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0.0606 0.0178 0.0293 0.0002 0.0060 0.0044 0.0000 0.0966 0.0606 0.0532 0.0178 0.0134 0.0026 0.1135 0.6024 0.6024 0.1135 0.0293 0.0000 0.0044 0.0060 0.0966 0.0002 0.0026 0.0134 0.0178 0.0532 0.0606 0.0293 0.0966 0.1135 0.0178 0.0532 0.0606 0.6024 0.0000 0.0044 0.0060 0.0002 0.0026 0.0134 0.1135 0.0044 0.0000 0.0293 0.6024 0.0002 0.0060 0.0966 0.0606 0.0532 0.0178 0.0134 0.0026 0.6024 0.0026 0.0002 0.0060 0.0044 0.0000 0.0293 0.1135 0.0966 0.0606 0.0532 0.0178 0.0134 0.0000 0.0293 0.0178 0.0134 0.0026 0.0002 0.0060 0.0044 0.6024 0.1135 0.0966 0.0606 0.0532 American Funds Multi-Sector Income Fund 2026-06-30 American Funds® Multi-Sector Income Fund Class A MIAQX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-A (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid; padding: 3pt 6pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255); width: 126.9pt;"><div style="font-weight:bolder;display:inline;">Share class</div></td><td style="break-inside: avoid; padding: 3pt 6pt; width: 171.072pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right: 0.5pt solid rgb(255, 255, 255);"><div style="font-weight:bolder;display:inline;">Costs of a $10,000 investment</div></td><td style="break-inside: avoid; padding: 3pt 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; border-right: initial initial;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class A</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>37</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.74<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 37 0.0074 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none; letter-spacing: 0px; top: 0px;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0px; border-bottom: initial initial;font-weight:bolder;display:inline;"><div style="font-weight:bolder;display:inline;">Portfolio holdings by asset type</div></div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1656501.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class C MIAUX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-C (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class C</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>72</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">1.44<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 72 0.0144 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1656853.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class F-1 MIAWX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-F1 (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class F-1</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>37</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.75<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 37 0.0075 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1657117.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche <div style="display:inline;">LLP </div>(“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class F-2 MIAYX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-F2 (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs <div style="display:inline;">for</div> the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class F-2</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>24</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.48<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 24 0.0048 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1656545.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class F-3 MIAZX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-F3 (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class F-3</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>19</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.37<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 19 0.0037 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1656765.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class 529-A CMBKX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529A. You can also request this information by contacting us at (800) 421-4225.  capitalgroup.com/mutual-fund-literature-529A (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class 529-A</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>35</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.71<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 35 0.0071 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund <div style="display:inline;">statistics</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1656897.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class 529-C CMBLX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529C. Youcan also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-529C (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class 529-C</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>74</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">1.48<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 74 0.0148 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1656941.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class 529-E CMBMX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529E. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-529E (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class 529-E</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>47</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.94<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 47 0.0094 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1656985.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class 529-F-2 CMBPX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F2. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-529F2 (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class 529-F-2</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>22</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.45<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 22 0.0045 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by asset type</div> (<div style="display:inline;">percent </div>of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1656677.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class 529-F-3 CMBQX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F3. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-529F3 (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class 529-F-3</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>21</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.43<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 21 0.0043 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1656721.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with <div style="display:inline;">accountants</div></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class R-1 RMDNX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R1. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-R1 (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-1</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>70</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">1.41<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 70 0.0141 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by <div style="display:inline;">asset </div>type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1657161.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class R-2 RMDOX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-R2 (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-2</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>66</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">1.33<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 66 0.0133 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio <div style="display:inline;">holdings </div>by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1657205.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class R-2E RMDPX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2E. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-R2E (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a <div style="display:inline;">hypothetical </div>$10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-2E</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>48</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.96<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 48 0.0096 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1657249.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class R-3 RMDQX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R3. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-R3 (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (<div style="display:inline;">based </div>on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-3</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>48</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.97<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 48 0.0097 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1657293.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class R-4 RMDRX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R4. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-R4 (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-4</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>34</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.69<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 34 0.0069 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1657337.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with <div style="display:inline;">accountants</div></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class R-5E RMDSX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5E. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-R5E (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-5E</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>25</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.51<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 25 0.0051 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund <div style="display:inline;">statistics</div></div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1656589.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class R-5 RMDTX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-R5 (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a hypothetical $10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-5</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>21</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.43<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 21 0.0043 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;"><div style="display:inline;">Portfolio </div>holdings by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1657381.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 American Funds® Multi-Sector Income Fund Class R-6 RMDUX This semi-annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R6. You can also request this information by contacting us at (800) 421-4225. capitalgroup.com/mutual-fund-literature-R6 (800) 421-4225 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><div style="margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; font-family: 'Arial'; font-size: 10pt; font-weight: normal; line-height: 13pt; color: rgb(0, 0, 0);"><div style="font-family: 'Times New Roman'; font-size: 11pt; line-height: 13pt; color: rgb(0, 95, 158);font-weight:bolder;display:inline;width:100%;">What were the fund costs for the last six months?</div> (based on a <div style="display:inline;">hypothetical </div>$10,000 investment)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 4pt;"><table style="text-align:start; break-inside: avoid-page; page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; margin-bottom: 3pt;"><tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; background-color: rgb(0, 95, 158); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; height: 19.008pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt; width: 126.9pt;">Share class</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; width: 171.072pt; padding-right: 6pt; padding-bottom: 3pt; padding-left: 6pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); border-right-color: rgb(255, 255, 255); border-right-style: solid; border-right-width: 0.5pt;">Costs of a $10,000 investment</td><td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 3pt; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; line-height: 10pt; text-align: center; vertical-align: middle; color: rgb(255, 255, 255); width: 267.948pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; border-right-color: initial; border-right-style: none; border-right-width: initial;">Costs paid as a percentage of a $10,000 investment</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: 20pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; padding-right: 6pt; padding-left: 6pt; width: 126.9pt; vertical-align: bottom;">Class R-6</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; width: 171.072pt; padding-right: 6pt; padding-left: 6pt; vertical-align: bottom;"><div style="float: none;display:inline;">$</div>19</td><td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; line-height: 10pt; text-align: center; white-space: nowrap; width: 267.948pt; padding-right: 0; padding-left: 0; vertical-align: bottom;">0.37<div style="display:inline;">%</div><div style="font-size: smaller; vertical-align: super;display:inline;">*</div></td></tr></table></div><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 8.5pt;">*Annualized.</div> 19 0.0037 <div style="margin-top: 8pt; margin-right: 0; margin-bottom: 3pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 11pt; letter-spacing: normal; color: rgb(0, 95, 158);">Key fund statistics</div><table style="text-align:start; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt; border-top-color: rgb(153, 153, 153); border-top-style: solid; border-top-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Fund net assets (in millions)</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;"><div style="float: none;display:inline;">$</div>22,540</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Total number of portfolio holdings</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">2,381</td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate including<br/>mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">35<div style="display:inline;">%</div></td></tr><tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(153, 153, 153); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; text-align: left; width: 70%; font-weight: normal;">Portfolio turnover rate excluding mortgage dollar roll transactions</td><td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-top: 3pt; padding-bottom: 3pt; line-height: 9pt; padding-right: 0; padding-left: 0; white-space: nowrap;">34<div style="display:inline;">%</div></td></tr></table> 22540000000 2381 0.35 <div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 7.5pt;"><div style="font-weight: normal; color: rgb(0, 0, 0); margin-top: 8pt; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 10pt; font-family: 'Arial'; font-size: 10pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding-left: 27pt;"><div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 11pt; line-height: 11pt; letter-spacing: normal; text-transform: none; text-align: left; color: rgb(0, 95, 158); margin-top: 10pt; margin-bottom: 3pt; padding-bottom: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;font-weight:bolder;display:inline;">Portfolio holdings by asset type</div> (percent of net assets)</div></div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding-left: 25pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1656809.jpg" style="display: block; width: 300pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"><div style="margin-top: 0; margin-right: 0; margin-bottom: 4pt; margin-left: 0; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; line-height: 9pt; padding-left: 157pt;"><div style="font-size: smaller; vertical-align: super;display:inline;">*</div>Less than 0.01%.<br/><div style="font-size: smaller; vertical-align: super;display:inline;">†</div>Includes derivatives.</div></div> <div style="margin-top: 0; margin-right: 0; margin-bottom: 2.0016pt; margin-left: 0; font-family: 'Times New Roman'; font-weight: bold; font-size: 11pt; line-height: 12pt; color: rgb(0, 95, 158);">Changes in and disagreements with accountants</div><div style="margin-top: 0; margin-right: 0; margin-bottom: 8pt; margin-left: 0; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: 11pt;">On December 10, 2025, Deloitte &amp; Touche LLP (“D&amp;T”) was dismissed and PricewaterhouseCoopers LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&amp;T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.</div> 2025-12-10 Less than 0.01%. Includes derivatives. Annualized.