American Funds Multi-Sector Income Fund
MIAWX
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- American Funds Multi-Sector Income Fund Class F-1 (MIAWX) is an open-end mutual fund managed by Capital Research and Management Company that seeks a high level of current income with a secondary objective of capital appreciation. The fund primarily invests in a broad range of debt securities across the credit spectrum, including high-yield and investment-grade corporate bonds, notes and loans (67.4% of net assets), emerging market debt, securitized debt such as mortgage-backed obligations (14.3%) and asset-backed obligations (5.9%), non-U.S. government and agency securities (5.8%), U.S. Treasury bonds and notes (2.1%), and municipal securities including general obligation bonds (0.1%) and revenue bonds (0.1%); it may opportunistically allocate to U.S. government debt and non-corporate credit, with additional exposure to U.S. equities (0.6%), non-U.S. equities (0.0%), and cash equivalents. Launched on March 22, 2019, the fund is part of the American Funds family offered by Capital Group Companies, Inc., headquartered in Los Angeles, California, and operates globally with significant allocations to U.S. bonds (78.8% of net assets as of October 31, 2025) and non-U.S. bonds (18.4%), targeting income-oriented investors including retirement plan participants seeking lower volatility than standalone high-yield or emerging market debt strategies. As of October 31, 2025, the fund manages $20.14 billion in assets across more than 995 companies or issuers, pays monthly regular dividends, distributes capital gains semiannually in June and December, and maintains a portfolio turnover rate of 78% for 2024 with an effective duration of 4.8 years and average yield to worst of 6.1%. The portfolio is overseen by a team of experienced managers, including Robert Burgess (since March 2025), Xavier Goss (since 2022), Sandro Lazzarini, Damien McCann, Scott Sykes, and Shannon Ward. Recent developments include a prospectus update dated March 1, 2025, alongside ongoing portfolio adjustments reflected in quarterly sector reallocations as of September 30, 2025, and sustained monthly dividend payments through November 2025 totaling $0.52 year-to-date per share, with no capital gains distributions reported; the fund's net expense ratio remains at 0.74%, comprising 0.33% management fees, 0.25% Rule 12b-1 service fees, and 0.16% other expenses.