Multi-Asset / Allocation
American Funds® Retirement Income Portfolio — Conservative
A focus on income and conservation of capital. This portfolio is designed for retirees who desire a potentially lower level of downside risk in exchange for a potentially lower level of income and growth of capital.
Overview
Key information
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 conservation of capital.
Types of investments
The underlying American Funds will typically seek to generate income from their investments, as the Conservative Portfolio is weighted more toward fixed-income securities and will also consist of equity-income and balanced funds. The fund may also invest in growth-and-income funds. Through its investments in the underlying funds, the fund will have significant exposure to fixed-income securities and to dividend-paying common stocks.
Distinguishing characteristics
The fund will invest in a mix of American Funds in varying combinations and weightings over time. The Conservative Portfolio is designed to produce current income with somewhat less volatility than the other two portfolios in the American Funds Retirement Income Portfolio Series. This approach is likely to lead to less downside risk, but also currently offers investors a lower level of current income and long-term growth potential.
Key facts
Fund inception
8/28/15
Fund assets (millions)
$1,416.2
As of 5/31/26 (updated monthly)
Shareholder accounts
155
As of 5/31/26 (updated monthly)
Issuers (#)
—
As of — (updated monthly)
One-year turnover (%)tooltip: Portfolio turnover is the portion of a portfolio's holdings sold and replaced with new securities annually, usually expressed as a percentage of the portfolio's total assets. For example, a portfolio with a turnover of 25% holds assets for an average of about four years, while a portfolio with a turnover of 100% holds assets for one year. 6
6.0
Minimum initial investment
$0
Regular dividends paid 5
March, June, Sep., Dec.
Capital gains paid 5
Dec.
Fiscal year-end
October
Prospectus date
1/1/26
CUSIP
02631L 85 8
Fund number
26109
Portfolio Solutions Committee9
Years with Capital Group
Years of investment industry experience
24
27
13
32
32
24
4
26
26Portfolio Solutions Committee9
Years with Capital Group
Years of investment industry experience
24
27
13
32
3224
4
26
26A distinctive investment approach
The Capital System is designed to deliver superior investment results. Across asset classes, we believe in collaborative research to yield deeper insights, diverse perspectives from multiple portfolio managers and analysts, and a long-term view to decision-making.
Returns
Investment results1, 2
Total returns for periods ended 5/31/26 (%)
- ●NAV
- ●Index
| FUND | Daily YTD | 1M | 3M | YTD | 1Y | 3Y | 5Y | 10Y | Lifetime |
|---|
Index data refers to the S&P Target Date Retirement Income Indextooltip: The S&P Target Date Retirement Income Index, a component of the S&P Target Date Index Series, has an asset allocation and glide path that represent a market consensus across the universe of target date fund managers. The index is fully investable, with varying levels of exposure to the asset classes determined during an annual survey process of target date funds' holdings. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes..
Daily YTD as of 6/12/26.
Fund inception: 8/28/15. The index lifetime return is based on the inception date of the fund.
Ratings are based on risk-adjusted returns.
Yield
As of 5/31/26 (updated monthly, %)
| 12-month distribution rate (at NAV)tooltip: The income per share paid by the fund over the past 12 months to an investor from dividends (including any special dividends). The distribution rate is expressed as a percentage of the current price.7 | 3.48 |
| 30-day SEC yield (gross/net)tooltip: The 30-day SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities calculated according to the standardized SEC formula; when applicable, it reflects the maximum sales charge. If shown, a net yield reflects fee waivers and/or expense reimbursements in effect during the period. Without waivers and/or reimbursements, the yield would be reduced. Gross yield does not adjust for any fee waivers and/or expense reimbursements in effect. | 3.43 / 3.43 |
Risk measures
As of 5/31/26 (updated monthly)
| Standard deviation (%)tooltip: Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility. | |
| RTRPX | 6.60 |
| —tooltip: | — |
| Sharpe ratiotooltip: Sharpe ratios use standard deviation and excess return to determine reward per unit of risk. The higher the number, the better the portfolio's historical risk-adjusted performance. | |
| RTRPX | 0.81 |
| —tooltip: | — |
| R-squared (%)tooltip: R-squared is a measure of the correlation between a particular return and that of a benchmark index. A measure of 100 indicates that all of the return can be explained by movements in the benchmark. Generally the higher the R-squared measure, the more reliable the beta measurement will be. | 94.01 |
| Alphatooltip: Alpha is a measure of the difference between a portfolio's actual returns and its expected results, given its level of risk as measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha indicates the portfolio has underperformed, given the expectations established by beta. | 0.39 |
| Betatooltip: Beta relatively measures sensitivity to market movements over a specified period of time. The beta of the market (represented by the benchmark index) is equal to 1; a beta higher than 1 implies that a return was more volatile than the market. A beta lower than 1 suggests that a return was less volatile than the market. Generally the higher the R-squared measure, the more reliable the beta measurement will be. | 1.01 |
| Information ratiotooltip: The information ratio represents the excess return generated (over the market) per unit of relative risk as measured by tracking error. | 0.30 |
| Downside capture ratio (%)tooltip: Ratio of a portfolio/composite's return during periods when the index was down, divided by the return of the index during those periods. For example, during periods when the index was down, a down-capture ratio greater than 100 indicates the portfolio/composite produced a lower return than the index. | 102 |
| Upside capture ratio (%)tooltip: Ratio of a portfolio/composite's return during periods when the index was up, divided by the return of the index during those periods. For example, an up-capture ratio greater than 100 indicates the portfolio/composite produced a higher return than the index during periods when the index was up. | 104 |
| Tracking error (%)tooltip: The tracking error is the standard deviation of the difference between the returns of an investment and its benchmark. | 1.62 |
| S&P 500 correlationtooltip: Correlation describes the strength of the association between a return and a benchmark. Correlation is shown on a scale from 1 to -1. The higher the positive correlation, the more closely the return and the benchmark moved relative to one another. The lower the negative correlation, the more the return and the benchmark diverged from one another. | 0.74 |
| MSCI ACWI correlationtooltip: Correlation describes the strength of the association between a return and a benchmark. Correlation is shown on a scale from 1 to -1. The higher the positive correlation, the more closely the return and the benchmark moved relative to one another. The lower the negative correlation, the more the return and the benchmark diverged from one another. | 0.83 |
Data calculated against the —tooltip: unless noted otherwise.
Prices & distributions
As of 6/12/26
- Price at nav ($)
- Price change ($)
- Price change (%)
| YTD dividends subtotal | $0.0772 |
| YTD cap gains subtotal | $0.00 |
| YTD total distributions | $0.0772 |
Find Historical Prices
Find Historical Distributions
Portfolio composition
Asset mix8
As of 5/31/26 (updated monthly, %)
U.S. Equities | 26.2 |
|---|---|
Non-U.S. Equities | 12.9 |
U.S. Bonds | 50.1 |
Non-U.S. Bonds | 5.8 |
Cash, Equivalents & Other11 | 4.8 |
U.S. Equities | 26.2 |
|---|---|
Non-U.S. Equities | 12.9 |
U.S Bonds | 50.1 |
Non-U.S. Bonds | 5.8 |
Cash, Equivalents & Other | 4.8 |
Key statistics
As of 5/31/26 (updated monthly)
RTRPX | |
|---|---|
Yield to worst (%)tooltip: Lower of Yield to Maturity or the bond's total return if put or call options are exercised prior to maturity but no default occurs. | 5.2 |
Yield to maturity (%)tooltip: A bond's total return if held to maturity and no default occurs or options are exercised. Assumes coupons are paid on time and accounts for their present value. Assumes principal is returned at maturity. | 5.3 |
Average coupon (%)tooltip: The average coupon is the weighted average coupon rate of all the bond holdings. | 4.3 |
Effective duration (years)tooltip: Effective duration is a duration calculation for bonds that takes into account that expected cash flows will fluctuate as interest rates change. | 6.2 |
Spread duration (years)tooltip: A measure of fixed income securities' sensitivity to spread movement. | 3.2 |
Option adjusted spread (bps)tooltip: Option-adjusted spread is a yield-spread calculation used to value securities with embedded options. | 65 |
Duration times spread (bps)tooltip: A measure of fixed income securities' spread exposure, taking into account both spread duration and credit spread exposure. | 279 |
Morningstar Ownership Zone™12
As of 3/31/26 (updated quarterly)
Value
Blend
Growth
Large
Mid
Small
Large Value
Weighted average of holdings
75% of fund's stock holdings
Morningstar Style Box™13
As of 3/31/26 (updated quarterly)
Valuation
As of 3/31/26 (updated quarterly)
| RTRPX | INDEX | |
|---|---|---|
| Price/Booktooltip: Price-to-book ratio compares a stock's market value to the value of total assets less total liabilities (book value). Adjusted for stock splits. | 2.8 | 2.8 |
| Price/Cash flowtooltip: Price-to-cash-flow (P/C) ratio is the average price to cash flow ratio of the individual stocks within a fund/model. | 10.6 | 11.5 |
| Price/Earningstooltip: Price-to-earnings (P/E) ratio takes the current price of a stock divided by its earnings per share. The ratio reflects the cost of a given stock per dollar of current annual earnings and is the most common measure of a stock's expense. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting. | 16.4 | 17.0 |
Index data refers to the S&P Target Date Retirement Income Indextooltip: The S&P Target Date Retirement Income Index, a component of the S&P Target Date Index Series, has an asset allocation and glide path that represent a market consensus across the universe of target date fund managers. The index is fully investable, with varying levels of exposure to the asset classes determined during an annual survey process of target date funds' holdings. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes..
Portfolio exposures8
As of 5/31/26 (updated monthly, percent)
| Sectors and top holdings | RTRPX (percent) | INDEX (percent) | |
|---|---|---|---|
| Energy | 7.1 | — | |
| Materials | 5.4 | — | |
| Industrials | 10.3 | — | |
| Consumer discretionary | 6.8 | — | |
| Consumer staples | 9.2 | — | |
| Health care | 12.2 | — | |
| Financials | 16.0 | — | |
| Information technology | 18.3 | — | |
| Communication services | 5.1 | — | |
| Utilities | 7.2 | — | |
| Real estate | 2.4 | — |
Index data refers to the tooltip: .
Fees & expenses
Fees
As of the most recent prospectus (%)
Annual management fees | 0.00 |
|---|---|
Other expenses | 0.02 |
Acquired (underlying) fund fees and expenses | 0.28 |
12b-1 | n/a |
Expense ratio
Values shown as percentages (%)
RTRPX (gross/net)3 | 0.30/0.30 |
|---|---|
Morningstar Moderately Conservative Allocation Retirement, Large median15 As of 3/31/26 (updated quarterly) | 0.57 |
Resources
Literature
Dates as of posting
Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Investing for short periods makes losses more likely.
Prices and returns will vary, so investors may lose money.
View mutual fund expense ratios and returns.
View current mutual fund SEC yields.
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 mutual fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.
Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch, as an indication of an issuer's creditworthiness.
Unless otherwise noted below, if agency ratings differ, a security will be considered to have received the highest of those ratings, consistent with applicable investment policies. Securities in the Unrated category have not been rated by any of the rating agencies referenced above; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with applicable investment policies.
Bond ratings for the American Funds Portfolio Series relate to the securities held by the portfolios' underlying mutual funds, and if agency ratings of those holdings differ, the security will be considered to have received the highest of those ratings.
The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds.
Interests in Capital Group's U.S. Government Securities portfolios are not guaranteed by the U.S. government.
Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.
The return of principal for bond portfolios and portfolios with significant underlying bond holdings is not guaranteed. Investments are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings.
While not directly correlated to changes in interest rates, the values of inflation-linked bonds generally fluctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations.
Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries.
Payments consisting of return of capital will result in a decrease in an investor's fund share balance. Higher rates of withdrawal and withdrawals during declining markets may result in a more rapid decrease in an investor's fund share balance. Persistent returns of capital could ultimately result in a zero account balance.
Allocations may not achieve investment objectives. The portfolios' risks are related to the risks of the underlying funds as described herein, in proportion to their allocations.
Capital Group offers some funds in a range of share classes designed to meet the needs of retirement plan sponsors and participants. The different share classes incorporate varying levels of financial professional compensation and service provider payments.
Because Class R-6 shares do not include any recordkeeping payments, expenses are lower and results are higher. Other share classes that include recordkeeping costs have higher expenses and lower results than Class R-6.
There have been periods when the results lagged the index(es) and/or average(s).
The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
Each S&P Index ("Index") shown is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2026 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.
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.
Portfolios are managed, so holdings will change.
Totals may not reconcile due to rounding and/or cash flows.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses.
When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower and net expenses higher.
For mutual funds, read details about how waivers and/or reimbursements affect the results for each fund.
View results and yields without fee waiver and/or expense reimbursement.
1.
YTD (year-to-date return): For the period from January 1 of the current year to the date shown or from inception date if first offered after January 1 of the current year.
2.
When applicable, returns for less than one year are not annualized, but calculated as cumulative total returns.
3.
Expense ratios are as of each fund's prospectus/characteristics statement, as applicable, available at the time of publication.
4.
Market capitalization data is provided by FactSet. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.
5.
The months indicated for dividends and capital gains paid represent the anticipated current year ex-dividend date schedule for all share classes.
6.
Portfolio turnover is as of the most recent prospectus/characteristics statement, as applicable.
7.
The distribution rate reflects the fund's past dividends paid to shareholders and may differ from the fund's SEC yield which reflects the rate at which the fund is earning income on its current portfolio of securities. The distribution rate reflects fee waivers and/or expense reimbursements in effect during the period. Without waivers and/or reimbursements, it would be reduced.
8.
Figures are based on holdings of the underlying funds, if applicable, as of date shown.
9.
Reflects current team at the time of publication. Years of experience in investment industry and Capital Group are as of the most recent year end.
10.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past results are not a guarantee of results in future periods. The Morningstar Ratings are based on the share classes of each underlying fund held by the series; other underlying fund share classes may have different performance characteristics.
11.
Includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
12.
The Morningstar Ownership Zone™ provides detail about a portfolio's equity investment style by showing the range of stock sizes and styles. A portfolio's Ownership Zone™ is derived by plotting each stock in the fund's portfolio within the proprietary Morningstar Style Box™. The shaded area represents the center 75% of the fund's assets, and it provides an intuitive visual representation of the area of the market in which the fund invests. A "centroid" plot in the middle of the Ownership Zone represents the weighted average of all the fund's holdings. A fund that is concentrated will have a small ownership zone relative to the area of the style box, and broadly diversified fund will have an ownership zone that stretches across many sizes and style. Over a period of time, the shape and location of a fund's ownership zone may vary.
13.
Read more information about Morningstar Style Box methodology.
The model for the fixed-income style box is based on the two pillars of fixed-income performance: interest-rate sensitivity and credit quality. The three interest sensitivity groups are limited, moderate and extensive and the three credit quality groups are high, medium and low. These groupings display a portfolio's effective duration and third party credit ratings to provide an overall representation of the fund's risk orientation given the sensitivity to interest rate and credit rating of bonds in the portfolio.
14.
Rating exposure ”Other” may include equities, rights, warrants, preferreds, convertibles, forwards and FX (foreign exchange) options.
15.
Source for Morningstar expense ratio comparison: Morningstar, based on Morningstar Moderately Conservative Allocation Retirement, Large median funds' most recent fiscal year-ends available as of the most recent quarter-end.
Use of this website is intended for U.S. residents only. Use of this website and materials is also subject to approval by your home office.
Capital Client Group, Inc.
This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.
© 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, its content providers nor Capital Group are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Information is calculated by Morningstar. When applicable, due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.