American Funds Retirement Income Portfolio Series
American Funds Retirement Income Portfolio —
Conservative
Investment portfolio
July 31, 2026
unaudited
Fund investments
Growth-and-income funds 7%
Shares
Value
(000)
American Mutual Fund, Class R-6
1,538,868
$99,796
Equity-income funds 33%
 
 
Capital Income Builder, Class R-6
3,067,692
257,472
The Income Fund of America, Class R-6
7,662,170
214,234
 
471,706
Balanced funds 12%
 
 
American Balanced Fund, Class R-6
2,787,175
112,741
American Funds Global Balanced Fund, Class R-6
1,341,347
57,262
 
170,003
Fixed income funds 48%
 
 
The Bond Fund of America, Class R-6
19,110,697
211,555
Intermediate Bond Fund of America, Class R-6
11,375,847
141,288
American Funds Multi-Sector Income Fund, Class R-6
12,230,957
112,647
American Funds Inflation Linked Bond Fund, Class R-6
7,424,844
70,091
U.S. Government Securities Fund, Class R-6
5,999,815
70,078
American Funds Strategic Bond Fund, Class R-6
7,811,298
69,911
 
675,570
Total investment securities 100% (cost: $1,252,516,000)
1,417,075
Other assets less liabilities 0%
(332
)
Net assets 100%
$1,416,743
American Funds Retirement Income Portfolio Series — Page 1 of 7
unaudited
Investments in affiliates (a)
 
 
Value at
11/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
7/31/2026
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth-and-income funds 7%
American Mutual Fund, Class R-6
$93,344
$10,135
$8,346
$697
$3,966
$99,796
$1,415
$5,327
Equity-income funds 33%
Capital Income Builder, Class R-6
241,015
20,173
19,544
2,081
13,747
257,472
6,412
10,955
The Income Fund of America, Class R-6
200,981
20,850
13,144
572
4,975
214,234
6,735
11,625
 
471,706
Balanced funds 12%
American Balanced Fund, Class R-6
107,630
11,873
10,668
1,300
2,606
112,741
2,107
5,817
American Funds Global Balanced Fund, Class R-6
54,317
3,141
1,659
101
1,362
57,262
1,051
2,072
 
170,003
Fixed income funds 48%
The Bond Fund of America, Class R-6
202,475
21,757
5,037
(180
)
(7,460
)
211,555
6,881
—
Intermediate Bond Fund of America, Class R-6
67,669
76,743
720
(6
)
(2,398
)
141,288
2,471
—
American Funds Multi-Sector Income Fund, Class R-6
108,289
9,372
1,529
(24
)
(3,461
)
112,647
5,254
—
American Funds Inflation Linked Bond Fund, Class R-6
67,352
6,189
747
(19
)
(2,684
)
70,091
2,403
—
U.S. Government Securities Fund, Class R-6
67,440
5,697
312
(8
)
(2,739
)
70,078
2,250
—
American Funds Strategic Bond Fund, Class R-6
134,663
12,731
71,921
(12,163
)
6,601
69,911
4,396
—
 
675,570
Total 100%
$(7,649
)
$14,515
$1,417,075
$41,375
$35,796
 
(a)
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Retirement Income Portfolio Series — Page 2 of 7
American Funds Retirement Income Portfolio —
Moderate
Investment portfolio
July 31, 2026
unaudited
 
Fund investments
Growth-and-income funds 12%
Shares
Value
(000)
Capital World Growth and Income Fund, Class R-6
1,535,403
$124,291
American Mutual Fund, Class R-6
1,381,360
89,581
 
213,872
Equity-income funds 38%
 
 
The Income Fund of America, Class R-6
12,649,212
353,672
Capital Income Builder, Class R-6
3,802,836
319,172
 
672,844
Balanced funds 20%
 
 
American Balanced Fund, Class R-6
6,499,858
262,920
American Funds Global Balanced Fund, Class R-6
2,065,781
88,188
 
351,108
Fixed income funds 30%
 
 
American Funds Multi-Sector Income Fund, Class R-6
16,927,618
155,903
The Bond Fund of America, Class R-6
12,447,957
137,799
U.S. Government Securities Fund, Class R-6
10,286,886
120,151
American Funds Strategic Bond Fund, Class R-6
11,434,651
102,340
 
516,193
Total investment securities 100% (cost: $1,475,405,000)
1,754,017
Other assets less liabilities 0%
(293
)
Net assets 100%
$1,753,724
American Funds Retirement Income Portfolio Series — Page 3 of 7
unaudited
Investments in affiliates (a)
 
 
Value at
11/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
7/31/2026
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth-and-income funds 12%
Capital World Growth and Income Fund, Class R-6
$115,259
$16,866
$15,285
$1,825
$5,626
$124,291
$1,815
$9,537
American Mutual Fund, Class R-6
80,942
6,655
2,080
207
3,857
89,581
1,233
4,584
 
213,872
Equity-income funds 38%
The Income Fund of America, Class R-6
323,915
36,848
16,133
527
8,515
353,672
10,911
18,755
Capital Income Builder, Class R-6
292,258
22,070
14,494
1,632
17,706
319,172
7,807
13,279
 
672,844
Balanced funds 20%
American Balanced Fund, Class R-6
245,051
21,836
12,605
1,312
7,326
262,920
4,818
13,227
American Funds Global Balanced Fund, Class R-6
82,240
4,711
1,001
89
2,149
88,188
1,589
3,122
 
351,108
Fixed income funds 30%
American Funds Multi-Sector Income Fund, Class R-6
146,882
18,578
4,739
(106
)
(4,712
)
155,903
7,198
—
The Bond Fund of America, Class R-6
130,103
15,500
2,836
(71
)
(4,897
)
137,799
4,458
—
U.S. Government Securities Fund, Class R-6
113,753
13,264
2,162
(81
)
(4,623
)
120,151
3,841
—
American Funds Strategic Bond Fund, Class R-6
97,323
10,973
1,094
(45
)
(4,817
)
102,340
3,201
—
 
516,193
Total 100%
$5,289
$26,130
$1,754,017
$46,871
$62,504
 
(a)
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Retirement Income Portfolio Series — Page 4 of 7
American Funds Retirement Income Portfolio —
Enhanced
Investment portfolio
July 31, 2026
unaudited
 
Fund investments
Growth funds 5%
Shares
Value
(000)
AMCAP Fund, Class R-6 (a)
2,528,988
$117,016
Growth-and-income funds 15%
 
 
Capital World Growth and Income Fund, Class R-6
1,737,677
140,665
American Mutual Fund, Class R-6
1,800,044
116,733
International Growth and Income Fund, Class R-6
1,887,262
94,193
 
351,591
Equity-income funds 36%
 
 
Capital Income Builder, Class R-6
5,599,578
469,973
The Income Fund of America, Class R-6
13,425,946
375,389
 
845,362
Balanced funds 25%
 
 
American Balanced Fund, Class R-6
11,512,495
465,681
American Funds Global Balanced Fund, Class R-6
2,738,649
116,913
 
582,594
Fixed income funds 19%
 
 
American Funds Multi-Sector Income Fund, Class R-6
22,688,884
208,965
The Bond Fund of America, Class R-6
10,442,410
115,597
American High-Income Trust, Class R-6
11,899,978
115,549
 
440,111
Total investment securities 100% (cost: $1,899,706,000)
2,336,674
Other assets less liabilities 0%
(580
)
Net assets 100%
$2,336,094
American Funds Retirement Income Portfolio Series — Page 5 of 7
unaudited
Investments in affiliates (b)
 
 
Value at
11/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
7/31/2026
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 5%
AMCAP Fund, Class R-6 (a)
$105,579
$26,140
$7,673
$(96
)
$(6,934
)
$117,016
$—
$13,198
Growth-and-income funds 15%
Capital World Growth and Income Fund, Class R-6
209,544
30,407
112,334
22,655
(9,607
)
140,665
3,348
17,275
American Mutual Fund, Class R-6
103,118
10,690
2,414
185
5,154
116,733
1,586
5,853
International Growth and Income Fund, Class R-6
—
92,513
—
—
1,680
94,193
—
—
 
351,591
Equity-income funds 36%
Capital Income Builder, Class R-6
373,119
82,722
12,543
716
25,959
469,973
10,082
16,979
The Income Fund of America, Class R-6
414,736
57,346
106,097
7,642
1,762
375,389
14,082
23,990
 
845,362
Balanced funds 25%
American Balanced Fund, Class R-6
416,460
50,243
16,113
916
14,175
465,681
8,264
22,518
American Funds Global Balanced Fund, Class R-6
104,510
10,490
1,061
47
2,927
116,913
2,044
3,986
 
582,594
Fixed income funds 19%
American Funds Multi-Sector Income Fund, Class R-6
145,760
73,537
4,657
(57
)
(5,618
)
208,965
7,566
—
The Bond Fund of America, Class R-6
103,795
17,309
1,440
(11
)
(4,056
)
115,597
3,611
—
American High-Income Trust, Class R-6
104,238
15,781
2,243
(17
)
(2,210
)
115,549
5,417
—
 
440,111
Total 100%
$31,980
$23,232
$2,336,674
$56,000
$103,799
 
(a)
Non-income producing.
(b)
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Retirement Income Portfolio Series — Page 6 of 7
unaudited
Valuation disclosures
Security valuation — The net asset value per share of each fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information.
Processes and structure — The series’ board of trustees has designated the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.
Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. As of
July 31, 2026, all of the investment securities held by each fund were classified as Level 1.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectus and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at capitalgroup.com. Fund shares offered through Capital Client Group, Inc.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Capital Client Group, Inc., member FINRA.
© 2026 Capital Group. All rights reserved.
MFGEFP3-825-0926
American Funds Retirement Income Portfolio Series — Page 7 of 7