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Overview

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 $11.65 as of 4/09/2025 (updated daily)
Fund Assets (millions) $1,235.9
Portfolio Solutions Committee Members
1,2
 7
Expense Ratio
(Gross/Net %)
3
 0.59 / 0.59%
Quarterly Fund Fact Sheet (PDF)
Prospectus

Asset Mix
4

 U.S. Equities28.0%
Non-U.S. Equities11.4%
U.S. Bonds49.7%
Non-U.S. Bonds6.0%
Cash & Equivalents
5
4.9%
As of 2/28/2025 (updated monthly)

Fund Statistics

5.8 years
Effective Duration
4.9%
Average Yield
to Worst
4.2%
Average Coupon
% of net assets as of 3/31/2025 (updated monthly)
Internal Prompt

Volatility & Return

Read important investment disclosures

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

Internal Prompt

Returns at NAV
6

Returns at MOP
6

Read important investment disclosures
1.83%
1-year return
4.61%
5-year return
4.34%
Lifetime return (8/28/15)
2.97%
30-Day SEC Yield
Returns as of 3/31/25 (updated monthly). Yield as of 3/31/25 (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 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 3/31/2025
 $1,235.9
Companies/Issuers
Holdings are as of 3/31/2025 (updated monthly).
 2550+
Shareholder Accounts
Shareholder accounts are as of 2/28/2025
 11,180
Regular Dividends Paid
7
 Mar, Jun, Sep, Dec
Minimum Initial Investment $250
Capital Gains Paid
7
 Dec
Portfolio Turnover (2024) 12%
Fiscal Year-End Oct
Prospectus Date 01/01/2025
CUSIP 02631L 10 6
Fund Number 30109

Returns

Internal Prompt

Month-End Returns as of 3/31/25

Returns at NAV
6,8
 | at MOP
6,8
Read important investment disclosures
NAARX
S&P Target Date Retirement Income Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 3/31/25

Growth of 10K
6

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.
NAARX
S&P Target Date Retirement Income Index
VIEW LARGER CHART

High & Low Prices

Internal Prompt

Yield

12-month
Distribution Rates
9
 30-day SEC Yield
Fund at NAV 3.35% N/A
Fund at MOP 3.15% 2.97%
As of 3/31/2025 (updated monthly)

Valuation

Price/ Price/ Price/
Book
Cash Flow
Earnings
Fund 2.65 10.81 15.72
S&P Target Date Retirement Income Index
2.40 11.00 16.80
Fund as of 12/31/24. Index as of 12/31/24.

Portfolio Solutions Committee
1,2

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Michelle J. Black 5 23 30
Brittain Ezzes 1 3 27
Samir Mathur 5 12 32
Damien J. McCann 9 25
Wesley K. Phoa 9 26 32
John R. Queen 5 23 35
Andrew B. Suzman 9 31
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
10


Overall Morningstar RatingTM
Funds rated(426)
3-yr. Morningstar RatingTM
(426 funds rated)
5-yr. Morningstar RatingTM
(390 funds rated)
10-yr. Morningstar RatingTM
(-- funds rated) 		--
Overall Morningstar Risk Below Average
HIGH
LOW
Category
Moderately Conservative Allocation
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 3/31/2025 (updated monthly).
Internal Prompt

Lipper Leader Scorecard
11

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated
(77)
(77)
(77)
Expense Within Category
Funds Rated
(7)
(7)
(7)
Preservation Within Category
Funds Rated
(4310)
(4310)
(3788)
Tax Efficiency Within Category
Funds Rated
(77)
(77)
(77)
Total Return Within Category
Funds Rated
(77)
(77)
(77)
Category Ret Income Funds
KEY
HIGHEST LOWEST
As of 3/31/2025 (updated monthly)

Risk Measures

Fund
Standard Deviation
12
 8.24
Sharpe Ratio
12
 0.40
For the 5 Years ending 3/31/25 (updated monthly).
American Funds
Benchmark
13
 Morningstar
Benchmark
12
S&P Target Date Retirement Income Index
Morningstar Mod Tgt Risk TR USD
R-squared
95 95
Beta
1.07 0.69
Capture Ratio (Downside/Upside)
113/111 72/70
American Funds Benchmark for the 5 Years ending 3/31/25 (updated monthly).
Morningstar Benchmark for the 5 Years ending 3/31/25 (updated monthly).
U.S. Treasuries/Agencies
15.3%
AAA/Aaa
17.7%
AA/Aa
2.3%
A
6.7%
BBB/Baa
7.2%
BB/Ba
3.8%
B
2.0%
CCC & Below
0.5%
Unrated
1.3%
Cash & equivalents
5
4.4%
% of net assets as of 3/31/2025 (updated monthly)

Average Life Breakdown

0-4.9 Years
25.4%
5-9.9 Years
24.0%
10-19.9 Years
3.1%
20-29.9 Years
4.0%
30+ Years
0.3%
% of net assets as of 12/31/2024 (updated monthly)

Holdings
4

Equities Breakdown

Sectors | Top Industries
Equity Fund Holdings
 Financials 7.1%
Health care 5.2%
Information technology 5.0%
Industrials 4.7%
Consumer staples 4.1%
Energy 2.6%
Consumer discretionary 2.4%
Utilities 2.4%
Communication services 2.0%
Materials 1.7%
Real estate 1.5%

% of net assets as of 3/31/2025 (updated monthly)

Bonds Breakdown

Geographic Breakdown

Regions
United States
78.0%
Europe
9.4%
Asia & Pacific Basin
3.4%
Other (Including Canada & Latin America)
4.8%
Cash & equivalents
5
4.4%
% of net assets as of 3/31/2025 (updated monthly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2025

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 04/09/25

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 $0.0616 $0.00 $0.00 $0.00 $11.93
2025 Year-to-Date: Dividends Subtotal: $0.0616 Cap Gains Subtotal: $0.00
Total Distributions: $0.0616

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.00%
Other Expenses 0.05%
Acquired (Underlying) Fund Fees and Expenses 0.28%
Service 12b-1 0.26%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio
3

NAARX 0.59%
Lipper Retirement Income Funds Average
14
 --%
Fund as of most recent prospectus. Lipper Category as of -- (updated quarterly).
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.
Returns shown at maximum offering price (MOP) for Class A shares reflect deduction of the 5.75% maximum sales charge.
Returns at net asset value (NAV) do not reflect a sales charge. If a sales charge had been deducted, the results would have been lower.
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 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. For most funds, 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 for 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.
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 © 2025 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.
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. 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. 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. Years of experience on the fund are as of the most recent prospectus.
  1. Alan N. Berro has transitioned out of the fund effective 1/1/2025. Damien J. McCann was disclosed as a portfolio manager effective 1/1/2025.
  1. Expense ratios are as of each fund's prospectus/characteristics statement available at the time of publication.
  1. Figures are based on holdings of the underlying funds, if applicable, as of date shown.
  1. 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.
  1. When applicable, returns for less than one year are not annualized, but calculated as cumulative total returns.
  1. The months indicated for dividends and capital gains paid represent the anticipated current year ex-dividend date schedule for all share classes.
  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.
  1. 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.
  1. 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.
  1. Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns at NAV, adjusted for volatility, relative to peers. Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures. Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds. Lipper ratings for Tax Efficiency reflect funds' historical success in postponing taxable distributions relative to peers. Tax Efficiency offers no benefit to investors in tax-sheltered accounts such as 401(k) plans. Lipper ratings for Total Return reflect funds' historical total return performance relative to peers. The Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Total Return, Consistent Return, Preservation, Tax Efficiency and Expense metrics. The highest 20% of funds in each classification are named Lipper Leaders for Total Return, the next 20% receive a rating of 4, the middle 20% are rated 3, the next 20% are rated 2, and the lowest 20% are rated 1. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperleaders.com. Lipper Leader © 2025, London Stock Exchange Group, All Rights Reserved.
  1. Calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.
  1. Calculated by Capital Group. Due to differing calculation methods, the figures shown here may differ from those calculated by Morningstar.
  1. Source for Lipper expense ratio comparison: Lipper, based on front-end load funds of funds, including the weighted average expenses of the underlying funds, for the most recent fiscal year-ends available as of --.
Use of this website is intended for U.S. residents only.
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.
© 2025 Morningstar, Inc. All Rights Reserved. Some of 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. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.