Investment Fund

Share Class

Summary

Internal Prompt
An income-oriented strategy. MSI is a relative value credit fund that takes advantage of investment opportunities across high yield, investment grade, and emerging markets, as well as securitized debt.
Price at NAV $9.38 as of 7/17/2025 (updated daily)
Fund Assets (millions) $18,331.8
Portfolio Managers
6
Expense Ratio
(Gross/Net %)
0.75 / 0.75%
Prospectus
Internal Prompt

Returns at NAV

Returns with Sales Charge

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4.14%
1-year return
3.04%
5-year return
3.91%
Lifetime return (3/22/19)
5.48%
30-Day SEC Yield
Returns as of 6/30/25 (updated monthly). Yield as of 6/30/25 (updated monthly).

Asset Mix

U.S. Equities0.6%
Non-U.S. Equities0.0%
U.S. Bonds77.8%
Non-U.S. Bonds19.3%
Cash & Equivalents
2.3%
As of 6/30/2025 (updated monthly)

Growth of 10K

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For Class A Shares, this chart tracks a hypothetical investment with dividends reinvested, over the last 20 years, or since inception date if the fund has been in existence under 20 years, through 12/31/2024.
MIAQX
Bloomberg U.S. Aggregate Index
VIEW LARGER CHART

High & Low Prices

Fund Statistics

4.7 years
Effective Duration
6.3%
Average Yield
to Worst
6.2%
Average Coupon
% of net assets as of 6/30/2025 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

Medium Quality
Moderate Interest-Rate Sensitivity
Morningstar data as of 3/31/25 (updated quarterly)

Description

Fund Objective
The fund's primary objective is to provide a high level of current income. Its secondary objective is capital appreciation.
Distinguishing Characteristics
An income-oriented strategy that invests in a broad range of traditional, high-income asset classes. The fund is designed to provide less volatility and equity correlation than a standalone high yield or emerging market debt fund, without meaningfully reducing income. With a focus on fundamental analysis coupled with a rigorous relative value approach to sector allocation, the fund aims to generate high income across market cycles.
Types of Investments
Primarily invests in a broad range of debt securities across the credit spectrum, including high-yield and investment-grade corporate, emerging market, and securitized debt. The fund may opportunistically invest in other sectors, including U.S. government debt, municipal debt and non-corporate credit.
Holdings Outside the U.S.
The fund may invest a significant portion of its assets in securities of issuers domiciled outside the United States.
Maturity
The fund invests in debt securities with a wide range of maturities.
Portfolio Restrictions
The fund may invest substantially in securities rated Ba1 or below and BB+ or below, or in securities that are unrated but determined to be of equivalent quality by the fund’s investment adviser. The fund may invest in certain derivative instruments, such as futures contracts and swaps. The fund may invest in a derivative if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund.

Fund Facts

Fund Inception 3/22/2019
Fund Assets (millions)
As of 6/30/2025
 $18,331.8
Companies/Issuers
Holdings are as of 6/30/2025 (updated monthly).
 980+
Shareholder Accounts
Shareholder accounts are as of 6/30/2025
 47,902
Regular Dividends Paid
Monthly
Minimum Initial Investment $250
Capital Gains Paid
Jun, Dec
Portfolio Turnover (2024) 78%
Fiscal Year-End Dec
Prospectus Date 03/01/2025
CUSIP 02631W 102
Fund Number 30126

Returns

Internal Prompt

Month-End Returns as of 6/30/25

Returns at NAV
| With Sales Charge
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MIAQX
Bloomberg U.S. Aggregate Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 6/30/25

Internal Prompt

Volatility & Return

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Volatility & Return chart is not available for funds less than 10 years old.

Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 6.04% N/A
Fund at MOP 5.81% 5.48%
As of 6/30/2025 (updated monthly)

Portfolio Management

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Robert Burgess 1 9 35
Xavier Goss 3 4 21
Sandro Lazzarini 2 9 17
Damien McCann 6 25
Scott Sykes 6 19 23
Shannon Ward 6 8 32
A boldface number indicates that years of experience with Capital Group is equal to years of experience with investment industry.

Ratings & Risk

Morningstar Rating TM


Overall Morningstar RatingTM
Funds rated(350)
3-yr. Morningstar RatingTM
(350 funds rated)
5-yr. Morningstar RatingTM
(303 funds rated)
10-yr. Morningstar RatingTM
(-- funds rated) 		--
Overall Morningstar Risk Above Average
HIGH
LOW
Category
Multisector Bond
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 6/30/2025 (updated monthly).

Risk Measures

Fund
Standard Deviation
6.68
Sharpe Ratio
0.15
For the 5 Years ending 6/30/25 (updated monthly).
American Funds/
Morningstar Benchmark
Bloomberg US Agg Bond TR USD
R-squared
77
Beta
0.92
Capture Ratio (Downside/Upside)
59/110
American Funds and Morningstar Benchmark for the 5 Years ending 6/30/25 (updated monthly).
U.S. Treasuries/Agencies
2.5%
AAA/Aaa
2.3%
AA/Aa
11.8%
A
15.1%
BBB/Baa
21.2%
BB/Ba
21.9%
B
12.4%
CCC & Below
2.9%
Unrated
6.8%
Cash & equivalents
2.2%
% of net assets as of 6/30/2025 (updated monthly)

Average Life Breakdown

0-4.9 Years
51.8%
5-9.9 Years
34.1%
10-19.9 Years
3.4%
20-29.9 Years
6.9%
30+ Years
0.9%
% of net assets as of 6/30/2025 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
Non-U.S. government/agency securities 6.2%
Asset-backed obligations 5.8%
U.S. Treasury bonds & notes 2.4%
General obligation bonds 0.1%

% of net assets as of 6/30/2025 (updated quarterly)

Top Fixed-Income Issuers

UMBS
3.5%
U.S. Treasury
2.4%
Charter Communications
1.2%
Federal Home Loan Mortgage
1.2%
PG&E
1.1%
Edison International
1.1%
Fannie Mae
1.0%
Amgen
0.8%
Medical Properties Trust
0.8%
Venture Global Partners II
0.8%

% of net assets as of 6/30/2025 (updated monthly)

Geographic Breakdown

Regions | Currency Weighting
| Top Countries
United States
78.4%
Europe
6.0%
Asia & Pacific Basin
2.6%
Other (Including Canada & Latin America)
10.7%
Cash & equivalents
2.3%
% of net assets as of 6/30/2025 (updated monthly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2025

Historical Prices Year-End

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Historical Distributions as of 07/17/25

FIND HISTORICAL DISTRIBUTIONS
2025
Record
Date		 Calculated
Date		 Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/31/25 02/03/25 $0.0471495 $0.00 $0.00 $0.00 $9.40
Daily 02/28/25 03/03/25 $0.0432323 $0.00 $0.00 $0.00 $9.46
Daily 03/31/25 04/01/25 $0.0488793 $0.00 $0.00 $0.00 $9.35
Daily 04/30/25 05/01/25 $0.047763 $0.00 $0.00 $0.00 $9.27
Daily 05/30/25 06/02/25 $0.0486944 $0.00 $0.00 $0.00 $9.30
Daily 06/30/25 07/01/25 $0.0465352 $0.00 $0.00 $0.00 $9.44
2025 Year-to-Date: Dividends Subtotal: $0.28225356 Cap Gains Subtotal: $0.00
Total Distributions: $0.28225356

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.33%
Other Expenses 0.12%
Service 12b-1 0.30%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

MIAQX 0.75%
Lipper Multi-Sector Income Funds Average
0.79%
Fund as of most recent prospectus. Lipper Category as of 6/30/25 (updated quarterly).