees | |||||||
| December 31, 2025 | 2,107,000 | |||||||
| December 31, 2024 | None | |||||||
1The audit fees represents fees billed for professional services rendered for the audit and review of the Registrant’s annual financial statements. The audit-related fees represents fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant’s financial statements, but not reported under “audit fees”. The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns. The other fees represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported under the “audit fees”, “audit-related fees”, and “tax fees”.
2This includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below. The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. The tax fees consist of consulting services relating to the Registrant’s investments. The other fees consist of subscription services related to an accounting research tool.
3Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.
(e1)(e2)(h) All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.
(f) Not applicable.
(i) Not applicable.
(j) Not applicable.
ITEM 5 - Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 - Investments
The schedule of investments is included as part of the material filed under Item 1 of this Form.
ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not an open-end management investment company.
ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not an open-end management investment company.
ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not an open-end management investment company.
ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not an open-end management investment company.
ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable for the current reporting period due to the timing of the board’s approval of this agreement.
ITEM 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Investment adviser – The fund’s investment adviser, Capital Research and Management Company, in consultation with the fund’s board, has adopted Proxy Voting Procedures and Principles (the “Principles”) with respect to voting proxies of securities held in the portion of the fund managed by the investment adviser as well as other funds managed by the investment adviser or its affiliates. The Principles are reasonably designed to ensure that proxies are voted solely in accordance with the financial interest of the clients of the investment adviser or its affiliates and the shareholders of the funds advised or managed by the investment adviser or its affiliates. The complete text of the Principles is available at capitalgroup.com. Final voting authority is held by a committee of the appropriate equity investment division of the investment adviser under authority delegated by the funds’ boards. The boards of funds advised by Capital Research and Management Company and its affiliates, including Capital Group KKR Public-Private+ Funds, have established a Joint Proxy Committee (“JPC”) composed of independent board members from each board. The JPC’s role is to facilitate appropriate oversight of the proxy voting process and provide valuable input on corporate governance and related matters.
The Principles provide an important framework for analysis and decision-making by all funds. However, they are not exhaustive and do not address all potential issues. The Principles provide a certain amount of flexibility so that all relevant facts and circumstances can be considered in connection with every vote. As a result, each proxy received is voted on a case-by-case basis considering the specific circumstances of each proposal. The voting process reflects the funds’ understanding of the company’s business, its management and its relationship with shareholders over time. In all cases, long-term value creation and the investment objectives and policies of the funds managed by the investment adviser remain the focus.
The investment adviser seeks to vote all U.S. proxies. Proxies for companies outside the United States are also voted where there is sufficient time and information available, taking into account distinct market practices, regulations and laws, and types of proposals presented in each country. Where there is insufficient proxy and meeting agenda information available, the investment adviser will generally vote against such proposals in the interest of encouraging improved disclosure for investors. The investment adviser may not exercise its voting authority if voting would impose costs on clients, including opportunity costs. For example, certain regulators have granted investment limit relief to the investment adviser and its affiliates, conditioned upon limiting voting power to specific voting ceilings. To comply with these voting ceilings, the investment adviser will scale back its votes across all funds and accounts it manages on a pro rata basis based on assets. In addition, certain countries impose restrictions on the ability of shareholders to sell shares during the proxy solicitation period. The investment adviser may choose, due to liquidity issues, not to expose the funds and accounts it manages to such restrictions and may not vote some (or all) shares. Finally, the investment adviser may determine not to recall securities on loan to exercise its voting rights when it determines that the cost of doing so would exceed the benefits to clients or that the vote would not have a material impact on the investment. Proxies with respect to securities on loan through client-directed lending programs are not available to vote and therefore are not voted.
After a proxy statement is received, the investment adviser’s stewardship and engagement team prepares a summary of the proposals contained in the proxy statement.
The following summary sets forth the general positions of the investment adviser on various proposals. A copy of the full Principles is available upon request, free of charge, by calling American Funds Service Company or visiting the Capital Group website.
Director matters – The election of a company’s slate of nominees for director generally is supported. Votes may be withheld for some or all of the nominees if this is determined to be in the best interest of shareholders or if, in the opinion of the investment adviser, such nominee has not fulfilled his or her fiduciary duty. In making this determination, the investment adviser considers, among other things, a nominee’s potential conflicts of interest, track record (whether in the current board seat or in previous executive or director roles) with respect to shareholder protection and value creation as well as their capacity for full engagement on board matters. The investment adviser generally supports a breadth of experience and perspectives among board members, and the separation of the chairman and CEO positions.
Governance provisions – Proposals to declassify a board (elect all directors annually) generally are supported based on the belief that this increases the directors’ sense of accountability to shareholders. Proposals for cumulative voting generally are supported in order to promote management and board accountability and an opportunity for leadership change. Proposals designed to make director elections more meaningful, either by requiring a majority vote or by requiring any director receiving more withhold votes than affirmative votes to tender his or her resignation, generally are supported.
Shareholder rights – Proposals to repeal an existing poison pill generally are supported. There may be certain circumstances, however, when a proxy voting committee of a fund or an investment division of the investment adviser believes that a company needs to maintain anti-takeover protection. Proposals to eliminate the right of shareholders to act by written consent or to take away a shareholder’s right to call a special meeting typically are not supported.
Compensation and benefit plans – Equity incentive plans are complicated, and many factors are considered in evaluating a plan. Each plan is evaluated based on protecting shareholder interests and a knowledge of the company and its management. Considerations include the pricing (or repricing) of options awarded under the plan and the impact of dilution on existing shareholders from past and future equity awards. Compensation packages should be structured to attract, motivate and retain existing employees and qualified directors; in addition, they should be aligned with the long term success of the company and the enhancement of shareholder value.
Routine matters – The ratification of auditors, procedural matters relating to the annual meeting and changes to company name are examples of items considered routine. Such items generally are voted in favor of management’s recommendations unless circumstances indicate otherwise.
Shareholder proposals on environmental and social issues – The investment adviser believes environmental and social issues present investment risks and opportunities that can shape a company’s long-term financial sustainability. Shareholder proposals, including those relating to social and environmental issues, are evaluated in terms of their materiality to the company and its ability to generate long-term value in light of the company’s business model specific operating context. The investment adviser generally supports transparency and standardized disclosure, particularly that which leverages existing regulatory reporting or industry best practices. With respect to environmental matters, this includes disclosures aligned with industry standards and reporting on sustainability issues that are material to investment analysis. With respect to social matters, the investment adviser encourages companies to disclose the composition of the workforce in a regionally appropriate manner. The investment adviser supports relevant reporting and disclosure that is consistent with broadly applicable standards.
Sub-adviser – The sub-adviser will have the responsibility of voting proxies and corporate actions with respect to the portion of the fund managed by the sub-adviser. Proxy proposals received by the sub-adviser and designated in its Proxy Voting Policies and Procedures (“Proxy Policy”) as “For” or “Against” will be voted by the sub-adviser in accordance with the Proxy Policy. Proxy proposals received by the sub-adviser and designated in the Proxy Policy as “Case by Case” (or not addressed in the Proxy Policy) and all corporate actions will be reviewed by the sub-adviser and voted in the best interest of the fund. Notwithstanding the foregoing, the sub-adviser may vote a proxy contrary to the Proxy Policy if the sub-adviser, with the assistance of the analyst who is in charge of the issuer, determines that such action is in the best interest of the fund. In the event that the sub-adviser votes contrary to the Proxy Policy or with respect to “Case by Case” issues, the sub-adviser, with the assistance of the analyst who is in charge of the issuer, will document the basis for the sub-adviser’s decision.
In addition, the sub-adviser may choose not to vote proxies or corporate actions in certain situations, such as: (i) where the fund has informed the sub-adviser that it wishes to retain the right to vote the proxy or corporate action; (ii) where the sub-adviser deems the cost of voting would exceed any anticipated benefit to the fund; or (iii) where a proxy or corporate action is received by the sub-adviser for a security it no longer manages on behalf of the fund. The sub-adviser with the assistance of the analyst who is in charge of the issuer will document for the basis of the sub-adviser’s decision not to vote.
The sub-adviser may occasionally be subject to conflicts of interest in the voting of proxies due to business or personal relationships it maintains with persons having an interest in the outcome of certain votes. The sub-adviser, its affiliates and/or its employees may also occasionally have business or personal relationships with the proponents of proxy proposals, participants in proxy contests, corporate directors and officers or candidates for directorships. If at any time, the sub-adviser becomes aware of an existing or potential conflict of interest relating to a particular proxy proposal, the sub-adviser’s Conflicts Committee (“Conflicts Committee”), or its designee, must be notified. Provided the Conflicts Committee has determined that a conflict or potential for a conflict exists, the proxy must be voted in alignment with the recommendation set forth by Institutional Shareholder Services Inc. Appropriate documentation will be maintained by the Conflicts Committee.
ITEM 13 - Portfolio Managers of Closed-End Management Investment Companies
(a)(1) Investment adviser – Capital Research and Management Company, an experienced investment management organization founded in 1931, serves as the investment adviser to the fund.
Sub-adviser – The fund engages KKR Credit Advisors (US) LLC (“KKR Credit”) as sub-adviser to primarily manage private credit assets held by the fund.
Portfolio managers
As of the date of filing this report, the following individuals are primarily responsible for the day-to-day management of the fund.
Portfolio managers with the investment adviser:
| Portfolio manager/ |
Investment experience |
Portfolio manager in this fund since: |
Primary title with investment adviser | |||
| Robert G. Caldwell |
Investment professional since 2001 (all with Capital Research and Management Company or affiliate)
|
2025 | Partner – Capital Fixed Income Investors | |||
| Xavier Goss |
Investment professional since 2003 (with Capital Research and Management Company or affiliate since 2021) | 2025 | Partner – Capital Fixed Income Investors | |||
| Sandro Lazzarini |
Investment professional since 2007 (with Capital Research and Management Company or affiliate since 2015) | 2025 | Partner – Capital Fixed Income Investors | |||
| John R. Queen President |
Investment professional since 1989 (with Capital Research and Management Company or affiliate since 2002)
|
2025 | Partner – Capital Fixed Income Investors | |||
Portfolio managers with the sub-adviser:
| Portfolio manager/
|
Investment experience |
Portfolio manager in this fund since: |
Primary title with sub-adviser | |||
| Rony Ma |
Investment professional since 2009 (with KKR Credit or affiliate since 2011) | 2025 | Managing Director | |||
| Christopher Mellia |
Investment professional since 2003 (with KKR Credit or affiliate since 2021) | 2025 | Managing Director, Co-Head of Global Asset-Based Finance | |||
| Daniel Pietrzak |
Investment professional since 2000 (with KKR Credit or affiliate since 2016) | 2025 | Partner, Global Head of Private Credit | |||
| Ryan Wilson |
Investment professional since 2006 (all with KKR Credit or affiliate)
|
2025 | Managing Director, Chief Operating Officer of Private Credit | |||
(a)(2) Portfolio manager fund holdings and other managed accounts - As described below, portfolio managers may personally own shares of the fund. In addition, portfolio managers of the investment adviser (or the sub-adviser) may manage portions of other registered investment companies or accounts advised by the investment adviser (or the sub-adviser) or its affiliates.
The following tables reflect information as of December 31, 2025:
| Portfolio manager |
Dollar range of fund |
Number for which |
Number for which |
Number in billions)2,3 |
||||||||||||||||||||||||
|
Robert G. Caldwell |
|
$100,001 - $500,000 |
|
3 | $13.3 | 2 | $2.17 | 7 | $6.72 | |||||||||||||||||||
|
Xavier Goss |
|
$100,001 - $500,000 |
|
7 | $52.5 | 5 | $6.11 | None | ||||||||||||||||||||
|
Sandro Lazzarini |
|
$100,001 - $500,000 |
|
3 | $25.0 | 4 | $4.76 | None | ||||||||||||||||||||
|
John R. Queen |
Over $1,000,000 | 25 | $676.7 | 4 | $13.33 | 168 | $0.32 | |||||||||||||||||||||
| 1 | Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; $100,001 – $500,000; $500,001 – $1,000,000; and Over $1,000,000. |
| 2 | Indicates other RIC(s), PIV(s) or other accounts managed by the investment adviser (or the sub-adviser) or its affiliates for which the portfolio manager also has significant day to day management responsibilities. Assets noted are the total net assets of the RIC(s), PIV(s) or other accounts and are not the total assets managed by the individual, which is a substantially lower amount. No RIC, PIV or other account has an advisory fee that is based on the performance of the RIC, PIV or other account, unless otherwise noted. |
| 3 | Personal brokerage accounts of portfolio managers and their families are not reflected. |
| Portfolio manager |
Dollar range of fund |
Number for which |
Number for which |
Number in billions) |
||||||||||||||||||||||||
|
Rony Ma |
None | 1 | $0.12 | 9 | $29.18 | 18 | $5.03 | |||||||||||||||||||||
|
Christopher Mellia |
None | 3 | $1.48 | 1 | $62.27 | 11 | $3.72 | |||||||||||||||||||||
|
Daniel Pietrzak |
None | 4 | $3.10 | 20 | $97.57 | 28 | $5.76 | |||||||||||||||||||||
|
Ryan Wilson |
None | 1 | $0.12 | 4 | $3.40 | 1 | $0.45 | |||||||||||||||||||||
Conflicts of interest – Each of the fund’s investment adviser and sub-adviser has adopted policies and procedures to mitigate material conflicts of interest that may arise in connection with a portfolio manager’s management of the fund, on the one hand, and investments in the other registered investment companies, pooled investment vehicles and other accounts, on the other hand, such as material conflicts relating to the allocation of investment opportunities that may be suitable for both the fund and such other accounts. These material conflicts of interest include, but are not limited to, those described below.
| • | The investment adviser and/or the sub-adviser will, at times, compete with certain of its affiliates, including other entities it manages or proprietary accounts, for investments for the fund, creating certain conflicts of interest in evaluating the suitability of investment opportunities and making or recommending acquisitions on the fund’s behalf. The investment adviser and/or sub-adviser will receive advisory and other fees from the other entities it manages, and due to fee-offset provisions contained in the management agreements for such entities, the fees, at times, will not be proportionate to such entities’ investment accounts for any given transaction and will create an incentive to favor entities with higher fees. |
| • | Subject to applicable law, affiliates of the investment adviser or the sub-adviser will, from time to time, invest in one of the fund’s portfolio companies and hold a different class of securities than the fund. To the extent that an affiliate of the investment adviser or the sub-adviser holds a different class of securities than the fund, its interests might not be aligned with the fund’s. Notwithstanding the foregoing, both the investment adviser and the sub-adviser will act in the best interest of the fund in accordance with its fiduciary duty to the fund. |
| • | The appropriate allocation among the fund and other funds and accounts managed by the investment adviser or the sub-adviser of expenses and fees generated in the course of evaluating and making investments often will not be clear, especially where more than one such fund or account participates. The investment adviser or sub-adviser will determine, in its sole discretion, the appropriate allocation of investment-related expenses, including broken deal expenses incurred in respect of unconsummated investments and expenses more generally relating to a particular investment strategy, among the funds and accounts participating or that would have participated in such investments or that otherwise participate in the relevant investment strategy, as applicable, which could result in the fund bearing more or less of these expenses than other participants or potential participants in the relevant investments. |
| • | The sub-adviser and its affiliates will, at times, provide a broad range of financial services to companies in which the fund invests, in compliance with applicable law, and will generally be paid fees for such services. In addition, affiliates of the sub-adviser could act as an underwriter or placement agent in connection with an offering of securities by one of the companies in the fund’s portfolio. Any compensation received by the sub-adviser and its affiliates for providing these services will not be shared with the fund and could be received before the fund realizes a return on its investment. The sub-adviser will face conflicts of interest with respect to services performed for these companies, on the one hand, and investments recommended to the fund, on the other hand. |
| • | The sub-adviser and its affiliates sponsor and advise, and expect in the future to sponsor and advise, a broad range of investment funds, vehicles and other accounts, including proprietary vehicles, that make investments worldwide. The sub-adviser or its affiliates will, from time to time, also make investments for its own account, including, for example, through investment and co-investment vehicles established for personnel and associates. The sub-adviser and its affiliates are not restricted from forming additional investment funds, from entering into other investment advisory relationships (including, among others, relationships with clients that are employee benefit plans subject to ERISA and related regulations) or from engaging in other business activities, even to the extent such activities are in competition with the fund and/or involve substantial time and resources of the sub-adviser. For example, the sub-adviser could invest, on behalf of an affiliated fund, in a company that is a competitor of one of the fund’s portfolio companies or that is a service provider, supplier, customer or other counterparty with respect to one of the fund’s portfolio companies or the sub-adviser could, on behalf of other entities it manages, acquire assets originated by, or provide financing to, portfolio companies and other issuers in which the fund invests. In providing advice and recommendations to, or with respect to, such investments and in dealing in such investments on behalf of such other affiliated fund, to the extent permitted by law, the sub-adviser or its affiliates will not take into consideration the interests of the fund and its portfolio investments and issuers thereof. Accordingly, such advice, recommendations and dealings will result in conflicts of interest for the sub-adviser. In addition, the sub-adviser’s ability to effectively implement the fund’s investment strategies will be limited to the extent that contractual obligations relating to these permitted activities restrict the sub-adviser’s ability to engage in transactions that it would otherwise be interested in pursuing. Affiliates of the sub-adviser, whose primary business includes the origination of investments, engage in investment advisory business with accounts that compete with the fund. |
| • | While the value of the fund’s securities and other instruments are typically based on pricing information from independent sources such as dealers and pricing services, the fund will rely on its own fair valuations with respect to portfolio investments that are not publicly traded and for which no market-based price quotation is available. Fair value pricing involves judgments that are inherently subjective and uncertain. Additionally, the fund or its pricing services may utilize inputs obtained from KKR, their affiliates and/or their agents regarding certain of the fund’s portfolio investments. Because the fund’s management fee is calculated based on the value of the fund’s net assets, the role of the investment adviser in valuation of the fund’s securities and other instruments presents |
| a potential conflict of interest – namely, that the investment adviser could be incentivized to value the assets higher than if the management fee were not based on the valuation of such assets. In addition, because the fund’s NAV is a critical component in several operational matters including determination of the price at which the fund’s shares will be offered and at which a repurchase offer will be made, a variance in the valuation of the fund’s investments will impact, positively or negatively, the fees and expenses shareholders will pay, the price a shareholder will receive in connection with a repurchase offer and the number of shares an investor will receive upon investing in the fund. |
| • | As a registered investment company, the fund is limited in its ability to make investments in issuers in which the investment adviser, the sub-adviser or their affiliates’ other clients have an investment. The fund is limited in its ability to co-invest with the investment adviser, the sub-adviser or one or more of their affiliates without an exemptive order from the SEC. On January 5, 2021, the SEC issued an exemptive order granting exemptive relief that allows the fund to co-invest with certain funds advised or sub-advised by the sub-adviser in privately negotiated transactions subject to the conditions specified in the exemptive order. |
| • | On February 1, 2021, KKR & Co. Inc. (together with its affiliates, “KKR”) acquired control of Global Atlantic Financial Group Limited (“Global Atlantic”), a retirement and life insurance company. KKR, including the sub-adviser, serves as Global Atlantic’s investment manager. KKR, including the sub-adviser, generally expects to treat any Global Atlantic account as a client account for the purposes of allocating investment opportunities and related fees and expenses. Certain Global Atlantic accounts may co-invest alongside the fund in some or all investments in the fund’s Private Credit strategy. Due to the limited nature of many Private Credit investment opportunities, the sub-adviser expects that participation by Global Atlantic accounts in co-investment transactions will generally reduce the allocations otherwise available to other co-investing accounts, including the fund. The establishment of Global Atlantic accounts investing directly in the Private Credit strategy investments will create a conflict of interest in that KKR will be incentivized to allocate more attractive investments and scarce investment opportunities to these proprietary entities and accounts rather than to the fund. To mitigate this conflict, KKR will allocate investment opportunities in a manner that is consistent with an allocation methodology established by KKR and its affiliates (including the sub-adviser), in a manner designed to ensure allocations of such opportunities are made on a fair and equitable basis over time. |
| • | The nature of the sub-adviser’s businesses and the participation by its employees in creditors’ committees, steering committees or boards of directors of portfolio companies will, from time to time, result in the sub-adviser receiving material non-public information from time to time with respect to publicly held companies or otherwise becoming an “insider” with respect to such companies. With limited exceptions, KKR does not establish information barriers between its internal investment teams. Trading by KKR on the basis of such information, or improperly disclosing such information, could be restricted pursuant to applicable law and/or internal policies and procedures adopted by KKR to promote compliance with applicable law. Accordingly, the possession of “inside information” or “insider” status with respect to such an issuer by KKR or KKR personnel could, including where an appropriate information barrier does not exist between the relevant investment professionals or has been “crossed” by such professionals, significantly restrict the ability of the sub-adviser to deal in the securities of that issuer on behalf of the fund, which could adversely impact the fund, including by preventing the execution of an otherwise advisable purchase or sale transaction in a particular security until such information ceases to be regarded as material non-public information, which could have an adverse effect on the overall performance of such investment. In addition, affiliates of KKR in possession of such information could be prevented from disclosing such information to the sub-adviser, even where the disclosure of such information would be in the interests of the fund. From time to time, the sub-adviser will also be subject to contractual “stand-still” obligations and/or confidentiality obligations that restrict its ability to trade in certain securities on behalf of the fund. In certain circumstances, the fund or the sub-adviser will engage an independent agent to dispose of securities of issuers in which KKR could be deemed to have material non-public information on behalf of the fund. Such independent agent could dispose of the relevant securities for a price that is lower than the sub-adviser’s valuation of such securities which could take into account the material non-public information known to KKR in respect of the relevant issuer. |
| • | The 1940 Act limits the fund’s ability to invest in, or hold securities of, companies that are controlled by funds managed by KKR. Any such investments could create conflicts of interest between the fund, the sub-adviser and KKR. The investment adviser and sub-adviser will also have, or enter into, advisory relationships with other advisory clients (including, among others, employee benefit plans subject to ERISA and related regulations) that |
| could lead to circumstances in which a conflict of interest between the investment adviser’s or the sub-adviser’s advisory clients could exist or develop. In addition, to the extent that another client of the investment adviser, sub-adviser or KKR holds a different class of securities than the fund, the interest of such client and the fund might not be aligned. As a result of these conflicts and restrictions, the investment adviser or sub-adviser could be unable to implement the fund’s investment strategies as effectively as it could have in the absence of such conflicts or restrictions. In order to avoid these conflicts and restrictions, the investment adviser or sub-adviser could choose to exit these investments prematurely and, as a result, the fund would forgo any future positive returns associated with such investments. |
| • | Certain other client accounts or proprietary accounts managed by the investment adviser or the sub-adviser have investment objectives, programs, strategies and positions that are similar to, or conflict with, those of the fund, or compete with, or have interests adverse to, the fund. This type of conflict could affect the prices and availability of the securities or interests in which the fund invests. The investment adviser, sub-adviser or their affiliates will, from time to time, give advice or take action with respect to the investments held by, and transactions of, other client accounts or proprietary accounts managed by the investment adviser, sub-adviser or their affiliates that could be different from or otherwise inconsistent with the advice given or timing or nature of any action taken with respect to the investments held by, and timing or nature of any action taken with respect to the investments held by, and transactions of, the fund. Such different advice and/or inconsistent actions could be due to a variety of reasons, including, without limitation, the differences between the investment objective, program, strategy and tax treatment of the other client accounts or proprietary accounts and the fund or the regulatory status of other client accounts and any related restrictions or obligations imposed on the investment adviser, sub-adviser or their affiliate as a fiduciary thereof. Such advice and actions could adversely impact the fund. |
| • | KKR, for its own account or for the account of other KKR clients, could enter into real estate-related transactions with fund portfolio companies. Such transactions could include, for example, buying or selling real estate assets, acquiring or entering into leasing arrangements or amending such arrangements or transferring options or rights of first refusal to acquire real estate assets. Such transactions, which do not involve securities, are not governed by restrictions on principal transactions and cross transactions but are subject to specific policies and procedures established by KKR to manage related conflicts. |
Each of the investment adviser, sub-adviser and their affiliates will deal with conflicts of interest using its best judgment, but in its sole discretion. Although the investment adviser and sub-adviser have established procedures and policies addressing conflicts of interest, there can be no assurance that the investment adviser or sub-adviser will be able to resolve all conflicts in a manner that is favorable to the fund.
(a)(3) Compensation of investment professionals – The discussion below describes the portfolio managers’ compensation as of December 31, 2025.
The investment adviser uses a system of multiple portfolio managers in managing fund assets. In addition, the investment analysts may make investment decisions with respect to a portion of the fund’s portfolio within their research coverage.
Portfolio managers and investment analysts are paid competitive salaries by Capital Research and Management Company. In addition, they may receive bonuses based on their individual portfolio results. Investment professionals also may participate in profit-sharing plans. The relative mix of compensation represented by bonuses, salary and profit-sharing plans will vary depending on the individual’s portfolio results, contributions to the organization and other factors.
To encourage a long-term focus, bonuses based on investment results are calculated by comparing total investment returns to relevant benchmarks over the most recent one-, three-, five- and eight-year periods, with increasing weight placed on each succeeding measurement period. For portfolio managers, benchmarks may include measures of the marketplaces in which the fund invests and measures of the results of comparable mutual funds. For investment analysts, benchmarks may include relevant market measures and appropriate industry or sector indexes reflecting their areas of expertise. Capital Research and Management Company makes periodic subjective assessments of analysts’ contributions to the investment process and this is an element of their overall compensation. The investment results of each of the fund’s portfolio managers may be measured against one or more benchmarks, depending on his or her investment focus, such as Bloomberg U.S. Aggregate Index. From time to time, Capital Research and Management Company may adjust or customize these benchmarks to better reflect the investment objective(s) of the fund and/or the universe of comparably managed funds of competitive investment management firms.
Portfolio managers of the sub-adviser are paid by KKR Credit Advisors (US) LLC. Consistent with KKR’s global, integrated culture, KKR has one firm-wide compensation and incentive structure based on a global profit and loss statement, which covers each of the portfolio managers. KKR’s compensation structure is designed to align the interests of the investment personnel serving the fund with those of the fund’s Shareholders and to give everyone a direct financial incentive to ensure that all of KKR’s resources, knowledge and relationships around the world are utilized to maximize risk-adjusted returns for each strategy.
Each of KKR’s senior executives, including the portfolio managers responsible for the day-to-day management of its portion of the fund, receives a base salary and is eligible for a cash bonus and equity compensation, as well as additional incentives including “dollars at work” in KKR fund investments (other than the fund) and equity compensation. The cash bonus, equity compensation and “dollars at work” are discretionary, and “dollars at work” and equity awards are typically subject to a vesting period of several years.
All final compensation and other longer-term incentive award decisions are made by the KKR Management Committee based on input from managers. Compensation and other incentives are not formulaic, but rather are judgment and merit driven, and are determined based on a combination of overall firm performance, individual contribution and performance, business unit performance, and relevant market and competitive compensation practices for other businesses and the individual roles/responsibilities within each of the businesses.
(a)(4) Securities Ownership of Portfolio Managers - Refer to item (a)(2) for securities ownership of Portfolio Managers as of December 31, 2025.
(b) Not applicable for filing of annual reports to shareholders.
ITEM 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
|
Period |
Date of Purchase |
Share Class |
(a) Total Number of Shares (or Units) Purchased1 |
(b) Average Price Paid per Share (or Unit) |
(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs |
(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||
| 4/1/25-4/30/25 |
4/22/25
4/24/25 |
Class F-3 Shares
Class A Shares Class A-2 Shares Class F-2 Shares Class F-3 Shares Class F-3 Shares Class R-6 Shares |
10,000
1,000 1,000 1,000 1,000 7,486,000 1,000 |
$10.00
$10.00 $10.00 $10.00 $10.00 $10.00 $10.00 |
0
0 0 0 0 0 0 |
Not applicable
Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable | ||||||
| 5/1/25-5/31/25 |
- |
- |
- |
- |
- |
- | ||||||
| 6/1/25-6/30/25 |
- |
- |
- |
- |
- |
- | ||||||
| 7/1/25-7/31/25 |
- |
- |
- |
- |
- |
- | ||||||
| 8/1/25-8/31/25 |
- |
- |
- |
- |
- |
- | ||||||
| 9/1/25-9/30/25 |
9/2/25 |
Class A-3 Shares |
981.354 |
$10.19 |
0 |
Not applicable | ||||||
| 10/1/25-10/31/25 |
- |
- |
- |
- |
- |
- | ||||||
| 11/1/25-11/30/25 |
- |
- |
- |
- |
- |
- | ||||||
| 12/1/25-12/31/25 |
- |
- |
- |
- |
- |
- |
1The shares purchased were made as a seeding of the new fund.
Footnotes:
a. The notice of repurchase offers occurs quarterly in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, with the first repurchase offer having occurred in November 2025.
b. The Fund currently conducts quarterly repurchase offers for 10% of its outstanding shares under ordinary circumstances, subject to approval of the board.
c. The Fund’s repurchase plans are ongoing.
d. The Fund’s repurchase plans are ongoing.
e. The Fund’s repurchase plans are ongoing.
ITEM 15 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. The committee also coordinates annual self-assessments of the board and evaluates, selects and nominates independent trustee candidates to the full board of trustees. While the committee normally is able to identify from its own and other resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.
ITEM 16 - Controls and Procedures
(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
(b) There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
The Registrant did not engage in securities lending activities during the period reported on this Form N-CSR.
ITEM 18 - Recovery of Erroneously Awarded Compensation
None
ITEM 19 - Exhibits
(a)(1) Code of Ethics - See Item 2
(a)(2) The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 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.
| Capital Group KKR Core Plus (plus) | ||
| By /s/ Michael W. Stockton | ||
| Michael W. Stockton, | ||
| Executive Vice President and Principal Executive Officer | ||
| Date: March 09, 2026 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By /s/ Michael W. Stockton |
| Michael W. Stockton, |
| Executive Vice President and Principal Executive Officer |
| Date: March 09, 2026 |
| By /s/ Brian C. Janssen |
| Brian C. Janssen, |
| Treasurer and Principal Financial Officer |
| Date: March 09, 2026 |
ATTACHMENTS / EXHIBITS
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