Fund Details

My Accounts

Purchase Restrictions: Class R-2 shares are available in certain employer-sponsored retirement plans. See the prospectus for details.

Summary

Internal Prompt

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.

Price at NAV $10.98 as of 6/06/2023 (updated daily)

Fund Assets (millions) $1,305.6

Portfolio Solutions Committee Members

Expense Ratio

1.30%

Prospectus (PDF)

Underlying Funds

	Growth-and-Income	7%
	American Mutual Fund ®	7%
	Equity-Income/Balanced	45%
	Capital Income Builder ®	14%
	The Income Fund of America ®	19%
	American Balanced Fund ®	8%
	American Funds Global Balanced Fund ^SM	4%
	Bond	48%
	American Funds Inflation Linked Bond Fund ®	6%
	American Funds Strategic Bond Fund ^SM	10%
	The Bond Fund of America ®	25%
	U.S. Government Securities Fund ®	7%

As of 4/30/2023 (updated monthly)

QUARTERLY HOLDINGS

Asset Mix

	U.S. Equities26.1%		Non-U.S. Equities11.0%
	U.S. Bonds52.0%		Non-U.S. Bonds5.6%
	Cash & Equivalents 5.3%

	U.S. Equities26.1%
	Non-U.S. Equities11.0%
	U.S. Bonds52.0%
	Non-U.S. Bonds5.6%
	Cash & Equivalents 5.3%

As of 4/30/2023 (updated monthly)

Fund Statistics

5.9 years

Effective Duration

4.7%

Average Yield
to Worst

2.9%

Average Coupon

% of net assets as of 3/31/2023 (updated quarterly)

Market Capitalization

84.2%

Large

15.1%

Medium

0.8%

Small

$88,459.30 Million

Weighted Average

As of 3/31/2023 (updated quarterly). Morningstar data as of 3/31/2023 (updated quarterly).

Growth of 10K
High & Low Prices

Growth of 10K

Read important investment disclosures

High & Low Prices

Internal Prompt

Returns at NAV
Returns with Sales Charge

Returns at NAV

Read important investment disclosures

-4.01%

1-year return

2.94%

5-year return

3.55%

Lifetime return (8/28/15)

1.45%

30-Day SEC Yield

Returns as of 5/31/23 (updated monthly). Yield as of 4/30/23 (updated monthly).

Returns with Sales Charge

Description

Fund 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.

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.

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.

Fund Facts

Fund Inception	8/28/2015
Fund Assets (millions) As of 4/30/2023	$1,305.6
Companies/Issuers Holdings are as of 3/31/2023 (updated quarterly).	2003+
Shareholder Accounts Shareholder accounts are as of 4/30/2023	46
Regular Dividends Paid	Mar, Jun, Sep, Dec

Minimum Initial Investment	$0
Capital Gains Paid	Dec
Portfolio Turnover (2022)	15%
Fiscal Year-End	Oct
Prospectus Date	01/01/2023
CUSIP	02631L 70 0
Fund Number	22109

Returns LEARN ABOUT THE SYSTEM BEHIND OUR RESULTS

Internal Prompt

Month-End Returns as of 5/31/23
Quarter-End Returns as of 3/31/23

ANNUAL RETURNS CHART

Month-End Returns as of 5/31/23

Returns at NAV

| With Sales Charge

Read important investment disclosures

RDRPX

S&P Target Date Retirement Income Index

ANNUAL RETURNS CHART

Quarter-End Returns as of 3/31/23

Internal Prompt

Volatility & Return

Read important investment disclosures

Volatility & Return chart is not available for funds less than 10 years old.

Internal Prompt

Yield

	12-month
	Distribution Rates	30-day SEC Yield
Fund at NAV	2.50%	1.45%
Fund at MOP	N/A	N/A

As of 4/30/2023 (updated monthly)

Valuation

	Price/	Price/	Price/
	Book	Cash Flow	Earnings
Fund	2.41	8.31	13.79
S&P Target Date Retirement Income Index	2.00	7.50	14.50

Fund as of 3/31/23. Index as of 3/31/23.

Portfolio Solutions Committee

Years of Experience with Fund

Years of Experience with Capital Group

Years of Experience with Investment Industry

Alan N. Berro 37 32 8

Michelle J. Black 28 21 3

Samir Mathur 30 10 3

Wesley K. Phoa 29 24 8

John R. Queen 33 21 3

William L. Robbins 31 28 3

Andrew B. Suzman 29 29 8

Alan N. Berro	8	32	37
Michelle J. Black	3	21	28
Samir Mathur	3	10	30
Wesley K. Phoa	8	24	29
John R. Queen	3	21	33
William L. Robbins	3	28	31
Andrew B. Suzman	8	29

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 Rating^TM Funds rated(433)
3-yr. Morningstar Rating^TM (433 funds rated)
5-yr. Morningstar Rating^TM (410 funds rated)
10-yr. Morningstar Rating^TM (-- funds rated)	--
Overall Morningstar Risk	Low HIGH LOW
Category	Moderately Conservative Allocation

ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS

Ratings are based on risk-adjusted returns as of 5/31/2023 (updated monthly).

Risk Measures

		Fund
Standard Deviation		7.84
Sharpe Ratio		0.20
For the 5 Years ending 5/31/23 (updated monthly).
American Funds Benchmark		Morningstar Benchmark
S&P Target Date Retirement Income Index		Morningstar Mod Tgt Risk TR USD
R-squared	95	94
Beta	1.04	0.63
Capture Ratio (Downside/Upside)	108/106	64/64
American Funds Benchmark for the 5 Years ending 3/31/23 (updated quarterly). Morningstar Benchmark for the 5 Years ending 5/31/23 (updated monthly).

Quality Summary

Read important investment disclosures

U.S. Treasuries/Agencies

22.9%

AAA/Aaa

14.9%

AA/Aa

2.4%

4.8%

BBB/Baa

7.2%

BB/Ba

2.4%

0.7%

CCC & Below

0.3%

Unrated

0.8%

Cash & equivalents

7.0%

% of net assets as of 3/31/2023 (updated quarterly)

Average Life Breakdown

0-4.9 Years

25.7%

5-9.9 Years

21.8%

10-19.9 Years

3.7%

20-29.9 Years

4.8%

30+ Years

0.2%

% of net assets as of 3/31/2023 (updated quarterly)

Holdings

Equities Breakdown
Bonds Breakdown

Equities Breakdown

Sectors | Top Industries

Equity Fund Holdings

	Financials 5.7%
	Health care 5.6%
	Consumer staples 4.5%
	Industrials 4.2%
	Information technology 3.9%
	Energy 2.8%
	Utilities 2.4%
	Real estate 2.3%
	Consumer discretionary 2.0%
	Communication services 1.8%
	Materials 1.7%

% of net assets as of 3/31/2023 (updated quarterly)

Bonds Breakdown

Total bond holdings

U.S. government & government agency bonds & notes 23.0%

Corporate bonds, notes & loans + 15.2%

Financials	4.1%
Health Care	1.7%
Consumer discretionary	1.6%
Utilities	1.6%
Telecommunication services	1.4%
Energy	1.3%
Industrials	1.3%
Consumer staples	0.8%
Information technology	0.5%
Materials	0.5%
Other corporate bonds, notes & loans	0.4%

Mortgage-backed obligations + 14.1%

Asset-backed obligations 2.2%

Non-U.S. government/agency securities 1.4%

Municipal securities 0.4%

% of net assets as of 3/31/2023 (updated quarterly)

Go to the underlying fund pages to see detailed holdings information.

Growth-and-Income Funds
- American Mutual Fund ®
Equity-Income/Balanced Funds
Bond Funds

Geographic Breakdown

Regions

United States

76.8%

Europe

8.6%

Asia & Pacific Basin

3.8%

Other (Including Canada & Latin America)

3.9%

Cash & equivalents

6.9%

% of net assets as of 3/31/2023 (updated quarterly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End
Historical Prices Year-End

FIND HISTORICAL PRICES

Historical Prices Month-End

2023

FIND HISTORICAL PRICES

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 06/06/23

Historical Distributions as of 06/06/23

2023

Record Date	Calculated Date	Pay Date	Income Dividend Regular	Income Dividend Special	Cap. Gains Long-Term	Cap. Gains Short-Term	Reinvest NAV
03/30/23	03/30/23	03/31/23	$0.0471	$0.00	$0.00	$0.00	$10.99
		2023 Year-to-Date:	Dividends Subtotal: $0.0471		Cap Gains Subtotal: $0.00
			Total Distributions: $0.0471

Rate	As of Date
0.00000000	03/31/2023
0.00000000	04/03/2023
0.00000000	04/04/2023
0.00000000	04/05/2023
0.00000000	04/06/2023
0.00000000	04/10/2023
0.00000000	04/11/2023
0.00000000	04/12/2023
0.00000000	04/13/2023
0.00000000	04/14/2023
0.00000000	04/17/2023
0.00000000	04/18/2023
0.00000000	04/19/2023
0.00000000	04/20/2023
0.00000000	04/21/2023
0.00000000	04/24/2023
0.00000000	04/25/2023
0.00000000	04/26/2023
0.00000000	04/27/2023
0.00000000	04/28/2023
0.00000000	05/01/2023
0.00000000	05/02/2023
0.00000000	05/03/2023
0.00000000	05/04/2023
0.00000000	05/05/2023
0.00000000	05/08/2023
0.00000000	05/09/2023
0.00000000	05/10/2023
0.00000000	05/11/2023
0.00000000	05/12/2023
0.00000000	05/15/2023
0.00000000	05/16/2023
0.00000000	05/17/2023
0.00000000	05/18/2023
0.00000000	05/19/2023
0.00000000	05/22/2023
0.00000000	05/23/2023
0.00000000	05/24/2023
0.00000000	05/25/2023
0.00000000	05/26/2023
0.00000000	05/30/2023
0.00000000	05/31/2023
0.00000000	06/01/2023
0.00000000	06/02/2023
0.00000000	06/05/2023
0.00000000	06/06/2023

FIND HISTORICAL DISTRIBUTIONS

Rate		As of-Date
0.00000000		03/31/2023
0.00000000		04/03/2023
0.00000000		04/04/2023
0.00000000		04/05/2023
0.00000000		04/06/2023
0.00000000		04/10/2023
0.00000000		04/11/2023
0.00000000		04/12/2023
0.00000000		04/13/2023
0.00000000		04/14/2023
0.00000000		04/17/2023
0.00000000		04/18/2023
0.00000000		04/19/2023
0.00000000		04/20/2023
0.00000000		04/21/2023
0.00000000		04/24/2023
0.00000000		04/25/2023
0.00000000		04/26/2023
0.00000000		04/27/2023
0.00000000		04/28/2023
0.00000000		05/01/2023
0.00000000		05/02/2023
0.00000000		05/03/2023
0.00000000		05/04/2023
0.00000000		05/05/2023
0.00000000		05/08/2023
0.00000000		05/09/2023
0.00000000		05/10/2023
0.00000000		05/11/2023
0.00000000		05/12/2023
0.00000000		05/15/2023
0.00000000		05/16/2023
0.00000000		05/17/2023
0.00000000		05/18/2023
0.00000000		05/19/2023
0.00000000		05/22/2023
0.00000000		05/23/2023
0.00000000		05/24/2023
0.00000000		05/25/2023
0.00000000		05/26/2023
0.00000000		05/30/2023
0.00000000		05/31/2023
0.00000000		06/01/2023
0.00000000		06/02/2023
0.00000000		06/05/2023
0.00000000		06/06/2023

Fees & Expenses

Internal Prompt

Fees


Annual Management Fees	0.00%
Other Expenses	0.29%
Acquired (Underlying) Fund Fees and Expenses	0.26%
Service 12b-1	0.75%

As of each fund's most recent prospectus.

Internal Prompt

Expense Ratio

RDRPX	1.30%
Lipper Retirement Income Funds Average	--%

Fund as of most recent prospectus. Lipper Category as of -- (updated quarterly).

Resources

Prospectuses & Reports for RDRPX

Quarterly Fund Fact Sheet (PDF) 05/23
Single Sheet (PDF) 01/22
Summary Prospectus (PDF) 01/23
Prospectus (PDF) 01/23
Statement of additional information (PDF) 01/23
Semi-Annual Report (PDF) 06/22
Annual Report (PDF) 12/22

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Investment Fund

American Funds Retirement Income Portfolio - Conservative SM (RDRPX)

Summary

Underlying Funds

Asset Mix

Fund Statistics