Investment Fund

Summary

Internal Prompt
Targeting higher growth potential for retirees. This portfolio is designed for retirees who seek a potentially higher level of income and growth of capital in exchange for potentially greater downside risk.
Price at NAV $15.43 as of 1/09/2026 (updated daily)
Fund Assets (millions) $2,116.9
Portfolio Solutions Committee Members
7
Expense Ratio
(Gross/Net %)
0.61 / 0.61%
Quarterly Fund Fact Sheet (PDF)
Prospectus

Asset Mix

U.S. Equities44.5%
Non-U.S. Equities19.6%
U.S. Bonds27.1%
Non-U.S. Bonds4.0%
Cash & Equivalents
4.8%
As of 11/30/2025 (updated monthly)

Fund Statistics

5 years
Effective Duration
5.2%
Average Yield
to Worst
5.3%
Average Coupon
% of net assets as of 11/30/2025 (updated monthly)
Internal Prompt

Volatility & Return

Read important investment disclosures

Equities

For Class A Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the equity funds
NDARX
S&P Target Date Retirement Income Index
Other AF Funds
Standard Deviation as of 12/31/2025 (updated monthly) . Annualized return as of 12/31/2025 (updated monthly) .
VIEW LARGER CHART
Internal Prompt

Returns at NAV

Returns at MOP

Read important investment disclosures
10.43%
1-year return
7.20%
5-year return
7.68%
10-year return
2.19%
30-Day SEC Yield
Returns as of 12/31/25 (updated monthly). Yield as of 11/30/25 (updated monthly).

Description

Objective
The fund strives for the accomplishment of three investment objectives: current income, long-term growth of capital and conservation of capital, with an emphasis on income and growth of capital.
Distinguishing Characteristics
The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in varying combinations and weightings over time. In comparison to the other two portfolios in the American Funds Retirement Income Portfolio Series, the Enhanced Portfolio seeks somewhat higher long-term growth that also entails greater volatility, which in turn results in higher potential downside risk.
Types of Investments
The underlying American Funds will predominately consist of equity funds in the equity-income, balanced and growth-and-income fund categories. The enhanced portfolio will be weighted more toward equity holdings that generate both income and capital appreciation. The fund may also invest in fixed-income funds. Through its investments in the underlying funds, the fund will have significant exposure to both dividend-paying and growth-oriented common stocks.

Fund Facts

Fund Inception 8/28/2015
Fund Assets (millions)
As of 11/30/2025
 $2,116.9
Companies/Issuers
Holdings are as of 11/30/2025 (updated monthly).
 2571+
Shareholder Accounts
Shareholder accounts are as of 11/30/2025
 12,487
Regular Dividends Paid
Mar, Jun, Sep, Dec
Minimum Initial Investment $250
Capital Gains Paid
Dec
Portfolio Turnover (2025) 4%
Fiscal Year-End Oct
Prospectus Date 01/01/2026
CUSIP 02631L 71 8
Fund Number 30111

Returns

Internal Prompt

Month-End Returns as of 12/31/25

Returns at NAV
| at MOP
Read important investment disclosures
NDARX
S&P Target Date Retirement Income Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 12/31/25

Growth of 10K

Read important investment disclosures
For Class A Shares, this chart tracks a hypothetical investment with dividends reinvested, over the last 20 years, or since inception date if the fund has been in existence under 20 years, through 12/31/2023.
NDARX
S&P Target Date Retirement Income Index
VIEW LARGER CHART

High & Low Prices

Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 2.78% N/A
Fund at MOP 2.62% 2.19%
As of 11/30/2025 (updated monthly)

Valuation

Price/ Price/ Price/
Book
Cash Flow
Earnings
Fund 3.05 12.22 17.38
S&P Target Date Retirement Income Index
2.70 11.90 18.20
Fund as of 9/30/25. Index as of 9/30/25.

Portfolio Solutions Committee

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Brittain Ezzes 2 4 28
Samir Mathur 6 13 33
Damien McCann 10 26
Wesley Phoa 10 27 33
John Queen 6 24 36
Andrew Suzman 10 32
Michelle Black 6 24 31
A boldface number indicates that years of experience with Capital Group is equal to years of experience with investment industry.

Ratings & Risk

Morningstar Rating TM


Overall Morningstar RatingTM
Funds rated(464)
3-yr. Morningstar RatingTM
(464 funds rated)
5-yr. Morningstar RatingTM
(444 funds rated)
10-yr. Morningstar RatingTM
(370 funds rated)
Overall Morningstar Risk Below Average
HIGH
LOW
Category
Moderate Allocation
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 12/31/2025 (updated monthly).

Lipper Leader Scorecard

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated
(82)
(82)
(77)
(59)
Expense Within Category
Funds Rated
(7)
(7)
(7)
(7)
Preservation Within Category
Funds Rated
(4144)
(4144)
(3847)
(2779)
Tax Efficiency Within Category
Funds Rated
(82)
(82)
(77)
(59)
Total Return Within Category
Funds Rated
(82)
(82)
(77)
(59)
Category Ret Income Funds
KEY
HIGHEST LOWEST
As of 12/31/2025 (updated monthly)

Risk Measures

Fund
Standard Deviation
9.44
Sharpe Ratio
0.66
For the 10 Years ending 12/31/25 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
S&P Target Date Retirement Income Index
Morningstar Mod Tgt Risk TR USD
R-squared
90 96
Beta
1.46 0.93
Capture Ratio (Downside/Upside)
150/153 93/98
American Funds Benchmark for the 10 Years ending 11/30/25 (updated monthly).
Morningstar Benchmark for the 10 Years ending 12/31/25 (updated monthly).
U.S. Treasuries/Agencies
5.2%
AAA/Aaa
1.9%
AA/Aa
5.9%
A
3.6%
BBB/Baa
4.9%
BB/Ba
5.5%
B
2.5%
CCC & Below
1.0%
Unrated
0.7%
Cash & equivalents
4.8%
% of net assets as of 11/30/2025 (updated monthly)

Average Life Breakdown

0-4.9 Years
19.1%
5-9.9 Years
9.1%
10-19.9 Years
1.3%
20-29.9 Years
1.7%
30+ Years
0.1%
% of net assets as of 9/30/2025 (updated monthly)

Holdings

Equities Breakdown

Sectors | Top Industries
Equity Fund Holdings
 Information technology 13.7%
Financials 10.3%
Industrials 7.4%
Health care 7.3%
Consumer staples 5.0%
Consumer discretionary 4.9%
Communication services 4.7%
Utilities 3.3%
Energy 3.1%
Materials 3.0%
Real estate 1.4%

% of net assets as of 11/30/2025 (updated monthly)

Bonds Breakdown

Geographic Breakdown

Regions
United States
71.5%
Europe
12.3%
Asia & Pacific Basin
6.2%
Other (Including Canada & Latin America)
5.1%
Cash & equivalents
4.8%
% of net assets as of 11/30/2025 (updated monthly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2025

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 01/09/26

FIND HISTORICAL DISTRIBUTIONS
2025
Record
Date		 Calculated
Date		 Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
03/27/25 03/27/25 03/28/25 $0.0831 $0.00 $0.00 $0.00 $13.94
06/26/25 06/26/25 06/27/25 $0.0914 $0.00 $0.00 $0.00 $14.67
09/26/25 09/26/25 09/29/25 $0.0915 $0.00 $0.00 $0.00 $15.28
12/29/25 12/29/25 12/30/25 $0.1809 $0.00 $0.4293 $0.00 $15.21
2025 Year-to-Date: Dividends Subtotal: $0.4469 Cap Gains Subtotal: $0.4293
Total Distributions: $0.8762

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.00%
Other Expenses 0.04%
Acquired (Underlying) Fund Fees and Expenses 0.30%
Service 12b-1 0.27%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

NDARX 0.61%
Lipper Retirement Income Funds Average
--%
Fund as of most recent prospectus. Lipper Category as of -- (updated quarterly).