Fund Details

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 $12.65 as of 8/12/2022 (updated daily)

Fund Assets (millions) $1,519.4

Portfolio Solutions Committee Members

Expense Ratio

0.60%

Quarterly Fund Fact Sheet (PDF)

Prospectus (PDF)

Underlying Funds

	Capital Appreciation	5.2%
	AMCAP Fund ®	5.2%
	Dividend Income and Appreciation	52.8%
	American Mutual Fund ®	5%
	Capital World Growth and Income Fund ®	10%
	Capital Income Builder ®	13.9%
	The Income Fund of America ®	23.9%
	Balanced	25%
	American Balanced Fund ®	20%
	American Funds Global Balanced Fund ^SM	5%
	Income and Preservation	5%
	American Funds Inflation Linked Bond Fund ®	5%
		7%
	American Funds Multi-Sector Income Fund ^SM	7%
	Total Return Fixed Income	5%
	American High-Income Trust ®	5%

As of 7/31/2022 (updated monthly)

QUARTERLY HOLDINGS

Asset Mix

	U.S. Equities43.5%		Non-U.S. Equities16.5%
	U.S. Bonds27.4%		Non-U.S. Bonds4.8%
	Cash & Equivalents 7.8%

	U.S. Equities43.5%
	Non-U.S. Equities16.5%
	U.S. Bonds27.4%
	Non-U.S. Bonds4.8%
	Cash & Equivalents 7.8%

As of 7/31/2022 (updated monthly)

Fund Statistics

5.2 years

Effective Duration

5.2%

Average Yield
to Worst

3.2%

Average Coupon

% of net assets as of 6/30/2022 (updated quarterly)

Market Capitalization

83.8%

Large

14.9%

Medium

1.3%

Small

$88,448.95 Million

Weighted Average

As of 6/30/2022 (updated quarterly). Morningstar data as of 6/30/2022 (updated quarterly).

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Volatility & Return

Read important investment disclosures

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

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Returns at NAV
Returns at MOP

Returns at NAV

Returns at MOP

Read important investment disclosures

-11.03%

1-year return

4.33%

5-year return

5.74%

Lifetime return (8/28/15)

1.92%

30-Day SEC Yield

Returns as of 7/31/22 (updated monthly). Yield as of 7/31/22 (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 7/31/2022	$1,519.4
Companies/Issuers Holdings are as of 6/30/2022 (updated quarterly).	1905+
Shareholder Accounts Shareholder accounts are as of 7/31/2022	11,218
Regular Dividends Paid	Mar, Jun, Sep, Dec

Minimum Initial Investment	$250
Capital Gains Paid	Dec
Portfolio Turnover (2021)	18%
Fiscal Year-End	Oct
Prospectus Date	01/01/2022
CUSIP	02631L 71 8
Fund Number	30111

Returns

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Month-End Returns as of 7/31/22
Quarter-End Returns as of 6/30/22

ANNUAL RETURNS CHART

Month-End Returns as of 7/31/22

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 6/30/22

Growth of 10K
High & Low Prices

Growth of 10K

Read important investment disclosures

For Class A Shares, this chart tracks a hypothetical investment with dividends reinvested through 12/31/2021.

VIEW LARGER CHART

NDARX

S&P Target Date Retirement Income Index

VIEW LARGER CHART

High & Low Prices

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Yield

	12-month
	Distribution Rates	30-day SEC Yield
Fund at NAV	2.47%	N/A
Fund at MOP	2.33%	1.92%

As of 7/31/2022 (updated monthly)

Valuation

	Price/	Price/	Price/
	Book	Cash Flow	Earnings
Fund	2.40	7.77	12.99
S&P Target Date Retirement Income Index	1.90	7.10	13.00

Fund as of 6/30/22. Index as of 6/30/22.

Portfolio Solutions Committee

LEARN ABOUT THE CAPITAL SYSTEM^SM

Years of Experience with Fund

Years of Experience with Capital Group

Years of Experience with Investment Industry

Alan N. Berro 36 31 7

Michelle J. Black 27 20 2

Samir Mathur 29 9 2

Wesley K. Phoa 28 23 7

John R. Queen 32 20 2

William L. Robbins 30 27 2

Andrew B. Suzman 28 28 7

Alan N. Berro	7	31	36
Michelle J. Black	2	20	27
Samir Mathur	2	9	29
Wesley K. Phoa	7	23	28
John R. Queen	2	20	32
William L. Robbins	2	27	30
Andrew B. Suzman	7	28

A boldface number indicates that years of experience with Capital Group is equal to years of experience with investment industry.

Portfolio Composition

Morningstar Rating ^TM

Overall Morningstar Rating^TM Funds rated(707)
3-yr. Morningstar Rating^TM (707 funds rated)
5-yr. Morningstar Rating^TM (647 funds rated)
10-yr. Morningstar Rating^TM (-- funds rated)	--
Overall Morningstar Risk	Below Average HIGH LOW
Category	Allocation--50% to 70% Equity

ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS

Ratings are based on risk-adjusted returns as of 7/31/2022 (updated monthly).

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Lipper Leader Scorecard

	Overall Over-all	3 yr.	5 yr.	10 yr.
Consistent Return Within Category Funds Rated	(73)	(73)	(72)
Expense Within Category Funds Rated	(23)	(23)	(23)
Preservation Within Category Funds Rated	(4604)	(4604)	(4039)
Tax Efficiency Within Category Funds Rated	(73)	(73)	(72)
Total Return Within Category Funds Rated	(73)	(73)	(72)
Category		Ret Income Funds

KEY

HIGHEST

LOWEST

As of 7/31/2022 (updated monthly)

Risk Measures

		Fund
Standard Deviation		10.30
Sharpe Ratio		0.47
For the 5 Years ending 7/31/22 (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	1.58	0.95
Capture Ratio (Downside/Upside)	165/165	98/98
American Funds Benchmark for the 5 Years ending 6/30/22 (updated quarterly). Morningstar Benchmark for the 5 Years ending 7/31/22 (updated monthly).

Quality Summary

Read important investment disclosures

U.S. Treasuries/Agencies

10.0%

AAA/Aaa

4.3%

AA/Aa

1.3%

2.6%

BBB/Baa

4.8%

BB/Ba

5.9%

2.7%

CCC & Below

1.2%

Unrated

0.9%

Cash & equivalents

5.7%

% of net assets as of 6/30/2022 (updated quarterly)

Average Life Breakdown

0-4.9 Years

13.4%

5-9.9 Years

13.8%

10-19.9 Years

1.6%

20-29.9 Years

2.8%

30+ Years

0.1%

% of net assets as of 3/31/2022 (updated quarterly)

Holdings

Equities Breakdown
Bonds Breakdown

Equities Breakdown

Sectors | Top Industries

Equity Fund Holdings

	Health care 9.5%
	Information technology 8.7%
	Financials 8.4%
	Consumer staples 6.7%
	Industrials 5.6%
	Consumer discretionary 4.6%
	Energy 4.4%
	Communication services 3.5%
	Utilities 3.4%
	Real estate 3.2%
	Materials 2.5%

% of net assets as of 6/30/2022 (updated quarterly)

Bonds Breakdown

Total bond holdings

Corporate bonds, notes & loans + 15.9%

Financials	2.5%
Consumer discretionary	2.2%
Energy	2.2%
Telecommunication services	1.7%
Health Care	1.5%
Industrials	1.4%
Materials	1.1%
Utilities	1.1%
Consumer staples	0.8%
Information technology	0.8%
Other corporate bonds, notes & loans	0.6%

U.S. government & government agency bonds & notes 9.7%

Mortgage-backed obligations + 4.3%

Asset-backed obligations 1.6%

Non-U.S. government/agency securities 1.5%

Municipal securities 0.3%

% of net assets as of 6/30/2022 (updated quarterly)

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

Capital Appreciation Funds
- AMCAP Fund ®
Dividend Income and Appreciation Funds
Balanced Funds
- American Balanced Fund ®
- American Funds Global Balanced Fund ^SM
Income and Preservation Funds
- American Funds Inflation Linked Bond Fund ®
Funds
- American Funds Multi-Sector Income Fund ^SM
Total Return Fixed Income Funds
- American High-Income Trust ®

Geographic Breakdown

Regions

United States

72.1%

Europe

11.3%

Asia & Pacific Basin

5.3%

Other (Including Canada & Latin America)

5.6%

Cash & equivalents

5.7%

% of net assets as of 6/30/2022 (updated quarterly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End
Historical Prices Year-End

FIND HISTORICAL PRICES

Historical Prices Month-End

2022

FIND HISTORICAL PRICES

Historical Prices Year-End

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Historical Distributions
as of 08/12/22

Historical Distributions as of 08/12/22

2022

Record Date	Calculated Date	Pay Date	Income Dividend Regular	Income Dividend Special	Cap. Gains Long-Term	Cap. Gains Short-Term	Reinvest NAV
03/30/22	03/30/22	03/31/22	$0.0622	$0.00	$0.00	$0.00	$13.40
06/29/22	06/29/22	06/30/22	$0.0677	$0.00	$0.00	$0.00	$11.96
		2022 Year-to-Date:	Dividends Subtotal: $0.1299		Cap Gains Subtotal: $0.00
			Total Distributions: $0.1299

Rate	As of Date
0.00000000	06/30/2022
0.00000000	07/01/2022
0.00000000	07/05/2022
0.00000000	07/06/2022
0.00000000	07/07/2022
0.00000000	07/08/2022
0.00000000	07/11/2022
0.00000000	07/12/2022
0.00000000	07/13/2022
0.00000000	07/14/2022
0.00000000	07/15/2022
0.00000000	07/18/2022
0.00000000	07/19/2022
0.00000000	07/20/2022
0.00000000	07/21/2022
0.00000000	07/22/2022
0.00000000	07/25/2022
0.00000000	07/26/2022
0.00000000	07/27/2022
0.00000000	07/28/2022
0.00000000	07/29/2022
0.00000000	08/01/2022
0.00000000	08/02/2022
0.00000000	08/03/2022
0.00000000	08/04/2022
0.00000000	08/05/2022
0.00000000	08/08/2022
0.00000000	08/09/2022
0.00000000	08/10/2022
0.00000000	08/11/2022
0.00000000	08/12/2022

FIND HISTORICAL DISTRIBUTIONS

Rate		As of-Date
0.00000000		06/30/2022
0.00000000		07/01/2022
0.00000000		07/05/2022
0.00000000		07/06/2022
0.00000000		07/07/2022
0.00000000		07/08/2022
0.00000000		07/11/2022
0.00000000		07/12/2022
0.00000000		07/13/2022
0.00000000		07/14/2022
0.00000000		07/15/2022
0.00000000		07/18/2022
0.00000000		07/19/2022
0.00000000		07/20/2022
0.00000000		07/21/2022
0.00000000		07/22/2022
0.00000000		07/25/2022
0.00000000		07/26/2022
0.00000000		07/27/2022
0.00000000		07/28/2022
0.00000000		07/29/2022
0.00000000		08/01/2022
0.00000000		08/02/2022
0.00000000		08/03/2022
0.00000000		08/04/2022
0.00000000		08/05/2022
0.00000000		08/08/2022
0.00000000		08/09/2022
0.00000000		08/10/2022
0.00000000		08/11/2022
0.00000000		08/12/2022

Fees & Expenses

Internal Prompt

Fees


Annual Management Fees	0.00%
Other Expenses	0.04%
Acquired (Underlying) Fund Fees and Expenses	0.29%
Service 12b-1	0.27%

As of each fund's most recent prospectus.

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Expense Ratio

NDARX	0.60%
Lipper Retirement Income Funds Average	0.71%

Fund as of most recent prospectus. Lipper Category as of 6/30/22 (updated quarterly).

Resources

Literature

Quarterly Fund Fact Sheet (PDF) 07/22
Single Sheet (PDF) 01/22
Summary Prospectus (PDF) 01/22
Prospectus (PDF) 01/22
Statement of additional information (PDF) 01/22
Semi-Annual Report (PDF) 06/22
Annual Report (PDF) 12/21

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STRATEGIES

FOCUSED SOLUTIONS

ATTRIBUTION & COMMENTARY

FUND DATA & TOOLS

OUR APPROACH

CAPITAL IDEAS

ACCOUNTS

Website Access

Retirement Income Portfolio Series

American Funds Retirement Income Portfolio - Enhanced SM (NDARX)

Overview

Underlying Funds

Asset Mix

Fund Statistics

Market Capitalization