485BPOS 2012-12-13 0001553195 2012-12-14 AMERICAN FUNDS CORPORATE BOND FUND false 2012-12-13 2012-12-14 <tt>The fund pays transaction costs, such as commissions, when it buys and sells securities <br />(or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher <br />transaction costs and may result in higher taxes when fund shares are held in a taxable <br />account. These costs, which are not reflected in annual fund operating expenses or in the <br />example, affect the fund's investment results.</tt> <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExample_S000039110Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund's investment objective is to provide, over the long term, a high level<br />of total return largely comprised of current income.</tt> <tt>This example is intended to help you compare the cost of investing in<br />the fund with the cost of investing in other mutual funds.<br /> <br />The example assumes that you invest $10,000 in the fund for the time periods<br />indicated and then redeem all of your shares at the end of those periods. The<br />example also assumes that your investment has a 5% return each year and that <br />the fund's operating expenses remain the same.</tt> <tt>The fund seeks to provide, over the long term, a high level of total return<br />largely comprised of current income by investing primarily in investment-grade<br />corporate debt securities. Normally, at least 80% of the fund's assets will be<br />invested in corporate debt securities. The fund will also normally invest at<br />least 90% of its assets in debt securities with quality ratings of Baa3 or<br />better or BBB- or better by Nationally Recognized Statistical Rating Organizations <br />designated by the fund's investment adviser or in debt securities that are unrated <br />but determined to be of equivalent quality by the fund's investment adviser. However, <br />the fund may invest in debt securities guaranteed or sponsored by the U.S. government, <br />as well as debt issued by government-sponsored&#xA0;&#xA0;entities and federal agencies and <br />instrumentalities that are not backed by the full&#xA0;&#xA0;faith and credit of the U.S. <br />government, without regard to the quality rating&#xA0;&#xA0;assigned to the U.S. government by <br />a Nationally Recognized Statistical Rating Organization. The fund invests in debt <br />securities with a wide range of maturities.<br /> <br />The fund may invest significantly in debt securities issued by companies<br />domiciled outside the U.S., including issuers domiciled in developing countries.<br />All securities held by the fund will be denominated in U.S. dollars.<br />&#xA0;&#xA0;<br />The investment adviser uses a system of multiple portfolio counselors in<br />managing the fund's assets. Under this approach, the portfolio of the fund is<br />divided into segments managed by individual counselors who decide how their<br />respective segments will be invested.<br /> <br />The fund relies on the professional judgment of its investment adviser to make<br />decisions about the fund's portfolio investments. The basic investment philosophy <br />of the investment adviser is to seek to invest in attractively priced securities <br />that, in its opinion, represent good, long-term investment opportunities. The <br />investment adviser believes that an important way to accomplish this is through <br />fundamental research, which may include analysis of credit quality, general economic <br />conditions and various quantitative measures and, in the case of corporate obligations, <br />meeting with company executives and employees, suppliers, customers and competitors. <br />Securities may be sold when the investment adviser believes that they no longer represent <br />relatively attractive investment opportunities.</tt> American Funds Corporate Bond FundSM You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in American Funds. Example Based on estimated amounts for the current fiscal year. Because the fund began investment operations on December 14, 2012, information regarding investment results is not available as of the date of this prospectus. Investment objective You may lose money by investing in the fund. Principal risks Shareholder fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investment results 100000 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio turnover <tt>This section describes the principal risks associated with the fund's principal<br />investment strategies. You may lose money by investing in the fund. The<br />likelihood of loss may be greater if you invest for a shorter period of time.<br /> <br />Market conditions - The prices of, and the income generated by, the securities<br />held by the fund may decline due to market conditions and other factors,<br />including those directly involving the issuers of securities held by the fund.<br /> <br />Investing in bonds - Rising interest rates will generally cause the prices of<br />bonds and other debt securities to fall. Longer maturity debt securities may be<br />subject to greater price fluctuations than shorter maturity debt securities. In<br />addition, falling interest rates may cause an issuer to redeem, call or<br />refinance a security before its stated maturity, which may result in the fund<br />having to reinvest the proceeds in lower yielding securities.<br /> <br />Bonds and other debt securities are subject to credit risk, which is the<br />possibility that the credit strength of an issuer will weaken and/or an issuer<br />of a debt security will fail to make timely payments of principal or interest<br />and the security will go into default. Lower quality debt securities generally<br />have higher rates of interest and may be subject to greater price fluctuations<br />than higher quality debt securities. Credit risk is gauged, in part, by the<br />credit ratings of the securities in which the fund invests. However, ratings are<br />only the opinions of the rating agencies issuing them and are not guarantees as<br />to credit quality or an evaluation of market risk.<br /> <br />Investing in securities backed by the U.S. government - Securities backed by the<br />U.S. Treasury or the full faith and credit of the U.S. government are guaranteed<br />only as to the timely payment of interest and principal when held to maturity.<br />Accordingly, the current market values for these securities will fluctuate with<br />changes in interest rates. Securities issued by government-sponsored entities<br />and federal agencies and instrumentalities that are not backed by the full faith<br />and credit of the U.S. government are neither issued nor guaranteed by the U.S.<br />government.<br /> <br />Thinly traded securities - There may be little trading in the secondary market<br />for particular bonds or other debt securities, which may make them more<br />difficult to value, acquire or sell.<br /> <br />Investing outside the United States - Securities of issuers domiciled outside<br />the United States, or with significant operations outside the United States, may<br />lose value because of adverse political, social, economic or market developments<br />in the countries or regions in which the issuer operates. These securities may<br />also lose value due to changes in foreign currency exchange rates against the<br />U.S. dollar and/or currencies of other countries. Securities markets in certain<br />countries may be more volatile and/or less liquid than those in the United<br />States. Investments outside the United States may also be subject to different<br />settlement and accounting practices and different regulatory, legal and<br />reporting standards, and may be more difficult to value, than those in the<br />United States. The risks of investing outside the United States may be<br />heightened in connection with investments in emerging markets.<br />&#xA0;&#xA0;<br />Investing in emerging markets - Investing in emerging markets may involve risks<br />in addition to and greater than those generally associated with investing in<br />developed countries. For instance, developing countries may have less developed<br />legal and accounting systems than those in developed countries. The governments<br />of these countries may be less stable and more likely to impose capital<br />controls, nationalize a company or industry, place restrictions on foreign<br />ownership and on withdrawing sale proceeds of securities from the country,<br />and/or impose punitive taxes that could adversely affect the prices of<br />securities. In addition, the economies of these countries may be dependent on<br />relatively few industries that are more susceptible to local and global changes.<br />Securities markets in these countries can also be relatively small and have<br />substantially lower trading volumes. As a result, securities issued in these<br />countries may be more volatile and less liquid, and may be more difficult to<br />value, than securities issued in countries with more developed economies and/or<br />markets. Additionally, there may be increased settlement risks for transactions<br />in local securities.<br /> <br />Management - The investment adviser to the fund actively manages the fund's<br />investments. Consequently, the fund is subject to the risk that the methods and<br />analyses employed by the investment adviser in this process may not produce the<br />desired results. This could cause the fund to lose value or its investment<br />results to lag relevant benchmarks or other funds with similar objectives.<br /> <br />Your investment in the fund is not a bank deposit and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other<br />governmental agency, entity or person. You should consider how this fund fits<br />into your overall investment program.</tt> Fees and expenses of the fund Principal investment strategies <tt>Because the fund began investment operations on December 14, 2012, information<br />regarding investment results is not available as of the date of this prospectus.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the fund. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $100,000 in American<br />Funds. More information about these and other discounts is available from your<br />financial professional and in the "Sales charge reductions and waivers" section<br />on page 25 of the prospectus and on page 58 of the fund's statement of<br />additional information.</tt> <div style="display:none">~ http://www.americanfunds.com/role/OperatingExpensesData_S000039110Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> For the share classes listed below, you would pay the following if you did not redeem your shares: Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. <div style="display:none">~ http://www.americanfunds.com/role/ExpenseExampleNoRedemption_S000039110Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.americanfunds.com/role/ShareholderFeesData_S000039110Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0 0.0000 146 454 -0.0010 0.0038 0.0046 2014-07-31 0.00 0.0050 0.0124 0.0134 10 0.0000 0 0.0000 301 201 622 -0.0011 0.0043 0.0046 2014-07-31 622 0.00 0.0100 0.0178 0.0189 10 0.0100 0 0.0000 701 201 1020 -0.0010 0.0042 0.0046 2014-07-31 620 0.00 0.0100 0.0178 0.0188 10 0.0500 0 0.0375 500 764 -0.0011 0.0042 0.0046 2014-07-31 0.00 0.0030 0.0107 0.0118 10 0.0100 0 0.0000 72 248 -0.0011 0.0035 0.0046 2014-07-31 0.00 0.0000 0.0070 0.0081 0.0000 0 0.0000 97 326 -0.0011 0.0035 0.0046 2014-07-31 0.00 0.0025 0.0095 0.0106 0.0000 0 0.0000 273 173 559 -0.0011 0.0035 0.0046 2014-07-31 559 0.00 0.0100 0.0170 0.0181 0.0100 0 0.0000 670 170 950 -0.0011 0.0032 0.0046 2014-07-31 550 0.00 0.0100 0.0167 0.0178 0.0500 0 0.0000 58 193 -0.0005 0.0016 0.0046 2014-07-31 0.00 0.0000 0.0057 0.0062 0.0000 0 0.0000 61 210 -0.0008 0.0022 0.0046 2014-07-31 0.00 0.0000 0.0060 0.0068 0.0000 0 0.0000 91 303 -0.0009 0.0027 0.0046 2014-07-31 0.00 0.0025 0.0089 0.0098 0.0000 0 0.0000 122 400 -0.0009 0.0033 0.0046 2014-07-31 0.00 0.0050 0.0120 0.0129 0.0000 0 0.0000 163 524 -0.0009 0.0048 0.0046 2014-07-31 0.00 0.0075 0.0160 0.0169 0.0000 0 0.0000 163 507 -0.0001 0.0015 0.0046 2014-07-31 0.00 0.0100 0.0160 0.0161 0.0000 0 0.0000 99 307 -0.0010 0.0041 0.0046 2014-07-31 0.00 0.0000 0.0077 0.0087 10 0.0000 0 0.0375 468 679 -0.0006 0.0025 0.0046 2014-07-31 0.00 0.0030 0.0095 0.0101 0.0100 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120242Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120243Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120244Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120245Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120246Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120247Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120248Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120249Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120250Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120251Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120252Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120253Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120254Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120255Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120256Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Memberck0001553195:C000120257Member 2012-12-14 2012-12-14 0001553195 ck0001553195:SummaryS000039110Memberck0001553195:S000039110Member 2012-12-14 2012-12-14 0001553195 2012-12-14 2012-12-14 iso4217:USD pure A contingent deferred sales charge of 1.00% applies on certain redemptions within one year following purchases of $1 million or more made without an initial sales charge. Based on estimated amounts for the current fiscal year. The investment adviser is currently reimbursing a portion of the other expenses for each share class. This reimbursement will be in effect through at least July 31, 2014, unless modified or terminated by the fund's board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time.