American Funds Retirement Income Portfolio Series
American Funds Retirement Income Portfolio —
Conservative
Investment portfolio
July 31, 2025
unaudited
Fund investments
Growth-and-income funds 7%
Shares
Value
(000)
American Mutual Fund, Class R-6
1,520,658
$91,468
Equity-income funds 33%
 
 
Capital Income Builder, Class R-6
3,031,458
231,361
The Income Fund of America, Class R-6
7,271,779
193,211
 
424,572
Balanced funds 12%
 
 
American Balanced Fund, Class R-6
2,825,945
104,701
American Funds Global Balanced Fund, Class R-6
1,330,635
52,906
 
157,607
Fixed income funds 48%
 
 
The Bond Fund of America, Class R-6
17,097,329
192,858
American Funds Strategic Bond Fund, Class R-6
13,741,689
127,111
American Funds Multi-Sector Income Fund, Class R-6
10,893,004
102,721
Intermediate Bond Fund of America, Class R-6
5,008,353
63,005
U.S. Government Securities Fund, Class R-6
5,271,533
62,942
American Funds Inflation Linked Bond Fund, Class R-6
6,556,768
62,879
 
611,516
Total investment securities 100% (cost: $1,168,342,000)
1,285,163
Other assets less liabilities 0%
(277
)
Net assets 100%
$1,284,886
American Funds Retirement Income Portfolio Series — Page 1 of 7
unaudited
Investments in affiliates (a)
 
 
Value at
11/1/2024
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
7/31/2025
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth-and-income funds 7%
American Mutual Fund, Class R-6
$85,326
$11,112
$7,897
$1,067
$1,860
$91,468
$1,317
$3,599
Equity-income funds 33%
Capital Income Builder, Class R-6
219,026
14,387
14,705
1,456
11,197
231,361
6,286
5,023
The Income Fund of America, Class R-6
182,719
15,244
11,306
698
5,856
193,211
6,351
3,934
 
424,572
Balanced funds 12%
American Balanced Fund, Class R-6
97,322
12,184
8,375
1,199
2,371
104,701
1,896
5,214
American Funds Global Balanced Fund, Class R-6
49,099
3,288
933
16
1,436
52,906
976
1,672
 
157,607
Fixed income funds 48%
The Bond Fund of America, Class R-6
183,041
16,922
7,147
(40
)
82
192,858
6,354
—
American Funds Strategic Bond Fund, Class R-6
121,432
8,945
6,409
(396
)
3,539
127,111
1,103
—
American Funds Multi-Sector Income Fund, Class R-6
98,721
7,432
3,563
(16
)
147
102,721
4,805
—
Intermediate Bond Fund of America, Class R-6
60,975
3,029
1,478
(20
)
499
63,005
2,019
—
U.S. Government Securities Fund, Class R-6
60,421
3,191
919
(27
)
276
62,942
2,077
—
American Funds Inflation Linked Bond Fund, Class R-6
61,112
2,217
1,257
(81
)
888
62,879
1,373
—
 
611,516
Total 100%
$3,856
$28,151
$1,285,163
$34,557
$19,442
 
(a)
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Retirement Income Portfolio Series — Page 2 of 7
American Funds Retirement Income Portfolio —
Moderate
Investment portfolio
July 31, 2025
unaudited
 
Fund investments
Growth-and-income funds 12%
Shares
Value
(000)
Capital World Growth and Income Fund, Class R-6
1,560,477
$110,934
American Mutual Fund, Class R-6
1,329,849
79,991
 
190,925
Equity-income funds 38%
 
 
The Income Fund of America, Class R-6
11,777,379
312,925
Capital Income Builder, Class R-6
3,701,690
282,513
 
595,438
Balanced funds 20%
 
 
American Balanced Fund, Class R-6
6,418,466
237,804
American Funds Global Balanced Fund, Class R-6
2,012,897
80,033
 
317,837
Fixed income funds 30%
 
 
American Funds Multi-Sector Income Fund, Class R-6
14,906,510
140,568
The Bond Fund of America, Class R-6
11,039,490
124,525
U.S. Government Securities Fund, Class R-6
9,103,660
108,698
American Funds Strategic Bond Fund, Class R-6
10,052,747
92,988
 
466,779
Total investment securities 100% (cost: $1,370,445,000)
1,570,979
Other assets less liabilities 0%
(328
)
Net assets 100%
$1,570,651
American Funds Retirement Income Portfolio Series — Page 3 of 7
unaudited
Investments in affiliates (a)
 
 
Value at
11/1/2024
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
7/31/2025
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth-and-income funds 12%
Capital World Growth and Income Fund, Class R-6
$104,437
$9,353
$9,116
$649
$5,611
$110,934
$1,671
$5,893
American Mutual Fund, Class R-6
75,018
6,035
3,447
821
1,564
79,991
1,133
3,119
 
190,925
Equity-income funds 38%
The Income Fund of America, Class R-6
298,084
19,608
15,156
895
9,494
312,925
10,289
6,393
Capital Income Builder, Class R-6
267,801
14,931
15,340
1,240
13,881
282,513
7,657
6,128
 
595,438
Balanced funds 20%
American Balanced Fund, Class R-6
223,492
21,890
15,434
2,003
5,853
237,804
4,294
11,849
American Funds Global Balanced Fund, Class R-6
74,250
4,192
602
(19
)
2,212
80,033
1,483
2,542
 
317,837
Fixed income funds 30%
American Funds Multi-Sector Income Fund, Class R-6
133,776
9,624
3,000
(36
)
204
140,568
6,567
—
The Bond Fund of America, Class R-6
118,560
9,472
3,530
(37
)
60
124,525
4,108
—
U.S. Government Securities Fund, Class R-6
103,442
8,880
4,084
(149
)
609
108,698
3,532
—
American Funds Strategic Bond Fund, Class R-6
88,242
7,342
4,866
(324
)
2,594
92,988
817
—
 
466,779
Total 100%
$5,043
$42,082
$1,570,979
$41,551
$35,924
 
(a)
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Retirement Income Portfolio Series — Page 4 of 7
American Funds Retirement Income Portfolio —
Enhanced
Investment portfolio
July 31, 2025
unaudited
 
Fund investments
Growth funds 5%
Shares
Value
(000)
AMCAP Fund, Class R-6
2,145,776
$99,950
Growth-and-income funds 15%
 
 
Capital World Growth and Income Fund, Class R-6
2,736,224
194,518
American Mutual Fund, Class R-6
1,633,419
98,250
 
292,768
Equity-income funds 38%
 
 
The Income Fund of America, Class R-6
14,629,267
388,700
Capital Income Builder, Class R-6
4,581,127
349,631
 
738,331
Balanced funds 25%
 
 
American Balanced Fund, Class R-6
10,609,235
393,072
American Funds Global Balanced Fund, Class R-6
2,442,316
97,107
 
490,179
Fixed income funds 17%
 
 
American Funds Multi-Sector Income Fund, Class R-6
14,537,849
137,092
American High-Income Trust, Class R-6
9,930,134
97,713
The Bond Fund of America, Class R-6
8,639,464
97,453
 
332,258
Total investment securities 100% (cost: $1,620,181,000)
1,953,486
Other assets less liabilities 0%
(337
)
Net assets 100%
$1,953,149
American Funds Retirement Income Portfolio Series — Page 5 of 7
unaudited
Investments in affiliates (a)
 
 
Value at
11/1/2024
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
7/31/2025
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 5%
AMCAP Fund, Class R-6
$87,490
$14,928
$6,874
$915
$3,491
$99,950
$537
$8,709
Growth-and-income funds 15%
Capital World Growth and Income Fund, Class R-6
176,162
17,572
10,218
527
10,475
194,518
2,890
10,152
American Mutual Fund, Class R-6
88,492
8,568
1,747
175
2,762
98,250
1,375
3,761
 
292,768
Equity-income funds 38%
The Income Fund of America, Class R-6
355,293
30,238
9,482
211
12,440
388,700
12,474
7,725
Capital Income Builder, Class R-6
319,388
25,022
13,174
226
18,169
349,631
9,284
7,399
 
738,331
Balanced funds 25%
American Balanced Fund, Class R-6
353,487
35,270
8,528
341
12,502
393,072
6,937
19,129
American Funds Global Balanced Fund, Class R-6
88,561
6,361
490
(28
)
2,703
97,107
1,795
3,074
 
490,179
Fixed income funds 17%
American Funds Multi-Sector Income Fund, Class R-6
124,906
14,868
2,885
(35
)
238
137,092
6,235
—
American High-Income Trust, Class R-6
89,453
9,272
1,430
(3
)
421
97,713
4,629
—
The Bond Fund of America, Class R-6
89,453
10,550
2,608
(38
)
96
97,453
3,138
—
 
332,258
Total 100%
$2,291
$63,297
$1,953,486
$49,294
$59,949
 
(a)
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Retirement Income Portfolio Series — Page 6 of 7
unaudited
Valuation disclosures
Security valuation — The net asset value per share of each fund 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. The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information.
Processes and structure — The series’ board of trustees has designated the series’ 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 series’ board and audit committee also regularly review reports that describe fair value determinations and methods.
Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method 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. 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. As of
July 31, 2025, all of the investment securities held by each fund were classified as Level 1.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectus and summary prospectuses, 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 visit the American Funds website at capitalgroup.com. Fund shares offered through Capital Client Group, Inc.
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.
Capital Client Group, Inc., member FINRA.
© 2025 Capital Group. All rights reserved.
MFGEFP3-825-0925
American Funds Retirement Income Portfolio Series — Page 7 of 7