American Funds Retirement Income Portfolio Series
American Funds Retirement Income Portfolio —
Conservative
Investment portfolio
January 31, 2026
unaudited
Fund investments
Growth-and-income funds 7%
Shares
Value
(000)
American Mutual Fund, Class R-6
1,606,373
$97,635
Equity-income funds 33%
 
 
Capital Income Builder, Class R-6
3,169,600
251,539
The Income Fund of America, Class R-6
7,736,772
209,512
 
461,051
Balanced funds 12%
 
 
American Balanced Fund, Class R-6
2,903,419
111,782
American Funds Global Balanced Fund, Class R-6
1,364,815
56,394
 
168,176
Fixed income funds 48%
 
 
The Bond Fund of America, Class R-6
18,218,033
208,414
American Funds Strategic Bond Fund, Class R-6
14,777,253
138,759
American Funds Multi-Sector Income Fund, Class R-6
11,699,481
110,911
American Funds Inflation Linked Bond Fund, Class R-6
7,285,572
69,140
Intermediate Bond Fund of America, Class R-6
5,431,271
69,140
U.S. Government Securities Fund, Class R-6
5,709,338
69,140
 
665,504
Total investment securities 100% (cost: $1,251,020,000)
1,392,366
Other assets less liabilities 0%
(324
)
Net assets 100%
$1,392,042
American Funds Retirement Income Portfolio Series — Page 1 of 7
unaudited
Investments in affiliates (a)
 
 
Value at
11/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2026
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth-and-income funds 7%
American Mutual Fund, Class R-6
$93,344
$7,165
$943
$2
$(1,933
)
$97,635
$567
$5,327
Equity-income funds 33%
Capital Income Builder, Class R-6
241,015
14,850
5,768
485
957
251,539
3,022
10,955
The Income Fund of America, Class R-6
200,981
15,793
5,919
91
(1,434
)
209,512
3,817
11,625
 
461,051
Balanced funds 12%
American Balanced Fund, Class R-6
107,630
8,577
2,523
355
(2,257
)
111,782
1,313
5,817
American Funds Global Balanced Fund, Class R-6
54,317
2,490
13
—
(b)
(400
)
56,394
418
2,072
 
168,176
Fixed income funds 48%
The Bond Fund of America, Class R-6
202,475
8,081
1,424
(8
)
(710
)
208,414
2,238
—
American Funds Strategic Bond Fund, Class R-6
134,663
4,979
748
(2
)
(133
)
138,759
1,415
—
American Funds Multi-Sector Income Fund, Class R-6
108,289
3,037
183
(1
)
(231
)
110,911
1,726
—
American Funds Inflation Linked Bond Fund, Class R-6
67,352
4,118
—
—
(2,330
)
69,140
2,403
—
Intermediate Bond Fund of America, Class R-6
67,669
1,643
172
1
(1
)
69,140
704
—
U.S. Government Securities Fund, Class R-6
67,440
1,925
—
—
(225
)
69,140
717
—
 
665,504
Total 100%
$923
$(8,697
)
$1,392,366
$18,340
$35,796
 
(a)
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
(b)
Amount less than one thousand.
American Funds Retirement Income Portfolio Series — Page 2 of 7
American Funds Retirement Income Portfolio —
Moderate
Investment portfolio
January 31, 2026
unaudited
 
Fund investments
Growth-and-income funds 12%
Shares
Value
(000)
Capital World Growth and Income Fund, Class R-6
1,568,806
$117,849
American Mutual Fund, Class R-6
1,394,492
84,757
 
202,606
Equity-income funds 38%
 
 
The Income Fund of America, Class R-6
12,499,195
338,478
Capital Income Builder, Class R-6
3,848,175
305,391
 
643,869
Balanced funds 20%
 
 
American Balanced Fund, Class R-6
6,584,671
253,510
American Funds Global Balanced Fund, Class R-6
2,042,387
84,391
 
337,901
Fixed income funds 30%
 
 
American Funds Multi-Sector Income Fund, Class R-6
16,198,926
153,566
The Bond Fund of America, Class R-6
11,924,812
136,420
U.S. Government Securities Fund, Class R-6
9,854,430
119,337
American Funds Strategic Bond Fund, Class R-6
10,869,503
102,065
 
511,388
Total investment securities 100% (cost: $1,455,387,000)
1,695,764
Other assets less liabilities 0%
(487
)
Net assets 100%
$1,695,277
American Funds Retirement Income Portfolio Series — Page 3 of 7
unaudited
Investments in affiliates (a)
 
 
Value at
11/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2026
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth-and-income funds 12%
Capital World Growth and Income Fund, Class R-6
$115,259
$11,947
$7,355
$626
$(2,628
)
$117,849
$763
$9,537
American Mutual Fund, Class R-6
80,942
5,777
305
(4
)
(1,653
)
84,757
488
4,584
 
202,606
Equity-income funds 38%
The Income Fund of America, Class R-6
323,915
26,379
9,704
165
(2,277
)
338,478
6,158
18,755
Capital Income Builder, Class R-6
292,258
17,823
6,447
579
1,178
305,391
3,663
13,279
 
643,869
Balanced funds 20%
American Balanced Fund, Class R-6
245,051
16,521
3,664
379
(4,777
)
253,510
2,987
13,227
American Funds Global Balanced Fund, Class R-6
82,240
3,753
1,001
89
(690
)
84,391
631
3,122
 
337,901
Fixed income funds 30%
American Funds Multi-Sector Income Fund, Class R-6
146,882
7,729
724
(2
)
(319
)
153,566
2,349
—
The Bond Fund of America, Class R-6
130,103
7,124
344
—
(b)
(463
)
136,420
1,441
—
U.S. Government Securities Fund, Class R-6
113,753
5,972
5
—
(b)
(383
)
119,337
1,216
—
American Funds Strategic Bond Fund, Class R-6
97,323
4,915
79
—
(b)
(94
)
102,065
1,021
—
 
511,388
Total 100%
$1,832
$(12,106
)
$1,695,764
$20,717
$62,504
 
(a)
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
(b)
Amount less than one thousand.
American Funds Retirement Income Portfolio Series — Page 4 of 7
American Funds Retirement Income Portfolio —
Enhanced
Investment portfolio
January 31, 2026
unaudited
 
Fund investments
Growth funds 5%
Shares
Value
(000)
AMCAP Fund, Class R-6 (a)
2,258,843
$107,431
Growth-and-income funds 15%
 
 
Capital World Growth and Income Fund, Class R-6
2,915,247
218,993
American Mutual Fund, Class R-6
1,780,718
108,232
 
327,225
Equity-income funds 38%
 
 
The Income Fund of America, Class R-6
16,167,753
437,823
Capital Income Builder, Class R-6
4,966,449
394,137
 
831,960
Balanced funds 25%
 
 
American Balanced Fund, Class R-6
11,279,030
434,243
American Funds Global Balanced Fund, Class R-6
2,632,340
108,768
 
543,011
Fixed income funds 17%
 
 
American Funds Multi-Sector Income Fund, Class R-6
16,078,823
152,427
The Bond Fund of America, Class R-6
9,475,636
108,401
American High-Income Trust, Class R-6
10,916,499
108,292
 
369,120
Total investment securities 100% (cost: $1,784,646,000)
2,178,747
Other assets less liabilities 0%
(377
)
Net assets 100%
$2,178,370
American Funds Retirement Income Portfolio Series — Page 5 of 7
unaudited
Investments in affiliates (b)
 
 
Value at
11/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
1/31/2026
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 5%
AMCAP Fund, Class R-6 (a)
$105,579
$6,567
$535
$(4
)
$(4,176
)
$107,431
$—
$4,599
Growth-and-income funds 15%
Capital World Growth and Income Fund, Class R-6
209,544
19,838
6,715
352
(4,026
)
218,993
1,382
17,275
American Mutual Fund, Class R-6
103,118
7,638
408
(16
)
(2,100
)
108,232
623
5,853
 
327,225
Equity-income funds 38%
The Income Fund of America, Class R-6
414,736
32,742
6,947
(45
)
(2,663
)
437,823
7,877
23,990
Capital Income Builder, Class R-6
373,119
22,546
3,772
85
2,159
394,137
4,683
16,979
 
831,960
Balanced funds 25%
American Balanced Fund, Class R-6
416,460
32,281
7,047
162
(7,613
)
434,243
5,084
22,518
American Funds Global Balanced Fund, Class R-6
104,510
5,331
314
(6
)
(753
)
108,768
805
3,986
 
543,011
Fixed income funds 17%
American Funds Multi-Sector Income Fund, Class R-6
145,760
9,523
2,536
(14
)
(306
)
152,427
2,344
—
The Bond Fund of America, Class R-6
103,795
5,974
1,001
(5
)
(362
)
108,401
1,156
—
American High-Income Trust, Class R-6
104,238
4,878
1,028
(2
)
206
108,292
1,737
—
 
369,120
Total 100%
$507
$(19,634
)
$2,178,747
$25,691
$95,200
 
(a)
Non-income producing.
(b)
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
January 31, 2026, 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.
© 2026 Capital Group. All rights reserved.
MFGEFP1-825-0326
American Funds Retirement Income Portfolio Series — Page 7 of 7