American Funds announces plans to launch Corporate Bond Fund on May 1

By Toni Weeks

San Luis Obispo, Calif., Feb. 13 - American Funds Insurance Series announced in an N-1A filing with the Securities and Exchange Commission it is planning to launch its Corporate Bond Fund on May 1.

The fund will seek to provide over the long term a high level of total return primarily comprised of current income. The fund will normally invest at least 80% of its assets in corporate debt securities and at least 90% of its assets in debt securities rated Baa3 or better or BBB- or better. Although the fund may invest significantly in debt securities issued by companies domiciled outside the United States, all securities held by the fund will be denominated in dollars.

The fund's portfolio will be divided into segments and managed by individual counselors. Andrew F. Barth and David S. Lee are the portfolio managers.

The company registered class 1, class 2 and class 4 shares in the filing. Ticker symbols have not yet been set.

Management fees and total annual fund operating expenses have not yet been determined.

Los Angeles-based Capital Research and Management Co. will be the fund's investment adviser.

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