# EDGAR Filing Document

**Accession Number:** 0001761673
**File Stem:** 0001193125-26-098102
**Filing Date:** 2026-3
**Character Count:** 501163
**Document Hash:** 6a77527ae10b557a0a4e0aec66626e89
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-098102.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001193125-26-098102

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** American Funds Multi-Sector Income Fund
- **CENTRAL INDEX KEY:** 0001761673

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23409
- **FILM NUMBER:** 26734088

**BUSINESS ADDRESS:**
- **STREET 1:** 6455 IRVINE CENTER DRIVE
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 213-486-9200

**MAIL ADDRESS:**
- **STREET 1:** 333 SOUTH HOPE STREET, 55TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

## Series and Classes Contracts Data

### American Funds Multi-Sector Income Fund (Series ID: S000065032)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000210538 | Class T       | MIAVX           |
| C000210539 | Class 529-A   | CMBKX           |
| C000210540 | Class R-5E    | RMDSX           |
| C000210541 | Class R-5     | RMDTX           |
| C000210542 | Class R-4     | RMDRX           |
| C000210543 | Class R-3     | RMDQX           |
| C000210544 | Class R-2E    | RMDPX           |
| C000210545 | Class R-2     | RMDOX           |
| C000210546 | Class R-1     | RMDNX           |
| C000210547 | Class F-3     | MIAZX           |
| C000210548 | Class F-2     | MIAYX           |
| C000210549 | Class F-1     | MIAWX           |
| C000210550 | Class C       | MIAUX           |
| C000210551 | Class A       | MIAQX           |
| C000210552 | Class 529-T   | CMBNX           |
| C000210553 | Class 529-F-1 | CMBOX           |
| C000210554 | Class 529-E   | CMBMX           |
| C000210555 | Class 529-C   | CMBLX           |
| C000210556 | Class R-6     | RMDUX           |
| C000220532 | Class 529-F-2 | CMBPX           |
| C000220533 | Class 529-F-3 | CMBQX           |

?xml version='1.0' encoding='ASCII'? 3ded0a10-1a2f-4e07-aa34-a19780396bfa

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number
811-23409

#### American Funds Multi-Sector Income Fund
(Exact name of registrant as specified in charter)

------

6455 Irvine Center Drive

Irvine, California 92618

(Address of principal executive offices)

Becky L. Park

6455 Irvine Center Drive

Irvine, California 92618

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(949) 975-5000

#### Date of fiscal year end:
December 31

#### Date of reporting period:
December 31, 2025

ITEM 1 - Reports to Stockholders

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class A \| MIAQX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;$77 | 0.74% |

---

#### Management's discussion of fund performance
The fund's Class A shares gained 7.78% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-A.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1533577.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class A (with sales charge)2 | 3.78% | 1.94% | 4.15% |
| American Funds Multi-Sector Income Fund — Class A (without sales charge)2 | 7.78% | 2.72% | 4.74% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.67% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.08% |

---

<sup>1</sup> Class A shares were first offered on March 22, 2019.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-A.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAAARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class C \| MIAUX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;$149 | 1.44% |

---

#### Management's discussion of fund performance
The fund's Class C shares gained 7.03% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-C.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1533929.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class C (with sales charge)2 | 6.03% | 2.01% | 4.28% |
| American Funds Multi-Sector Income Fund — Class C (without sales charge)2 | 7.03% | 2.01% | 4.28% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class C shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-C.

#### Importan t information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class T \| MIAVX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class T | &nbsp;&nbsp;$44 | 0.42% |

---

#### Management's discussion of fund performance
The fund's Class T shares gained 8.11% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1533709.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class T (with sales charge)2 | 5.41% | 2.52% | 4.84% |
| American Funds Multi-Sector Income Fund — Class T (without sales charge)2 | 8.11% | 3.04% | 5.31% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class T shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFTTARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class F-1 \| MIAWX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-1 | &nbsp;&nbsp;$77 | 0.74% |

---

#### Management's discussion of fund performance
The fund's Class F-1 shares gained 7.78% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-F1.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534193.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class F-12 | 7.78% | 2.73% | 5.00% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class F-1 shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F1.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF1ARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class F-2 \| MIAYX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-2 | &nbsp;&nbsp;$49 | 0.47% |

---

#### Management's discussion of fund performance
The fund's Class F-2 shares gained 8.06% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-F2.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1533621.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class F-22 | 8.06% | 3.01% | 4.98% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.67% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.08% |

---

<sup>1</sup> Class F-2 shares were first offered on March 22, 2019.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F2.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2ARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class F-3 \| MIAZX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class F-3 | &nbsp;&nbsp;$39 | 0.37% |

---

#### Management's discussion of fund performance
The fund's Class F-3 shares gained 8.18% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-F3.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1533841.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class F-32 | 8.18% | 3.10% | 5.06% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.67% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.08% |

---

<sup>1</sup> Class F-3 shares were first offered on March 22, 2019.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F3.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF3ARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class 529-A \| CMBKX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529A. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-A | &nbsp;&nbsp;$75 | 0.72% |

---

#### Management's discussion of fund performance
The fund's Class 529-A shares gained 7.80% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529A.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1533973.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class 529-A (with sales charge)2 | 4.03% | 2.01% | 4.35% |
| American Funds Multi-Sector Income Fund — Class 529-A (without sales charge)2 | 7.80% | 2.74% | 5.01% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class 529-A shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529A.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5AARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class 529-C \| CMBLX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529C. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-C | &nbsp;&nbsp;$154 | 1.49% |

---

#### Management's discussion of fund performance
The fund's Class 529-C shares gained 6.98% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529C.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534017.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class 529-C (with sales charge)2 | 5.98% | 1.98% | 4.38% |
| American Funds Multi-Sector Income Fund — Class 529-C (without sales charge)2 | 6.98% | 1.98% | 4.38% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class 529-C shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529C.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5CARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class 529-E \| CMBMX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-E | &nbsp;&nbsp;$98 | 0.94% |

---

#### Management's discussion of fund performance
The fund's Class 529-E shares gained 7.56% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529E.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534061.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class 529-E2 | 7.56% | 2.56% | 4.87% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class 529-E shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529E.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5EARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class 529-T \| CMBNX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-T | &nbsp;&nbsp;$51 | 0.49% |

---

#### Management's discussion of fund performance
The fund's Class 529-T shares gained 8.05% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534149.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class 529-T (with sales charge)2 | 5.35% | 2.47% | 4.79% |
| American Funds Multi-Sector Income Fund — Class 529-T (without sales charge)2 | 8.05% | 2.99% | 5.26% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class 529-T shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5TARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class 529-F-1 \| CMBOX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F1. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-1 | &nbsp;&nbsp;$57 | 0.55% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-1 shares gained 7.98% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529F1.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534105.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class 529-F-12 | 7.98% | 2.93% | 5.21% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class 529-F-1 shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529F1.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5FARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class 529-F-2 \| CMBPX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-2 | &nbsp;&nbsp;$47 | 0.45% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-2 shares gained 8.09% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529F2.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1533753.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class 529-F-22 | 8.09% | 3.01% | 3.87% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | (0.14)% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 3.38% |

---

<sup>1</sup> Class 529-F-2 shares were first offered on October 30, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529F2.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5XARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class 529-F-3 \| CMBQX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-529F3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 529-F-3 | &nbsp;&nbsp;$45 | 0.43% |

---

#### Management's discussion of fund performance
The fund's Class 529-F-3 shares gained 8.11% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-529F3.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1533797.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class 529-F-32 | 8.11% | 3.03% | 3.90% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | (0.14)% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 3.38% |

---

<sup>1</sup> Class 529-F-3 shares were first offered on October 30, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529F3.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5YARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class R-1 \| RMDNX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R1. You can also request this information by contacting us at (800) 421-4225. **This report describes changes to the fund that occurred during the reporting period.**

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-1 | &nbsp;&nbsp;$145 | 1.40% |

---

#### Management's discussion of fund performance
The fund's Class R-1 shares gained 7.07% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R1.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534237.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class R-12 | 7.07% | 2.24% | 4.54% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class R-1 shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-R1 or upon request at (800) 421-4225.

The total annual operating expense ratio for Class R-1 shares increased from 1.34% to 1.40% during the reporting period. The increase was primarily due to an increase in distribution services (12b-1) fees driven by changes in net assets.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R1.

Lit. No. MFR1ARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class R-2 \| RMDOX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R2. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2 | &nbsp;&nbsp;$135 | 1.30% |

---

#### Management's discussion of fund performance
The fund's Class R-2 shares gained 7.18% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R2.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534281.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class R-22 | 7.18% | 2.16% | 4.47% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class R-2 shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R2.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR2ARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class R-2E \| RMDPX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R2E. You can also request this information by contacting us at (800) 421-4225. **This report describes changes to the fund that occurred during the reporting period.**

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-2E | &nbsp;&nbsp;$109 | 1.05% |

---

#### Management's discussion of fund performance
The fund's Class R-2E shares gained 7.48% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R2E.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534325.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class R-2E2 | 7.48% | 2.85% | 5.14% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class R-2E shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Material fund changes
This is a summary of certain changes to the fund since January 1, 2025. For more complete information, you may review the fund's next prospectus, which we expect to be available by March 1, 2026 at

capitalgroup.com/mutual-fund-literature-R2E or upon request at (800) 421-4225.

The total annual operating expense ratio for Class R2-E shares increased from 0.87% to 1.05% during the reporting period. The increase was primarily due to an increase in distribution services (12b-1) fees as well as other expenses, both of which were driven by changes in net assets.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R2E.

Lit. No. MF2EARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class R-3 \| RMDQX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R3. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-3 | &nbsp;&nbsp;$100 | 0.96% |

---

#### Management's discussion of fund performance
The fund's Class R-3 shares gained 7.55% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R3.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534369.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class R-32 | 7.55% | 2.48% | 4.77% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class R-3 shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R3.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR3ARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class R-4 \| RMDRX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R4. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-4 | &nbsp;&nbsp;$69 | 0.66% |

---

#### Management's discussion of fund performance
The fund's Class R-4 shares gained 7.86% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R4.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534413.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class R-42 | 7.86% | 2.78% | 5.07% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class R-4 shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R4.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR4ARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class R-5E \| RMDSX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R5E. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5E | &nbsp;&nbsp;$51 | 0.49% |

---

#### Management's discussion of fund performance
The fund's Class R-5E shares gained 8.04% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R5E.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1533665.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class R-5E2 | 8.04% | 2.95% | 5.23% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class R-5E shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R5E.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFE5ARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class R-5 \| RMDTX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R5. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-5 | &nbsp;&nbsp;$44 | 0.42% |

---

#### Management's discussion of fund performance
The fund's Class R-5 shares gained 8.13% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R5.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1534457.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class R-52 | 8.13% | 3.07% | 5.34% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 0.12% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.72% |

---

<sup>1</sup> Class R-5 shares were first offered on May 1, 2020.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R5.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR5ARX-126-0226© 2026 Capital Group. All rights reserved.

![TSR - American Funds Logo](images_2382.jpg)

ANNUAL SHAREHOLDER REPORT

## American Funds <sup>®</sup> Multi-Sector Income Fund
**Class R-6 \| RMDUX** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Multi-Sector Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at

capitalgroup.com/mutual-fund-literature-R6. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class R-6 | &nbsp;&nbsp;$39 | 0.37% |

---

#### Management's discussion of fund performance
The fund's Class R-6 shares gained 8.18% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to

capitalgroup.com/mutual-fund-returns-R6.

#### What factors influenced results
During the fund's fiscal year, the U.S. bond market posted strong returns. Corporate bond yields declined during the period but remained near their highest level in more than 15 years. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and economic uncertainty, pushing short-term yields lower. Meanwhile, long-term yields remained elevated amid heavy issuance and a steepening yield curve.

The fund's holdings in investment-grade corporate bonds and high-yield derivatives were particularly additive to results relative to the benchmark. From a rating perspective, high-yield bonds saw returns surpassing those of the overall portfolio, except bonds rated CCC and below.

Conversely, investments in emerging markets debt, opportunistic bonds and high-yield corporate bonds weighed on results relative to the benchmark. Additionally, exposure to forward contracts and cash and money market instruments generated negative returns during the period.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1533885.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| American Funds Multi-Sector Income Fund — Class R-62 | 8.18% | 3.11% | 5.06% |
| Bloomberg U.S. Aggregate Index3 | 7.30% | (0.36)% | 1.67% |
| American Funds Multi-Sector Income Fund Custom Index3 | 9.12% | 2.52% | 4.08% |

---

<sup>1</sup> Class R-6 shares were first offered on March 22, 2019.

<sup>2</sup> 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.

<sup>3</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd and J.P. Morgan.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $20792 |
| Total number of portfolio holdings | 2294 |
| Total advisory fees paid (in millions) | $60 |
| Portfolio turnover rate including<br>mortgage dollar roll transactions | 102% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 75% |

---

**Portfolio holdings by asset type** (percent of net assets)

\*Includes derivatives.

#### Changes in and disagreements with accountants
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R6.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR6ARX-126-0226© 2026 Capital Group. All rights reserved.

------

#### ITEM 2 - Code of Ethics
The Registrant has adopted a Code of Ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at https://www.capitalgroup.com/individual/pdf/shareholder/cg_code_of_ethics.pdf.

------

#### ITEM 3 - Audit Committee Financial Expert
The Registrant's board has determined that Leslie Stone Heisz, a member of the Registrant's audit committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item. This designation will not increase the designee's duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant's financial statements and condition.

------

#### ITEM 4 - Principal Accountant Fees and Services

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Registrant<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees | (c) Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees |
| **December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;9000 |  |
| **December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;9000 |  |
| **Adviser and Affiliates<sup>2</sup>** |  |  |  |  |
| **December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable | &nbsp;&nbsp;2010000 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;93000 |
| **December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable | &nbsp;&nbsp;2151000 |  | &nbsp;&nbsp;&nbsp;&nbsp;11000 |

---

---

| | |
|:---|:---|
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Aggregate |
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**non-audit fees** |
| **December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119000 |
| **December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174000 |

---

<sup>1</sup>The audit fees represents fees billed for professional services rendered for the audit and review of the Registrant's annual financial statements. The audit-related fees represents fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant's financial statements, but not reported under "audit fees". The tax fees consist of professional services relating to the preparation of the Registrant's tax returns. The other fees represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported under the "audit fees", "audit-related fees", and "tax fees".

<sup>2</sup>This includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below. The audit-related fees consist of assurance and related services relating to the examination of the Registrant's transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. The tax fees consist of consulting services relating to the Registrant's investments. The other fees consist of subscription services related to an accounting research tool.

<sup>3</sup>Aggregate non-audit fees paid to the Registrant's auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors' independence.

**(e1)(e2)(h)** All audit and permissible non-audit services that the Registrant's audit committee considers compatible with maintaining the independent registered public accounting firm's independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre- approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

**(f)**Not applicable.

**(i)**Not applicable.

**(j)**Not applicable.

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#### ITEM 5 - Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

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#### ITEM 6 - Investments
The schedule of investments is included as part of the material filed under Item 7 of this Form.

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#### ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies

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![](imgfa7c38371.jpg)

**American Funds**<sup>®</sup> **Multi-Sector Income Fund**

Financial Statements and Other Information

N-CSR Items 7-11

for the year ended December 31, 2025

Lit. No. MFGEFP4-126-0226© 2026 Capital Group. All rights reserved.

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Investment portfolio December 31, 2025

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---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 95.38% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes 65.98%** | **Corporate bonds and notes 65.98%** | **Corporate bonds and notes 65.98%** |
| **Financials 12.51%** | **Financials 12.51%** | **Financials 12.51%** |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(a)</sup>  | USD10,034 | $10113 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(a)</sup>  | 10020 | 10002 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027 <sup>(a)</sup>  | 18313 | 18506 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(a)</sup>  | 11640 | 11691 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(a)</sup>  | 2430 | 2523 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(a)</sup>  | 9595 | 9901 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(a)</sup>  | 10883 | 11298 |
| Alpha Bank SA 7.50% 6/16/2027 (1-year EUR Mid-Swap + 5.084% on 6/16/2026) <sup>(b)</sup>  | EUR100 | 120 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(b)</sup>  | 6435 | 8264 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(b)</sup>  | 2605 | 3243 |
| Alpha Bank SA 5.50% 6/11/2031 (5-year EUR Mid-Swap + 5.823% on 6/11/2026) <sup>(b)</sup>  | 2946 | 3489 |
| American International Group, Inc. 5.125% 3/27/2033  | USD8,927 | 9192 |
| American International Group, Inc. 5.45% 5/7/2035  | 7309 | 7617 |
| AmWINS Group, Inc. 6.375% 2/15/2029 <sup>(a)</sup>  | 6021 | 6196 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(a)</sup>  | 19955 | 19641 |
| Aon Corp. 5.35% 2/28/2033  | 5932 | 6180 |
| Aon North America, Inc. 5.15% 3/1/2029  | 1450 | 1492 |
| Aon North America, Inc. 5.30% 3/1/2031  | 1075 | 1121 |
| Aon North America, Inc. 5.45% 3/1/2034  | 14570 | 15146 |
| Aon North America, Inc. 5.75% 3/1/2054  | 2275 | 2265 |
| Apollo Global Management, Inc. 5.15% 8/12/2035  | 2000 | 2005 |
| Ardonagh Finco, Ltd. 7.75% 2/15/2031 <sup>(a)</sup>  | 5835 | 6121 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(a)</sup>  | 20225 | 21102 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(a)</sup>  | 22409 | 22613 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(a)</sup>  | 6052 | 6539 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029  | 3995 | 4091 |
| Arthur J. Gallagher & Co. 5.00% 2/15/2032  | 2669 | 2730 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035  | 9418 | 9523 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055  | 1325 | 1273 |
| Athene Holding, Ltd. 6.625% 5/19/2055  | 40410 | 41188 |
| Bangkok Bank Public Co., Ltd. 4.45% 9/19/2028  | 200 | 202 |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% <br> on 9/25/2029) <sup>(b)</sup>  | 3291 | 3125 |
| Bangkok Bank Public Co., Ltd. 3.466% 9/23/2036 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.15% <br> on 9/23/2031) <sup>(b)</sup>  | 3485 | 3172 |
| Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027) <sup>(b)</sup>  | 9680 | 9821 |
| Bank of America Corp. 1.898% 7/23/2031 (USD-SOFR + 1.53% on 7/23/2030) <sup>(b)</sup>  | 4357 | 3915 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(b)</sup>  | 10458 | 9356 |
| Bank of America Corp. 5.468% 1/23/2035 (3-month USD CME Term SOFR + 1.65% on 1/23/2034) <sup>(b)</sup>  | 4876 | 5081 |
| Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(b)</sup>  | 5923 | 6168 |
| Bank of East Asia, Ltd. 4.875% 4/22/2032 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on <br> 4/22/2027) <sup>(b)</sup>  | 2000 | 2001 |
| Bank of Montreal 4.10% 12/15/2027 (USD-SOFR + 0.525% on 12/15/2026) <sup>(b)</sup>  | 12000 | 12028 |
| Bank of Montreal 4.35% 9/22/2031 (USD-SOFR + 0.75% on 9/22/2030) <sup>(b)</sup>  | 1616 | 1615 |
| Bank of New York Mellon Corp. 5.06% 7/22/2032 (USD-SOFR + 1.23% on 7/22/2031) <sup>(b)</sup>  | 3930 | 4075 |
| Bank of New York Mellon Corp. 5.225% 11/20/2035 (USD-SOFR + 1.253% on 11/20/2034) <sup>(b)</sup>  | 6638 | 6877 |
| BBVA Bancomer SA 5.875% 9/13/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.308% on <br> 9/13/2029) <sup>(b)</sup>  | 6001 | 5995 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on <br> 6/29/2033) <sup>(a)(b)</sup>  | 1362 | 1507 |
| BlackRock Funding, Inc. 5.25% 3/14/2054  | 15686 | 15048 |
| Blackstone Private Credit Fund 5.95% 7/16/2029  | 24336 | 24840 |
| Blackstone Reg Finance Co., LLC 4.95% 2/15/2036  | 730 | 725 |
| Block, Inc. 2.75% 6/1/2026  | 4940 | 4913 |
| Block, Inc. 5.625% 8/15/2030 <sup>(a)</sup>  | 23302 | 23788 |
| Block, Inc. 3.50% 6/1/2031  | 8918 | 8389 |
| Block, Inc. 6.50% 5/15/2032  | 35458 | 36895 |
| Block, Inc. 6.00% 8/15/2033 <sup>(a)</sup>  | 17400 | 17873 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027  | 7711 | 7685 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(a)</sup>  | 3920 | 4168 |
| BPCE SA 6.293% 1/14/2036 (USD-SOFR + 2.04% on 1/14/2035) <sup>(a)(b)</sup>  | 16456 | 17573 |
| Bread Financial Holdings, Inc. 6.75% 5/15/2031 <sup>(a)</sup>  | 9410 | 9754 |

---

---

| | |
|:---|:---|
| **1** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| Brown & Brown, Inc. 4.90% 6/23/2030  | USD3,475 | $3526 |
| Brown & Brown, Inc. 5.25% 6/23/2032  | 10481 | 10742 |
| Brown & Brown, Inc. 5.55% 6/23/2035  | 23032 | 23631 |
| Brown & Brown, Inc. 6.25% 6/23/2055  | 5476 | 5701 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(a)(b)</sup>  | 4064 | 4223 |
| Capital One Financial Corp. 5.70% 2/1/2030 (USD-SOFR + 1.905% on 2/1/2029) <sup>(b)</sup>  | 19743 | 20546 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(b)</sup>  | 18455 | 19654 |
| Carlyle Group, Inc. (The) 5.05% 9/19/2035  | 1000 | 986 |
| Charles Schwab Corp. (The) 5.853% 5/19/2034 (USD-SOFR + 2.50% on 5/19/2033) <sup>(b)</sup>  | 4166 | 4465 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034  | 34994 | 35812 |
| Chubb INA Holdings, LLC 4.90% 8/15/2035  | 9165 | 9209 |
| Citigroup, Inc. 2.572% 6/3/2031 (USD-SOFR + 2.107% on 6/3/2030) <sup>(b)</sup>  | 7816 | 7245 |
| Citigroup, Inc. 4.503% 9/11/2031 (USD-SOFR + 1.171% on 9/11/2030) <sup>(b)</sup>  | 2825 | 2835 |
| Citigroup, Inc. 2.561% 5/1/2032 (USD-SOFR + 1.167% on 5/1/2031) <sup>(b)</sup>  | 1616 | 1467 |
| Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031) <sup>(b)</sup>  | 4059 | 3638 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(b)</sup>  | 28861 | 29537 |
| Citigroup, Inc. 5.174% 9/11/2036 (USD-SOFR + 1.488% on 9/11/2035) <sup>(b)</sup>  | 14906 | 15052 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(a)</sup>  | 30502 | 29081 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(a)</sup>  | 30805 | 27490 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(a)</sup>  | 51108 | 47448 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(a)</sup>  | 9710 | 8753 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(b)</sup>  | 7142 | 7624 |
| Eurobank SA 4.00% 9/24/2030 (1-year EUR Mid-Swap + 2.127% on 9/24/2029) <sup>(b)</sup>  | EUR792 | 957 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(b)</sup>  | 27351 | 34178 |
| Fifth Third Bancorp 4.895% 9/6/2030 (USD-SOFR + 1.486% on 9/6/2029) <sup>(b)</sup>  | USD560 | 569 |
| Freedom Mortgage Holdings, LLC 9.25% 2/1/2029 <sup>(a)</sup>  | 11195 | 11748 |
| Freedom Mortgage Holdings, LLC 8.375% 4/1/2032 <sup>(a)</sup>  | 16410 | 17287 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(b)</sup>  | 4792 | 5007 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(b)</sup>  | 18340 | 18300 |
| Goldman Sachs Group, Inc. 5.33% 7/23/2035 (USD-SOFR + 1.55% on 7/23/2034) <sup>(b)</sup>  | 3954 | 4064 |
| Goldman Sachs Group, Inc. 5.016% 10/23/2035 (USD-SOFR + 1.42% on 10/23/2034) <sup>(b)</sup>  | 16825 | 16921 |
| Goldman Sachs Group, Inc. 4.939% 10/21/2036 (USD-SOFR + 1.33% on 10/21/2035) <sup>(b)</sup>  | 115810 | 115011 |
| Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041) <sup>(b)</sup>  | 1443 | 1059 |
| Goldman Sachs Group, Inc. 3.436% 2/24/2043 (USD-SOFR + 1.632% on 2/24/2042) <sup>(b)</sup>  | 686 | 538 |
| Goldman Sachs Private Credit Corp. 5.875% 1/31/2031 <sup>(a)</sup>  | 33177 | 33231 |
| HDFC Bank, Ltd. 3.70% junior subordinated perpetual bonds (5-Year UST Yield Curve Rate T Note Constant <br> Maturity + 2.925% on 2/25/2027) <sup>(a)(b)</sup>  | 2000 | 1970 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(a)</sup>  | 13200 | 13162 |
| Hightower Holding, LLC 9.125% 1/31/2030 <sup>(a)</sup>  | 4250 | 4523 |
| Hongkong Land Finance (Cayman Islands) Co., Ltd. (The) 5.25% 7/14/2033 <sup>(c)</sup>  | 2129 | 2198 |
| Howden UK Refinance PLC 7.25% 2/15/2031 <sup>(a)</sup>  | 10905 | 11237 |
| Howden UK Refinance 2 PLC 8.125% 2/15/2032 <sup>(a)</sup>  | 3570 | 3688 |
| HSBC Holdings PLC 4.619% 11/6/2031 (USD-SOFR + 1.19% on 11/6/2030) <sup>(b)</sup>  | 585 | 587 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(b)</sup>  | 8965 | 10234 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(b)</sup>  | 20865 | 21536 |
| HSBC Holdings PLC 5.79% 5/13/2036 (USD-SOFR + 1.88% on 5/13/2035) <sup>(b)</sup>  | 10454 | 11047 |
| HSBC Holdings PLC 5.133% 11/6/2036 (USD-SOFR + 1.43% on 11/6/2035) <sup>(b)</sup>  | 19050 | 19109 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(b)</sup>  | 6580 | 7211 |
| HUB International, Ltd. 5.625% 12/1/2029 <sup>(a)</sup>  | 8454 | 8459 |
| HUB International, Ltd. 7.25% 6/15/2030 <sup>(a)</sup>  | 13282 | 13952 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(a)</sup>  | 11650 | 12235 |
| IIFL Finance, Ltd. 8.75% 7/24/2028 <sup>(a)</sup>  | 16478 | 16928 |
| Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on <br> 11/21/2032) <sup>(a)(b)</sup>  | 10000 | 11813 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on <br> 6/20/2053) <sup>(a)(b)</sup>  | 15000 | 17836 |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(a)</sup>  | 48129 | 48808 |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(a)</sup>  | 31733 | 32168 |
| ION Platform Finance US, Inc. 9.00% 8/1/2029 <sup>(a)</sup>  | 37015 | 36607 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(a)</sup>  | 23645 | 22465 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(a)</sup>  | 17080 | 16316 |
| Jane Street Group, LLC 7.125% 4/30/2031 <sup>(a)</sup>  | 1976 | 2077 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(a)</sup>  | 19975 | 20863 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(b)</sup>  | 5180 | 5166 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(b)</sup>  | 4719 | 4924 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(b)</sup>  | 14398 | 14784 |

---

American Funds Multi-Sector Income Fund<sub>2</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(b)</sup>  | USD15,919 | $16146 |
| JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) <sup>(b)</sup>  | 16296 | 16250 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(b)</sup>  | 5367 | 4788 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(b)</sup>  | 250 | 258 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(b)</sup>  | 4775 | 5012 |
| JPMorgan Chase & Co. 4.81% 10/22/2036 (USD-SOFR + 1.19% on 10/22/2035) <sup>(b)</sup>  | 13221 | 13133 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity <br> + 1.70% on 10/2/2026) <sup>(b)</sup>  | 28165 | 27822 |
| KKR & Co., Inc. 5.10% 8/7/2035  | 3000 | 3002 |
| Korea Exchange Bank 3.25% 3/30/2027 <sup>(a)</sup>  | 4110 | 4083 |
| Korea Exchange Bank 3.25% 3/30/2027  | 3890 | 3865 |
| LPL Holdings, Inc. 4.00% 3/15/2029 <sup>(a)</sup>  | 12895 | 12686 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(a)</sup>  | 5755 | 5607 |
| Manappuram Finance, Ltd. 7.375% 5/12/2028  | 3968 | 4056 |
| Marsh & McLennan Cos., Inc. 4.65% 3/15/2030  | 1765 | 1802 |
| Marsh & McLennan Cos., Inc. 4.85% 11/15/2031  | 2830 | 2904 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035  | 39165 | 39689 |
| Marsh & McLennan Cos., Inc. 5.35% 11/15/2044  | 2130 | 2091 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055  | 25390 | 24463 |
| Mastercard, Inc. 4.95% 3/15/2032  | 4910 | 5088 |
| Mastercard, Inc. 4.875% 5/9/2034  | 5454 | 5593 |
| Mastercard, Inc. 4.55% 1/15/2035  | 16021 | 16030 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(b)</sup>  | 2282 | 2327 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(b)</sup>  | 2282 | 2334 |
| Morgan Stanley 6.407% 11/1/2029 (USD-SOFR + 1.83% on 11/1/2028) <sup>(b)</sup>  | 2124 | 2252 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(b)</sup>  | 2774 | 2808 |
| Morgan Stanley 5.23% 1/15/2031 (USD-SOFR + 1.108% on 1/15/2030) <sup>(b)</sup>  | 9282 | 9576 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(b)</sup>  | 1720 | 1774 |
| Morgan Stanley 4.356% 10/22/2031 (USD-SOFR + 1.074% on 10/22/2030) <sup>(b)</sup>  | 20789 | 20725 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(b)</sup>  | 1863 | 1918 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(b)</sup>  | 94867 | 94063 |
| Morgan Stanley 5.942% 2/7/2039 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.80% on 2/7/2039) <sup>(b)</sup>  | 6429 | 6760 |
| Morgan Stanley 5.516% 11/19/2055 (USD-SOFR + 1.71% on 11/19/2054) <sup>(b)</sup>  | 1000 | 989 |
| Navient Corp. 5.00% 3/15/2027  | 8925 | 8950 |
| Navient Corp. 4.875% 3/15/2028  | 1719 | 1701 |
| Navient Corp. 5.50% 3/15/2029  | 14770 | 14673 |
| Navient Corp. 9.375% 7/25/2030  | 13028 | 14489 |
| Navient Corp. 11.50% 3/15/2031  | 7532 | 8442 |
| Navient Corp. 7.875% 6/15/2032  | 22710 | 23787 |
| Navient Corp. 5.625% 8/1/2033  | 30120 | 27565 |
| OneMain Finance Corp. 7.125% 3/15/2026  | 483 | 488 |
| OneMain Finance Corp. 3.875% 9/15/2028  | 12500 | 12191 |
| OneMain Finance Corp. 6.125% 5/15/2030  | 24210 | 24741 |
| OneMain Finance Corp. 7.50% 5/15/2031  | 16017 | 16864 |
| OneMain Finance Corp. 7.125% 11/15/2031  | 16180 | 16901 |
| OneMain Finance Corp. 7.125% 9/15/2032  | 15190 | 15800 |
| OneMain Finance Corp. 6.50% 3/15/2033  | 22170 | 22439 |
| OneMain Finance Corp. 6.75% 9/15/2033  | 4875 | 4943 |
| Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(a)</sup>  | 5455 | 5701 |
| Osaic Holdings, Inc. 8.00% 8/1/2033 <sup>(a)</sup>  | 9360 | 9786 |
| Oxford Finance, LLC 6.375% 2/1/2027 <sup>(a)</sup>  | 4690 | 4707 |
| Panther Escrow Issuer, LLC 7.125% 6/1/2031 <sup>(a)</sup>  | 2370 | 2457 |
| PennyMac Financial Services, Inc. 7.875% 12/15/2029 <sup>(a)</sup>  | 5090 | 5419 |
| PennyMac Financial Services, Inc. 6.875% 5/15/2032 <sup>(a)</sup>  | 6165 | 6458 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(b)</sup>  | EUR2,970 | 3847 |
| Piraeus Bank SA 5.00% 4/16/2030 (1-year EUR-ICE Swap EURIBOR + 2.245% on 4/16/2029) <sup>(b)</sup>  | 17355 | 21558 |
| PNC Bank, NA 5.373% 7/21/2036 (USD-SOFR + 1.417% on 7/21/2035) <sup>(b)</sup>  | USD5,715 | 5880 |
| PNC Financial Services Group, Inc. 5.939% 8/18/2034 (USD-SOFR + 1.946% on 8/18/2033) <sup>(b)</sup>  | 16013 | 17199 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(b)</sup>  | 35533 | 40231 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(b)</sup>  | 5660 | 5970 |
| PNC Financial Services Group, Inc. 5.401% 7/23/2035 (USD-SOFR + 1.599% on 7/23/2034) <sup>(b)</sup>  | 19154 | 19820 |
| PNC Financial Services Group, Inc. 5.575% 1/29/2036 (USD-SOFR + 1.394% on 1/29/2035) <sup>(b)</sup>  | 6109 | 6373 |
| Power Finance Corp., Ltd. 6.15% 12/6/2028  | 1200 | 1260 |
| Power Finance Corp., Ltd. 4.50% 6/18/2029  | 3300 | 3297 |
| Power Finance Corp., Ltd. 3.90% 9/16/2029  | 2700 | 2644 |

---

---

| | |
|:---|:---|
| **3** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| PT Bank Negara Indonesia (Persero) Tbk 4.30% junior subordinated perpetual bonds (5-year UST Yield Curve <br> Rate T Note Constant Maturity + 3.466% on 3/24/2027) <sup>(b)</sup>  | USD12,390 | $12125 |
| Rede D'Or Finance SARL 4.50% 1/22/2030 <sup>(a)</sup>  | 1938 | 1886 |
| Royal Bank of Canada 4.65% 10/18/2030 (USD-SOFR + 1.08% on 10/18/2029) <sup>(b)</sup>  | 16732 | 16974 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(a)</sup>  | 14660 | 14406 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(a)</sup>  | 7586 | 7756 |
| SLM Corp. 6.50% 1/31/2030  | 695 | 720 |
| Starwood Property Trust, Inc. 5.75% 1/15/2031 <sup>(a)</sup>  | 18580 | 18803 |
| State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033) <sup>(b)</sup>  | 3337 | 3451 |
| State Street Corp. 4.784% 10/23/2036 (USD-SOFR + 1.215% on 10/23/2035) <sup>(b)</sup>  | 9405 | 9360 |
| Synchrony Financial 5.45% 3/6/2031 (USD-SOFR + 1.68% on 3/6/2030) <sup>(b)</sup>  | 9674 | 9923 |
| Synchrony Financial 7.25% 2/2/2033  | 32939 | 35411 |
| Synchrony Financial 6.00% 7/29/2036 (USD-SOFR Index + 2.07% on 7/29/2035) <sup>(b)</sup>  | 10420 | 10725 |
| Toronto-Dominion Bank (The) 4.783% 12/17/2029  | 4875 | 4996 |
| Toronto-Dominion Bank (The) 4.808% 6/3/2030  | 1750 | 1787 |
| TPG Operating Group II, LP 5.375% 1/15/2036  | 2000 | 1995 |
| Travelers Cos., Inc. 5.05% 7/24/2035  | 252 | 256 |
| Truist Financial Corp. 5.071% 5/20/2031 (USD-SOFR + 1.309% on 5/20/2030) <sup>(b)</sup>  | 5130 | 5271 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(b)</sup>  | 16567 | 17125 |
| Truist Financial Corp. 5.122% 1/26/2034 (USD-SOFR + 1.60% on 1/26/2033) <sup>(b)</sup>  | 4296 | 4378 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(b)</sup>  | 22841 | 24312 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(b)</sup>  | 19988 | 21036 |
| Truist Financial Corp. 4.964% 10/23/2036 (USD-SOFR + 1.395% on 10/23/2035) <sup>(b)</sup>  | 16766 | 16594 |
| U.S. Bancorp 5.083% 5/15/2031 (USD-SOFR + 1.296% on 5/15/2030) <sup>(b)</sup>  | 3313 | 3418 |
| U.S. Bancorp 5.85% 10/21/2033 (USD-SOFR + 2.09% on 10/21/2032) <sup>(b)</sup>  | 2064 | 2211 |
| U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033) <sup>(b)</sup>  | 697 | 702 |
| U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033) <sup>(b)</sup>  | 10803 | 11532 |
| U.S. Bancorp 5.678% 1/23/2035 (USD-SOFR + 1.86% on 1/23/2034) <sup>(b)</sup>  | 14295 | 15102 |
| U.S. Bancorp 5.424% 2/12/2036 (USD-SOFR + 1.411% on 2/12/2035) <sup>(b)</sup>  | 33875 | 35220 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(a)(b)</sup>  | 1824 | 1906 |
| UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on <br>2/11/2031) <sup>(a)(b)</sup>  | 2672 | 2371 |
| UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031) <sup>(a)(b)</sup>  | 20710 | 19237 |
| USI, Inc. 7.50% 1/15/2032 <sup>(a)</sup>  | 5855 | 6144 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(a)</sup>  | 10525 | 11175 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(b)</sup>  | 4330 | 4420 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(b)</sup>  | 250 | 244 |
| Wells Fargo & Co. 4.478% 4/4/2031 (USD-SOFR + 4.032% on 4/4/2030) <sup>(b)</sup>  | 8905 | 8966 |
| Wells Fargo & Co. 5.557% 7/25/2034 (USD-SOFR + 1.99% on 7/25/2033) <sup>(b)</sup>  | 3725 | 3907 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(b)</sup>  | 4773 | 5005 |
| Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(b)</sup>  | 2030 | 1748 |
|  |  | 2600285 |
| **Energy 7.81%** | **Energy 7.81%** | **Energy 7.81%** |
| 3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup>  | 12441 | 12814 |
| AI Candelaria (Spain) SA 5.75% 6/15/2033 <sup>(a)</sup>  | 2135 | 1896 |
| Antero Midstream Partners, LP 5.75% 7/1/2034 <sup>(a)</sup>  | 8095 | 8160 |
| APA Corp. 4.25% 1/15/2030  | 841 | 827 |
| APA Corp. 5.25% 2/1/2042  | 397 | 338 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(a)</sup>  | 22885 | 23034 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(a)</sup>  | 2995 | 3107 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(a)</sup>  | 8585 | 8891 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(a)</sup>  | 13295 | 13162 |
| Blue Racer Midstream, LLC 7.00% 7/15/2029 <sup>(a)</sup>  | 7035 | 7369 |
| Blue Racer Midstream, LLC 7.25% 7/15/2032 <sup>(a)</sup>  | 1580 | 1678 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(a)</sup>  | 22636 | 22780 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(a)</sup>  | 2725 | 2720 |
| Caturus Energy, LLC 8.50% 2/15/2030 <sup>(a)</sup>  | 3140 | 3273 |
| Chevron Corp. 2.236% 5/11/2030  | 4875 | 4524 |
| CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(a)</sup>  | 4955 | 5171 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(a)</sup>  | 14520 | 14979 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(a)</sup>  | 4065 | 4263 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(a)</sup>  | 24235 | 25172 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(a)</sup>  | 15475 | 16718 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(a)</sup>  | 9894 | 9973 |

---

American Funds Multi-Sector Income Fund<sub>4</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(a)</sup>  | USD6,720 | $6984 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(a)</sup>  | 16755 | 17502 |
| Comstock Resources, Inc. 6.75% 3/1/2029 <sup>(a)</sup>  | 10515 | 10546 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(a)</sup>  | 19925 | 19394 |
| ConocoPhillips Co. 3.80% 3/15/2052  | 1311 | 967 |
| ConocoPhillips Co. 5.55% 3/15/2054  | 968 | 932 |
| ConocoPhillips Co. 5.50% 1/15/2055  | 1540 | 1475 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup>  | 33065 | 34421 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(a)</sup>  | 18963 | 19622 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(a)</sup>  | 16455 | 15965 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(a)</sup>  | 10875 | 10327 |
| Crescent Energy Finance, LLC 8.375% 1/15/2034 <sup>(a)</sup>  | 5875 | 5839 |
| Devon Energy Corp. 5.75% 9/15/2054  | 15780 | 14510 |
| Diamondback Energy, Inc. 5.15% 1/30/2030  | 6068 | 6249 |
| Diamondback Energy, Inc. 5.40% 4/18/2034  | 18506 | 18955 |
| Diamondback Energy, Inc. 5.75% 4/18/2054  | 9976 | 9438 |
| Diamondback Energy, Inc. 5.90% 4/18/2064  | 6690 | 6322 |
| DT Midstream, Inc. 4.125% 6/15/2029 <sup>(a)</sup>  | 1700 | 1678 |
| DT Midstream, Inc. 4.375% 6/15/2031 <sup>(a)</sup>  | 10020 | 9813 |
| Ecopetrol SA 8.625% 1/19/2029  | 3196 | 3428 |
| Ecopetrol SA 7.75% 2/1/2032  | 15485 | 15956 |
| Ecopetrol SA 8.875% 1/13/2033  | 24955 | 26668 |
| Ecopetrol SA 8.375% 1/19/2036  | 8850 | 9114 |
| EIG Pearl Holdings SARL 3.545% 8/31/2036  | 11138 | 10337 |
| Empresa Nacional del Petroleo 5.95% 7/30/2034 <sup>(a)</sup>  | 625 | 655 |
| Energean Israel Finance, Ltd. 5.875% 3/30/2031 <sup>(a)</sup>  | 4855 | 4708 |
| Energy Transfer, LP 6.00% 2/1/2029 <sup>(a)</sup>  | 1165 | 1178 |
| Energy Transfer, LP 5.20% 4/1/2030  | 3885 | 4004 |
| Energy Transfer, LP 7.375% 2/1/2031 <sup>(a)</sup>  | 291 | 302 |
| Enterprise Products Operating, LLC 5.20% 1/15/2036  | 1493 | 1521 |
| EOG Resources, Inc. 4.40% 7/15/2028  | 558 | 564 |
| EOG Resources, Inc. 4.375% 4/15/2030  | 3275 | 3298 |
| EOG Resources, Inc. 5.65% 12/1/2054  | 209 | 205 |
| EOG Resources, Inc. 5.95% 7/15/2055  | 3510 | 3577 |
| EQT Corp. 4.50% 1/15/2029  | 4087 | 4098 |
| EQT Corp. 4.75% 1/15/2031  | 5304 | 5341 |
| EQT Corp. 3.625% 5/15/2031 <sup>(a)</sup>  | 5514 | 5189 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(a)</sup>  | 2229 | 2229 |
| Expand Energy Corp. 4.75% 2/1/2032  | 1016 | 1003 |
| Exxon Mobil Corp. 2.61% 10/15/2030  | 5545 | 5201 |
| Exxon Mobil Corp. 3.452% 4/15/2051  | 6605 | 4744 |
| FORESEA Holding SA 7.50% 6/15/2030  | 3560 | 3514 |
| Galaxy Pipeline Assets Bidco, Ltd. 2.94% 9/30/2040  | 10817 | 9224 |
| Genesis Energy, LP 8.25% 1/15/2029  | 6985 | 7314 |
| Genesis Energy, LP 8.875% 4/15/2030  | 6989 | 7386 |
| Genesis Energy, LP 7.875% 5/15/2032  | 5795 | 6045 |
| GeoPark, Ltd. 8.75% 1/31/2030 <sup>(a)</sup>  | 30766 | 28766 |
| GeoPark, Ltd. 8.75% 1/31/2030  | 1494 | 1397 |
| Global Partners, LP 8.25% 1/15/2032 <sup>(a)</sup>  | 4320 | 4568 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(a)</sup>  | 4550 | 4765 |
| Guara Norte SARL 5.198% 6/15/2034  | 3638 | 3554 |
| Guara Norte SARL 5.198% 6/15/2034 <sup>(a)</sup>  | 1400 | 1367 |
| Gulfport Energy Operating Corp. 6.75% 9/1/2029 <sup>(a)</sup>  | 5153 | 5328 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(a)</sup>  | 10930 | 11100 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(a)</sup>  | 4460 | 4652 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(a)</sup>  | 1610 | 1646 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(a)</sup>  | 5430 | 5518 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(a)</sup>  | 7201 | 7025 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(a)</sup>  | 6020 | 5746 |
| Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(a)</sup>  | 7915 | 7479 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(a)</sup>  | 17439 | 17882 |
| Hilcorp Energy I, LP 6.875% 5/15/2034 <sup>(a)</sup>  | 2805 | 2632 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(a)</sup>  | 3800 | 3956 |
| Kodiak Gas Services, LLC 6.50% 10/1/2033 <sup>(a)</sup>  | 4980 | 5088 |
| Kodiak Gas Services, LLC 6.75% 10/1/2035 <sup>(a)</sup>  | 4980 | 5123 |
| Kraken Oil & Gas Partners, LLC 7.625% 8/15/2029 <sup>(a)</sup>  | 6725 | 6666 |

---

---

| | |
|:---|:---|
| **5** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| Leviathan Bond, Ltd. 6.75% 6/30/2030 <sup>(a)</sup>  | USD8,090 | $8245 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(a)</sup>  | 13040 | 13107 |
| Mesquite Energy, Inc. 7.25% 2/15/2023 <sup>(a)(d)</sup>  | 27 | — <br><sup>(e)</sup><br>|
| Modec Finance BV 7.84% 7/15/2026 <sup>(c)(f)</sup>  | 9000 | 9113 |
| MPLX, LP 5.40% 9/15/2035  | 11387 | 11476 |
| Murphy Oil Corp. 6.00% 10/1/2032  | 6585 | 6583 |
| MV24 Capital BV 6.748% 6/1/2034  | 5685 | 5647 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(a)</sup>  | 15870 | 16652 |
| Nabors Industries, Inc. 7.625% 11/15/2032 <sup>(a)</sup>  | 6350 | 6245 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(a)(d)</sup>  | 209996 | 60899 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(a)</sup>  | 5161 | 5360 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(a)</sup>  | 9690 | 10041 |
| Noble Finance II, LLC 8.00% 4/15/2030 <sup>(a)</sup>  | 22900 | 23806 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(a)</sup>  | 16195 | 16371 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(a)</sup>  | 6345 | 6182 |
| Occidental Petroleum Corp. 4.40% 8/15/2049  | 1907 | 1438 |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(a)</sup>  | 4310 | 4256 |
| Oleoducto Central SA 4.00% 7/14/2027  | 950 | 938 |
| Permian Resources Operating, LLC 8.00% 4/15/2027 <sup>(a)</sup>  | 3960 | 4025 |
| Permian Resources Operating, LLC 5.875% 7/1/2029 <sup>(a)</sup>  | 10645 | 10742 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(a)</sup>  | 6846 | 7382 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(a)</sup>  | 7905 | 8269 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(a)</sup>  | 4660 | 4782 |
| Petroleos Mexicanos 8.75% 6/2/2029  | 9606 | 10304 |
| Petroleos Mexicanos 6.84% 1/23/2030  | 19000 | 19306 |
| Petroleos Mexicanos 5.95% 1/28/2031  | 16100 | 15592 |
| Petroleos Mexicanos 6.70% 2/16/2032  | 13441 | 13414 |
| Petroleos Mexicanos 10.00% 2/7/2033  | 21295 | 24690 |
| Petroleos Mexicanos 6.375% 1/23/2045  | 1432 | 1158 |
| Petroleos Mexicanos 6.75% 9/21/2047  | 3514 | 2892 |
| Petroleos Mexicanos 6.35% 2/12/2048  | 582 | 457 |
| Petroleos Mexicanos 7.69% 1/23/2050  | 3705 | 3323 |
| Petroleos Mexicanos 6.95% 1/28/2060  | 8653 | 7050 |
| Pluspetrol SA 8.125% 5/18/2031 <sup>(a)</sup>  | 5000 | 4970 |
| Pluspetrol SA 8.50% 5/30/2032 <sup>(a)</sup>  | 14188 | 14437 |
| PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030  | 1474 | 1405 |
| Raizen Fuels Finance SA 6.25% 7/8/2032  | 3366 | 2832 |
| Raizen Fuels Finance SA 6.45% 3/5/2034  | 3134 | 2558 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(a)</sup>  | 2255 | 1841 |
| Raizen Fuels Finance SA 6.70% 2/25/2037 <sup>(a)</sup>  | 16930 | 13704 |
| Range Resources Corp. 8.25% 1/15/2029  | 5120 | 5225 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(a)</sup>  | 2920 | 2884 |
| Repsol E&P Capital Markets US, LLC 5.976% 9/16/2035 <sup>(a)</sup>  | 11563 | 11798 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(a)</sup>  | 882 | 870 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(a)</sup>  | 5395 | 5614 |
| Shell Finance US, Inc. 2.75% 4/6/2030  | 6236 | 5920 |
| Shell Finance US, Inc. 3.25% 4/6/2050  | 24 | 17 |
| Shell Finance US, Inc. 3.00% 11/26/2051 <sup>(a)</sup>  | 14693 | 9464 |
| SM Energy Co. 6.50% 7/15/2028  | 590 | 599 |
| Suburban Propane Partners, LP 5.00% 6/1/2031 <sup>(a)</sup>  | 4820 | 4639 |
| Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(a)</sup>  | 12930 | 13416 |
| Sunoco, LP 6.00% 4/15/2027  | 5000 | 5025 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(a)</sup>  | 30180 | 31494 |
| Sunoco, LP 4.50% 5/15/2029  | 7096 | 6972 |
| Sunoco, LP 4.50% 4/30/2030  | 430 | 420 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(a)</sup>  | 6200 | 6249 |
| Sunoco, LP 7.25% 5/1/2032 <sup>(a)</sup>  | 11475 | 12141 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(a)</sup>  | 2565 | 2629 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(a)</sup>  | 7795 | 7798 |
| Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 4.23% on 9/18/2030) <sup>(a)(b)</sup>  | 8855 | 9103 |
| Superior Plus, LP 4.50% 3/15/2029 <sup>(a)</sup>  | 4698 | 4589 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(a)</sup>  | 10630 | 11075 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(a)</sup>  | 14475 | 15126 |
| Targa Resources Corp. 5.65% 2/15/2036  | 9945 | 10226 |
| Targa Resources Partners, LP 4.875% 2/1/2031  | 774 | 779 |

---

American Funds Multi-Sector Income Fund<sub>6</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| TotalEnergies Capital International SA 3.127% 5/29/2050  | USD10,211 | $6815 |
| TotalEnergies Capital SA 5.488% 4/5/2054  | 1225 | 1185 |
| TotalEnergies Capital SA 5.275% 9/10/2054  | 3025 | 2845 |
| Transocean Aquila, Ltd. 8.00% 9/30/2028 <sup>(a)</sup>  | 4111 | 4230 |
| Transocean International, Ltd. 8.75% 2/15/2030 <sup>(a)</sup>  | 18238 | 19066 |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(a)</sup>  | 4750 | 4983 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(a)</sup>  | 9938 | 10156 |
| Transocean, Inc. 8.25% 5/15/2029 <sup>(a)</sup>  | 13645 | 13761 |
| Transocean, Inc. 7.50% 4/15/2031  | 4260 | 4042 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(a)</sup>  | 11700 | 11597 |
| Transportadora de Gas del Sur SA 8.50% 7/24/2031 <sup>(a)</sup>  | 10930 | 11378 |
| Transportadora de Gas del Sur SA 7.75% 11/20/2035 <sup>(a)</sup>  | 945 | 936 |
| USA Compression Partners, LP 7.125% 3/15/2029 <sup>(a)</sup>  | 10385 | 10755 |
| USA Compression Partners, LP 6.25% 10/1/2033 <sup>(a)</sup>  | 4280 | 4333 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(a)</sup>  | 6714 | 6299 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(a)</sup>  | 5639 | 5713 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(a)</sup>  | 16665 | 15176 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033 <sup>(a)</sup>  | 3000 | 2574 |
| Venture Global LNG, Inc. 7.00% 1/15/2030 <sup>(a)</sup>  | 4835 | 4657 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(a)</sup>  | 23245 | 23129 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(a)</sup>  | 25644 | 26508 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(a)</sup>  | 8555 | 8717 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(a)</sup>  | 21775 | 23540 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(a)</sup>  | 18080 | 18527 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(a)</sup>  | 12705 | 12988 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(a)</sup>  | 16640 | 18229 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(a)</sup>  | 16345 | 16750 |
| Vista Energy Argentina S.A.U. 8.50% 6/10/2033 <sup>(a)</sup>  | 30573 | 31452 |
| Vista Energy Argentina S.A.U. 7.625% 12/10/2035 <sup>(a)</sup>  | 22810 | 22822 |
| Vital Energy, Inc. 7.875% 4/15/2032 <sup>(a)</sup>  | 15590 | 15371 |
| Wildfire Intermediate Holdings, LLC 7.50% 10/15/2029 <sup>(a)</sup>  | 12105 | 12249 |
| YPF SA 8.75% 9/11/2031 <sup>(a)</sup>  | 1150 | 1192 |
| YPF SA 8.25% 1/17/2034 <sup>(a)</sup>  | 2710 | 2776 |
|  |  | 1623164 |
| **Health care 7.62%** | **Health care 7.62%** | **Health care 7.62%** |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(a)</sup>  | 12565 | 13077 |
| AbbVie, Inc. 4.80% 3/15/2029  | 22405 | 22960 |
| AbbVie, Inc. 3.20% 11/21/2029  | 7790 | 7557 |
| AbbVie, Inc. 5.05% 3/15/2034  | 74959 | 77060 |
| AbbVie, Inc. 5.35% 3/15/2044  | 1175 | 1162 |
| AbbVie, Inc. 5.40% 3/15/2054  | 1773 | 1725 |
| AbbVie, Inc. 5.50% 3/15/2064  | 1566 | 1522 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(a)</sup>  | 2003 | 2026 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(a)</sup>  | 8996 | 8755 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(a)</sup>  | 10466 | 10258 |
| Amgen, Inc. 5.15% 3/2/2028  | 20440 | 20922 |
| Amgen, Inc. 5.25% 3/2/2030  | 28197 | 29280 |
| Amgen, Inc. 4.20% 3/1/2033  | 10130 | 9906 |
| Amgen, Inc. 5.25% 3/2/2033  | 44211 | 45779 |
| Amgen, Inc. 5.60% 3/2/2043  | 2620 | 2637 |
| Amgen, Inc. 4.875% 3/1/2053  | 4817 | 4243 |
| Amgen, Inc. 5.65% 3/2/2053  | 9518 | 9326 |
| Amgen, Inc. 5.75% 3/2/2063  | 14518 | 14177 |
| Amneal Pharmaceuticals, LLC 6.875% 8/1/2032 <sup>(a)</sup>  | 1525 | 1613 |
| Ascension Health 4.923% 11/15/2035  | 8176 | 8192 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034  | 9607 | 9946 |
| AthenaHealth Group, Inc. 6.50% 2/15/2030 <sup>(a)</sup>  | 5511 | 5499 |
| Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(a)</sup>  | 5435 | 5410 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(a)</sup>  | 12500 | 12009 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(a)</sup>  | 20390 | 20205 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(a)</sup>  | 5899 | 3869 |
| Baxter International, Inc. 1.915% 2/1/2027  | 905 | 884 |
| Baxter International, Inc. 2.272% 12/1/2028  | 1125 | 1062 |
| Baxter International, Inc. 4.45% 2/15/2029  | 813 | 816 |

---

---

| | |
|:---|:---|
| **7** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** | **Health care (continued)** | **Health care (continued)** |
| Baxter International, Inc. 4.90% 12/15/2030  | USD3,547 | $3576 |
| Baxter International, Inc. 2.539% 2/1/2032  | 1954 | 1703 |
| Baxter International, Inc. 5.65% 12/15/2035  | 49624 | 50239 |
| Baxter International, Inc. 3.132% 12/1/2051  | 8377 | 5277 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031  | 943 | 982 |
| Bristol-Myers Squibb Co. 2.95% 3/15/2032  | 1425 | 1323 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034  | 8737 | 9086 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044  | 4114 | 4126 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054  | 26906 | 26442 |
| Centene Corp. 2.45% 7/15/2028  | 2337 | 2190 |
| Centene Corp. 3.00% 10/15/2030  | 435 | 390 |
| Centene Corp. 2.50% 3/1/2031  | 27627 | 23873 |
| Centene Corp. 2.625% 8/1/2031  | 40192 | 34599 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028 <sup>(a)</sup>  | 3503 | 3474 |
| CHS / Community Health Systems, Inc. 6.875% 4/15/2029 <sup>(a)</sup>  | 1200 | 1069 |
| CHS / Community Health Systems, Inc. 5.25% 5/15/2030 <sup>(a)</sup>  | 4055 | 3816 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(a)</sup>  | 5278 | 5767 |
| Cigna Group (The) 4.875% 9/15/2032  | 1375 | 1393 |
| Cigna Group (The) 5.25% 2/15/2034  | 2129 | 2193 |
| Cigna Group (The) 5.25% 1/15/2036  | 21400 | 21800 |
| Cigna Group (The) 6.00% 1/15/2056  | 14159 | 14570 |
| CVS Health Corp. 1.75% 8/21/2030  | 3510 | 3119 |
| CVS Health Corp. 5.00% 9/15/2032  | 4764 | 4864 |
| CVS Health Corp. 5.45% 9/15/2035  | 57307 | 58682 |
| CVS Health Corp. 6.00% 6/1/2044  | 19360 | 19473 |
| CVS Health Corp. 6.05% 6/1/2054  | 17605 | 17516 |
| CVS Health Corp. 6.20% 9/15/2055  | 25680 | 26092 |
| CVS Health Corp. 6.00% 6/1/2063  | 1429 | 1386 |
| CVS Health Corp. 6.25% 9/15/2065  | 10000 | 10073 |
| DaVita, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 41622 | 40501 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(a)</sup>  | 4232 | 4408 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(a)</sup>  | 11575 | 12011 |
| Elevance Health, Inc. 5.00% 1/15/2036  | 32500 | 32320 |
| Elevance Health, Inc. 5.70% 9/15/2055  | 12500 | 12255 |
| Eli Lilly and Co. 4.60% 8/14/2034  | 6292 | 6313 |
| Eli Lilly and Co. 5.10% 2/12/2035  | 7569 | 7828 |
| Eli Lilly and Co. 4.90% 10/15/2035  | 8005 | 8159 |
| EMD Finance, LLC 4.625% 10/15/2032 <sup>(a)</sup>  | 2675 | 2683 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(a)</sup>  | 19209 | 20327 |
| Fortrea Holdings, Inc. 7.50% 7/1/2030 <sup>(a)</sup>  | 516 | 528 |
| Gilead Sciences, Inc. 5.25% 10/15/2033  | 8456 | 8889 |
| Gilead Sciences, Inc. 5.10% 6/15/2035  | 21255 | 21794 |
| Gilead Sciences, Inc. 2.80% 10/1/2050  | 225 | 143 |
| Grifols SA 7.50% 5/1/2030  | EUR15,299 | 18935 |
| Humana, Inc. 5.375% 4/15/2031  | USD2,200 | 2275 |
| Humana, Inc. 5.75% 4/15/2054  | 4944 | 4673 |
| IQVIA, Inc. 5.00% 10/15/2026 <sup>(a)</sup>  | 7845 | 7845 |
| IQVIA, Inc. 6.50% 5/15/2030 <sup>(a)</sup>  | 4305 | 4469 |
| IQVIA, Inc. 6.25% 6/1/2032 <sup>(a)</sup>  | 13355 | 13972 |
| Johnson & Johnson 4.90% 6/1/2031  | 16330 | 17057 |
| Johnson & Johnson 4.85% 3/1/2032  | 3930 | 4079 |
| Johnson & Johnson 4.95% 6/1/2034  | 8275 | 8693 |
| Johnson & Johnson 5.00% 3/1/2035  | 4375 | 4557 |
| Johnson & Johnson 5.25% 6/1/2054  | 2185 | 2188 |
| Medline Borrower, LP 3.875% 4/1/2029 <sup>(a)</sup>  | 25545 | 24958 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(a)</sup>  | 7058 | 7305 |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(a)</sup>  | 19735 | 19853 |
| Molina Healthcare, Inc. 6.50% 2/15/2031 <sup>(a)</sup>  | 21475 | 22082 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(a)</sup>  | 8740 | 7954 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 5354 | 5463 |
| Organon & Co. 4.125% 4/30/2028 <sup>(a)</sup>  | 3760 | 3680 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(a)</sup>  | 29499 | 20047 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(a)</sup>  | 36277 | 23183 |
| Perrigo Finance Unlimited Co. 6.125% 9/30/2032  | 6820 | 6648 |
| Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028  | 383 | 388 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033  | 2425 | 2451 |

---

American Funds Multi-Sector Income Fund<sub>8</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Health care (continued)** | **Health care (continued)** | **Health care (continued)** |
| Pfizer Investment Enterprises Pte., Ltd. 5.11% 5/19/2043  | USD8,745 | $8424 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053  | 18017 | 17072 |
| Pfizer, Inc. 4.50% 11/15/2032  | 1450 | 1454 |
| Pfizer, Inc. 4.875% 11/15/2035  | 2200 | 2207 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(a)(g)</sup>  | 11511 | 11093 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(a)</sup>  | 6470 | 6767 |
| Rede D'Or Finance SARL 4.95% 1/17/2028  | 590 | 591 |
| Rede D'Or Finance SARL 4.50% 1/22/2030  | 2590 | 2521 |
| Roche Holdings, Inc. 2.076% 12/13/2031 <sup>(a)</sup>  | 231 | 205 |
| Roche Holdings, Inc. 4.985% 3/8/2034 <sup>(a)</sup>  | 9098 | 9372 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(a)</sup>  | 3214 | 3208 |
| Roche Holdings, Inc. 5.218% 3/8/2054 <sup>(a)</sup>  | 2645 | 2565 |
| Sotera Health Holdings, LLC 7.375% 6/1/2031 <sup>(a)</sup>  | 16415 | 17237 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(a)</sup>  | 12085 | 12239 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035  | 59751 | 60887 |
| Takeda U.S. Financing, Inc. 5.90% 7/7/2055  | 4152 | 4204 |
| Tenet Healthcare Corp. 5.125% 11/1/2027  | 1120 | 1126 |
| Tenet Healthcare Corp. 6.125% 10/1/2028  | 5236 | 5263 |
| Tenet Healthcare Corp. 4.25% 6/1/2029  | 11450 | 11289 |
| Tenet Healthcare Corp. 6.75% 5/15/2031  | 23610 | 24579 |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027  | 5319 | 5339 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028  | 27355 | 28411 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029  | 20845 | 21097 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029  | 8070 | 8887 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 28166 | 32467 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032  | 4590 | 4821 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046  | 29615 | 22435 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 13950 | 14482 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034  | 11567 | 11851 |
| UnitedHealth Group, Inc. 5.30% 6/15/2035  | 46275 | 47929 |
| UnitedHealth Group, Inc. 5.50% 7/15/2044  | 16454 | 16342 |
| UnitedHealth Group, Inc. 2.90% 5/15/2050  | 10518 | 6746 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051  | 221 | 150 |
| UnitedHealth Group, Inc. 4.75% 5/15/2052  | 1210 | 1045 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054  | 5760 | 5656 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055  | 27130 | 27877 |
| UnitedHealth Group, Inc. 4.95% 5/15/2062  | 159 | 138 |
| UnitedHealth Group, Inc. 6.05% 2/15/2063  | 124 | 127 |
| Viatris, Inc. 4.00% 6/22/2050  | 7033 | 4687 |
|  |  | 1584674 |
| **Consumer discretionary 6.69%** | **Consumer discretionary 6.69%** | **Consumer discretionary 6.69%** |
| Acushnet Co. 5.625% 12/1/2033 <sup>(a)</sup>  | 845 | 857 |
| Advance Auto Parts, Inc. 5.95% 3/9/2028  | 1788 | 1829 |
| Advance Auto Parts, Inc. 3.90% 4/15/2030  | 15237 | 13999 |
| Advance Auto Parts, Inc. 7.00% 8/1/2030 <sup>(a)</sup>  | 1450 | 1463 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032  | 35497 | 30251 |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(a)</sup>  | 29020 | 29156 |
| Alibaba Group Holding, Ltd. 2.125% 2/9/2031  | 7260 | 6601 |
| Alibaba Group Holding, Ltd. 5.625% 11/26/2054  | 4560 | 4627 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(a)</sup>  | 6344 | 6261 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(a)</sup>  | 8155 | 8077 |
| Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(a)</sup>  | 22420 | 23356 |
| Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(a)</sup>  | 12695 | 13220 |
| Amazon.com, Inc. 4.10% 11/20/2030  | 10540 | 10555 |
| Amazon.com, Inc. 4.65% 11/20/2035  | 9883 | 9847 |
| Amazon.com, Inc. 3.95% 4/13/2052  | 1695 | 1324 |
| Amazon.com, Inc. 5.45% 11/20/2055  | 1668 | 1629 |
| Amazon.com, Inc. 5.55% 11/20/2065  | 1730 | 1679 |
| Arcos Dorados BV 6.125% 5/27/2029 <sup>(a)</sup>  | 2000 | 2056 |
| Arcos Dorados BV 6.125% 5/27/2029  | 460 | 473 |
| Arcos Dorados BV 6.375% 1/29/2032 <sup>(a)</sup>  | 1155 | 1225 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 13235 | 13021 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(a)</sup>  | 2250 | 2188 |
| AutoNation, Inc. 5.89% 3/15/2035  | 30000 | 31109 |

---

---

| | |
|:---|:---|
| **9** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** | **Consumer discretionary (continued)** | **Consumer discretionary (continued)** |
| Bath & Body Works, Inc. 6.875% 11/1/2035  | USD1,712 | $1734 |
| Bath & Body Works, Inc. 6.75% 7/1/2036  | 2040 | 2027 |
| Boyd Gaming Corp. 4.75% 12/1/2027  | 10765 | 10757 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(a)</sup>  | 3390 | 3314 |
| Boyne USA, Inc. 4.75% 5/15/2029 <sup>(a)</sup>  | 16015 | 15807 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(a)</sup>  | 6774 | 6502 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(a)</sup>  | 22675 | 23494 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(a)</sup>  | 8950 | 9173 |
| Caesars Entertainment, Inc. 6.00% 10/15/2032 <sup>(a)</sup>  | 2610 | 2540 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(a)</sup>  | 20385 | 20621 |
| Carnival Corp. 7.00% 8/15/2029 <sup>(a)</sup>  | 19745 | 20734 |
| Carnival Corp. 5.75% 3/15/2030 <sup>(a)</sup>  | 25000 | 25731 |
| Carnival Corp. 5.75% 8/1/2032 <sup>(a)</sup>  | 26250 | 26973 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(a)</sup>  | 12545 | 12960 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(a)</sup>  | 7795 | 8363 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(a)</sup>  | 15228 | 14807 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(a)</sup>  | 1559 | 1483 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(a)</sup>  | 14760 | 14398 |
| Flutter Treasury DAC 5.875% 6/4/2031 <sup>(a)</sup>  | 3202 | 3248 |
| Ford Motor Co. 3.25% 2/12/2032  | 19660 | 17332 |
| Ford Motor Co. 4.75% 1/15/2043  | 4833 | 3831 |
| Ford Motor Co. 5.291% 12/8/2046  | 12381 | 10308 |
| Ford Motor Credit Co., LLC 2.70% 8/10/2026  | 1000 | 991 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027  | 2500 | 2539 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027  | 11440 | 11489 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027  | 14275 | 14064 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028  | 26535 | 27167 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028  | 10468 | 10986 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030  | 4305 | 4618 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030  | 37685 | 38280 |
| Ford Motor Credit Co., LLC 6.054% 11/5/2031  | 9878 | 10132 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032  | 16780 | 17555 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033  | 25117 | 26989 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034  | 11517 | 11708 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035  | 59205 | 61359 |
| Ford Motor Credit Co., LLC 5.869% 10/31/2035  | 14349 | 14177 |
| General Motors Financial Co., Inc. 5.45% 9/6/2034  | 16723 | 16971 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035  | 4557 | 4754 |
| General Motors Financial Co., Inc. 6.15% 7/15/2035  | 25717 | 27112 |
| GENM Capital Labuan, Ltd. 3.882% 4/19/2031  | 37615 | 34105 |
| Genting New York, LLC 7.25% 10/1/2029 <sup>(a)</sup>  | 3525 | 3617 |
| Gildan Activewear, Inc. 5.40% 10/7/2035 <sup>(a)</sup>  | 6010 | 6000 |
| Grand Canyon University 4.375% 10/1/2026  | 3269 | 3293 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(a)</sup>  | 5625 | 5686 |
| Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030  | 7615 | 7645 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(a)</sup>  | 12385 | 11866 |
| Hilton Domestic Operating Co., Inc. 5.75% 9/15/2033 <sup>(a)</sup>  | 12620 | 12922 |
| Hilton Domestic Operating Co., Inc. 5.50% 3/31/2034 <sup>(a)</sup>  | 5975 | 6019 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(a)</sup>  | 470 | 457 |
| Home Depot, Inc. 1.375% 3/15/2031  | 2216 | 1925 |
| Home Depot, Inc. 4.85% 6/25/2031  | 10387 | 10745 |
| Home Depot, Inc. 4.95% 6/25/2034  | 15457 | 15814 |
| Home Depot, Inc. 4.65% 9/15/2035  | 1050 | 1041 |
| Home Depot, Inc. 3.125% 12/15/2049  | 135 | 92 |
| Home Depot, Inc. 5.30% 6/25/2054  | 3252 | 3113 |
| Home Depot, Inc. 5.40% 6/25/2064  | 10747 | 10291 |
| Hyundai Capital America 4.875% 6/23/2027 <sup>(a)</sup>  | 4434 | 4484 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(a)</sup>  | 1670 | 1672 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(a)</sup>  | 11848 | 11681 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(a)</sup>  | 6555 | 6937 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(a)</sup>  | 11920 | 11146 |
| Light and Wonder International, Inc. 7.25% 11/15/2029 <sup>(a)</sup>  | 7335 | 7537 |
| Light and Wonder International, Inc. 7.50% 9/1/2031 <sup>(a)</sup>  | 5195 | 5430 |
| Light and Wonder International, Inc. 6.25% 10/1/2033 <sup>(a)</sup>  | 5575 | 5647 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(a)</sup>  | 5175 | 5007 |
| Lithia Motors, Inc. 5.50% 10/1/2030 <sup>(a)</sup>  | 7090 | 7144 |

---

American Funds Multi-Sector Income Fund<sub>10</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer discretionary (continued)** | **Consumer discretionary (continued)** | **Consumer discretionary (continued)** |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(a)</sup>  | USD250 | $240 |
| Macy's Retail Holdings, LLC 6.125% 3/15/2032 <sup>(a)</sup>  | 960 | 973 |
| Marriott International, Inc. 5.35% 3/15/2035  | 6540 | 6733 |
| McDonald's Corp. 5.00% 5/17/2029  | 2741 | 2822 |
| Meituan 5.125% 11/5/2035 <sup>(a)</sup>  | 2170 | 2149 |
| Melco Resorts Finance, Ltd. 7.625% 4/17/2032 <sup>(a)</sup>  | 5400 | 5685 |
| Motherson Global Investments BV 5.625% 7/11/2029  | 1500 | 1533 |
| NCL Finance, Ltd. 6.125% 3/15/2028 <sup>(a)</sup>  | 2420 | 2497 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(a)</sup>  | 5965 | 6262 |
| Newell Brands, Inc. 6.375% 5/15/2030  | 14400 | 14081 |
| Newell Brands, Inc. 6.625% 5/15/2032  | 31000 | 30117 |
| Newell Brands, Inc. 7.375% 4/1/2036  | 28115 | 26440 |
| Newell Brands, Inc. 7.50% 4/1/2046  | 8030 | 6711 |
| Nissan Motor Co., Ltd. 4.345% 9/17/2027 <sup>(a)</sup>  | 1805 | 1782 |
| Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(a)</sup>  | 11425 | 11999 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(a)</sup>  | 10080 | 10716 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(a)</sup>  | 46240 | 49177 |
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(f)(h)</sup>  | 50 | — <br><sup>(e)</sup><br>|
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(f)</sup>  | 7834 | 157 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(a)</sup>  | 5289 | 5458 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(a)</sup>  | 8155 | 8081 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(a)</sup>  | 2095 | 2186 |
| Royal Caribbean Cruises, Ltd. 4.25% 7/1/2026 <sup>(a)</sup>  | 888 | 888 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(a)</sup>  | 14325 | 14589 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036  | 29550 | 29685 |
| Sally Holdings, LLC 6.75% 3/1/2032  | 8589 | 8980 |
| Sands China, Ltd. 4.375% 6/18/2030  | 6485 | 6405 |
| Sands China, Ltd. 3.25% 8/8/2031  | 1500 | 1388 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(a)</sup>  | 10610 | 9437 |
| Service Corp. International 5.75% 10/15/2032  | 5890 | 6002 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 14200 | 13949 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(a)</sup>  | 7680 | 7451 |
| Starbucks Corp. 4.80% 5/15/2030  | 1725 | 1761 |
| Starbucks Corp. 5.00% 2/15/2034  | 1930 | 1972 |
| Starbucks Corp. 5.40% 5/15/2035  | 4971 | 5172 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(a)</sup>  | 5385 | 5537 |
| Studio City Finance, Ltd. 5.00% 1/15/2029  | 1965 | 1899 |
| TopBuild Corp. 5.625% 1/31/2034 <sup>(a)</sup>  | 6885 | 6968 |
| Toyota Motor Credit Corp. 1.90% 1/13/2027  | 5295 | 5198 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(a)</sup>  | 19935 | 19580 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(a)</sup>  | 4840 | 4936 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(a)</sup>  | 5875 | 6100 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(a)</sup>  | 8825 | 8118 |
| Wand NewCo 3, Inc. 7.625% 1/30/2032 <sup>(a)</sup>  | 1690 | 1789 |
| Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028 <sup>(a)</sup>  | 12955 | 12833 |
| Wynn Macau, Ltd. 5.625% 8/26/2028  | 4100 | 4102 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(a)</sup>  | 10689 | 10759 |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(a)</sup>  | 17524 | 18973 |
| ZF North America Capital, Inc. 6.75% 4/23/2030 <sup>(a)</sup>  | 7300 | 7219 |
|  |  | 1390636 |
| **Communication services 6.62%** | **Communication services 6.62%** | **Communication services 6.62%** |
| Alphabet, Inc. 4.375% 11/15/2032  | 7882 | 7911 |
| Alphabet, Inc. 4.70% 11/15/2035  | 20067 | 20080 |
| Alphabet, Inc. 5.25% 5/15/2055  | 732 | 702 |
| Alphabet, Inc. 5.45% 11/15/2055  | 986 | 968 |
| Alphabet, Inc. 5.30% 5/15/2065  | 1012 | 953 |
| Altice France 6.50% 4/15/2032 <sup>(a)</sup>  | 27430 | 26313 |
| Altice France 6.875% 7/15/2032 <sup>(a)</sup>  | 30430 | 29201 |
| AT&T, Inc. 5.375% 8/15/2035  | 1000 | 1025 |
| AT&T, Inc. 3.50% 9/15/2053  | 10575 | 7082 |
| AT&T, Inc. 3.55% 9/15/2055  | 10615 | 7074 |
| CCO Holdings, LLC 5.00% 2/1/2028 <sup>(a)</sup>  | 33689 | 33441 |
| CCO Holdings, LLC 6.375% 9/1/2029 <sup>(a)</sup>  | 3095 | 3139 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(a)</sup>  | 19736 | 18861 |

---

---

| | |
|:---|:---|
| **11** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Communication services (continued)** | **Communication services (continued)** | **Communication services (continued)** |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(a)</sup>  | USD6,881 | $6483 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(a)</sup>  | 19255 | 17704 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(a)</sup>  | 904 | 827 |
| CCO Holdings, LLC 4.50% 5/1/2032  | 13772 | 12370 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(a)</sup>  | 21577 | 18912 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(a)</sup>  | 28244 | 24042 |
| Charter Communications Operating, LLC 6.10% 6/1/2029  | 2197 | 2294 |
| Charter Communications Operating, LLC 4.40% 4/1/2033  | 11000 | 10366 |
| Charter Communications Operating, LLC 6.65% 2/1/2034  | 9680 | 10203 |
| Charter Communications Operating, LLC 6.384% 10/23/2035  | 8565 | 8847 |
| Charter Communications Operating, LLC 4.80% 3/1/2050  | 13008 | 9781 |
| Charter Communications Operating, LLC 3.70% 4/1/2051  | 52596 | 33237 |
| Charter Communications Operating, LLC 3.90% 6/1/2052  | 29758 | 19233 |
| Charter Communications Operating, LLC 5.25% 4/1/2053  | 26312 | 20844 |
| Charter Communications Operating, LLC 6.70% 12/1/2055  | 253 | 243 |
| Charter Communications Operating, LLC 3.85% 4/1/2061  | 7140 | 4261 |
| Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028 <sup>(a)</sup>  | 6335 | 6344 |
| Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029 <sup>(a)</sup>  | 725 | 721 |
| Clear Channel Outdoor Holdings, Inc. 7.125% 2/15/2031 <sup>(a)</sup>  | 7600 | 7985 |
| Comcast Corp. 2.887% 11/1/2051  | 1505 | 881 |
| Comcast Corp. 5.65% 6/1/2054  | 10090 | 9466 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(a)</sup>  | 72270 | 76750 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(a)</sup>  | 4570 | 3922 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(a)</sup>  | 10947 | 11017 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(a)</sup>  | 33225 | 33658 |
| Discovery Communications, LLC 3.625% 5/15/2030  | 1000 | 922 |
| Discovery Communications, LLC 3.625% 5/15/2030  | 250 | 218 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(a)</sup>  | 37056 | 38590 |
| EchoStar Corp. 10.75% 11/30/2029  | 48073 | 53196 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(g)</sup>  | 34998 | 35898 |
| Embarq, LLC 7.995% 6/1/2036  | 10795 | 4480 |
| Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(a)</sup>  | 875 | 877 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(a)</sup>  | 20690 | 20860 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029  | 13011 | 13180 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(a)</sup>  | 10781 | 10973 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(a)</sup>  | 850 | 889 |
| Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(a)</sup>  | 3655 | 3858 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(a)</sup>  | 14899 | 16048 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(a)</sup>  | 5772 | 4482 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(a)</sup>  | 12807 | 9615 |
| Gray Media, Inc. 9.625% 7/15/2032 <sup>(a)</sup>  | 14915 | 15490 |
| Lamar Media Corp. 3.625% 1/15/2031  | 6500 | 6124 |
| Lamar Media Corp. 5.375% 11/1/2033 <sup>(a)</sup>  | 5190 | 5162 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(a)(d)(g)</sup>  | 2577 | 657 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(a)</sup>  | 7725 | 8062 |
| Meta Platforms, Inc. 4.60% 11/15/2032  | 6282 | 6334 |
| Meta Platforms, Inc. 4.875% 11/15/2035  | 54741 | 54689 |
| Meta Platforms, Inc. 5.50% 11/15/2045  | 14386 | 13978 |
| Meta Platforms, Inc. 4.45% 8/15/2052  | 38715 | 31529 |
| Meta Platforms, Inc. 5.40% 8/15/2054  | 5275 | 4912 |
| Meta Platforms, Inc. 5.625% 11/15/2055  | 30774 | 29559 |
| Meta Platforms, Inc. 5.75% 11/15/2065  | 14790 | 14120 |
| News Corp. 3.875% 5/15/2029 <sup>(a)</sup>  | 17372 | 16860 |
| Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(a)</sup>  | 3695 | 3717 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(a)</sup>  | 16685 | 16573 |
| Paramount Global 4.95% 5/19/2050  | 1000 | 701 |
| PLDT, Inc. 2.50% 1/23/2031  | 5500 | 5033 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(a)</sup>  | 3870 | 3787 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(a)</sup>  | 1000 | 1045 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(a)</sup>  | 2235 | 2222 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(a)</sup>  | 9975 | 9764 |
| Sirius XM Radio, LLC 5.50% 7/1/2029 <sup>(a)</sup>  | 16910 | 17058 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(a)</sup>  | 28210 | 26849 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(a)</sup>  | 35635 | 32841 |
| Snap, Inc. 6.875% 3/1/2033 <sup>(a)</sup>  | 35560 | 36877 |
| TEGNA, Inc. 5.00% 9/15/2029  | 14430 | 14314 |

---

American Funds Multi-Sector Income Fund<sub>12</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Communication services (continued)** | **Communication services (continued)** | **Communication services (continued)** |
| Tencent Holdings, Ltd. 3.975% 4/11/2029  | USD1,070 | $1069 |
| Tencent Holdings, Ltd. 3.68% 4/22/2041  | 328 | 277 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050  | 3099 | 2223 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050 <sup>(a)</sup>  | 775 | 556 |
| Tencent Holdings, Ltd. 3.84% 4/22/2051  | 6218 | 4935 |
| T-Mobile USA, Inc. 3.875% 4/15/2030  | 300 | 295 |
| T-Mobile USA, Inc. 2.55% 2/15/2031  | 6758 | 6176 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(a)</sup>  | 2975 | 3083 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(a)</sup>  | 45329 | 43577 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(a)</sup>  | 21601 | 22033 |
| Univision Communications, Inc. 8.50% 7/31/2031 <sup>(a)</sup>  | 19865 | 20768 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(a)</sup>  | 34050 | 36622 |
| Verizon Communications, Inc. 1.75% 1/20/2031  | 3301 | 2907 |
| Verizon Communications, Inc. 2.55% 3/21/2031  | 853 | 779 |
| Verizon Communications, Inc. 2.355% 3/15/2032  | 965 | 851 |
| Verizon Communications, Inc. 4.75% 1/15/2033  | 2708 | 2707 |
| Verizon Communications, Inc. 5.00% 1/15/2036  | 15995 | 15865 |
| Verizon Communications, Inc. 5.75% 11/30/2045  | 2597 | 2580 |
| Verizon Communications, Inc. 5.875% 11/30/2055  | 2925 | 2892 |
| Verizon Communications, Inc. 6.00% 11/30/2065  | 1463 | 1445 |
| Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(a)</sup>  | 6805 | 7024 |
| Virgin Media Secured Finance PLC 4.50% 8/15/2030 <sup>(a)</sup>  | 2815 | 2616 |
| VMED 02 UK Financing I PLC 4.25% 1/31/2031 <sup>(a)</sup>  | 2245 | 2049 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 16765 | 16311 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029  | 1500 | 1395 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032  | 14010 | 12316 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042  | 75039 | 52996 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052  | 5559 | 3676 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(a)</sup>  | 1485 | 1431 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(a)</sup>  | 2730 | 2621 |
| Ziggo BV 4.875% 1/15/2030 <sup>(a)</sup>  | 2685 | 2540 |
|  |  | 1376099 |
| **Information technology 4.73%** | **Information technology 4.73%** | **Information technology 4.73%** |
| Amphenol Corp. 4.125% 11/15/2030  | 1925 | 1916 |
| Amphenol Corp. 4.40% 2/15/2033  | 11117 | 11004 |
| Amphenol Corp. 4.625% 2/15/2036  | 11135 | 10913 |
| Amphenol Corp. 5.30% 11/15/2055  | 2290 | 2189 |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(a)</sup>  | 22195 | 23686 |
| Analog Devices, Inc. 5.05% 4/1/2034  | 1114 | 1152 |
| Analog Devices, Inc. 2.95% 10/1/2051  | 1935 | 1260 |
| Analog Devices, Inc. 5.30% 4/1/2054  | 218 | 210 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028 <sup>(a)</sup>  | 734 | 721 |
| Booz Allen Hamilton, Inc. 4.00% 7/1/2029 <sup>(a)</sup>  | 2586 | 2528 |
| Broadcom, Inc. 5.05% 7/12/2029  | 2849 | 2934 |
| Broadcom, Inc. 5.15% 11/15/2031  | 14802 | 15364 |
| Broadcom, Inc. 4.55% 2/15/2032  | 6095 | 6114 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(a)</sup>  | 7 | 7 |
| Broadcom, Inc. 3.469% 4/15/2034  | 26387 | 24069 |
| Broadcom, Inc. 4.80% 10/15/2034  | 7577 | 7594 |
| Broadcom, Inc. 5.20% 7/15/2035  | 39607 | 40595 |
| Broadcom, Inc. 4.80% 2/15/2036  | 810 | 800 |
| Cisco Systems, Inc. 4.95% 2/26/2031  | 1985 | 2059 |
| Cisco Systems, Inc. 5.05% 2/26/2034  | 20705 | 21313 |
| Cisco Systems, Inc. 5.10% 2/24/2035  | 647 | 665 |
| Cisco Systems, Inc. 5.30% 2/26/2054  | 140 | 134 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(a)</sup>  | 8727 | 8847 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(a)</sup>  | 35550 | 37050 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(a)</sup>  | 16455 | 17205 |
| Cloud Software Group, Inc. 6.625% 8/15/2033 <sup>(a)</sup>  | 17415 | 17270 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(a)</sup>  | 15490 | 15466 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(a)</sup>  | 5596 | 5643 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(a)</sup>  | 3488 | 3509 |
| CommScope, LLC 4.75% 9/1/2029 <sup>(a)</sup>  | 5156 | 5153 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(a)</sup>  | 5625 | 5686 |

---

---

| | |
|:---|:---|
| **13** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Information technology (continued)** | **Information technology (continued)** | **Information technology (continued)** |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)</sup>  | USD24,324 | $25946 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(a)</sup>  | 6685 | 6833 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(a)</sup>  | 12450 | 12828 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026  | 13880 | 13274 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026  | 24935 | 22797 |
| Intel Corp. 3.05% 8/12/2051  | 25083 | 15436 |
| Intel Corp. 5.60% 2/21/2054  | 22763 | 21030 |
| Intel Corp. 3.10% 2/15/2060  | 5650 | 3162 |
| Microchip Technology, Inc. 5.05% 3/15/2029  | 4647 | 4744 |
| Microchip Technology, Inc. 5.05% 2/15/2030  | 17252 | 17610 |
| Micron Technology, Inc. 6.05% 11/1/2035  | 25000 | 26687 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(a)</sup>  | 10964 | 11906 |
| Oracle Corp. 4.45% 9/26/2030  | 2700 | 2642 |
| Oracle Corp. 5.25% 2/3/2032  | 2950 | 2951 |
| Oracle Corp. 5.50% 8/3/2035  | 61151 | 59953 |
| Oracle Corp. 5.20% 9/26/2035  | 43720 | 41903 |
| Oracle Corp. 5.875% 9/26/2045  | 3840 | 3470 |
| Oracle Corp. 6.00% 8/3/2055  | 27270 | 24070 |
| Oracle Corp. 5.95% 9/26/2055  | 9070 | 8042 |
| Oracle Corp. 6.10% 9/26/2065  | 3110 | 2745 |
| Roper Technologies, Inc. 4.45% 9/15/2030  | 3650 | 3668 |
| Roper Technologies, Inc. 4.90% 10/15/2034  | 11732 | 11711 |
| Roper Technologies, Inc. 5.10% 9/15/2035  | 24547 | 24743 |
| ServiceNow, Inc. 1.40% 9/1/2030  | 4354 | 3838 |
| Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(a)</sup>  | 6490 | 6705 |
| Synopsys, Inc. 4.85% 4/1/2030  | 19280 | 19697 |
| Synopsys, Inc. 5.15% 4/1/2035  | 36028 | 36630 |
| Synopsys, Inc. 5.70% 4/1/2055  | 48594 | 48256 |
| Texas Instruments, Inc. 5.10% 5/23/2035  | 2000 | 2063 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(a)</sup>  | 30100 | 30967 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(a)</sup>  | 56924 | 58360 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(a)</sup>  | 13580 | 13611 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(a)</sup>  | 1000 | 973 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(c)(g)</sup>  | 12783 | 13933 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(a)</sup>  | 27435 | 28286 |
| X.AI Corp. 12.50% 6/30/2030  | 55500 | 59216 |
|  |  | 983742 |
| **Industrials 4.64%** | **Industrials 4.64%** | **Industrials 4.64%** |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(a)</sup>  | 4374 | 4529 |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(a)</sup>  | 2160 | 2112 |
| AECOM 6.00% 8/1/2033 <sup>(a)</sup>  | 675 | 692 |
| Allison Transmission, Inc. 5.875% 12/1/2033 <sup>(a)</sup>  | 1960 | 1989 |
| Ambipar Lux SARL 9.875% 2/6/2031 <sup>(a)</sup>  | 4870 | 1096 |
| Ambipar Lux SARL 10.875% 2/5/2033 <sup>(a)</sup>  | 7170 | 1268 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(a)</sup>  | 13522 | 14261 |
| American Airlines, Inc. 8.50% 5/15/2029 <sup>(a)</sup>  | 3580 | 3747 |
| Aramark Services, Inc. 5.00% 2/1/2028 <sup>(a)</sup>  | 11230 | 11238 |
| ATI, Inc. 4.875% 10/1/2029  | 11950 | 11966 |
| ATI, Inc. 7.25% 8/15/2030  | 4140 | 4376 |
| ATI, Inc. 5.125% 10/1/2031  | 6010 | 6020 |
| Avis Budget Car Rental, LLC 4.75% 4/1/2028 <sup>(a)</sup>  | 1900 | 1860 |
| Avis Budget Car Rental, LLC 5.375% 3/1/2029 <sup>(a)</sup>  | 3700 | 3613 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(a)</sup>  | 1110 | 1149 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(a)</sup>  | 425 | 444 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(a)</sup>  | 14170 | 14679 |
| Boeing Co. (The) 2.75% 2/1/2026  | 500 | 499 |
| Boeing Co. (The) 2.196% 2/4/2026  | 25 | 25 |
| Boeing Co. (The) 3.25% 2/1/2028  | 1078 | 1060 |
| Boeing Co. (The) 5.15% 5/1/2030  | 19896 | 20450 |
| Boeing Co. (The) 3.625% 2/1/2031  | 4 | 4 |
| Boeing Co. (The) 6.388% 5/1/2031  | 768 | 834 |
| Boeing Co. (The) 3.50% 3/1/2039  | 6404 | 5246 |
| Boeing Co. (The) 5.705% 5/1/2040  | 5193 | 5306 |
| Boeing Co. (The) 5.805% 5/1/2050  | 1074 | 1058 |

---

American Funds Multi-Sector Income Fund<sub>14</sub>

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Boeing Co. (The) 6.858% 5/1/2054  | USD10,641 | $11959 |
| Boeing Co. (The) 5.93% 5/1/2060  | 9680 | 9504 |
| Boeing Co. (The) 7.008% 5/1/2064  | 2348 | 2678 |
| Burlington Northern Santa Fe, LLC 3.30% 9/15/2051  | 425 | 294 |
| Canadian National Railway Co. 4.375% 9/18/2034  | 5014 | 4940 |
| Canadian Pacific Railway Co. 1.75% 12/2/2026  | 435 | 427 |
| Canadian Pacific Railway Co. 4.80% 3/30/2030  | 7114 | 7282 |
| Canadian Pacific Railway Co. 5.20% 3/30/2035  | 4997 | 5146 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041  | 1139 | 854 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051  | 3550 | 2358 |
| Carpenter Technology Corp. 5.625% 3/1/2034 <sup>(a)</sup>  | 1765 | 1795 |
| Carrier Global Corp. 5.90% 3/15/2034  | 1460 | 1567 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(a)</sup>  | 3870 | 3760 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(a)</sup>  | 5420 | 5130 |
| Clean Harbors, Inc. 6.375% 2/1/2031 <sup>(a)</sup>  | 5455 | 5624 |
| Clean Harbors, Inc. 5.75% 10/15/2033 <sup>(a)</sup>  | 21025 | 21610 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(a)</sup>  | 11437 | 11258 |
| CSX Corp. 4.10% 11/15/2032  | 4334 | 4255 |
| CSX Corp. 5.20% 11/15/2033  | 1166 | 1214 |
| CSX Corp. 6.22% 4/30/2040  | 1000 | 1101 |
| CSX Corp. 4.50% 3/15/2049  | 25 | 21 |
| CSX Corp. 2.50% 5/15/2051  | 4610 | 2738 |
| CSX Corp. 4.90% 3/15/2055  | 1375 | 1238 |
| Embraer Netherlands Finance BV 5.98% 2/11/2035  | 2193 | 2332 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(a)</sup>  | 11635 | 12105 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(a)</sup>  | 43232 | 45719 |
| EquipmentShare.com, Inc. 8.00% 3/15/2033 <sup>(a)</sup>  | 13980 | 14728 |
| FTAI Aviation Investors, LLC 5.875% 4/15/2033 <sup>(a)</sup>  | 19360 | 19691 |
| Garda World Security Corp. 6.50% 1/15/2031 <sup>(a)</sup>  | 4135 | 4234 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(a)</sup>  | 4135 | 4218 |
| General Electric Co. 4.30% 7/29/2030  | 1662 | 1677 |
| General Electric Co. 4.90% 1/29/2036  | 28138 | 28582 |
| Herc Holdings, Inc. 6.625% 6/15/2029 <sup>(a)</sup>  | 33895 | 35311 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(a)</sup>  | 12320 | 12973 |
| Herc Holdings, Inc. 5.75% 3/15/2031 <sup>(a)</sup>  | 6190 | 6286 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(a)</sup>  | 7190 | 7628 |
| Herc Holdings, Inc. 6.00% 3/15/2034 <sup>(a)</sup>  | 5935 | 6018 |
| Hertz Corp. (The) 4.625% 12/1/2026 <sup>(a)</sup>  | 7052 | 6760 |
| Honeywell International, Inc. 5.00% 3/1/2035  | 9680 | 9864 |
| Hutchison Whampoa International, Ltd. 7.45% 11/24/2033  | 3910 | 4592 |
| Icahn Enterprises, LP 6.25% 5/15/2026  | 3532 | 3539 |
| Icahn Enterprises, LP 5.25% 5/15/2027  | 39445 | 38932 |
| Icahn Enterprises, LP 9.75% 1/15/2029  | 16180 | 16151 |
| Icahn Enterprises, LP 10.00% 11/15/2029 <sup>(a)</sup>  | 6260 | 6263 |
| IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(a)</sup>  | 10450 | 10799 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(a)</sup>  | 3873 | 4078 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 <sup>(a)</sup>  | 3469 | 3612 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034  | 3050 | 3175 |
| Mexico City Airport Trust 4.25% 10/31/2026  | 5400 | 5384 |
| Mexico City Airport Trust 3.875% 4/30/2028  | 5000 | 4893 |
| Miter Brands Acquisition Holdco, Inc. 6.75% 4/1/2032 <sup>(a)</sup>  | 5170 | 5303 |
| MTR Corp. CI, Ltd., 5.625% perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 1.457% on <br> 12/24/2035) <sup>(b)</sup>  | 4500 | 4745 |
| NESCO Holdings II, Inc. 5.50% 4/15/2029 <sup>(a)</sup>  | 27100 | 26717 |
| Norfolk Southern Corp. 5.05% 8/1/2030  | 2698 | 2798 |
| Norfolk Southern Corp. 4.45% 3/1/2033  | 1343 | 1340 |
| Norfolk Southern Corp. 5.10% 5/1/2035  | 91 | 93 |
| Norfolk Southern Corp. 5.35% 8/1/2054  | 18770 | 17943 |
| OCP SA 3.75% 6/23/2031  | 7355 | 6894 |
| Paychex, Inc. 5.60% 4/15/2035  | 1151 | 1206 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(a)</sup>  | 21460 | 22430 |
| RB Global Holdings, Inc. 6.75% 3/15/2028 <sup>(a)</sup>  | 1001 | 1025 |
| RB Global Holdings, Inc. 7.75% 3/15/2031 <sup>(a)</sup>  | 961 | 1006 |
| Regal Rexnord Corp. 6.30% 2/15/2030  | 19360 | 20527 |
| Regal Rexnord Corp. 6.40% 4/15/2033  | 19360 | 20835 |
| Republic Services, Inc. 1.45% 2/15/2031  | 5030 | 4387 |

---

---

| | |
|:---|:---|
| **15** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(a)</sup>  | USD21,536 | $20720 |
| RTX Corp. 6.10% 3/15/2034  | 5964 | 6528 |
| RTX Corp. 6.40% 3/15/2054  | 3020 | 3326 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(a)</sup>  | 19502 | 16193 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(a)</sup>  | 7535 | 7644 |
| Sensata Technologies BV 4.00% 4/15/2029 <sup>(a)</sup>  | 13545 | 13272 |
| Sensata Technologies, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 380 | 357 |
| Siemens Funding BV 5.80% 5/28/2055 <sup>(a)</sup>  | 4970 | 5207 |
| Siemens Funding BV 5.90% 5/28/2065 <sup>(a)</sup>  | 3573 | 3752 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028 <sup>(a)</sup>  | 770 | 775 |
| Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/2031  | 1800 | 1637 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(a)(f)</sup>  | 3239 | 3239 |
| TransDigm, Inc. 6.75% 8/15/2028 <sup>(a)</sup>  | 4565 | 4651 |
| TransDigm, Inc. 4.625% 1/15/2029  | 5040 | 5011 |
| TransDigm, Inc. 6.375% 3/1/2029 <sup>(a)</sup>  | 10940 | 11296 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(a)</sup>  | 26150 | 27240 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(a)</sup>  | 6180 | 6346 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(a)</sup>  | 5655 | 5871 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(a)</sup>  | 21140 | 22035 |
| Union Pacific Corp. 2.80% 2/14/2032  | 8904 | 8190 |
| Union Pacific Corp. 5.10% 2/20/2035  | 27281 | 28166 |
| Union Pacific Corp. 4.30% 3/1/2049  | 75 | 62 |
| Union Pacific Corp. 2.95% 3/10/2052  | 4215 | 2693 |
| Union Pacific Corp. 3.50% 2/14/2053  | 2367 | 1683 |
| Union Pacific Corp. 4.95% 5/15/2053  | 1450 | 1323 |
| Union Pacific Corp. 5.60% 12/1/2054  | 8359 | 8342 |
| United Rentals (North America), Inc. 5.25% 1/15/2030  | 5130 | 5204 |
| United Rentals (North America), Inc. 3.75% 1/15/2032  | 4450 | 4188 |
| United Rentals (North America), Inc. 6.125% 3/15/2034 <sup>(a)</sup>  | 5935 | 6190 |
| Varanasi Aurangabad Nh-2 Tollway Private, Ltd. 5.90% 2/28/2034 <sup>(a)</sup>  | 479 | 499 |
| Verisk Analytics, Inc. 5.125% 2/15/2036  | 22830 | 22991 |
| Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(a)</sup>  | 3945 | 4070 |
| WESCO Distribution, Inc. 7.25% 6/15/2028 <sup>(a)</sup>  | 6760 | 6862 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(a)</sup>  | 9770 | 10214 |
| WESCO Distribution, Inc. 6.375% 3/15/2033 <sup>(a)</sup>  | 5515 | 5762 |
|  |  | 964606 |
| **Materials 4.61%** | **Materials 4.61%** | **Materials 4.61%** |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(a)</sup>  | 2634 | 2789 |
| Alpek, SAB de CV, 3.25% 2/25/2031  | 8035 | 6844 |
| Alpek, SAB de CV, 3.25% 2/25/2031 <sup>(a)</sup>  | 1100 | 937 |
| ArcelorMittal SA 4.25% 7/16/2029  | 722 | 723 |
| ARD Finance SA 7.25% PIK 6/30/2027 <sup>(a)(g)</sup>  | 8348 | 104 |
| Avient Corp. 6.25% 11/1/2031 <sup>(a)</sup>  | 2950 | 3034 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 <sup>(a)</sup>  | 4175 | 4408 |
| Axalta Coating Systems, LLC 4.75% 6/15/2027 <sup>(a)</sup>  | 10650 | 10668 |
| Ball Corp. 5.50% 9/15/2033  | 30000 | 30607 |
| BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033  | 3002 | 3065 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033  | 7166 | 7454 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055  | 7388 | 7541 |
| Braskem Netherlands Finance BV 4.50% 1/10/2028  | 20577 | 8478 |
| Braskem Netherlands Finance BV 4.50% 1/31/2030  | 17325 | 6785 |
| Braskem Netherlands Finance BV 4.50% 1/31/2030 <sup>(a)</sup>  | 1170 | 458 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(a)</sup>  | 9246 | 3626 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031  | 5258 | 2062 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 <sup>(a)</sup>  | 8203 | 3184 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033  | 8135 | 3158 |
| Braskem Netherlands Finance BV 8.00% 10/15/2034 <sup>(a)</sup>  | 13495 | 5238 |
| Braskem Netherlands Finance BV 8.00% 10/15/2034  | 10160 | 3944 |
| Braskem Netherlands Finance BV 5.875% 1/31/2050  | 9550 | 3325 |
| Braskem Netherlands Finance BV 5.875% 1/31/2050 <sup>(a)</sup>  | 400 | 139 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(a)</sup>  | 5575 | 5339 |
| Capstone Copper Corp. 6.75% 3/31/2033 <sup>(a)</sup>  | 3675 | 3817 |
| Celanese US Holdings, LLC 6.85% 11/15/2028  | 9804 | 10265 |
| Celanese US Holdings, LLC 6.50% 4/15/2030  | 18000 | 18105 |

---

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **16** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
| Celanese US Holdings, LLC 7.00% 2/15/2031  | USD9,765 | $10004 |
| Celanese US Holdings, LLC 6.879% 7/15/2032  | 31927 | 33249 |
| Celanese US Holdings, LLC 7.20% 11/15/2033  | 29191 | 30863 |
| Celanese US Holdings, LLC 7.375% 2/15/2034  | 22355 | 22727 |
| Celulosa Arauco y Constitucion SA 6.18% 5/5/2032 <sup>(a)</sup>  | 8785 | 9089 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(a)</sup>  | 405 | 399 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(a)</sup>  | 13403 | 13891 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(a)</sup>  | 6735 | 6935 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(a)</sup>  | 387 | 373 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(a)</sup>  | 19680 | 20775 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(a)</sup>  | 11021 | 11310 |
| Cleveland-Cliffs, Inc. 7.375% 5/1/2033 <sup>(a)</sup>  | 21911 | 22807 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(a)</sup>  | 18270 | 19107 |
| Commercial Metals Co. 5.75% 11/15/2033 <sup>(a)</sup>  | 4460 | 4563 |
| Commercial Metals Co. 6.00% 12/15/2035 <sup>(a)</sup>  | 1705 | 1749 |
| Consolidated Energy Finance SA 6.50% 5/15/2026 <sup>(a)</sup>  | 1565 | 1518 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(a)</sup>  | 36230 | 25660 |
| CSN Resources SA 8.875% 12/5/2030 <sup>(a)</sup>  | 4500 | 4184 |
| CSN Resources SA 8.875% 12/5/2030  | 3193 | 2969 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(a)</sup>  | 6135 | 6172 |
| Dow Chemical Co. (The) 4.80% 1/15/2031  | 11655 | 11593 |
| Dow Chemical Co. (The) 5.35% 3/15/2035  | 18157 | 18005 |
| Dow Chemical Co. (The) 5.65% 3/15/2036  | 57717 | 57502 |
| Dow Chemical Co. (The) 5.55% 11/30/2048  | 2547 | 2245 |
| Dow Chemical Co. (The) 6.90% 5/15/2053  | 1149 | 1179 |
| Dow Chemical Co. (The) 5.60% 2/15/2054  | 12772 | 11113 |
| Element Solutions, Inc. 3.875% 9/1/2028 <sup>(a)</sup>  | 11360 | 11111 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(a)</sup>  | 26740 | 28191 |
| Freeport-McMoRan, Inc. 4.25% 3/1/2030  | 153 | 152 |
| Freeport-McMoRan, Inc. 5.45% 3/15/2043  | 183 | 177 |
| Fresnillo PLC 4.25% 10/2/2050 <sup>(a)</sup>  | 1100 | 881 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(b)(g)</sup>  | 12235 | 6974 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(a)</sup>  | 21380 | 19242 |
| Graphic Packaging International, LLC 6.375% 7/15/2032 <sup>(a)</sup>  | 2000 | 2040 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(a)</sup>  | 4055 | 4145 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(a)</sup>  | 7810 | 8022 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(a)</sup>  | 7950 | 7967 |
| LYB International Finance III, LLC 5.125% 1/15/2031  | 1378 | 1384 |
| LYB International Finance III, LLC 5.50% 3/1/2034  | 8847 | 8750 |
| LYB International Finance III, LLC 6.15% 5/15/2035  | 14875 | 15253 |
| LYB International Finance III, LLC 5.875% 1/15/2036  | 12539 | 12485 |
| Magnera Corp. 7.25% 11/15/2031 <sup>(a)</sup>  | 38715 | 38045 |
| Mauser Packaging Solutions Holding Co. 7.875% 4/15/2027 <sup>(a)</sup>  | 13280 | 12815 |
| Methanex Corp. 5.125% 10/15/2027  | 7583 | 7631 |
| Methanex Corp. 5.25% 12/15/2029  | 2795 | 2822 |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(a)</sup>  | 12270 | 12712 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(a)</sup>  | 1645 | 1683 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(a)</sup>  | 7816 | 8210 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(a)</sup>  | 4126 | 4295 |
| NOVA Chemicals Corp. 5.25% 6/1/2027 <sup>(a)</sup>  | 5205 | 5254 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(a)</sup>  | 1175 | 1150 |
| PT Freeport Indonesia 4.763% 4/14/2027  | 1650 | 1661 |
| PT Freeport Indonesia 4.763% 4/14/2027 <sup>(a)</sup>  | 450 | 453 |
| PT Freeport Indonesia 6.20% 4/14/2052  | 3800 | 3873 |
| PT Krakatau Posco 6.375% 6/11/2027  | 3500 | 3568 |
| PT Krakatau Posco 6.375% 6/11/2029  | 21145 | 21854 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(a)</sup>  | 6309 | 6571 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(a)</sup>  | 9680 | 10115 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(b)(g)</sup>  | 7880 | 7991 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(b)(g)</sup>  | 2626 | 2663 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(a)</sup>  | 20710 | 21102 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(c)</sup>  | 8410 | 8569 |
| Sasol Financing USA, LLC 5.50% 3/18/2031  | 9970 | 8472 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(a)</sup>  | 11407 | 11451 |
| SCIH Salt Holdings, Inc. 6.625% 5/1/2029 <sup>(a)</sup>  | 13070 | 13137 |
| Sealed Air Corp. 4.00% 12/1/2027 <sup>(a)</sup>  | 10999 | 10951 |

---

---

| | |
|:---|:---|
| **17** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Materials (continued)** | **Materials (continued)** | **Materials (continued)** |
| Sealed Air Corp. 6.125% 2/1/2028 <sup>(a)</sup>  | USD11,315 | $11509 |
| Sherwin-Williams Co. 4.50% 8/15/2030  | 3030 | 3062 |
| Sherwin-Williams Co. 5.15% 8/15/2035  | 7154 | 7285 |
| Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(a)</sup>  | 5190 | 5239 |
| Stillwater Mining Co. 4.00% 11/16/2026 <sup>(c)</sup>  | 10125 | 10060 |
| Trivium Packaging Finance BV 8.25% 7/15/2030 <sup>(a)</sup>  | 1346 | 1444 |
| Trivium Packaging Finance BV 12.25% 1/15/2031 <sup>(a)</sup>  | 3660 | 3974 |
| Tronox, Inc. 9.125% 9/30/2030 <sup>(a)</sup>  | 595 | 595 |
| Vale Overseas, Ltd. 3.75% 7/8/2030  | 3000 | 2892 |
| Vale Overseas, Ltd. 6.40% 6/28/2054  | 14710 | 15026 |
| Vale Overseas, Ltd. 6.00% 2/25/2056 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.431% on <br> 2/25/2031) <sup>(a)(b)</sup>  | 17435 | 17458 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(a)</sup>  | 5230 | 5630 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(a)</sup>  | 1000 | 1024 |
| Westlake Corp. 5.55% 11/15/2035  | 13523 | 13528 |
|  |  | 958626 |
| **Consumer staples 3.88%** | **Consumer staples 3.88%** | **Consumer staples 3.88%** |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(a)</sup>  | 8280 | 7963 |
| Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(a)</sup>  | 17500 | 17706 |
| Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(a)</sup>  | 17500 | 17593 |
| Altria Group, Inc. 5.25% 8/6/2035  | 9987 | 10115 |
| Anheuser-Busch InBev Worldwide, Inc. 5.00% 6/15/2034  | 3220 | 3329 |
| B&G Foods, Inc. 5.25% 9/15/2027  | 9470 | 9282 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(a)</sup>  | 34605 | 34090 |
| BAT Capital Corp. 5.834% 2/20/2031  | 1084 | 1151 |
| BAT Capital Corp. 2.726% 3/25/2031  | 2660 | 2454 |
| BAT Capital Corp. 5.35% 8/15/2032  | 1525 | 1587 |
| BAT Capital Corp. 4.625% 3/22/2033  | 6390 | 6356 |
| BAT Capital Corp. 6.421% 8/2/2033  | 5398 | 5963 |
| BAT Capital Corp. 6.00% 2/20/2034  | 10840 | 11611 |
| BAT Capital Corp. 5.625% 8/15/2035  | 35207 | 36693 |
| BAT Capital Corp. 5.65% 3/16/2052  | 2300 | 2176 |
| BAT Capital Corp. 7.081% 8/2/2053  | 30438 | 34544 |
| BAT Capital Corp. 6.25% 8/15/2055  | 1164 | 1207 |
| Central Garden & Pet Co. 4.125% 10/15/2030  | 3485 | 3345 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(a)</sup>  | 17690 | 16755 |
| Coca-Cola Co. 5.20% 1/14/2055  | 6524 | 6295 |
| Constellation Brands, Inc. 2.25% 8/1/2031  | 7545 | 6698 |
| Constellation Brands, Inc. 4.75% 5/9/2032  | 2744 | 2757 |
| Coty, Inc. 6.625% 7/15/2030 <sup>(a)</sup>  | 7855 | 8078 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(a)</sup>  | 30004 | 30305 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(a)</sup>  | 16425 | 16703 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(a)</sup>  | 6320 | 6620 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(a)</sup>  | 5265 | 5531 |
| Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028  | 1450 | 1543 |
| Imperial Brands Finance PLC 5.875% 7/1/2034 <sup>(a)</sup>  | 19816 | 20730 |
| Imperial Brands Finance PLC 5.625% 7/1/2035 <sup>(a)</sup>  | 1050 | 1080 |
| Imperial Brands Finance PLC 6.375% 7/1/2055 <sup>(a)</sup>  | 5026 | 5138 |
| Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051  | 5934 | 5100 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(a)</sup>  | 10980 | 10428 |
| InRetail Consumer 3.25% 3/22/2028 <sup>(a)</sup>  | 1100 | 1075 |
| Keurig Dr Pepper, Inc. 5.15% 5/15/2035  | 8657 | 8677 |
| Kronos Acquisition Holdings, Inc. 10.75% 6/30/2032 <sup>(a)</sup>  | 5145 | 2351 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(a)</sup>  | 13595 | 13163 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032 <sup>(a)</sup>  | 735 | 701 |
| MARB BondCo PLC 3.95% 1/29/2031  | 15840 | 14373 |
| MARB BondCo PLC 3.95% 1/29/2031 <sup>(a)</sup>  | 1700 | 1543 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(a)</sup>  | 3925 | 4012 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(a)</sup>  | 3000 | 3093 |
| Mars, Inc. 4.75% 4/20/2033 <sup>(a)</sup>  | 100 | 101 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(a)</sup>  | 66754 | 68636 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(a)</sup>  | 8864 | 8940 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(a)</sup>  | 31151 | 31053 |
| Mars, Inc. 5.80% 5/1/2065 <sup>(a)</sup>  | 3173 | 3190 |

---

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **18** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Consumer staples (continued)** | **Consumer staples (continued)** | **Consumer staples (continued)** |
| Minerva Luxembourg SA 8.875% 9/13/2033 <sup>(a)</sup>  | USD12,480 | $13652 |
| Minerva Luxembourg SA 8.875% 9/13/2033  | 4715 | 5158 |
| Mondelez International, Inc. 4.75% 8/28/2034  | 461 | 460 |
| Mondelez International, Inc. 5.125% 5/6/2035  | 2000 | 2047 |
| Natura & Co. Luxembourg Holdings SARL 4.125% 5/3/2028 <sup>(a)</sup>  | 2250 | 2125 |
| Opal Bidco SAS 6.50% 3/31/2032 <sup>(a)</sup>  | 8015 | 8215 |
| Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(a)</sup>  | 3975 | 3983 |
| Performance Food Group, Inc. 4.25% 8/1/2029 <sup>(a)</sup>  | 7902 | 7755 |
| Performance Food Group, Inc. 6.125% 9/15/2032 <sup>(a)</sup>  | 5970 | 6162 |
| Philip Morris International, Inc. 5.125% 2/13/2031  | 728 | 755 |
| Philip Morris International, Inc. 4.75% 11/1/2031  | 9436 | 9640 |
| Philip Morris International, Inc. 4.25% 10/29/2032  | 1475 | 1452 |
| Philip Morris International, Inc. 5.75% 11/17/2032  | 3636 | 3892 |
| Philip Morris International, Inc. 5.375% 2/15/2033  | 30210 | 31609 |
| Philip Morris International, Inc. 5.625% 9/7/2033  | 6050 | 6428 |
| Philip Morris International, Inc. 5.25% 2/13/2034  | 14619 | 15115 |
| Philip Morris International, Inc. 4.90% 11/1/2034  | 36859 | 37172 |
| Philip Morris International, Inc. 4.875% 4/30/2035  | 638 | 640 |
| Philip Morris International, Inc. 4.625% 10/29/2035  | 26488 | 25926 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(a)</sup>  | 12401 | 12086 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(a)</sup>  | 7883 | 8109 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(a)</sup>  | 29035 | 29354 |
| Post Holdings, Inc. 6.50% 3/15/2036 <sup>(a)</sup>  | 10140 | 10162 |
| Prestige Brands, Inc. 5.125% 1/15/2028 <sup>(a)</sup>  | 5175 | 5188 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(a)</sup>  | 5795 | 5433 |
| TreeHouse Foods, Inc. 4.00% 9/1/2028  | 21940 | 21885 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(a)</sup>  | 4989 | 5018 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 7920 | 7822 |
| Walmart, Inc. 4.90% 4/28/2035  | 8350 | 8588 |
|  |  | 807665 |
| **Real estate 3.41%** | **Real estate 3.41%** | **Real estate 3.41%** |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(a)</sup>  | 3515 | 3416 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(a)</sup>  | 8240 | 7730 |
| Boston Properties, LP 2.45% 10/1/2033  | 14376 | 11899 |
| Boston Properties, LP 6.50% 1/15/2034  | 13573 | 14624 |
| Boston Properties, LP 5.75% 1/15/2035  | 38233 | 39343 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(a)</sup>  | 6816 | 6782 |
| Corp. Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031 <sup>(a)</sup>  | 2378 | 2213 |
| Equinix, Inc. 3.40% 2/15/2052  | 819 | 563 |
| ERP Operating, LP 4.65% 9/15/2034  | 1485 | 1473 |
| FibraSOMA 4.375% 7/22/2031 <sup>(a)</sup>  | 3933 | 3470 |
| Forestar Group, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 7560 | 7716 |
| Highwoods Realty, LP 7.65% 2/1/2034  | 15730 | 17936 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(a)</sup>  | 9651 | 9694 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(a)</sup>  | 14865 | 14458 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(a)</sup>  | 11255 | 10725 |
| Hudson Pacific Properties, LP 4.65% 4/1/2029  | 10255 | 9489 |
| Hudson Pacific Properties, LP 3.25% 1/15/2030  | 28515 | 24134 |
| Iron Mountain, Inc. 5.25% 3/15/2028 <sup>(a)</sup>  | 2115 | 2127 |
| Iron Mountain, Inc. 5.00% 7/15/2028 <sup>(a)</sup>  | 2154 | 2156 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(a)</sup>  | 13760 | 13604 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(a)</sup>  | 2310 | 2204 |
| Iron Mountain, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 22940 | 23147 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029  | 13502 | 13179 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030  | 34849 | 32875 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031  | 30215 | 28441 |
| Kilroy Realty, LP 5.875% 10/15/2035  | 20000 | 20102 |
| Kilroy Realty, LP 6.25% 1/15/2036  | 10146 | 10494 |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 <sup>(a)</sup>  | 1471 | 1456 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030  | 7465 | 7644 |
| MPT Operating Partnership, LP 5.00% 10/15/2027  | 55770 | 54054 |
| MPT Operating Partnership, LP 4.625% 8/1/2029  | 3020 | 2533 |
| MPT Operating Partnership, LP 3.50% 3/15/2031  | 12249 | 8916 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(a)</sup>  | 75729 | 80930 |

---

---

| | |
|:---|:---|
| **19** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Real estate (continued)** | **Real estate (continued)** | **Real estate (continued)** |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(a)</sup>  | USD8,710 | $8723 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(a)</sup>  | 10800 | 10554 |
| Pebblebrook Hotel, LP 6.375% 10/15/2029 <sup>(a)</sup>  | 8865 | 9106 |
| Piedmont Operating Partnership, LP 5.625% 1/15/2033  | 14170 | 14323 |
| Prologis, LP 4.75% 6/15/2033  | 3745 | 3782 |
| Prologis, LP 5.125% 1/15/2034  | 3379 | 3475 |
| Prologis, LP 5.00% 3/15/2034  | 11745 | 11982 |
| Prologis, LP 5.00% 1/31/2035  | 1197 | 1214 |
| RLJ Lodging Trust, LP 3.75% 7/1/2026 <sup>(a)</sup>  | 780 | 778 |
| Service Properties Trust 4.95% 2/15/2027  | 8984 | 9030 |
| Service Properties Trust 0% 9/30/2027 <sup>(a)</sup>  | 19967 | 18068 |
| Service Properties Trust 5.50% 12/15/2027  | 3925 | 3878 |
| Service Properties Trust 3.95% 1/15/2028  | 27352 | 25841 |
| Service Properties Trust 8.375% 6/15/2029  | 10955 | 11023 |
| Service Properties Trust 4.95% 10/1/2029  | 34354 | 29969 |
| Service Properties Trust 4.375% 2/15/2030  | 30146 | 25569 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(a)</sup>  | 14683 | 15453 |
| Simon Property Group, LP 4.375% 10/1/2030  | 3557 | 3587 |
| Simon Property Group, LP 5.125% 10/1/2035  | 1154 | 1172 |
| Sun Hung Kai Properties (Capital Market), Ltd. 2.875% 1/21/2030 <sup>(c)</sup>  | 300 | 285 |
| Trust 2401 7.70% 1/23/2032 <sup>(a)</sup>  | 1186 | 1313 |
| Trust Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup>  | 2363 | 2591 |
| VICI Properties, LP 4.125% 8/15/2030 <sup>(a)</sup>  | 702 | 681 |
| VICI Properties, LP 5.625% 4/1/2035  | 8093 | 8268 |
|  |  | 710192 |
| **Utilities 3.37%** | **Utilities 3.37%** | **Utilities 3.37%** |
| Aegea Finance SARL 9.00% 1/20/2031 <sup>(a)</sup>  | 17235 | 18254 |
| AEP Transmission Co., LLC 5.375% 6/15/2035  | 150 | 155 |
| AES Panama Generation Holdings, SRL 4.375% 5/31/2030  | 1671 | 1574 |
| Alliant Energy Finance, LLC 3.60% 3/1/2032 <sup>(a)</sup>  | 2055 | 1911 |
| Calpine Corp. 5.125% 3/15/2028 <sup>(a)</sup>  | 5420 | 5429 |
| CenterPoint Energy Houston Electric, LLC 5.05% 3/1/2035  | 1585 | 1601 |
| Cleveland Electric Illuminating Co. (The) 4.55% 11/15/2030 <sup>(a)</sup>  | 205 | 204 |
| Comision Federal de Electricidad 6.45% 1/24/2035 <sup>(a)</sup>  | 8580 | 8842 |
| Consumers Energy Co. 4.625% 5/15/2033  | 2675 | 2685 |
| Consumers Energy Co. 5.05% 5/15/2035  | 11100 | 11299 |
| Duke Energy Carolinas, LLC 5.35% 1/15/2053  | 4820 | 4643 |
| Duke Energy Florida, LLC 4.85% 12/1/2035  | 4025 | 4009 |
| Duke Energy Progress, LLC 2.00% 8/15/2031  | 2830 | 2515 |
| Duke Energy Progress, LLC 2.50% 8/15/2050  | 1099 | 644 |
| Edison International 4.125% 3/15/2028  | 8499 | 8408 |
| Edison International 5.25% 11/15/2028  | 5710 | 5789 |
| Edison International 5.45% 6/15/2029  | 4432 | 4515 |
| Edison International 6.95% 11/15/2029  | 8199 | 8737 |
| Edison International 6.25% 3/15/2030  | 4295 | 4494 |
| Edison International 5.25% 3/15/2032  | 24841 | 24870 |
| Edison International, junior subordinated, 7.875% 6/15/2054 (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 3.658% on 6/15/2029) <sup>(b)</sup>  | 12320 | 12942 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate <br>T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)(b)</sup>  | 11330 | 13221 |
| Empresas Publicas de Medellin ESP 4.25% 7/18/2029 <sup>(a)</sup>  | 300 | 283 |
| Empresas Publicas de Medellin ESP 4.25% 7/18/2029  | 200 | 188 |
| Enel Finance International NV 5.00% 9/30/2035 <sup>(a)</sup>  | 4100 | 4084 |
| Enfragen Energia Sur SA 5.375% 12/30/2030  | 6100 | 5679 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026 <sup>(a)</sup>  | 3670 | 3649 |
| FirstEnergy Corp. 2.65% 3/1/2030  | 16545 | 15436 |
| Florida Power & Light Co. 5.10% 4/1/2033  | 2756 | 2860 |
| Florida Power & Light Co. 5.30% 6/15/2034  | 21655 | 22695 |
| Florida Power & Light Co. 4.70% 2/15/2036  | 13357 | 13235 |
| Florida Power & Light Co. 5.60% 6/15/2054  | 975 | 980 |
| Florida Power & Light Co. 5.70% 3/15/2055  | 4551 | 4620 |
| Florida Power & Light Co. 5.60% 2/15/2066  | 1025 | 1010 |
| Greenko Dutch BV 3.85% 3/29/2026 <sup>(a)</sup>  | 3709 | 3683 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(a)</sup>  | 6010 | 6224 |

---

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **20** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| Jersey Central Power & Light Co. 2.75% 3/1/2032 <sup>(a)</sup>  | USD4,067 | $3660 |
| Jersey Central Power & Light Co. 5.10% 1/15/2035  | 450 | 455 |
| Light Energia SA 4.375% 6/18/2026  | 3438 | 3326 |
| Light Servicos de Eletricidade SA 4.21% 12/19/2032  | 1526 | 1030 |
| Light Servicos de Eletricidade SA 2.26% PIK 12/19/2037 <sup>(g)</sup>  | 670 | 179 |
| Long Ridge Energy, LLC 8.75% 2/15/2032 <sup>(a)</sup>  | 23410 | 24938 |
| Minejesa Capital BV 4.625% 8/10/2030  | 2877 | 2869 |
| MVM Energetika Zartkoruen Mukodo Reszvenytarsasag 7.50% 6/9/2028  | 2185 | 2317 |
| NextEra Energy Capital Holdings, Inc. 4.685% 9/1/2027  | 1725 | 1746 |
| Northern States Power Co. 5.05% 5/15/2035  | 600 | 612 |
| Northern States Power Co. 5.40% 3/15/2054  | 1000 | 974 |
| Northern States Power Co. 5.65% 5/15/2055  | 170 | 171 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027  | 17158 | 16645 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030  | 16876 | 16811 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031  | 16058 | 14472 |
| Pacific Gas and Electric Co. 3.25% 6/1/2031  | 3382 | 3152 |
| Pacific Gas and Electric Co. 4.40% 3/1/2032  | 5384 | 5256 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033  | 18361 | 19836 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034  | 463 | 515 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035  | 912 | 938 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035  | 1435 | 1509 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040  | 515 | 391 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050  | 39091 | 33085 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050  | 28736 | 19415 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054  | 8661 | 8340 |
| PacifiCorp 5.45% 2/15/2034  | 8378 | 8502 |
| PacifiCorp 3.30% 3/15/2051  | 5220 | 3350 |
| PacifiCorp 2.90% 6/15/2052  | 4232 | 2482 |
| PacifiCorp 5.35% 12/1/2053  | 18744 | 16481 |
| PacifiCorp 5.50% 5/15/2054  | 23237 | 20784 |
| PacifiCorp 5.80% 1/15/2055  | 14129 | 13196 |
| PECO Energy Co. 4.875% 9/15/2035  | 1050 | 1061 |
| PECO Energy Co. 5.65% 9/15/2055  | 363 | 362 |
| PG&E Corp. 5.00% 7/1/2028  | 1560 | 1561 |
| PG&E Corp. 5.25% 7/1/2030  | 20600 | 20466 |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + <br> 3.883% on 3/15/2030) <sup>(b)</sup>  | 43440 | 45269 |
| Public Service Electric and Gas Co. 1.90% 8/15/2031  | 5783 | 5114 |
| Public Service Electric and Gas Co. 4.90% 8/15/2035  | 3150 | 3180 |
| Public Service Enterprise Group, Inc. 5.40% 3/15/2035  | 2675 | 2757 |
| Saavi Energia SARL 8.875% 2/10/2035 <sup>(a)</sup>  | 4875 | 5293 |
| SAEL, Ltd. 7.80% 7/31/2031 <sup>(a)</sup>  | 961 | 980 |
| SAEL, Ltd. 7.80% 7/31/2031  | 565 | 576 |
| San Miguel Global Power Holdings Corp. 8.125% perpetual bonds (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 6.404% on 3/2/2030) <sup>(b)</sup>  | 555 | 562 |
| San Miguel Global Power Holdings Corp. 8.75% perpetual bonds (5-year UST Yield Curve Rate T Note Constant <br> Maturity + 7.732% on 9/12/2029) <sup>(b)</sup>  | 2967 | 3052 |
| Southern California Edison Co. 5.65% 10/1/2028  | 5839 | 6050 |
| Southern California Edison Co. 2.85% 8/1/2029  | 8368 | 7937 |
| Southern California Edison Co. 2.25% 6/1/2030  | 2570 | 2335 |
| Southern California Edison Co. 2.50% 6/1/2031  | 12737 | 11431 |
| Southern California Edison Co. 5.20% 6/1/2034  | 21945 | 22074 |
| Southern California Edison Co. 4.50% 9/1/2040  | 1495 | 1308 |
| Southern California Edison Co. 3.60% 2/1/2045  | 3221 | 2329 |
| Southern California Edison Co. 4.00% 4/1/2047  | 5680 | 4265 |
| Southern California Edison Co. 3.65% 2/1/2050  | 2614 | 1829 |
| Southern California Edison Co. 2.95% 2/1/2051  | 3706 | 2263 |
| Southern California Edison Co. 3.45% 2/1/2052  | 1920 | 1278 |
| Southern California Edison Co. 5.90% 3/1/2055  | 4191 | 4051 |
| Southern California Edison Co. 6.20% 9/15/2055  | 5727 | 5774 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(a)</sup>  | 16134 | 17090 |
| Union Electric Co. 5.25% 4/15/2035  | 4300 | 4439 |
| Union Electric Co. 2.625% 3/15/2051  | 1820 | 1104 |
| Union Electric Co. 5.125% 3/15/2055  | 400 | 367 |
| Vistra Operations Co., LLC 4.375% 5/1/2029 <sup>(a)</sup>  | 2490 | 2460 |
| Wisconsin Electric Power Co. 4.60% 10/1/2034  | 325 | 323 |

---

---

| | |
|:---|:---|
| **21** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
| Wisconsin Electric Power Co. 5.05% 10/1/2054  | USD150 | $138 |
| Wisconsin Power and Light Co. 1.95% 9/16/2031  | 1275 | 1119 |
| Xcel Energy, Inc. 2.35% 11/15/2031  | 1450 | 1288 |
| Xcel Energy, Inc. 5.50% 3/15/2034  | 2807 | 2900 |
| Xcel Energy, Inc. 5.60% 4/15/2035  | 13798 | 14301 |
| YPF Energia Electrica SA 7.875% 10/16/2032 <sup>(a)</sup>  | 12333 | 12386 |
|  |  | 699876 |
| **Municipals 0.07%** | **Municipals 0.07%** | **Municipals 0.07%** |
| I-20 Lancaster Fund, LLC 12.00% 1/15/2035 <sup>(a)</sup>  | 14338 | 14202 |
| **Collateralized mortgage-backed obligations 0.02%** | **Collateralized mortgage-backed obligations 0.02%** | **Collateralized mortgage-backed obligations 0.02%** |
| VM Fund I, LLC 8.625% 1/15/2028 <sup>(a)(f)</sup>  | 5337 | 5337 |
| **Total corporate bonds and notes** | **Total corporate bonds and notes** | 13719104 |
| **Mortgage-backed obligations 13.41%** | **Mortgage-backed obligations 13.41%** | **Mortgage-backed obligations 13.41%** |
| **Commercial mortgage-backed securities 8.47%** | **Commercial mortgage-backed securities 8.47%** | **Commercial mortgage-backed securities 8.47%** |
| 3650R Commercial Mortgage Trust, Series 2022-PF2, Class B, 5.291% 11/15/2055 <sup>(i)(j)</sup>  | 12268 | 11923 |
| ALA Trust, Series 2025-OANA, Class C, (1-month USD CME Term SOFR + 2.092%) 5.843% 6/15/2040 <sup>(a)(i)(j)</sup>  | 19993 | 20082 |
| Arbor Multi Family Mortgage Securities Trust, Series 2020-MF1, Class B, 3.597% 5/15/2053 <sup>(i)(j)</sup>  | 500 | 474 |
| Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class C, 6.59% 11/10/2029 <sup>(a)(i)(j)</sup>  | 6821 | 6922 |
| Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class D, 7.935% 11/10/2029 <sup>(a)(i)(j)</sup>  | 24047 | 24609 |
| Banc of America Commercial Mortgage, Inc., Series 2016-UB10, Class C, 4.875% 7/15/2049 <sup>(i)(j)</sup>  | 3445 | 3343 |
| Banc of America Commercial Mortgage, Inc., Series 2017-BNK3, Class A4, 3.574% 2/15/2050 <sup>(i)</sup>  | 10 | 10 |
| Bank5, Series 2025-5YR17, Class B, 5.992% 11/15/2058 <sup>(i)(j)</sup>  | 3378 | 3485 |
| Bank Commercial Mortgage Trust, Series 2019-BN23, Class C, 3.503% 12/15/2052 <sup>(i)(j)</sup>  | 6761 | 6045 |
| Bank Commercial Mortgage Trust, Series 2017-BNK9, Class A4, 3.538% 11/15/2054 <sup>(i)</sup>  | 10 | 10 |
| Bank Commercial Mortgage Trust, Series 2022-BNK43, Class B, 5.151% 8/15/2055 <sup>(i)(j)</sup>  | 5080 | 4877 |
| Bank Commercial Mortgage Trust, Series 2022-BNK44, Class B, 5.746% 11/15/2055 <sup>(i)(j)</sup>  | 8068 | 8184 |
| Bank Commercial Mortgage Trust, Series 2022-BNK44, Class C, 5.746% 11/15/2055 <sup>(i)(j)</sup>  | 7260 | 7072 |
| Bank Commercial Mortgage Trust, Series 2023-BNK45, Class B, 6.148% 2/15/2056 <sup>(i)(j)</sup>  | 5438 | 5628 |
| Bank Commercial Mortgage Trust, Series 2023-BNK45, Class C, 6.312% 2/15/2056 <sup>(i)(j)</sup>  | 3005 | 3041 |
| Bank Commercial Mortgage Trust, Series 2023-5YR1, Class B, 6.457% 4/15/2056 <sup>(i)(j)</sup>  | 10537 | 10881 |
| Bank Commercial Mortgage Trust, Series 2023-5YR2, Class AS, 7.14% 7/15/2056 <sup>(i)(j)</sup>  | 9389 | 9932 |
| Bank Commercial Mortgage Trust, Series 2023-BNK46, Class C, 6.774% 8/15/2056 <sup>(i)(j)</sup>  | 6581 | 6718 |
| Bank Commercial Mortgage Trust, Series 2023-BNK46, Class B, 6.774% 8/15/2056 <sup>(i)(j)</sup>  | 3955 | 4189 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class C, 7.605% 12/15/2056 <sup>(i)(j)</sup>  | 3255 | 3447 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class B, 7.605% 12/15/2056 <sup>(i)(j)</sup>  | 559 | 600 |
| Bank Commercial Mortgage Trust, Series 2024-5YR9, Class B, 6.483% 8/15/2057 <sup>(i)(j)</sup>  | 9932 | 10400 |
| Bank Commercial Mortgage Trust, Series 2024-5YR11, Class B, 6.322% 11/15/2057 <sup>(i)(j)</sup>  | 5726 | 5960 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class B, 6.277% 12/15/2057 <sup>(i)(j)</sup>  | 5572 | 5805 |
| Bank Commercial Mortgage Trust, Series 2025-5YR14, Class C, 6.463% 4/15/2058 <sup>(i)(j)</sup>  | 4364 | 4487 |
| Bank Commercial Mortgage Trust, Series 2025-5YR14, Class B, 6.474% 4/15/2058 <sup>(i)(j)</sup>  | 9781 | 10238 |
| Bank Commercial Mortgage Trust, Series 2017-BNK7, Class C, 3.972% 9/15/2060 <sup>(i)(j)</sup>  | 2442 | 2198 |
| Bank Commercial Mortgage Trust, Series 2019-BN19, Class B, 3.647% 8/15/2061 <sup>(i)</sup>  | 3870 | 3391 |
| Bank Commercial Mortgage Trust, Series 2019-BN18, Class C, 4.210% 5/15/2062 <sup>(i)(j)</sup>  | 1935 | 1647 |
| Bank Commercial Mortgage Trust, Series 2019-BN20, Class B, 3.395% 9/15/2062 <sup>(i)(j)</sup>  | 3740 | 3260 |
| Bank Commercial Mortgage Trust, Series 2020-BN25, Class C, 3.349% 1/15/2063 <sup>(i)(j)</sup>  | 6057 | 5324 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class C, 3.414% 3/15/2063 <sup>(i)(j)</sup>  | 8970 | 7583 |
| Barclays Commercial Mortgage Securities, LLC, Series 2018-TALL, Class A, ((1-month USD CME Term SOFR + <br> 0.047%) + 0.872%) 4.669% 3/15/2037 <sup>(a)(i)(j)</sup>  | 3286 | 3116 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C15, Class C, 3.931% 4/15/2055 <sup>(i)(j)</sup>  | 8527 | 7308 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C17, Class B, 4.889% 9/15/2055 <sup>(i)(j)</sup>  | 10648 | 10271 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C18, Class C, 6.168% 12/15/2055 <sup>(i)(j)</sup>  | 11933 | 12052 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class AS, 6.07% 4/15/2056 <sup>(i)(j)</sup>  | 14288 | 14895 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C20, Class B, 6.167% 7/15/2056 <sup>(i)(j)</sup>  | 7743 | 8037 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C20, Class C, 6.611% 7/15/2056 <sup>(i)(j)</sup>  | 6861 | 7047 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-C24, Class C, 6.00% 2/15/2057 <sup>(i)</sup>  | 759 | 741 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-C26, Class C, 6.00% 5/15/2057 <sup>(i)(j)</sup>  | 1567 | 1570 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-5C27, Class B, 6.70% 7/15/2057 <sup>(i)(j)</sup>  | 6326 | 6640 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-C28, Class B, 5.894% 9/15/2057 <sup>(i)(j)</sup>  | 5555 | 5721 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-C30, Class B, 6.031% 11/15/2057 <sup>(i)(j)</sup>  | 2738 | 2854 |
| Barclays Commercial Mortgage Securities, LLC, Series 2025-5C33, Class B, 6.435% 3/15/2058 <sup>(i)(j)</sup>  | 5357 | 5632 |

---

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **22** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** | **Commercial mortgage-backed securities (continued)** | **Commercial mortgage-backed securities (continued)** |
| Barclays Commercial Mortgage Securities, LLC, Series 2025-5C34, Class B, 6.542% 5/15/2058 <sup>(i)(j)</sup>  | USD2,956 | $3126 |
| Barclays Commercial Mortgage Securities, LLC, Series 2025-C32, Class C, 6.125% 2/15/2062 <sup>(i)</sup>  | 13689 | 13884 |
| Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051 <sup>(i)</sup>  | 25 | 25 |
| Benchmark Mortgage Trust, Series 2018-B2, Class B, 4.292% 2/15/2051 <sup>(i)(j)</sup>  | 2905 | 2631 |
| Benchmark Mortgage Trust, Series 2018-B3, Class A5, 4.025% 4/10/2051 <sup>(i)</sup>  | 10 | 10 |
| Benchmark Mortgage Trust, Series 2018-B3, Class B, 4.295% 4/10/2051 <sup>(i)(j)</sup>  | 1445 | 1361 |
| Benchmark Mortgage Trust, Series 2018-B4, Class A5, 4.121% 7/15/2051 <sup>(i)(j)</sup>  | 10 | 10 |
| Benchmark Mortgage Trust, Series 2019-B11, Class B, 3.955% 5/15/2052 <sup>(i)(j)</sup>  | 4840 | 4282 |
| Benchmark Mortgage Trust, Series 2021-B23, Class C, 2.563% 2/15/2054 <sup>(i)(j)</sup>  | 1500 | 1104 |
| Benchmark Mortgage Trust, Series 2021-B25, Class B, 2.635% 4/15/2054 <sup>(i)</sup>  | 5325 | 4187 |
| Benchmark Mortgage Trust, Series 2021-B28, Class B, 2.244% 8/15/2054 <sup>(i)(j)</sup>  | 7260 | 6072 |
| Benchmark Mortgage Trust, Series 2022-B34, Class A5, 3.786% 4/15/2055 <sup>(i)(j)</sup>  | 1753 | 1640 |
| Benchmark Mortgage Trust, Series 2022-B35, Class C, 4.594% 5/15/2055 <sup>(i)(j)</sup>  | 11871 | 9712 |
| Benchmark Mortgage Trust, Series 2022-B35, Class B, 4.594% 5/15/2055 <sup>(i)(j)</sup>  | 1935 | 1692 |
| Benchmark Mortgage Trust, Series 2023-V2, Class B, 6.769% 5/15/2055 <sup>(i)(j)</sup>  | 13297 | 13766 |
| Benchmark Mortgage Trust, Series 2022-B36, Class B, 4.87% 7/15/2055 <sup>(i)(j)</sup>  | 7260 | 7094 |
| Benchmark Mortgage Trust, Series 2023-B38, Class AM, 6.121% 4/15/2056 <sup>(i)(j)</sup>  | 21893 | 22988 |
| Benchmark Mortgage Trust, Series 2024-V7, Class AS, 6.533% 5/15/2056 <sup>(i)(j)</sup>  | 12472 | 13138 |
| Benchmark Mortgage Trust, Series 2023-V3, Class B, 6.924% 7/15/2056 <sup>(i)(j)</sup>  | 6283 | 6508 |
| Benchmark Mortgage Trust, Series 2023-B40, Class B, 6.581% 12/15/2056 <sup>(i)(j)</sup>  | 6914 | 7390 |
| Benchmark Mortgage Trust, Series 2023-B40, Class C, 7.405% 12/15/2056 <sup>(i)(j)</sup>  | 2805 | 2916 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(i)(j)</sup>  | 4555 | 4752 |
| Benchmark Mortgage Trust, Series 2024-V5, Class C, 6.972% 1/10/2057 <sup>(i)(j)</sup>  | 1155 | 1188 |
| Benchmark Mortgage Trust, Series 2024-V8, Class B, 6.947% 7/15/2057 <sup>(i)(j)</sup>  | 5965 | 6322 |
| Benchmark Mortgage Trust, Series 2019-B13, Class A4, 2.952% 8/15/2057 <sup>(i)</sup>  | 20 | 19 |
| Benchmark Mortgage Trust, Series 2024-V9, Class B, 6.466% 8/15/2057 <sup>(i)(j)</sup>  | 4404 | 4590 |
| Benchmark Mortgage Trust, Series 2024-V10, Class B, 5.977% 9/15/2057 <sup>(i)(j)</sup>  | 5805 | 5946 |
| Benchmark Mortgage Trust, Series 2024-V11, Class B, 6.373% 11/15/2057 <sup>(i)(j)</sup>  | 4710 | 4911 |
| Benchmark Mortgage Trust, Series 2024-V12, Class B, 6.282% 12/15/2057 <sup>(i)(j)</sup>  | 2000 | 2066 |
| Benchmark Mortgage Trust, Series 2025-V15, Class C, 6.268% 6/15/2058 <sup>(i)</sup>  | 3400 | 3460 |
| Benchmark Mortgage Trust, Series 2025-V15, Class B, 6.425% 6/15/2058 <sup>(i)</sup>  | 5562 | 5819 |
| Benchmark Mortgage Trust, Series 2025-V16, Class B, 6.13% 8/15/2058 <sup>(i)(j)</sup>  | 8693 | 9029 |
| Benchmark Mortgage Trust, Series 2025-V18, Class C, 6.139% 10/15/2058 <sup>(i)</sup>  | 4489 | 4492 |
| BFLD Trust, Series 2025-5MW, Class A, 4.674% 10/10/2042 <sup>(a)(i)(j)</sup>  | 18297 | 18316 |
| BFLD Trust, Series 2025-5MW, Class D, 6.371% 10/10/2042 <sup>(a)(i)(j)</sup>  | 1779 | 1815 |
| BLP Commercial Mortgage Trust, Series 2024-IND2, Class D, (1-month USD CME Term SOFR + 2.59%) 6.34% <br> 3/15/2041 <sup>(a)(i)(j)</sup>  | 5591 | 5602 |
| BMO Mortgage Trust, Series 2023-C4, Class B, 5.395% 2/15/2056 <sup>(i)(j)</sup>  | 2981 | 3022 |
| BMO Mortgage Trust, Series 2023-5C1, Class B, 6.96% 8/15/2056 <sup>(i)(j)</sup>  | 10176 | 10619 |
| BMO Mortgage Trust, Series 2023-5C1, Class C, 7.117% 8/15/2056 <sup>(i)(j)</sup>  | 4297 | 4438 |
| BMO Mortgage Trust, Series 2023-5C2, Class C, 7.244% 11/15/2056 <sup>(i)(j)</sup>  | 2887 | 2951 |
| BMO Mortgage Trust, Series 2024-5C3, Class D, 4.00% 2/15/2057 <sup>(a)(i)</sup>  | 666 | 599 |
| BMO Mortgage Trust, Series 2024-5C3, Class AS, 6.286% 2/15/2057 <sup>(i)(j)</sup>  | 3598 | 3753 |
| BMO Mortgage Trust, Series 2024-5C5, Class B, 6.747% 2/15/2057 <sup>(i)(j)</sup>  | 5018 | 5246 |
| BMO Mortgage Trust, Series 2024-5C3, Class C, 6.859% 2/15/2057 <sup>(i)(j)</sup>  | 2295 | 2360 |
| BMO Mortgage Trust, Series 2024-5C4, Class C, 7.018% 5/15/2057 <sup>(i)(j)</sup>  | 3783 | 3919 |
| BMO Mortgage Trust, Series 2024-C9, Class B, 6.34% 7/15/2057 <sup>(i)(j)</sup>  | 5965 | 6311 |
| BMO Mortgage Trust, Series 2024-C10, Class B, 6.079% 11/15/2057 <sup>(i)(j)</sup>  | 6532 | 6703 |
| BMO Mortgage Trust, Series 2024-5C7, Class B, 6.198% 11/15/2057 <sup>(i)(j)</sup>  | 2420 | 2503 |
| BMP Trust, Series 2024-MF23, Class E, (1-month USD CME Term SOFR + 3.389%) 7.139% 6/15/2041 <sup>(a)(i)(j)</sup>  | 10032 | 10069 |
| BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class A, (1-month USD CME Term SOFR + 1.60%) 5.45% <br> 12/15/2042 <sup>(a)(i)(j)</sup>  | 8221 | 8245 |
| BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class B, (1-month USD CME Term SOFR + 1.90%) 5.75% <br> 12/15/2042 <sup>(a)(i)(j)</sup>  | 5282 | 5299 |
| BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class C, (1-month USD CME Term SOFR + 2.15%) 6.00% <br> 12/15/2042 <sup>(a)(i)(j)</sup>  | 3583 | 3596 |
| BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class D, (1-month USD CME Term SOFR + 2.50%) 6.35% <br> 12/15/2042 <sup>(a)(i)(j)</sup>  | 1203 | 1208 |
| BX Trust, Series 2022-CSMO, Class B, (1-month USD CME Term SOFR + 3.141%) 6.891% 6/15/2027 <sup>(a)(i)(j)</sup>  | 14885 | 14947 |
| BX Trust, Series 2024-KING, Class C, (1-month USD CME Term SOFR + 1.94%) 5.691% 5/15/2034 <sup>(a)(i)(j)</sup>  | 7730 | 7751 |
| BX Trust, Series 2024-KING, Class D, (1-month USD CME Term SOFR + 2.49%) 6.24% 5/15/2034 <sup>(a)(i)(j)</sup>  | 2857 | 2870 |
| BX Trust, Series 2021-SDMF, Class C, (1-month USD CME Term SOFR + 1.002%) 4.753% 9/15/2034 <sup>(a)(i)(j)</sup>  | 1888 | 1882 |
| BX Trust, Series 2021-SDMF, Class D, (1-month USD CME Term SOFR + 1.501%) 5.252% 9/15/2034 <sup>(a)(i)(j)</sup>  | 1796 | 1790 |
| BX Trust, Series 2021-SDMF, Class E, (1-month USD CME Term SOFR + 1.701%) 5.452% 9/15/2034 <sup>(a)(i)(j)</sup>  | 1345 | 1341 |
| BX Trust, Series 2022-IND, Class D, (1-month USD CME Term SOFR + 2.839%) 6.589% 4/15/2037 <sup>(a)(i)(j)</sup>  | 551 | 553 |
| BX Trust, Series 2021-ACNT, Class D, (1-month USD CME Term SOFR + 1.964%) 5.715% 11/15/2038 <sup>(a)(i)(j)</sup>  | 2326 | 2325 |

---

---

| | |
|:---|:---|
| **23** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** | **Commercial mortgage-backed securities (continued)** | **Commercial mortgage-backed securities (continued)** |
| BX Trust, Series 2021-ACNT, Class E, (1-month USD CME Term SOFR + 2.311%) 6.062% 11/15/2038 <sup>(a)(i)(j)</sup>  | USD1,135 | $1134 |
| BX Trust, Series 2022-AHP, Class B, (1-month USD CME Term SOFR + 1.84%) 5.59% 1/17/2039 <sup>(a)(i)(j)</sup>  | 3000 | 2999 |
| BX Trust, Series 2022-AHP, Class C, (1-month USD CME Term SOFR + 2.09%) 5.84% 1/17/2039 <sup>(a)(i)(j)</sup>  | 3870 | 3869 |
| BX Trust, Series 2022-LP2, Class D, (1-month USD CME Term SOFR + 1.961%) 5.711% 2/15/2039 <sup>(a)(i)(j)</sup>  | 2100 | 2100 |
| BX Trust, Series 2024-VLT4, Class E, (1-month USD CME Term SOFR + 2.889%) 6.64% 6/15/2041 <sup>(a)(i)(j)</sup>  | 13458 | 13455 |
| BX Trust, Series 2024-AIRC, Class D, (1-month USD CME Term SOFR + 3.089%) 6.84% 8/15/2041 <sup>(a)(i)(j)</sup>  | 9966 | 10014 |
| BX Trust, Series 2024-AIR2, Class D, (1-month USD CME Term SOFR + 2.79%) 6.541% 10/15/2041 <sup>(a)(i)(j)</sup>  | 5111 | 5135 |
| BX Trust, Series 2024-GPA2, Class A, (1-month USD CME Term SOFR + 1.542%) 5.292% 11/15/2041 <sup>(a)(i)(j)</sup>  | 10519 | 10543 |
| BX Trust, Series 2024-GPA2, Class D, (1-month USD CME Term SOFR + 2.591%) 6.341% 11/15/2041 <sup>(a)(i)(j)</sup>  | 1820 | 1825 |
| BX Trust, Series 2024-FNX, Class D, (1-month USD CME Term SOFR + 2.94%) 6.69% 11/15/2041 <sup>(a)(i)(j)</sup>  | 22622 | 22746 |
| BX Trust, Series 2024-GPA2, Class E, (1-month USD CME Term SOFR + 3.54%) 7.29% 11/15/2041 <sup>(a)(i)(j)</sup>  | 7591 | 7611 |
| BX Trust, Series 2025-BIO3, Class D, 6.961% 2/10/2042 <sup>(a)(i)(j)</sup>  | 24155 | 24565 |
| BX Trust, Series 2025-BIO3, Class C, 6.961% 2/10/2042 <sup>(a)(i)(j)</sup>  | 1787 | 1834 |
| BX Trust, Series 2025-VLT6, Class C, (1-month USD CME Term SOFR + 2.1922%) 5.942% 3/15/2042 <sup>(a)(i)(j)</sup>  | 12538 | 12537 |
| BX Trust, Series 2025-VLT6, Class D, (1-month USD CME Term SOFR + 2.5916%) 6.342% 3/15/2042 <sup>(a)(i)(j)</sup>  | 18408 | 18401 |
| BX Trust, Series 2025-GW, Class B, (1-month USD CME Term SOFR + 1.85%) 5.60% 7/15/2042 <sup>(a)(i)(j)</sup>  | 12420 | 12473 |
| BX Trust, Series 2025-GW, Class C, (1-month USD CME Term SOFR + 2.10%) 5.85% 7/15/2042 <sup>(a)(i)(j)</sup>  | 10250 | 10303 |
| BX Trust, Series 2025-DELC, Class A, (1-month USD CME Term SOFR + 1.55%) 5.507% 12/15/2042 <sup>(a)(i)(j)</sup>  | 1873 | 1878 |
| BX Trust, Series 2025-DELC, Class B, (1-month USD CME Term SOFR + 1.80%) 5.757% 12/15/2042 <sup>(a)(i)(j)</sup>  | 52 | 52 |
| BX Trust, Series 2020-VIV2, Class C, 3.542% 3/9/2044 <sup>(a)(i)(j)</sup>  | 4985 | 4687 |
| BX Trust, Series 2020-VIV3, Class B, 3.544% 3/9/2044 <sup>(a)(i)(j)</sup>  | 4788 | 4543 |
| BX Trust, Series 2025-VLT7, Class A, (1-month USD CME Term SOFR + 1.70%) 5.45% 7/15/2044 <sup>(a)(i)(j)</sup>  | 19050 | 19111 |
| BX Trust, Series 2025-VLT7, Class B, (1-month USD CME Term SOFR + 2.00%) 5.75% 7/15/2044 <sup>(a)(i)(j)</sup>  | 13898 | 13947 |
| BX Trust, Series 2025-VLT7, Class C, (1-month USD CME Term SOFR + 2.35%) 6.10% 7/15/2044 <sup>(a)(i)(j)</sup>  | 13324 | 13379 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(a)(i)(j)</sup>  | 22603 | 22658 |
| BX Trust, Series 2025-VOLT, Class C, (1-month USD CME Term SOFR + 2.10%) 6.10% 12/15/2044 <sup>(a)(i)(j)</sup>  | 19984 | 20089 |
| BX Trust, Series 2025-VOLT, Class D, (1-month USD CME Term SOFR + 2.75%) 6.75% 12/15/2044 <sup>(a)(i)(j)</sup>  | 4650 | 4663 |
| BXSC Commercial Mortgage Trust, Series 2022-WSS, Class B, (1-month USD CME Term SOFR + 2.092%) 5.842% <br> 3/15/2035 <sup>(a)(i)(j)</sup>  | 13205 | 13236 |
| BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D, (1-month USD CME Term SOFR + 3.188%) 6.938% <br> 3/15/2035 <sup>(a)(i)(j)</sup>  | 2467 | 2477 |
| CALI Mortgage Trust, Series 24-SUN, Class C, (1-month USD CME Term SOFR + 2.79%) 6.54% 7/15/2041 <sup>(a)(i)(j)</sup>  | 1794 | 1805 |
| CALI Mortgage Trust, Series 24-SUN, Class D, (1-month USD CME Term SOFR + 3.63%) 7.377% 7/15/2041 <sup>(a)(i)(j)</sup>  | 2400 | 2418 |
| CART, Series 2024-DFW1, Class D, (1-month USD CME Term SOFR + 3.04%) 6.79% 8/15/2041 <sup>(a)(i)(j)</sup>  | 7444 | 7456 |
| CD Commercial Mortgage Trust, Series 2017-CD6, Class A5, 3.456% 11/13/2050 <sup>(i)</sup>  | 10 | 10 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class D, 6.36% 7/10/2028 <sup>(a)(i)(j)</sup>  | 12593 | 12783 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class D, 6.048% 10/12/2040 <sup>(a)(i)(j)</sup>  | 27313 | 27399 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class C, 6.048% 10/12/2040 <sup>(a)(i)(j)</sup>  | 2450 | 2490 |
| Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class B, 4.345% 10/10/2047 <sup>(i)(j)</sup>  | 1441 | 1399 |
| Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class C, 3.976% 4/10/2048 <sup>(i)(j)</sup>  | 2575 | 2353 |
| Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class B, 3.15% 2/15/2053 <sup>(i)(j)</sup>  | 1775 | 1573 |
| Citigroup Commercial Mortgage Trust, Series 2022-GC48, Class C, 4.875% 5/15/2054 <sup>(i)(j)</sup>  | 2905 | 2692 |
| Commercial Mortgage Trust, Series 2020-CX, Class D, 2.684% 11/10/2046 <sup>(a)(i)(j)</sup>  | 5805 | 4654 |
| Commercial Mortgage Trust, Series 2014-CR16, Class C, 4.777% 4/10/2047 <sup>(i)(j)</sup>  | 460 | 439 |
| Commercial Mortgage Trust, Series 2014-UBS4, Class AM, 3.968% 8/10/2047 <sup>(i)</sup>  | 104 | 101 |
| Commercial Mortgage Trust, Series 2014-UBS6, Class C, 4.408% 12/10/2047 <sup>(i)(j)</sup>  | 228 | 226 |
| Commercial Mortgage Trust, Series 2015-CR26, Class B, 4.613% 10/10/2048 <sup>(i)(j)</sup>  | 6033 | 5960 |
| Commercial Mortgage Trust, Series 2015-CCRE-26, Class C, 4.613% 10/10/2048 <sup>(i)(j)</sup>  | 860 | 815 |
| Commercial Mortgage Trust, Series 2016-COR1, Class A4, 3.091% 10/10/2049 <sup>(i)</sup>  | 25 | 25 |
| Commercial Mortgage Trust, Series 2019-GC44, Class C, 3.644% 8/15/2057 <sup>(i)(j)</sup>  | 1000 | 830 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class C, 5.728% 8/12/2043 <sup>(a)(i)(j)</sup>  | 1935 | 1874 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class D, 5.728% 8/12/2043 <sup>(a)(i)(j)</sup>  | 18967 | 17690 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class D, 7.14% 9/12/2040 <sup>(a)(i)(j)</sup>  | 21951 | 22598 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class C, 7.14% 9/12/2040 <sup>(a)(i)(j)</sup>  | 3950 | 4090 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(a)(i)(j)</sup>  | 10935 | 11166 |
| ELM Trust 2024, Series 2024-ELM, Class D10, 6.847% 6/10/2039 <sup>(a)(i)(j)</sup>  | 2040 | 2046 |
| ELM Trust 2024, Series 2024-ELM, Class D15, 6.897% 6/10/2039 <sup>(a)(i)(j)</sup>  | 2951 | 2960 |
| Extended Stay America Trust, Series 2025-ESH, Class A, (1-month USD CME Term SOFR + 1.30%) 5.05% <br> 10/15/2042 <sup>(a)(i)(j)</sup>  | 6635 | 6654 |
| Extended Stay America Trust, Series 2025-ESH, Class D, (1-month USD CME Term SOFR + 2.60%) 6.35% <br> 10/15/2042 <sup>(a)(i)(j)</sup>  | 7287 | 7351 |
| FIVE Mortgage Trust, Series 2023-V1, Class B, 6.348% 2/10/2056 <sup>(i)(j)</sup>  | 7192 | 7398 |
| FIVE Mortgage Trust, Series 2023-V1, Class C, 6.348% 2/10/2056 <sup>(i)(j)</sup>  | 2822 | 2855 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) 5.20% <br> 12/15/2039 <sup>(a)(i)(j)</sup>  | 6705 | 6728 |

---

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **24** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** | **Commercial mortgage-backed securities (continued)** | **Commercial mortgage-backed securities (continued)** |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class F, (1-month USD CME Term SOFR + 4.25%) 8.00% <br> 12/15/2039 <sup>(a)(i)(j)</sup>  | USD12,195 | $12304 |
| FS Commercial Mortgage Trust, Series 2023-4SZN, Class C, 8.121% 11/10/2039 <sup>(a)(i)(j)</sup>  | 8898 | 9090 |
| FS Commercial Mortgage Trust, Series 2023-4SZN, Class D, 9.08% 11/10/2039 <sup>(a)(i)(j)</sup>  | 9580 | 9805 |
| Great Wolf Trust, Series 2024-WOLF, Class A, (1-month USD CME Term SOFR + 1.542%) 5.292% 3/15/2039 <sup>(a)(i)(j)</sup>  | 6742 | 6760 |
| Great Wolf Trust, Series 2024-WOLF, Class C, (1-month USD CME Term SOFR + 2.391%) 6.141% 3/15/2039 <sup>(a)(i)(j)</sup>  | 8954 | 9002 |
| Great Wolf Trust, Series 2024-WOLF, Class D, (1-month USD CME Term SOFR + 2.89%) 6.64% 3/15/2039 <sup>(a)(i)(j)</sup>  | 3713 | 3739 |
| GS Mortgage Securities Trust, Series 2024-70P, Class B, 5.887% 3/10/2041 <sup>(a)(i)(j)</sup>  | 7102 | 7218 |
| GS Mortgage Securities Trust, Series 2024-70P, Class C, 6.287% 3/10/2041 <sup>(a)(i)(j)</sup>  | 9123 | 9196 |
| GS Mortgage Securities Trust, Series 2024-70P, Class D, 7.531% 3/10/2041 <sup>(a)(i)(j)</sup>  | 13085 | 13411 |
| GS Mortgage Securities Trust, Series 2018-GS10, Class AS, 4.384% 7/10/2051 <sup>(i)(j)</sup>  | 3870 | 3748 |
| GS Mortgage Securities Trust, Series 2019-GC40, Class C, 3.946% 7/10/2052 <sup>(i)</sup>  | 4224 | 3556 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% <br>3/15/2042 <sup>(a)(i)(j)</sup>  | 3300 | 3307 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class B, (1-month USD CME Term SOFR + 1.742%) 5.493% <br>3/15/2042 <sup>(a)(i)(j)</sup>  | 2343 | 2350 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class C, (1-month USD CME Term SOFR + 2.042%) 5.792% <br>3/15/2042 <sup>(a)(i)(j)</sup>  | 1407 | 1413 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class D, (1-month USD CME Term SOFR + 2.591%) 6.341% <br>3/15/2042 <sup>(a)(i)(j)</sup>  | 15623 | 15716 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class E, (1-month USD CME Term SOFR + 3.29%) 7.04% 3/15/2042 <sup>(a)(i)(j)</sup>  | 12734 | 12505 |
| Hilton USA Trust, Series 2024-ORL, Class B, (1-month USD CME Term SOFR + 1.941%) 5.691% 5/15/2037 <sup>(a)(i)(j)</sup>  | 9680 | 9712 |
| Hilton USA Trust, Series 2024-ORL, Class C, (1-month USD CME Term SOFR + 2.44%) 6.19% 5/15/2037 <sup>(a)(i)(j)</sup>  | 6424 | 6451 |
| Hilton USA Trust, Series 2016-HHV, Class D, 4.194% 11/5/2038 <sup>(a)(i)</sup>  | 1230 | 1220 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(a)(i)(j)</sup>  | 13022 | 13517 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class C, 7.088% 5/10/2039 <sup>(a)(i)(j)</sup>  | 3052 | 3102 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class D, 8.198% 5/10/2039 <sup>(a)(i)(j)</sup>  | 7596 | 7774 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class D, 6.34% 1/13/2040 <sup>(a)(i)(j)</sup>  | 500 | 521 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class E, 6.678% 1/13/2040 <sup>(a)(i)(j)</sup>  | 25854 | 26870 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class C, (1-month USD CME Term SOFR + 2.25%) <br>6.00% 3/15/2042 <sup>(a)(i)(j)</sup>  | 15000 | 15049 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class D, (1-month USD CME Term SOFR + 2.85%) <br>6.60% 3/15/2042 <sup>(a)(i)(j)</sup>  | 23700 | 23818 |
| Invitation Homes Trust, Series 2024-SFR1, Class F, 4.50% 9/17/2041 <sup>(a)(i)</sup>  | 7390 | 7002 |
| Invitation Homes Trust, Series 2024-SFR1, Class E, 4.50% 9/17/2041 <sup>(a)(i)</sup>  | 4070 | 3925 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039 <sup>(a)(i)</sup>  | 1750 | 1585 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 1/5/2039 <sup>(a)(i)(j)</sup>  | 437 | 369 |
| JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class A, (1-month USD CME Term SOFR + <br> 1.593%) 5.343% 11/15/2039 <sup>(a)(i)(j)</sup>  | 8913 | 8942 |
| JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class B, (1-month USD CME Term SOFR + <br> 1.942%) 5.692% 11/15/2039 <sup>(a)(i)(j)</sup>  | 16360 | 16427 |
| JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class C, (1-month USD CME Term SOFR + <br> 2.242%) 5.992% 11/15/2039 <sup>(a)(i)(j)</sup>  | 5469 | 5503 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class D, (1-month USD CME Term SOFR + 3.29%) 7.04% <br> 12/15/2039 <sup>(a)(i)(j)</sup>  | 21360 | 21347 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class E, (1-month USD CME Term SOFR + 4.538%) 8.288% <br> 12/15/2039 <sup>(a)(i)(j)</sup>  | 16505 | 16585 |
| LSTAR Commercial Mortgage Trust, Series 2017-5, Class C, 4.687% 3/10/2050 <sup>(a)(i)(j)</sup>  | 1670 | 1564 |
| LV Trust, Series 2024-SHOW, Class C, 6.074% 10/10/2041 <sup>(a)(i)(j)</sup>  | 4475 | 4516 |
| Manhattan West, Series 2020-1MW, Class C, 2.413% 9/10/2039 <sup>(a)(i)(j)</sup>  | 2942 | 2821 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class AS, 3.561% 4/15/2048 <sup>(i)</sup>  | 2236 | 2171 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2025-5C2, Class C, 5.743% 11/15/2058 <sup>(i)(j)</sup>  | 992 | 989 |
| Morgan Stanley Capital I Trust, Series 2017-H1, Class A5, 3.53% 6/15/2050 <sup>(i)</sup>  | 45 | 45 |
| Morgan Stanley Capital I Trust, Series 2019-L3, Class B, 3.646% 11/15/2052 <sup>(i)(j)</sup>  | 5130 | 4724 |
| MSWF Commercial Mortgage Trust, Series 2023-1, Class B, 6.683% 5/15/2056 <sup>(i)(j)</sup>  | 4421 | 4709 |
| MSWF Commercial Mortgage Trust, Series 2023-2, Class B, 6.876% 12/15/2056 <sup>(i)(j)</sup>  | 12876 | 13791 |
| MSWF Commercial Mortgage Trust, Series 2023-2, Class C, 7.018% 12/15/2056 <sup>(i)(j)</sup>  | 2469 | 2615 |
| Multifamily Connecticut Avenue Securities, Series 2019-1, Class M10, (30-day Average USD-SOFR + 3.364%) <br> 7.239% 10/25/2049 <sup>(a)(i)(j)</sup>  | 1035 | 1054 |
| Multifamily Connecticut Avenue Securities, Series 2020-1, Class M10, (30-day Average USD-SOFR + 3.864%) <br> 7.739% 3/25/2050 <sup>(a)(i)(j)</sup>  | 8262 | 8445 |
| Multifamily Connecticut Avenue Securities, Series 2023-01, Class M7, (30-day Average USD-SOFR + 4.00%) <br> 7.874% 11/25/2053 <sup>(a)(i)(j)</sup>  | 8795 | 9074 |
| Multifamily Connecticut Avenue Securities, Series 2023-01, Class M10, (30-day Average USD-SOFR + 6.50%) <br> 10.374% 11/25/2053 <sup>(a)(i)(j)</sup>  | 25780 | 29395 |

---

---

| | |
|:---|:---|
| **25** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Commercial mortgage-backed securities (continued)** | **Commercial mortgage-backed securities (continued)** | **Commercial mortgage-backed securities (continued)** |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) <br> 6.624% 7/25/2054 <sup>(a)(i)(j)</sup>  | USD5,573 | $5652 |
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%) <br> 6.274% 5/25/2055 <sup>(a)(i)(j)</sup>  | 11581 | 11644 |
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M2, (30-day Average USD-SOFR + 3.10%) <br> 6.974% 5/25/2055 <sup>(a)(i)(j)</sup>  | 12046 | 12101 |
| Multifamily Structured Credit Risk, Series 21-MN1, Class M2, (30-day Average USD-SOFR + 3.75%) 7.624% <br> 1/25/2051 <sup>(a)(i)(j)</sup>  | 2640 | 2731 |
| Multifamily Structured Credit Risk, Series 21-MN3, Class M2, 7.874% 11/25/2051 <sup>(a)(i)(j)</sup>  | 3500 | 3636 |
| NY Commercial Mortgage Trust, Series 2025-299P, Class A, 5.664% 2/10/2047 <sup>(a)(i)(j)</sup>  | 2519 | 2652 |
| NY Commercial Mortgage Trust, Series 2025-299P, Class B, 5.928% 2/10/2047 <sup>(a)(i)(j)</sup>  | 2383 | 2489 |
| NY Commercial Mortgage Trust, Series 2025-299P, Class C, 6.172% 2/10/2047 <sup>(a)(i)(j)</sup>  | 2756 | 2848 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(a)(i)(j)</sup>  | 8095 | 8118 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class B, 5.007% 11/5/2038 <sup>(a)(i)(j)</sup>  | 7445 | 7468 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class D, 6.213% 11/5/2038 <sup>(a)(i)(j)</sup>  | 17168 | 17295 |
| NYC Commercial Mortgage Trust, Series 2025-3BP, Class C, (1-month USD CME Term SOFR + 1.892%) 5.642% <br> 2/15/2042 <sup>(a)(i)(j)</sup>  | 6755 | 6742 |
| NYC Commercial Mortgage Trust, Series 2025-3BP, Class D, (1-month USD CME Term SOFR + 2.4413%) 6.191% <br> 2/15/2042 <sup>(a)(i)(j)</sup>  | 5297 | 5294 |
| One Market Plaza Trust, Series 2017-1MKT, Class A, 3.614% 2/10/2032 <sup>(a)(i)</sup>  | 3445 | 3294 |
| One Market Plaza Trust, Series 2017-1MKT, Class C, 4.016% 2/10/2032 <sup>(a)(i)</sup>  | 3000 | 2826 |
| ROCC Trust, Series 2024-CNTR, Class A, 5.388% 11/13/2041 <sup>(a)(i)</sup>  | 434 | 447 |
| SCG Hotel Issuer, Inc., Series 2025-SNIP, Class A, 5.25% 9/15/2042 <sup>(a)(i)(j)</sup>  | 17826 | 17881 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class B, (1-month USD CME Term SOFR + 1.741%) 5.491% <br> 5/15/2039 <sup>(a)(i)(j)</sup>  | 5875 | 5868 |
| SFO Commerical Mortgage Trust, Series 2021-555, Class A, (1-month USD CME Term SOFR + 1.264%) 5.015% <br> 5/15/2038 (1-month USD CME Term SOFR + 1.514% on 5/15/2026) <sup>(a)(b)(i)</sup>  | 23809 | 23775 |
| SFO Commerical Mortgage Trust, Series 2021-555, Class B, (1-month USD CME Term SOFR + 1.614%) 5.365% <br> 5/15/2038 <sup>(a)(i)(j)</sup>  | 1774 | 1767 |
| SFO Commercial Mortgage Trust, Series 2021-555, Class C, (1-month USD CME Term SOFR + 1.914%) 5.665% <br> 5/15/2038 <sup>(a)(i)(j)</sup>  | 2905 | 2891 |
| SHR Trust, Series 2024-LXRY, Class D, (1-month USD CME Term SOFR + 3.60%) 7.35% 10/15/2041 <sup>(a)(i)(j)</sup>  | 5518 | 5567 |
| SREIT Trust, Series 2021-MFP, Class B, (1-month USD CME Term SOFR + 1.194%) 4.944% 11/15/2038 <sup>(a)(i)(j)</sup>  | 1296 | 1296 |
| SREIT Trust, Series 2021-MFP, Class C, (1-month USD CME Term SOFR + 1.443%) 5.194% 11/15/2038 <sup>(a)(i)(j)</sup>  | 1742 | 1742 |
| SREIT Trust, Series 2021-MFP, Class D, (1-month USD CME Term SOFR + 1.693%) 5.443% 11/15/2038 <sup>(a)(i)(j)</sup>  | 2097 | 2097 |
| StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class D, (1-month USD CME Term SOFR + 1.95%) <br> 5.70% 1/15/2039 <sup>(a)(i)(j)</sup>  | 15398 | 15359 |
| StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class E, (1-month USD CME Term SOFR + 2.70%) <br> 6.45% 1/15/2039 <sup>(a)(i)(j)</sup>  | 10693 | 10648 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (1-month USD CME Term SOFR + 2.591%) <br> 6.391% 2/15/2042 <sup>(a)(i)(j)</sup>  | 9472 | 9401 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class E, (1-month USD CME Term SOFR + 3.29%) 7.09% <br> 2/15/2042 <sup>(a)(i)(j)</sup>  | 26739 | 26633 |
| UBS Commercial Mortgage Trust, Series 2017-C3, Class C, 4.355% 8/15/2050 <sup>(i)(j)</sup>  | 3065 | 2881 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class A, 5.761% 9/15/2040 <sup>(a)(i)(j)</sup>  | 5526 | 5583 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class C, 3.848% 5/15/2048 <sup>(i)(j)</sup>  | 452 | 435 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C35, Class C, 4.176% 7/15/2048 <sup>(i)(j)</sup>  | 6158 | 6077 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class A4, 3.096% 6/15/2049 <sup>(i)</sup>  | 25 | 25 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class C, 4.294% 10/15/2050 <sup>(i)(j)</sup>  | 4914 | 4563 |
| Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class B, 4.633% 8/15/2051 <sup>(i)</sup>  | 2808 | 2717 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class C, 3.81% 12/15/2052 <sup>(i)</sup>  | 1935 | 1732 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class B, 6.821% 7/15/2057 <sup>(i)(j)</sup>  | 9535 | 9985 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C2, Class B, 6.333% 11/15/2057 <sup>(i)(j)</sup>  | 1448 | 1507 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-5C4, Class B, 6.394% 5/15/2058 <sup>(i)(j)</sup>  | 1722 | 1810 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-5C5, Class C, 6.014% 7/15/2058 <sup>(i)(j)</sup>  | 537 | 543 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-5C5, Class B, 6.219% 7/15/2058 <sup>(i)(j)</sup>  | 3084 | 3200 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class C, 4.874% 9/15/2058 <sup>(i)(j)</sup>  | 48 | 46 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class B, 4.842% 1/15/2059 <sup>(i)(j)</sup>  | 5575 | 5408 |
| WF-RBS Commercial Mortgage Trust, Series 2014-C22, Class AS, 4.069% 9/15/2057 <sup>(i)(j)</sup>  | 2973 | 2836 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) <br> 6.539% 11/15/2027 <sup>(a)(i)(j)</sup>  | 12892 | 12995 |
| WSTN Trust, Series 2023-MAUI, Class B, 7.018% 7/5/2037 <sup>(a)(i)(j)</sup>  | 10053 | 10224 |
| WSTN Trust, Series 2023-MAUI, Class C, 7.69% 7/5/2037 <sup>(a)(i)(j)</sup>  | 4452 | 4524 |
| WSTN Trust, Series 2023-MAUI, Class D, 8.455% 7/5/2037 <sup>(a)(i)(j)</sup>  | 11453 | 11534 |
|  |  | 1762453 |

---

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| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **26** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations 2.74%** | **Federal agency mortgage-backed obligations 2.74%** | **Federal agency mortgage-backed obligations 2.74%** |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(i)</sup>  | USD5,566 | $5729 |
| Fannie Mae Pool #DA5054 6.00% 11/1/2053 <sup>(i)</sup>  | 2519 | 2594 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(i)</sup>  | 21691 | 22284 |
| Fannie Mae Pool #FS8600 6.00% 7/1/2054 <sup>(i)</sup>  | 12369 | 12805 |
| Fannie Mae Pool #DB6905 6.00% 7/1/2054 <sup>(i)</sup>  | 6463 | 6641 |
| Fannie Mae Pool #BU4791 6.00% 7/1/2054 <sup>(i)</sup>  | 1820 | 1870 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(i)</sup>  | 1415 | 1453 |
| Fannie Mae Pool #BU4711 6.00% 7/1/2054 <sup>(i)</sup>  | 898 | 923 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(i)</sup>  | 316 | 325 |
| Fannie Mae Pool #DB8073 6.00% 7/1/2054 <sup>(i)</sup>  | 221 | 227 |
| Fannie Mae Pool #DB4465 6.00% 8/1/2054 <sup>(i)</sup>  | 1301 | 1337 |
| Fannie Mae Pool #DC0901 6.00% 8/1/2054 <sup>(i)</sup>  | 939 | 967 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(i)</sup>  | 845 | 869 |
| Fannie Mae Pool #DB4440 6.00% 8/1/2054 <sup>(i)</sup>  | 453 | 465 |
| Fannie Mae Pool #DC3465 6.00% 9/1/2054 <sup>(i)</sup>  | 1737 | 1785 |
| Fannie Mae Pool #DC0503 6.00% 9/1/2054 <sup>(i)</sup>  | 882 | 907 |
| Fannie Mae Pool #DC4916 6.00% 10/1/2054 <sup>(i)</sup>  | 1717 | 1764 |
| Fannie Mae Pool #DC3877 6.00% 10/1/2054 <sup>(i)</sup>  | 950 | 977 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(i)</sup>  | 6488 | 6584 |
| Fannie Mae Pool #DC6437 6.00% 11/1/2054 <sup>(i)</sup>  | 995 | 1022 |
| Fannie Mae Pool #DC6459 6.00% 11/1/2054 <sup>(i)</sup>  | 897 | 921 |
| Fannie Mae Pool #MA5532 6.00% 11/1/2054 <sup>(i)</sup>  | 870 | 894 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(i)</sup>  | 9182 | 9434 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(i)</sup>  | 4280 | 4397 |
| Fannie Mae Pool #DC7023 6.00% 12/1/2054 <sup>(i)</sup>  | 950 | 976 |
| Fannie Mae Pool #DC8866 6.00% 12/1/2054 <sup>(i)</sup>  | 933 | 959 |
| Fannie Mae Pool #MA5554 6.00% 12/1/2054 <sup>(i)</sup>  | 874 | 898 |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(i)</sup>  | 863 | 887 |
| Fannie Mae Pool #DC9957 6.00% 1/1/2055 <sup>(i)</sup>  | 1980 | 2035 |
| Fannie Mae Pool #DC8604 6.00% 1/1/2055 <sup>(i)</sup>  | 1672 | 1718 |
| Fannie Mae Pool #BU5374 6.00% 1/1/2055 <sup>(i)</sup>  | 788 | 811 |
| Fannie Mae Pool #DC9987 6.00% 1/1/2055 <sup>(i)</sup>  | 199 | 204 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(i)</sup>  | 5045 | 5183 |
| Fannie Mae Pool #DD1766 6.00% 2/1/2055 <sup>(i)</sup>  | 2981 | 3064 |
| Fannie Mae Pool #DD4308 6.00% 2/1/2055 <sup>(i)</sup>  | 810 | 833 |
| Fannie Mae Pool #DD0756 6.00% 2/1/2055 <sup>(i)</sup>  | 762 | 783 |
| Fannie Mae Pool #DC4824 6.00% 2/1/2055 <sup>(i)</sup>  | 193 | 199 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(i)</sup>  | 1623 | 1667 |
| Fannie Mae Pool #DD5558 6.00% 3/1/2055 <sup>(i)</sup>  | 977 | 1004 |
| Fannie Mae Pool #DD6396 6.00% 3/1/2055 <sup>(i)</sup>  | 892 | 924 |
| Fannie Mae Pool #DD4905 6.00% 3/1/2055 <sup>(i)</sup>  | 278 | 286 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(i)</sup>  | 36326 | 37327 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(i)</sup>  | 5171 | 5314 |
| Fannie Mae Pool #DD9296 6.00% 4/1/2055 <sup>(i)</sup>  | 1989 | 2043 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(i)</sup>  | 1670 | 1716 |
| Fannie Mae Pool #DD7200 6.00% 4/1/2055 <sup>(i)</sup>  | 1104 | 1134 |
| Fannie Mae Pool #DD8109 6.00% 4/1/2055 <sup>(i)</sup>  | 919 | 944 |
| Fannie Mae Pool #DD6390 6.00% 4/1/2055 <sup>(i)</sup>  | 904 | 928 |
| Fannie Mae Pool #DD5311 6.00% 4/1/2055 <sup>(i)</sup>  | 709 | 729 |
| Fannie Mae Pool #DC4756 6.00% 4/1/2055 <sup>(i)</sup>  | 34 | 35 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(i)</sup>  | 31227 | 32087 |
| Fannie Mae Pool #DD9841 6.00% 5/1/2055 <sup>(i)</sup>  | 992 | 1020 |
| Fannie Mae Pool #DD9268 6.00% 5/1/2055 <sup>(i)</sup>  | 929 | 955 |
| Fannie Mae Pool #DC4816 6.00% 5/1/2055 <sup>(i)</sup>  | 914 | 942 |
| Fannie Mae Pool #DD9150 6.00% 5/1/2055 <sup>(i)</sup>  | 776 | 798 |
| Fannie Mae Pool #DE1532 6.00% 6/1/2055 <sup>(i)</sup>  | 2709 | 2784 |
| Fannie Mae Pool #DC3397 6.00% 6/1/2055 <sup>(i)</sup>  | 1094 | 1124 |
| Fannie Mae Pool #DD9888 6.00% 6/1/2055 <sup>(i)</sup>  | 994 | 1022 |
| Fannie Mae Pool #DE2033 6.00% 6/1/2055 <sup>(i)</sup>  | 909 | 934 |
| Fannie Mae Pool #DD6111 6.00% 6/1/2055 <sup>(i)</sup>  | 100 | 103 |
| Fannie Mae Pool #DE5117 6.00% 7/1/2055 <sup>(i)</sup>  | 923 | 949 |
| Fannie Mae Pool #DE4980 6.00% 7/1/2055 <sup>(i)</sup>  | 819 | 843 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(i)</sup>  | 9185 | 9318 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(i)</sup>  | 23430 | 23771 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(i)</sup>  | 19911 | 20499 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(i)</sup>  | 13049 | 13417 |

---

---

| | |
|:---|:---|
| **27** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** | **Federal agency mortgage-backed obligations (continued)** | **Federal agency mortgage-backed obligations (continued)** |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(i)</sup>  | USD7,179 | $7375 |
| Freddie Mac Pool #QJ0957 6.00% 7/1/2054 <sup>(i)</sup>  | 880 | 905 |
| Freddie Mac Pool #SD6143 6.00% 7/1/2054 <sup>(i)</sup>  | 132 | 136 |
| Freddie Mac Pool #SD6800 6.00% 8/1/2054 <sup>(i)</sup>  | 29243 | 30124 |
| Freddie Mac Pool #QJ1163 6.00% 8/1/2054 <sup>(i)</sup>  | 115 | 118 |
| Freddie Mac Pool #QJ3870 6.00% 9/1/2054 <sup>(i)</sup>  | 1654 | 1700 |
| Freddie Mac Pool #QJ3734 6.00% 9/1/2054 <sup>(i)</sup>  | 1629 | 1674 |
| Freddie Mac Pool #QJ4536 6.00% 9/1/2054 <sup>(i)</sup>  | 1254 | 1288 |
| Freddie Mac Pool #QJ3725 6.00% 9/1/2054 <sup>(i)</sup>  | 903 | 928 |
| Freddie Mac Pool #QJ3295 6.00% 9/1/2054 <sup>(i)</sup>  | 332 | 342 |
| Freddie Mac Pool #SL1418 6.00% 10/1/2054 <sup>(i)</sup>  | 1818 | 1867 |
| Freddie Mac Pool #QJ7053 6.00% 10/1/2054 <sup>(i)</sup>  | 879 | 904 |
| Freddie Mac Pool #QJ6718 6.00% 10/1/2054 <sup>(i)</sup>  | 769 | 791 |
| Freddie Mac Pool #RJ3596 6.00% 11/1/2054 <sup>(i)</sup>  | 3583 | 3683 |
| Freddie Mac Pool #QJ9527 6.00% 11/1/2054 <sup>(i)</sup>  | 877 | 901 |
| Freddie Mac Pool #RJ3446 6.00% 11/1/2054 <sup>(i)</sup>  | 378 | 389 |
| Freddie Mac Pool #QJ7363 6.00% 11/1/2054 <sup>(i)</sup>  | 125 | 129 |
| Freddie Mac Pool #QX2195 6.00% 12/1/2054 <sup>(i)</sup>  | 1793 | 1843 |
| Freddie Mac Pool #SD8495 6.00% 12/1/2054 <sup>(i)</sup>  | 229 | 235 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(i)</sup>  | 19496 | 20029 |
| Freddie Mac Pool #QX7531 6.00% 1/1/2055 <sup>(i)</sup>  | 5462 | 5613 |
| Freddie Mac Pool #QX3576 6.00% 1/1/2055 <sup>(i)</sup>  | 3052 | 3136 |
| Freddie Mac Pool #QX3614 6.00% 1/1/2055 <sup>(i)</sup>  | 1529 | 1571 |
| Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(i)</sup>  | 3758 | 3813 |
| Freddie Mac Pool #QX5767 6.00% 2/1/2055 <sup>(i)</sup>  | 3349 | 3442 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(i)</sup>  | 917 | 943 |
| Freddie Mac Pool #QX8448 6.00% 2/1/2055 <sup>(i)</sup>  | 369 | 380 |
| Freddie Mac Pool #SL0924 6.00% 3/1/2055 <sup>(i)</sup>  | 11125 | 11435 |
| Freddie Mac Pool #QX9674 6.00% 3/1/2055 <sup>(i)</sup>  | 995 | 1023 |
| Freddie Mac Pool #QY0388 6.00% 4/1/2055 <sup>(i)</sup>  | 7338 | 7541 |
| Freddie Mac Pool #RJ4422 6.00% 4/1/2055 <sup>(i)</sup>  | 1882 | 1934 |
| Freddie Mac Pool #QY0266 6.00% 4/1/2055 <sup>(i)</sup>  | 1795 | 1844 |
| Freddie Mac Pool #QY0860 6.00% 4/1/2055 <sup>(i)</sup>  | 1519 | 1561 |
| Freddie Mac Pool #QY1233 6.00% 4/1/2055 <sup>(i)</sup>  | 1065 | 1095 |
| Freddie Mac Pool #QY3669 6.00% 4/1/2055 <sup>(i)</sup>  | 991 | 1018 |
| Freddie Mac Pool #SL1413 6.00% 4/1/2055 <sup>(i)</sup>  | 877 | 901 |
| Freddie Mac Pool #QY0236 6.00% 4/1/2055 <sup>(i)</sup>  | 843 | 867 |
| Freddie Mac Pool #QX9257 6.00% 4/1/2055 <sup>(i)</sup>  | 780 | 802 |
| Freddie Mac Pool #QY0962 6.00% 4/1/2055 <sup>(i)</sup>  | 265 | 272 |
| Freddie Mac Pool #QY3388 6.00% 4/1/2055 <sup>(i)</sup>  | 220 | 226 |
| Freddie Mac Pool #RQ0022 5.50% 5/1/2055 <sup>(i)</sup>  | 1647 | 1671 |
| Freddie Mac Pool #QY2321 5.50% 5/1/2055 <sup>(i)</sup>  | 87 | 88 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(i)</sup>  | 35921 | 36912 |
| Freddie Mac Pool #QY1975 6.00% 5/1/2055 <sup>(i)</sup>  | 1765 | 1822 |
| Freddie Mac Pool #QY2761 6.00% 5/1/2055 <sup>(i)</sup>  | 994 | 1021 |
| Freddie Mac Pool #QY3446 6.00% 5/1/2055 <sup>(i)</sup>  | 914 | 939 |
| Freddie Mac Pool #QY3449 6.00% 5/1/2055 <sup>(i)</sup>  | 890 | 915 |
| Freddie Mac Pool #QY3770 6.00% 5/1/2055 <sup>(i)</sup>  | 878 | 909 |
| Freddie Mac Pool #QY5512 6.00% 5/1/2055 <sup>(i)</sup>  | 716 | 736 |
| Freddie Mac Pool #QY6303 6.00% 6/1/2055 <sup>(i)</sup>  | 12780 | 13134 |
| Freddie Mac Pool #QY6174 6.00% 6/1/2055 <sup>(i)</sup>  | 864 | 888 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(i)</sup>  | 21639 | 21953 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(i)</sup>  | 13441 | 13806 |
| Freddie Mac Pool #QY7786 6.00% 7/1/2055 <sup>(i)</sup>  | 10790 | 11089 |
| Freddie Mac Pool #QY8509 6.00% 7/1/2055 <sup>(i)</sup>  | 10315 | 10602 |
| Freddie Mac Pool #RQ0049 5.50% 9/1/2055 <sup>(i)</sup>  | 1193 | 1210 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(i)(k)</sup>  | 55000 | 56479 |
|  |  | 569293 |
| **Collateralized mortgage-backed obligations (privately originated) 2.20%** | **Collateralized mortgage-backed obligations (privately originated) 2.20%** | **Collateralized mortgage-backed obligations (privately originated) 2.20%** |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061 <sup>(a)(i)(j)</sup>  | 793 | 746 |
| BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059 <sup>(a)(i)(j)</sup>  | 112 | 107 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061 <sup>(a)(i)</sup>  | 1222 | 1128 |
| Cascade Funding Mortgage Trust, Series 2023-HB12, Class M1, 4.25% 4/25/2033 <sup>(a)(i)(j)</sup>  | 6514 | 6468 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M3, 4.00% 8/25/2034 <sup>(a)(i)(j)</sup>  | 1964 | 1898 |

---

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **28** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** | **Collateralized mortgage-backed obligations (privately originated) (continued)** | **Collateralized mortgage-backed obligations (privately originated) (continued)** |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M2, 4.00% 8/25/2034 <sup>(a)(i)(j)</sup>  | USD1,289 | $1261 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M1, 4.00% 8/25/2034 <sup>(a)(i)(j)</sup>  | 1103 | 1086 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(a)(i)(j)</sup>  | 8233 | 8082 |
| Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% 8/25/2054 (5.25% on 11/25/2027) <sup>(a)(b)(i)</sup>  | 12404 | 12157 |
| CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A2, 3.585% 12/10/2054 <sup>(i)</sup>  | 176 | 175 |
| Connecticut Avenue Securities Trust, Series 2019-R07, Class 1B1, (30-day Average USD-SOFR + 1.10%) 7.389% <br> 10/25/2039 <sup>(a)(i)(j)</sup>  | 16588 | 16840 |
| Connecticut Avenue Securities Trust, Series 2020-R01, Class 1B1, (30-day Average USD-SOFR + 3.364%) 7.239% <br> 1/25/2040 <sup>(a)(i)(j)</sup>  | 4700 | 4789 |
| FARM Mortgage Trust, Series 2024-1, Class B, 5.084% 10/1/2053 <sup>(a)(i)(j)</sup>  | 4183 | 3766 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class B, 5.591% 8/1/2054 <sup>(a)(i)(j)</sup>  | 3096 | 2812 |
| Farmer Mac Agricultural Real Estate Trust, Series 2025-1, Class A1, 5.22% 8/1/2055 <sup>(a)(i)(j)</sup>  | 28869 | 29305 |
| Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 <sup>(a)(i)</sup>  | 13213 | 12810 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA3, Class A1, (30-day Average <br> USD-SOFR + 0.95%) 4.824% 9/25/2045 <sup>(a)(i)(j)</sup>  | 3085 | 3087 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA1, Class B2, (30-day Average <br> USD-SOFR + 5.214%) 9.089% 1/25/2050 <sup>(a)(i)(j)</sup>  | 3920 | 4362 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class B2, (30-day Average USD-SOFR <br> + 5.364%) 9.239% 1/25/2050 <sup>(a)(i)(j)</sup>  | 8700 | 9669 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class B2, (30-day Average USD-SOFR <br> + 4.914%) 8.789% 2/25/2050 <sup>(a)(i)(j)</sup>  | 15621 | 17249 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA2, Class B2, (30-day Average <br> USD-SOFR + 7.714%) 11.589% 3/25/2050 <sup>(a)(i)(j)</sup>  | 3580 | 4347 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B2, (30-day Average USD-SOFR <br> + 9.464%) 13.339% 6/25/2050 <sup>(a)(i)(j)</sup>  | 13460 | 17255 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA3, Class B2, (30-day Average <br> USD-SOFR + 10.114%) 13.989% 7/25/2050 <sup>(a)(i)(j)</sup>  | 4000 | 5291 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B2, (30-day Average USD-SOFR <br> + 10.114%) 13.989% 8/25/2050 <sup>(a)(i)(j)</sup>  | 26185 | 34952 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA4, Class B2, (30-day Average <br> USD-SOFR + 9.514%) 13.389% 9/25/2050 <sup>(a)(i)(j)</sup>  | 2916 | 3782 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA5, Class B2, (30-day Average USD-SOFR <br> + 11.50%) 15.702% 10/25/2050 <sup>(a)(i)(j)</sup>  | 30793 | 42705 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA6, Class B2, (30-day Average USD-SOFR <br> + 5.65%) 9.524% 12/25/2050 <sup>(a)(i)(j)</sup>  | 13800 | 15934 |
| GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, 4.10% 7/25/2065 (5.10% on 6/1/2029) <sup>(a)(b)(i)</sup>  | 11728 | 11482 |
| IRV Trust, Series 2025-200P, Class A, 5.295% 3/14/2047 <sup>(a)(i)(j)</sup>  | 29458 | 30276 |
| IRV Trust, Series 2025-200P, Class B, 5.440% 3/14/2047 <sup>(a)(i)(j)</sup>  | 17420 | 17636 |
| IRV Trust, Series 2025-200P, Class C, 5.73% 3/14/2047 <sup>(a)(i)(j)</sup>  | 13577 | 13815 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(a)(i)</sup>  | 591 | 592 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 <sup>(a)(i)</sup>  | 1748 | 1751 |
| New Residential Mortgage Loan Trust, Series 2018-1A, Class A1A, 4.00% 12/25/2057 <sup>(a)(i)(j)</sup>  | 29 | 28 |
| NRZ Excess Spread Collateralized Notes, Series 2025-FHT1, Class A, 6.545% 3/25/2032 <sup>(a)(b)(i)</sup>  | 20144 | 20379 |
| Progress Residential Trust, Series 2024-SFR1, Class E2, 3.85% 2/17/2041 <sup>(a)(i)</sup>  | 5504 | 5235 |
| Progress Residential Trust, Series 2024-SFR2, Class E2, 3.65% 4/17/2041 <sup>(a)(i)(j)</sup>  | 2568 | 2422 |
| Progress Residential Trust, Series 2024-SFR3, Class E2, 4.00% 6/17/2041 <sup>(a)(i)</sup>  | 2266 | 2151 |
| Progress Residential Trust, Series 2025-SFR1, Class D, 3.65% 2/17/2042 <sup>(a)(i)</sup>  | 8706 | 8205 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(a)(i)</sup>  | 7973 | 7605 |
| Sequoia Mortgage Trust, Series 2025-HYB1, Class A1A, 5.061% 10/25/2055 <sup>(a)(i)(j)</sup>  | 14694 | 14754 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class C, (1-month USD CME Term SOFR + 2.45%) 6.20% <br> 10/17/2041 <sup>(a)(i)(j)</sup>  | 8000 | 8033 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class D, (1-month USD CME Term SOFR + 2.95%) 6.70% <br> 10/17/2041 <sup>(a)(i)(j)</sup>  | 13143 | 13241 |
| Towd Point Mortgage Trust, Series 2017-2, Class B2, 4.151% 4/25/2057 <sup>(a)(i)(j)</sup>  | 2400 | 2252 |
| Towd Point Mortgage Trust, Series 2018-1, Class A2, 3.25% 1/25/2058 <sup>(a)(i)(j)</sup>  | 2477 | 2433 |
| Towd Point Mortgage Trust, Series 2019-4, Class M1B, 3.00% 10/25/2059 <sup>(a)(i)(j)</sup>  | 3000 | 2559 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(a)(f)</sup>  | 18026 | 18026 |
| Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/2040 <sup>(a)(i)</sup>  | 904 | 906 |
| Tricon Residential Trust, Series 2023-SFR1, Class E, 7.977% 7/17/2040 <sup>(a)(i)</sup>  | 1087 | 1111 |
| Tricon Residential Trust, Series 2025-SFR2, Class B, 5.424% 8/17/2044 <sup>(a)(i)</sup>  | 7496 | 7605 |
| Verus Securitization Trust, Series 2024-1, Class B1, 7.909% 1/25/2069 <sup>(a)(i)(j)</sup>  | 2260 | 2305 |
|  |  | 456865 |
| **Total mortgage-backed obligations** | **Total mortgage-backed obligations** | 2788611 |

---

---

| | |
|:---|:---|
| **29** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. 5.78%** | **Bonds & notes of governments & government agencies outside the U.S. 5.78%** | **Bonds & notes of governments & government agencies outside the U.S. 5.78%** |
| Abu Dhabi (Emirate of) 2.50% 9/30/2029 <sup>(a)</sup>  | USD14,520 | $13851 |
| Abu Dhabi (Emirate of) 1.70% 3/2/2031 <sup>(a)</sup>  | 12390 | 11051 |
| Abu Dhabi (Emirate of) 1.875% 9/15/2031  | 8520 | 7571 |
| Abu Dhabi (Emirate of) 3.875% 4/16/2050  | 21585 | 17389 |
| Abu Dhabi (Emirate of) 5.50% 4/30/2054  | 3100 | 3171 |
| Abu Dhabi Developmental Holding Co. P.J.S.C. 5.00% 5/6/2035 <sup>(a)</sup>  | 4000 | 4067 |
| Albania (Republic of) 5.90% 6/9/2028  | EUR4,160 | 5184 |
| Albania (Republic of) 4.75% 2/14/2035  | 2635 | 3141 |
| Angola (Republic of) 8.00% 11/26/2029  | USD17,342 | 16956 |
| Angola (Republic of) 8.75% 4/14/2032  | 10646 | 10386 |
| Argentine Republic 0.75% 7/9/2030 (1.75% on 7/9/2027) <sup>(b)</sup>  | 9035 | 7702 |
| Argentine Republic 4.125% 7/9/2035 (4.75% on 7/9/2027) <sup>(b)</sup>  | 14022 | 10468 |
| Brazil (Federative Republic of) 5.50% 11/6/2030  | 2000 | 2034 |
| Brazil (Federative Republic of) 4.75% 1/14/2050  | 2583 | 1887 |
| Brazil (Federative Republic of) 7.25% 1/12/2056  | 6997 | 6947 |
| Bulgaria (Republic of) 3.50% 5/7/2034  | EUR4,000 | 4738 |
| Chile (Republic of) 2.55% 1/27/2032  | USD10,000 | 8985 |
| Chile (Republic of) 3.10% 5/7/2041  | 10485 | 8102 |
| Colombia (Republic of) 4.50% 3/15/2029  | 5216 | 5120 |
| Colombia (Republic of) 3.00% 1/30/2030  | 17698 | 15941 |
| Colombia (Republic of) 3.25% 4/22/2032  | 10375 | 8767 |
| Colombia (Republic of) 8.00% 4/20/2033  | 16425 | 17690 |
| Colombia (Republic of) 7.50% 2/2/2034  | 10059 | 10512 |
| Colombia (Republic of) 8.00% 11/14/2035  | 5404 | 5771 |
| Colombia (Republic of) 7.75% 11/7/2036  | 13348 | 13937 |
| Colombia (Republic of) 5.00% 6/15/2045  | 10784 | 7880 |
| Costa Rica (Republic of) 6.125% 2/19/2031  | 4228 | 4466 |
| Costa Rica (Republic of) 6.125% 2/19/2031 <sup>(a)</sup>  | 1700 | 1795 |
| Costa Rica (Republic of) 7.00% 4/4/2044  | 1200 | 1320 |
| Cote d'Ivoire (Republic of) 5.25% 3/22/2030  | EUR3,000 | 3552 |
| Cote d'Ivoire (Republic of) 8.075% 4/1/2036 <sup>(a)</sup>  | USD7,300 | 7902 |
| Dominican Republic 4.875% 9/23/2032  | 6775 | 6536 |
| Dominican Republic 5.30% 1/21/2041  | 1276 | 1159 |
| Dominican Republic 5.30% 1/21/2041 <sup>(a)</sup>  | 412 | 374 |
| Dominican Republic (Government of) 4.50% 1/30/2030  | 7978 | 7811 |
| Dominican Republic (Government of) 4.50% 1/30/2030 <sup>(a)</sup>  | 5604 | 5486 |
| Dominican Republic (Government of) 7.05% 2/3/2031 <sup>(a)</sup>  | 1850 | 1990 |
| Dominican Republic (Government of) 5.875% 1/30/2060  | 8072 | 7215 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(a)</sup>  | 53035 | 54087 |
| Egypt (Arab Republic of) 5.80% 9/30/2027  | 2920 | 2962 |
| Egypt (Arab Republic of) 7.60% 3/1/2029  | 1075 | 1150 |
| Egypt (Arab Republic of) 8.625% 2/4/2030 <sup>(a)</sup>  | 3580 | 3983 |
| Egypt (Arab Republic of) 5.875% 2/16/2031  | 13575 | 13617 |
| Egypt (Arab Republic of) 5.875% 2/16/2031 <sup>(a)</sup>  | 4380 | 4394 |
| Egypt (Arab Republic of) 7.625% 5/29/2032 <sup>(a)</sup>  | 2100 | 2246 |
| Egypt (Arab Republic of) 7.625% 5/29/2032  | 1500 | 1604 |
| Egypt (Arab Republic of) 9.45% 2/4/2033 <sup>(a)</sup>  | 4800 | 5519 |
| Egypt (Arab Republic of) 8.50% 1/31/2047  | 1805 | 1776 |
| Egypt (Arab Republic of) 7.903% 2/21/2048  | 940 | 876 |
| Egypt (Arab Republic of) 8.70% 3/1/2049  | 2810 | 2820 |
| Egypt (Arab Republic of) 8.75% 9/30/2051  | 7260 | 7285 |
| Egypt (Arab Republic of) 8.15% 11/20/2059  | 13170 | 12402 |
| Egypt (Arab Republic of) 7.50% 2/16/2061  | 17025 | 14863 |
| Export-Import Bank of India 3.25% 1/15/2030  | 10745 | 10300 |
| Gabonese (Republic of) 7.00% 11/24/2031 <sup>(a)</sup>  | 6000 | 4592 |
| Gabonese (Republic of) 7.00% 11/24/2031  | 6000 | 4591 |
| Georgia (Republic of) 2.75% 4/22/2026 <sup>(a)</sup>  | 2880 | 2850 |
| Georgia (Republic of) 2.75% 4/22/2026  | 2667 | 2640 |
| Honduras (Republic of) 6.25% 1/19/2027  | 17163 | 17348 |
| Honduras (Republic of) 5.625% 6/24/2030  | 17320 | 17216 |
| Honduras (Republic of) 5.625% 6/24/2030 <sup>(a)</sup>  | 3425 | 3404 |
| Honduras (Republic of) 8.625% 11/27/2034  | 5000 | 5633 |
| Hungary (Republic of) 4.00% 7/25/2029  | EUR1,800 | 2175 |
| Hungary (Republic of) 6.25% 9/22/2032 <sup>(a)</sup>  | USD4,500 | 4808 |
| Hungary (Republic of) 4.50% 6/16/2034  | EUR2,905 | 3451 |
| Hungary (Republic of) 6.00% 9/26/2035 <sup>(a)</sup>  | USD3,145 | 3277 |
| Indonesia (Republic of) 6.625% 2/17/2037  | 19650 | 22465 |

---

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **30** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| Jordan (Hashemite Kingdom of) 5.75% 1/31/2027 <sup>(a)</sup>  | USD4,495 | $4529 |
| Kazakhstan (Republic of) 5.50% 7/1/2037 <sup>(a)</sup>  | 3700 | 3821 |
| Kazakhstan (Republic of) 4.875% 10/14/2044  | 3200 | 2932 |
| Kenya (Republic of) 7.25% 2/28/2028  | 8670 | 8903 |
| Kenya (Republic of) 8.00% 5/22/2032  | 2000 | 2074 |
| Kenya (Republic of) 9.50% 3/5/2036 <sup>(a)</sup>  | 1285 | 1373 |
| Kenya (Republic of) 8.25% 2/28/2048  | 200 | 189 |
| Lithuania (Republic of) 4.25% 9/10/2045  | EUR3,500 | 4038 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028  | USD8,710 | 9084 |
| Morocco (Kingdom of) 5.95% 3/8/2028  | 6100 | 6284 |
| Morocco (Kingdom of) 3.875% 4/2/2029  | EUR3,250 | 3865 |
| Mozambique (Republic of) 9.00% 9/15/2031  | USD20,675 | 17734 |
| Nigeria (Republic of) 7.875% 2/16/2032  | 26295 | 27542 |
| Panama (Republic of) 7.125% 1/29/2026  | 200 | 201 |
| Panama (Republic of) 3.16% 1/23/2030  | 400 | 376 |
| Panama (Republic of) 2.252% 9/29/2032  | 15775 | 13071 |
| Panama (Republic of) 6.875% 1/31/2036  | 6897 | 7519 |
| Panama (Republic of) 8.00% 3/1/2038  | 6515 | 7623 |
| Panama (Republic of) 4.50% 4/16/2050  | 7583 | 5876 |
| Panama (Republic of) 4.50% 4/1/2056  | 4688 | 3530 |
| Panama (Republic of) 3.87% 7/23/2060  | 8032 | 5340 |
| Paraguay (Republic of) 2.739% 1/29/2033  | 6775 | 6064 |
| Peru (Republic of) 2.783% 1/23/2031  | 1200 | 1110 |
| Peru (Republic of) 8.75% 11/21/2033  | 2000 | 2525 |
| Peru (Republic of) 3.00% 1/15/2034  | 16830 | 14673 |
| Peru (Republic of) 5.50% 3/30/2036  | 17377 | 17744 |
| Peru (Republic of) 6.55% 3/14/2037  | 9195 | 10189 |
| Peru (Republic of) 3.55% 3/10/2051  | 1200 | 843 |
| Peru (Republic of) 5.875% 8/8/2054  | 4625 | 4594 |
| Peru (Republic of) 2.78% 12/1/2060  | 14904 | 8128 |
| PETRONAS Capital, Ltd. 3.50% 4/21/2030  | 9390 | 9150 |
| PETRONAS Capital, Ltd. 3.50% 4/21/2030 <sup>(a)</sup>  | 1300 | 1267 |
| PETRONAS Capital, Ltd. 5.34% 4/3/2035 <sup>(a)</sup>  | 3925 | 4083 |
| PETRONAS Capital, Ltd. 4.55% 4/21/2050 <sup>(a)</sup>  | 800 | 706 |
| Philippines (Republic of) 3.00% 2/1/2028  | 8035 | 7876 |
| Philippines (Republic of) 1.648% 6/10/2031  | 1200 | 1046 |
| Philippines (Republic of) 3.95% 1/20/2040  | 8905 | 7893 |
| Philippines (Republic of) 3.70% 2/2/2042  | 2500 | 2070 |
| Philippines (Republic of) 2.95% 5/5/2045  | 6287 | 4422 |
| Philippines (Republic of) 2.65% 12/10/2045  | 4700 | 3118 |
| Philippines (Republic of) 3.20% 7/6/2046  | 12763 | 9201 |
| Philippines (Republic of) 4.20% 3/29/2047  | 4000 | 3357 |
| Poland (Republic of), Series 10Y, 4.875% 10/4/2033  | 10360 | 10553 |
| Poland (Republic of) 5.375% 2/12/2035  | 3500 | 3637 |
| Poland (Republic of) 5.50% 4/4/2053  | 12300 | 11843 |
| Poland (Republic of) 5.50% 3/18/2054  | 2905 | 2789 |
| Qatar (State of) 3.75% 4/16/2030 <sup>(a)</sup>  | 9185 | 9112 |
| Qatar (State of) 4.625% 6/2/2046  | 1500 | 1390 |
| Qatar (State of) 5.103% 4/23/2048  | 1600 | 1583 |
| Qatar (State of) 4.817% 3/14/2049  | 13165 | 12436 |
| Qatar (State of) 4.40% 4/16/2050 <sup>(a)</sup>  | 7355 | 6521 |
| Republika Srpska 4.75% 4/27/2026  | EUR835 | 977 |
| Romania (Republic of) 5.375% 3/22/2031  | 17525 | 21463 |
| Romania (Republic of) 2.00% 1/28/2032  | 7260 | 7323 |
| Romania (Republic of) 2.00% 4/14/2033  | 2635 | 2525 |
| Romania (Republic of) 6.375% 1/30/2034 <sup>(a)</sup>  | USD12,288 | 12810 |
| Romania (Republic of) 6.375% 1/30/2034  | 5750 | 5994 |
| Romania (Republic of) 3.50% 4/3/2034  | EUR30 | 31 |
| Saudi Arabia (Kingdom of) 5.00% 1/16/2034  | USD7,745 | 7935 |
| Saudi Arabia (Kingdom of) 5.625% 1/13/2035 <sup>(a)</sup>  | 5800 | 6157 |
| Saudi Arabia (Kingdom of) 4.875% 9/9/2035 <sup>(a)</sup>  | 4000 | 4019 |
| Saudi Arabia (Kingdom of) 5.00% 1/18/2053 <sup>(a)</sup>  | 10730 | 9568 |
| Saudi Arabia (Kingdom of) 5.75% 1/16/2054  | 15615 | 15458 |
| Senegal (Republic of) 4.75% 3/13/2028  | EUR7,355 | 6020 |
| Senegal (Republic of) 4.75% 3/13/2028  | 1500 | 1227 |
| Senegal (Republic of) 6.25% 5/23/2033  | USD1,100 | 642 |
| Senegal (Republic of) 5.375% 6/8/2037  | EUR4,625 | 2979 |

---

---

| | |
|:---|:---|
| **31** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |
| Senegal (Republic of) 6.75% 3/13/2048  | USD47,135 | $25552 |
| Sharjah Sukuk Programme, Ltd. 5.433% 4/17/2035 <sup>(a)</sup>  | 5455 | 5494 |
| South Africa (Republic of) 4.30% 10/12/2028  | 10560 | 10519 |
| South Africa (Republic of) 5.875% 6/22/2030  | 4000 | 4147 |
| South Africa (Republic of) 5.875% 4/20/2032  | 6000 | 6193 |
| South Africa (Republic of) 6.125% 12/11/2037 <sup>(a)</sup>  | 2610 | 2578 |
| South Africa (Republic of) 6.25% 3/8/2041  | 4650 | 4491 |
| South Africa (Republic of) 5.65% 9/27/2047  | 10285 | 8715 |
| Sri Lanka (Democratic Socialist Republic of) 4.00% 4/15/2028 <sup>(a)</sup>  | 754 | 724 |
| Sri Lanka (Democratic Socialist Republic of) 3.10% 1/15/2030 (3.35% on 7/15/2027) <sup>(a)(b)</sup>  | 806 | 769 |
| Sri Lanka (Democratic Socialist Republic of) 3.35% 3/15/2033 (3.60% on 9/15/2027) <sup>(a)(b)</sup>  | 1532 | 1320 |
| Sri Lanka (Democratic Socialist Republic of) 3.60% 6/15/2035 (5.10% on 12/15/2027) <sup>(a)(b)</sup>  | 1068 | 816 |
| Sri Lanka (Democratic Socialist Republic of) 3.60% 5/15/2036 (3.85% on 11/15/2027) <sup>(a)(b)</sup>  | 741 | 676 |
| Sri Lanka (Democratic Socialist Republic of) 3.60% 2/15/2038 (3.85% on 8/15/2027) <sup>(a)(b)</sup>  | 1433 | 1310 |
| Turkey (Republic of), Series 10Y, 7.625% 4/26/2029  | 2450 | 2640 |
| Turkey (Republic of), Series 10Y, 5.875% 6/26/2031  | 29280 | 29424 |
| Turkey (Republic of) 7.125% 7/17/2032  | 2000 | 2118 |
| Turkey (Republic of), Series 12Y, 6.50% 9/20/2033  | 11615 | 11864 |
| Turkey (Republic of), Series 30Y, 4.875% 4/16/2043  | 27295 | 21123 |
| United Mexican States 3.75% 1/11/2028  | 10577 | 10491 |
| United Mexican States 4.50% 4/22/2029  | 14220 | 14298 |
| United Mexican States 4.75% 4/27/2032  | 20425 | 19932 |
| United Mexican States 5.85% 7/2/2032  | 3258 | 3351 |
| United Mexican States 5.375% 3/22/2033  | 6905 | 6867 |
| United Mexican States 6.35% 2/9/2035  | 3500 | 3677 |
| United Mexican States 6.00% 5/7/2036  | 9400 | 9548 |
| United Mexican States 6.875% 5/13/2037  | 14035 | 15011 |
| United Mexican States 6.625% 1/29/2038  | 13800 | 14435 |
| United Mexican States 6.05% 1/11/2040  | 13164 | 13138 |
| United Mexican States 4.75% 3/8/2044  | 200 | 165 |
| United Mexican States 5.00% 4/27/2051  | 1200 | 968 |
| United Mexican States 6.338% 5/4/2053  | 5420 | 5180 |
| United Mexican States 7.375% 5/13/2055  | 7385 | 7974 |
| United Mexican States 3.75% 4/19/2071  | 3250 | 1927 |
|  |  | 1201578 |
| **Asset-backed obligations 5.64%** | **Asset-backed obligations 5.64%** | **Asset-backed obligations 5.64%** |
| AB BSL CLO 2, Ltd., Series 2021-2, Class D, (3-month USD CME Term SOFR + 3.612%) 7.516% <br> 4/15/2034 <sup>(a)(i)(j)</sup>  | 2500 | 2499 |
| ACHD Trust, Series 2025-DS1, Class A, 5.978% 1/9/2034 <sup>(a)(i)</sup>  | 2011 | 2017 |
| ACHD Trust, Series 2025-DS1, Class B, 9.38% 1/9/2034 <sup>(a)(i)</sup>  | 600 | 602 |
| American Credit Acceptance Receivables Trust, Series 2022-3, Class D, 5.83% 10/13/2028 <sup>(a)(i)</sup>  | 252 | 252 |
| American Credit Acceptance Receivables Trust, Series 2023-2, Class D, 6.47% 8/13/2029 <sup>(a)(i)</sup>  | 13725 | 13865 |
| American Credit Acceptance Receivables Trust, Series 2023-1, Class E, 9.79% 12/12/2029 <sup>(a)(i)</sup>  | 3800 | 3892 |
| American Credit Acceptance Receivables Trust, Series 2022-4, Class E, 10.00% 1/14/2030 <sup>(a)(i)</sup>  | 7640 | 7795 |
| American Credit Acceptance Receivables Trust, Series 2023-4, Class E, 9.79% 8/12/2031 <sup>(a)(i)</sup>  | 9514 | 10032 |
| American Credit Acceptance Receivables Trust, Series 2023-3, Class E, 9.54% 10/14/2031 <sup>(a)(i)</sup>  | 9514 | 9924 |
| American Credit Acceptance Receivables Trust, Series 2024-2, Class E, 7.87% 11/12/2031 <sup>(a)(i)</sup>  | 4584 | 4707 |
| American Credit Acceptance Receivables Trust, Series 2024-1, Class E, 7.98% 11/12/2031 <sup>(a)(i)</sup>  | 7049 | 7242 |
| Apex Credit CLO, LLC, Series 2021-2A, Class A2R, (3-month USD CME Term SOFR + 1.85%) 5.734% <br>10/20/2034 <sup>(a)(i)(j)</sup>  | 3685 | 3689 |
| APL Finance, LLC, Series 2025-1A, Class A, 4.81% 3/20/2036 <sup>(a)(i)</sup>  | 2425 | 2436 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(a)(i)</sup>  | 1794 | 1801 |
| Apollo Aviation Securitization Equity Trust, Series 2025-1A, Class A, 5.943% 2/16/2050 <sup>(a)(i)</sup>  | 4217 | 4307 |
| Apollo Aviation Securitization Equity Trust, Series 25-1A, Class A, 6.576% 2/16/2050 <sup>(a)(i)</sup>  | 2011 | 2038 |
| ARES CLO, Ltd., Series 2022-65A, Class CR, (3-month USD CME Term SOFR + 1.85%) 5.708% <br> 7/25/2034 <sup>(a)(i)(j)</sup>  | 6341 | 6348 |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class D, 5.82% 1/15/2032 <sup>(a)(i)</sup>  | 1004 | 1003 |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class E, 7.30% 10/15/2032 <sup>(a)(i)</sup>  | 2000 | 1970 |
| Avant Credit Card Master Trust, Series 2024-2A, Class C, 6.41% 5/15/2029 <sup>(a)(i)</sup>  | 18390 | 18512 |
| Avant Credit Card Master Trust, Series 2024-2A, Class D, 8.98% 5/15/2029 <sup>(a)(i)</sup>  | 13450 | 13588 |
| Avant Credit Card Master Trust, Series 2024-2A, Class E, 13.41% 5/15/2029 <sup>(a)(i)</sup>  | 14800 | 15097 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(a)(i)</sup>  | 33 | 33 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027 <sup>(a)(i)</sup>  | 1062 | 1050 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027 <sup>(a)(i)</sup>  | 551 | 545 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class D, 3.71% 8/20/2027 <sup>(a)(i)</sup>  | 8000 | 7934 |

---

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **32** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-3A, Class B, 6.12% 2/22/2028 <sup>(a)(i)</sup>  | USD3,716 | $3779 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-3A, Class C, 7.05% 2/22/2028 <sup>(a)(i)</sup>  | 9063 | 9247 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-4A, Class D, 7.31% 6/20/2029 <sup>(a)(i)</sup>  | 1879 | 1931 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6A, Class D, 7.37% 12/20/2029 <sup>(a)(i)</sup>  | 1994 | 2051 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-8A, Class D, 7.52% 2/20/2030 <sup>(a)(i)</sup>  | 5007 | 5149 |
| Babson CLO, Ltd., Series 2021-1, Class D, (3-month USD CME Term SOFR + 3.162%) 7.02% <br> 4/25/2034 <sup>(a)(i)(j)</sup>  | 4500 | 4505 |
| Bankers Healthcare Group Securitization Trust, Series 2020-A, Class C, 5.17% 9/17/2031 <sup>(a)(i)</sup>  | 265 | 265 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class B, 2.79% 11/17/2033 <sup>(a)(i)</sup>  | 4583 | 4516 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class C, 3.69% 11/17/2033 <sup>(a)(i)</sup>  | 1420 | 1398 |
| Battalion CLO, Ltd., Series 2018-12A, Class DRR, (3-month USD CME Term SOFR + 2.60%) <br>6.452% 5/17/2031 <sup>(a)(i)(j)</sup>  | 13890 | 13830 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class C, 6.38% 1/15/2031 <sup>(a)(i)</sup>  | 418 | 426 |
| Bluemountain CLO, Ltd., Series 2021-31A, Class A1R, (3-month USD CME Term SOFR + 1.10%) <br> 5.246% 4/19/2034 <sup>(a)(i)(j)</sup>  | 821 | 820 |
| Canyon Capital CLO, Ltd., Series 2021-4A, Class CR, (3-month USD CME Term SOFR + 1.80%) <br> 5.705% 10/15/2034 <sup>(a)(i)(j)</sup>  | 5319 | 5330 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(a)(i)</sup>  | 2050 | 1945 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(a)(i)</sup>  | 32 | 32 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(a)(i)</sup>  | 7686 | 7820 |
| Castlelake Aircraft Securitization Trust, Series 2025-3A, Class A, 5.087% 11/15/2050 <sup>(a)(i)</sup>  | 14681 | 14749 |
| CCG Receivables Trust, Series 2025-1, Class D, 5.28% 10/14/2032 <sup>(a)(i)</sup>  | 544 | 549 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(a)(i)</sup>  | 305 | 258 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(a)(i)</sup>  | 541 | 440 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(a)(i)</sup>  | 13826 | 13654 |
| CFG Investments, Ltd., Series 2025-1, Class A, 6.47% 3/25/2036 <sup>(a)(i)</sup>  | 18610 | 18931 |
| CFG Investments, Ltd., Series 2025-1, Class B, 9.16% 3/25/2036 <sup>(a)(i)</sup>  | 1114 | 1140 |
| CFG Investments, Ltd., Series 2025-1, Class C, 12.72% 3/25/2036 <sup>(a)(i)</sup>  | 450 | 469 |
| CLI Funding V, LLC, Series 2020-2A, Class B, 3.56% 9/15/2045 <sup>(a)(i)</sup>  | 130 | 125 |
| CLI Funding VI, LLC, Series 2020-1A, Class B, 3.62% 9/18/2045 <sup>(a)(i)</sup>  | 171 | 164 |
| Commercial Equipment Finance, Series 2025-1A, Class A, 4.83% 5/15/2031 <sup>(a)(i)</sup>  | 6632 | 6664 |
| CPS Auto Receivables Trust, Series 2022-B, Class D, 5.19% 8/15/2028 <sup>(a)(i)</sup>  | 4291 | 4295 |
| CPS Auto Receivables Trust, Series 2024-A, Class C, 5.74% 4/15/2030 <sup>(a)(i)</sup>  | 1176 | 1185 |
| CPS Auto Receivables Trust, Series 2024-A, Class D, 6.13% 4/15/2030 <sup>(a)(i)</sup>  | 589 | 601 |
| CPS Auto Receivables Trust, Series 2022-C, Class D, 6.45% 4/15/2030 <sup>(a)(i)</sup>  | 3267 | 3299 |
| CPS Auto Receivables Trust, Series 2022-D, Class E, 12.12% 6/17/2030 <sup>(a)(i)</sup>  | 8000 | 8718 |
| CPS Auto Receivables Trust, Series 2024-A, Class E, 8.42% 8/15/2031 <sup>(a)(i)</sup>  | 3100 | 3232 |
| CPS Auto Receivables Trust, Series 2024-C, Class E, 8.04% 3/15/2032 <sup>(a)(i)</sup>  | 3875 | 4020 |
| CPS Auto Receivables Trust, Series 2025-C, Class E, 6.59% 2/15/2033 <sup>(a)(i)</sup>  | 5371 | 5316 |
| CPS Auto Trust, Series 2025-D, Class D, 5.45% 2/17/2032 <sup>(a)(i)</sup>  | 2485 | 2512 |
| Credit Acceptance Auto Loan Trust, Series 2022-1A, Class C, 5.70% 10/15/2032 <sup>(a)(i)</sup>  | 1820 | 1820 |
| Credit Acceptance Auto Loan Trust, Series 2022-1A, Class D, 6.63% 12/15/2032 <sup>(a)(i)</sup>  | 7745 | 7747 |
| Credit Acceptance Auto Loan Trust, Series 2023-1, Class C, 7.71% 7/15/2033 <sup>(a)(i)</sup>  | 9680 | 9864 |
| Credit Acceptance Auto Loan Trust, Series 2023-3, Class B, 7.09% 10/17/2033 <sup>(a)(i)</sup>  | 3795 | 3860 |
| Credit Acceptance Auto Loan Trust, Series 2023-3, Class C, 7.62% 12/15/2033 <sup>(a)(i)</sup>  | 4374 | 4515 |
| Credit Acceptance Auto Loan Trust, Series 2025-2A, Class C, 5.38% 3/17/2036 <sup>(a)(i)</sup>  | 3200 | 3258 |
| Crockett Partners Equipment Co. II, LLC, Series 2024-1C, Class A, 6.05% 1/20/2031 <sup>(a)(i)</sup>  | 4700 | 4788 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(a)(i)</sup>  | 78 | 73 |
| OWN Equipment Fund III, Series 2025-2M, Class A, 5.42% 3/27/2034 <sup>(a)(i)</sup>  | 28810 | 29002 |
| EquipmentShare, Series 2024-2M, Class B, 6.43% 12/20/2032 <sup>(a)(i)</sup>  | 2482 | 2496 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(a)(i)</sup>  | 11159 | 11244 |
| EquipmentShare, Series 2025-1M, Class B, 6.31% 9/26/2033 <sup>(a)(i)</sup>  | 3314 | 3331 |
| Evergreen Credit Card Trust, Series 2025-CRT5, Class B, 5.24% 5/15/2029 <sup>(a)(i)</sup>  | 1392 | 1411 |
| Evergreen Credit Card Trust, Series 2025-CRT5, Class C, 5.53% 5/15/2029 <sup>(a)(i)</sup>  | 957 | 968 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028 <sup>(i)</sup>  | 76 | 76 |
| Exeter Automobile Receivables Trust, Series 2023-1A, Class E, 12.07% 9/16/2030 <sup>(a)(i)</sup>  | 9863 | 10992 |
| Exeter Automobile Receivables Trust, Series 2023-2A, Class E, 9.75% 11/15/2030 <sup>(a)(i)</sup>  | 4243 | 4634 |
| Exeter Automobile Receivables Trust, Series 2024-4A, Class D, 5.81% 12/16/2030 <sup>(i)</sup>  | 5409 | 5531 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class E, 9.98% 1/15/2031 <sup>(a)(i)</sup>  | 12466 | 13541 |
| Exeter Automobile Receivables Trust, Series 2023-4A, Class E, 9.57% 2/18/2031 <sup>(a)(i)</sup>  | 18459 | 19967 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class E, 9.58% 6/16/2031 <sup>(a)(i)</sup>  | 29214 | 31821 |
| Exeter Automobile Receivables Trust, Series 2024-1, Class E, 7.89% 8/15/2031 <sup>(a)(i)</sup>  | 10258 | 10704 |
| Exeter Automobile Receivables Trust, Series 2025-5A, Class D, 5.16% 3/15/2032 <sup>(i)</sup>  | 5538 | 5582 |
| Exeter Automobile Receivables Trust, Series 2025-5A, Class E, 7.15% 6/15/2033 <sup>(a)(i)</sup>  | 15535 | 15612 |
| Fortress Credit BSL, Ltd., CLO, Series 2020-1A, Class BR, (3-month USD CME Term SOFR + 1.70%) <br> 5.628% <br>10/20/2033 <sup>(a)(i)(j)</sup>  | 8616 | 8623 |

---

---

| | |
|:---|:---|
| **33** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| Fortress Credit BSL, Ltd., CLO, Series 2019-2A, Class DR, (3-month USD CME Term SOFR + 2.85%) <br> 6.734% 10/20/2032 <sup>(a)(i)(j)</sup>  | USD4,590 | $4589 |
| Fortress Credit BSL, Ltd., CLO, Series 2023-1A, Class BR, (3-month USD CME Term SOFR + 1.85%) <br> 5.71% 4/23/2036 <sup>(a)(i)(j)</sup>  | 7465 | 7482 |
| GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045 <sup>(a)(i)</sup>  | 73 | 70 |
| GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046 <sup>(a)(i)</sup>  | 1793 | 1641 |
| GGAM Master Trust International, Ltd., Series 2025-1A, Class A, 5.923% 9/30/2060 <sup>(a)(i)</sup>  | 13443 | 13559 |
| Global SC Finance SRL, Series 2021-1A, Class B, 2.76% 4/17/2041 <sup>(a)(i)</sup>  | 1019 | 954 |
| Global SC Finance SRL, Series 2025-1H, Class A, 6.169% 9/20/2045 <sup>(a)(i)</sup>  | 26558 | 26628 |
| Global SC Finance SRL, Series 2025-1H, Class B, 7.848% 9/20/2045 <sup>(a)(i)</sup>  | 8543 | 8567 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 8/17/2039 <sup>(a)(i)</sup>  | 183 | 180 |
| Global SC Finance V SRL, Series 2020-1A, Class B, 3.55% 10/17/2040 <sup>(a)(i)</sup>  | 210 | 203 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(a)(i)</sup>  | 419 | 392 |
| GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/2029 <sup>(a)(i)</sup>  | 2638 | 2704 |
| GLS Auto Receivables Trust, Series 2023-3, Class E, 9.27% 8/15/2030 <sup>(a)(i)</sup>  | 3100 | 3311 |
| GLS Auto Receivables Trust, Series 2023-4, Class E, 9.72% 8/15/2030 <sup>(a)(i)</sup>  | 6660 | 7195 |
| GLS Auto Receivables Trust, Series 2024-2, Class E, 7.98% 5/15/2031 <sup>(a)(i)</sup>  | 4227 | 4419 |
| Golub Capital Private Credit Fund CLO, Series 2025-BSL1A, Class C, (3-month USD CME Term SOFR <br> + 1.70%) 5.401% 1/20/2034 <sup>(a)(i)(j)</sup>  | 3163 | 3165 |
| Hertz Vehicle Financing III, LLC, Series 2023-1, Class 1D, 9.13% 6/25/2027 <sup>(a)(i)</sup>  | 2688 | 2709 |
| Hertz Vehicle Financing III, LLC, Series 2023-3, Class B, 6.53% 2/25/2028 <sup>(a)(i)</sup>  | 6554 | 6670 |
| Hertz Vehicle Financing III, LLC, Series 2023-3, Class C, 7.26% 2/25/2028 <sup>(a)(i)</sup>  | 9680 | 9881 |
| Hertz Vehicle Financing III, LLC, Series 2023-3, Class D, 9.43% 2/25/2028 <sup>(a)(i)</sup>  | 1000 | 1025 |
| Hertz Vehicle Financing III, LLC, Series 2022-2, Class D, 5.16% 6/26/2028 <sup>(a)(i)</sup>  | 9556 | 9373 |
| Hertz Vehicle Financing III, LLC, Series 2023-4, Class B, 6.73% 3/25/2030 <sup>(a)(i)</sup>  | 7512 | 7888 |
| Hertz Vehicle Financing III, LLC, Series 2023-4, Class C, 7.51% 3/25/2030 <sup>(a)(i)</sup>  | 4777 | 5040 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(a)(i)</sup>  | 826 | 811 |
| Hertz Vehicle Financing, LLC, Series 2021-2, Class D, 4.34% 12/27/2027 <sup>(a)(i)</sup>  | 32490 | 32033 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class D, 9.22% 1/25/2029 <sup>(a)(i)</sup>  | 3625 | 3754 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class C, 6.03% 9/25/2029 <sup>(a)(i)</sup>  | 6596 | 6709 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class D, 7.98% 9/25/2029 <sup>(a)(i)</sup>  | 2828 | 2870 |
| Hertz Vehicle Financing, LLC, Series 2024-2A, Class D, 9.41% 1/27/2031 <sup>(a)(i)</sup>  | 1500 | 1589 |
| Hertz Vehicle Financing, LLC, Series 2025-2A, Class C, 6.40% 9/25/2031 <sup>(a)(i)</sup>  | 7661 | 7840 |
| Hertz Vehicle Financing, LLC, Series 2025-2A, Class D, 8.34% 9/25/2031 <sup>(a)(i)</sup>  | 2621 | 2652 |
| Hertz Vehicle Financing, LLC, Series 2025-4A, Class C, 6.48% 12/25/2031 <sup>(a)(i)</sup>  | 2263 | 2319 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class B, 5.24% 9/15/2029 <sup>(a)(i)</sup>  | 1598 | 1603 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class C, 5.48% 9/15/2029 <sup>(a)(i)</sup>  | 1238 | 1242 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class D, 5.82% 9/15/2029 <sup>(a)(i)</sup>  | 1492 | 1496 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class E, 8.30% 9/15/2029 <sup>(a)(i)</sup>  | 4050 | 4063 |
| JP Morgan Mortgage Trust, Series 2024-CES1, Class A3, 6.397% 6/25/2054 (7.397% on <br>3/1/2028) <sup>(a)(b)(i)</sup>  | 1945 | 1968 |
| JP Morgan Mortgage Trust, Series 2024-CES1, Class M1, 6.596% 6/25/2054 (7.596% on <br>3/1/2028) <sup>(a)(b)(i)</sup>  | 1578 | 1597 |
| LAD Auto Receivables Trust, Series 2023-1, Class C, 6.18% 12/15/2027 <sup>(a)(i)</sup>  | 3441 | 3451 |
| LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/2031 <sup>(a)(i)</sup>  | 958 | 976 |
| Marble Point CLO, Ltd., Series 2019-2, Class D1R, (3-month USD CME Term SOFR + 3.662%) <br>7.546% 11/16/2034 <sup>(a)(i)(j)</sup>  | 2000 | 2003 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(a)(i)</sup>  | 1597 | 1606 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class D, 10.12% 8/15/2029 <sup>(a)(i)</sup>  | 9435 | 9525 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class E, 13.69% 8/15/2029 <sup>(a)(i)</sup>  | 5700 | 5765 |
| Mission Lane Credit Card Master Trust, Series 2025-A, Class D, 8.89% 5/15/2030 <sup>(a)(i)</sup>  | 4000 | 4021 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(a)(i)</sup>  | 3601 | 3620 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class C, 5.37% 12/16/2030 <sup>(a)(i)</sup>  | 4503 | 4520 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class D, 5.71% 12/16/2030 <sup>(a)(i)</sup>  | 3021 | 3022 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class F, 10.55% 12/16/2030 <sup>(a)(i)</sup>  | 6157 | 6159 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(a)(i)</sup>  | 20333 | 20488 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class B, 5.21% 9/15/2031 <sup>(a)(i)</sup>  | 1658 | 1671 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class C, 5.41% 9/15/2031 <sup>(a)(i)</sup>  | 1139 | 1145 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class D, 5.80% 9/15/2031 <sup>(a)(i)</sup>  | 1143 | 1144 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class E, 8.08% 9/15/2031 <sup>(a)(i)</sup>  | 6935 | 6973 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class F, 11.21% 9/15/2031 <sup>(a)(i)</sup>  | 7000 | 7078 |
| MMP Capital, Series 2025-A, Class B, 5.72% 12/15/2031 <sup>(a)(i)</sup>  | 2821 | 2884 |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(a)(i)</sup>  | 2361 | 2390 |
| Navient Education Loan Trust, Series 2025-A, Class B, 5.32% 7/15/2055 <sup>(a)(i)</sup>  | 3003 | 3037 |
| Navient Education Loan Trust, Series 2025-A, Class C, 5.53% 7/15/2055 <sup>(a)(i)</sup>  | 2785 | 2817 |
| Navient Education Loan Trust, Series 2025-A, Class D, 6.03% 7/15/2055 <sup>(a)(i)</sup>  | 2289 | 2309 |
| Nelnet Student Loan Trust, Series 2021-CA, Class D, 4.44% 4/20/2062 <sup>(a)(i)</sup>  | 1889 | 1683 |

---

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **34** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(i)</sup>  | USD5,653 | $4736 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class B1, 2.41% 10/20/2061 <sup>(a)(i)</sup>  | 5500 | 3457 |
| Ocean Trails CLO, Series 2021-11A, Class DR, (3-month USD CME Term SOFR + 3.10%) 6.984% <br> 7/20/2034 <sup>(a)(i)(j)</sup>  | 5500 | 5445 |
| Oportun Funding, LLC, Series 2021-B, Class C, 3.65% 5/8/2031 <sup>(a)(i)</sup>  | 496 | 491 |
| Oportun Funding, LLC, Series 2021-B, Class D, 5.41% 5/8/2031 <sup>(a)(i)</sup>  | 196 | 195 |
| OWN Equipment Fund III, Series 2025-2M, Class B, 6.49% 3/27/2034 <sup>(a)(i)</sup>  | 1369 | 1373 |
| OWN Equipment Fund III, Series 2025-2M, Class C, 8.77% 3/27/2034 <sup>(a)(i)</sup>  | 613 | 615 |
| Palmer Square Loan Funding, Ltd., CLO, Series 2024-2A, Class B, (3-month USD CME Term SOFR + <br> 1.70%) 5.605% 1/15/2033 <sup>(a)(i)(j)</sup>  | 9680 | 9691 |
| Palmer Square Loan Funding, Ltd., CLO, Series 2024-2A, Class C, (3-month USD CME Term SOFR + <br> 2.50%) 6.405% 1/15/2033 <sup>(a)(i)(j)</sup>  | 5225 | 5232 |
| PK ALIFT Loan Funding, Series 2025-2, Class A, 4.75% 3/15/2043 <sup>(a)(i)</sup>  | 2444 | 2452 |
| Prestige Auto Receivables Trust, Series 2023-1, Class D, 6.33% 4/16/2029 <sup>(a)(i)</sup>  | 5026 | 5022 |
| Prestige Auto Receivables Trust, Series 2023-1A, Class E, 9.88% 5/15/2030 <sup>(a)(i)</sup>  | 1500 | 1424 |
| Prestige Auto Receivables Trust, Series 2023-2, Class E, 9.90% 11/15/2030 <sup>(a)(i)</sup>  | 10170 | 9519 |
| Prestige Auto Receivables Trust, Series 2024-1, Class E, 7.94% 4/15/2031 <sup>(a)(i)</sup>  | 2050 | 1918 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class B, 6.58% 11/25/2030 <sup>(a)(i)</sup>  | 11668 | 11693 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-4A, Class B, 5.497% 4/25/2034 <sup>(a)(i)</sup>  | 20570 | 20770 |
| Santander Drive Auto Receivables Trust, Series 2025-4, Class D, 4.95% 1/15/2032 <sup>(i)</sup>  | 6100 | 6130 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class D, 5.88% 11/20/2035 <sup>(a)(i)</sup>  | 996 | 1032 |
| SCF Equipment Trust, LLC, Series 2025-2A, Class B, 4.51% 6/20/2036 <sup>(a)(i)</sup>  | 5167 | 5194 |
| SCF Equipment Trust, LLC, Series 2025-2A, Class C, 4.82% 6/20/2036 <sup>(a)(i)</sup>  | 4818 | 4856 |
| SCF Equipment Trust, LLC, Series 2025-2A, Class D, 5.33% 6/20/2036 <sup>(a)(i)</sup>  | 1811 | 1828 |
| SCF Equipment Trust, LLC, Series 2025-2A, Class E, 6.21% 6/20/2036 <sup>(a)(i)</sup>  | 4000 | 4012 |
| SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053 <sup>(a)(i)</sup>  | 194 | 178 |
| SMB Private Education Loan Trust, Series 2021-A, Class D2, 3.86% 1/15/2053 <sup>(a)(i)</sup>  | 3879 | 3539 |
| SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86% 1/15/2053 <sup>(a)(i)</sup>  | 3094 | 2821 |
| SMB Private Education Loan Trust, Series 2025-B, Class C, 5.49% 3/17/2053 <sup>(a)(i)</sup>  | 2255 | 2264 |
| SMB Private Education Loan Trust, Series 2025-B, Class D, 6.63% 3/17/2053 <sup>(a)(i)</sup>  | 4801 | 4924 |
| SMB Private Education Loan Trust, Series 2023-D, Class D, 8.87% 9/15/2053 <sup>(a)(i)</sup>  | 10604 | 11579 |
| SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13% 4/15/2054 <sup>(a)(i)</sup>  | 28043 | 28489 |
| SMB Private Education Loan Trust, Series 2022-A, Class D, 4.75% 11/16/2054 <sup>(a)(i)</sup>  | 818 | 789 |
| SMB Private Education Loan Trust, Series 2022-B, Class D, 5.95% 2/16/2055 <sup>(a)(i)</sup>  | 6220 | 6309 |
| SMB Private Education Loan Trust, Series 2024-A, Class D, 8.22% 3/15/2056 <sup>(a)(i)</sup>  | 29616 | 31989 |
| SMB Private Education Loan Trust, Series 2023-B, Class D, 7.56% 10/16/2056 <sup>(a)(i)</sup>  | 20325 | 21159 |
| SMB Private Education Loan Trust, Series 2022-D, Class D, 7.23% 10/15/2058 <sup>(a)(i)</sup>  | 11081 | 11370 |
| Steele Creek CLO, Ltd., Series 2019-2A, Class CRR, (3-month USD CME Term SOFR + 1.80%) <br> 5.705% 7/15/2032 <sup>(a)(i)(j)</sup>  | 12807 | 12765 |
| Steele Creek CLO, Ltd., Series 2019-2A, Class DR, (3-month USD CME Term SOFR + 2.80%) <br>6.705% 7/15/2032 <sup>(a)(i)(j)</sup>  | 8918 | 8761 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(a)(i)</sup>  | 1132 | 1106 |
| TAL Advantage V, LLC, Series 2020-1, Class B, 3.29% 9/20/2045 <sup>(a)(i)</sup>  | 1476 | 1422 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class B, 3.34% 9/20/2045 <sup>(a)(i)</sup>  | 236 | 226 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class B, 2.52% 2/20/2046 <sup>(a)(i)</sup>  | 226 | 212 |
| Textainer Marine Containers, Ltd., Series 2025-1H, Class A, 6.43% 7/23/2050 <sup>(a)(i)</sup>  | 6233 | 6271 |
| Textainer Marine Containers, Ltd., Series 2025-1H, Class B, 8.06% 7/23/2050 <sup>(a)(i)</sup>  | 9303 | 9355 |
| TIF Funding II, LLC, Series 2020-1A, Class B, 3.82% 8/20/2045 <sup>(a)(i)</sup>  | 810 | 787 |
| TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046 <sup>(a)(i)</sup>  | 1325 | 1212 |
| Trinitas CLO, Ltd., Series 2020-12A, Class CR2, (3-month USD CME Term SOFR + 1.80%) 5.658% <br> 4/25/2033 <sup>(a)(i)(j)</sup>  | 2350 | 2352 |
| Trinitas CLO, Ltd., Series 2020-12A, Class B1R2, (3-month USD CME Term SOFR + 1.55%) 5.792% <br>4/25/2033 <sup>(a)(i)(j)</sup>  | 8127 | 8132 |
| Trinitas CLO, Ltd., Series 2021-17A, Class B1R, (3-month USD CME Term SOFR + 1.65%) <br>5.534% 10/20/2034 <sup>(a)(i)(j)</sup>  | 15159 | 15183 |
| Trinitas CLO, Ltd., Series 2021-17A, Class CR, (3-month USD CME Term SOFR + 2.00%) 5.884% <br> 10/20/2034 <sup>(a)(i)(j)</sup>  | 3595 | 3600 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class B, 3.74% 9/20/2045 <sup>(a)(i)</sup>  | 244 | 234 |
| Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046 <sup>(a)(i)</sup>  | 2099 | 1942 |
| Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.728% 9/26/2033 <sup>(a)(i)</sup>  | 6477 | 6490 |
| United Auto Credit Securitization Trust, Series 2024-1, Class D, 8.30% 11/12/2029 <sup>(a)(i)</sup>  | 10645 | 10851 |
| VFI ABS, LLC, Series 2025-1A, Class A, 4.78% 6/24/2030 <sup>(a)(i)</sup>  | 1703 | 1712 |
| Vibrant CLO, Ltd., Series 2021-12A, Class BRR, (3-month USD CME Term SOFR + 1.95%) 5.834% <br> 4/20/2034 <sup>(a)(i)(j)</sup>  | 6135 | 6140 |
| Vibrant CLO, Ltd., Series 2018-9RA, Class C1, (3-month USD CME Term SOFR + 1.82%) 5.704% <br> 4/20/2037 <sup>(a)(i)(j)</sup>  | 3804 | 3807 |
| Westlake Automobile Receivables Trust, Series 2023-2, Class D, 7.01% 11/15/2028 <sup>(a)(i)</sup>  | 17353 | 17769 |

---

---

| | |
|:---|:---|
| **35** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| Wingspire Equipment Finance, LLC, Series 2025-1A, Class A2, 4.33% 9/20/2033 <sup>(a)(i)</sup>  | USD576 | $577 |
| Wingspire Equipment Finance, LLC, Series 2025-1A, Class C, 4.76% 9/20/2033 <sup>(a)(i)</sup>  | 854 | 857 |
| Wingspire Equipment Finance, LLC, Series 2025-1A, Class D, 5.45% 9/20/2033 <sup>(a)(i)</sup>  | 2606 | 2627 |
| Zayo Issuer, LLC, Series 2025-2A, Class A2, 5.953% 6/20/2055 <sup>(a)(i)</sup>  | 4000 | 4109 |
| Zayo Issuer, LLC, Series 2025-2A, Class B, 6.586% 6/20/2055 <sup>(a)(i)</sup>  | 4000 | 4132 |
|  |  | 1171607 |
| **U.S. Treasury bonds & notes 2.60%** | **U.S. Treasury bonds & notes 2.60%** | **U.S. Treasury bonds & notes 2.60%** |
| **U.S. Treasury 2.60%** | **U.S. Treasury 2.60%** | **U.S. Treasury 2.60%** |
| U.S. Treasury 3.50% 12/15/2028  | 43227 | 43178 |
| U.S. Treasury 4.25% 6/30/2029  | 1937 | 1978 |
| U.S. Treasury 4.00% 7/31/2029  | 814 | 825 |
| U.S. Treasury 4.25% 1/31/2030  | 5000 | 5112 |
| U.S. Treasury 3.625% 12/31/2030  | 132623 | 132017 |
| U.S. Treasury 4.625% 5/31/2031  | 2095 | 2181 |
| U.S. Treasury 3.875% 12/31/2032  | 9191 | 9154 |
| U.S. Treasury 4.375% 5/15/2034  | 2654 | 2714 |
| U.S. Treasury 4.25% 11/15/2034  | 6969 | 7047 |
| U.S. Treasury 4.00% 11/15/2035 <sup>(l)</sup>  | 238400 | 235159 |
| U.S. Treasury 4.625% 11/15/2045  | 49812 | 48738 |
| U.S. Treasury 4.75% 11/15/2053  | 1838 | 1808 |
| U.S. Treasury 4.25% 2/15/2054  | 1181 | 1070 |
| U.S. Treasury 4.50% 11/15/2054  | 3630 | 3431 |
| U.S. Treasury 4.75% 8/15/2055  | 47533 | 46835 |
|  |  | 541247 |
| **Loans 1.65%** | **Loans 1.65%** | **Loans 1.65%** |
| **Industrials 0.34%** | **Industrials 0.34%** | **Industrials 0.34%** |
| Apple Bidco, LLC, Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.216% 9/23/2031 <sup>(j)(m)</sup>  | 3717 | 3739 |
| Avis Budget Car Rental, LLC, Term Loan B, (1-month USD CME Term SOFR + 2.50%) 6.216% 7/16/2032 <sup>(j)(m)</sup>  | 995 | 994 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(j)(m)</sup>  | 3677 | 3732 |
| Cornerstone Building Brands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 7.10% 4/12/2028 <sup>(j)(m)</sup>  | 140 | 111 |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(j)(m)</sup>  | 66235 | 61612 |
|  |  | 70188 |
| **Information technology 0.32%** | **Information technology 0.32%** | **Information technology 0.32%** |
| CommScope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 12/17/2029 <sup>(j)(m)</sup>  | 11510 | 11549 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(c)(j)(m)</sup>  | 4370 | 4402 |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(j)(m)</sup>  | 16310 | 15991 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(j)(m)</sup>  | 6975 | 6835 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(j)(m)</sup>  | 8857 | 8846 |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(j)(m)</sup>  | 19772 | 19732 |
|  |  | 67355 |
| **Communication services 0.31%** | **Communication services 0.31%** | **Communication services 0.31%** |
| Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.216% 9/27/2029 <sup>(j)(m)</sup>  | 14658 | 14660 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(g)(m)</sup>  | 90 | 35 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.262%) 9.102% 8/2/2027 <sup>(j)(m)</sup>  | 181 | 182 |
| Gray Television, Inc., Term Loan D, (3-month USD CME Term SOFR + 3.114%) 6.987% 12/1/2028 <sup>(j)(m)</sup>  | 19257 | 19305 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.123% 6/4/2029 <sup>(j)(m)</sup>  | 134 | 135 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 5/5/2028 <sup>(f)(g)(m)</sup>  | 705 | 705 |
| Versant Media Group, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.537% 10/23/2030 <sup>(j)(m)</sup>  | 3990 | 3997 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(m)</sup>  | 2000 | 1997 |
| X Corp., Term Loan B, (USD-SOFR + 6.75%) 10.448% 10/26/2029 <sup>(j)(m)</sup>  | 23734 | 23360 |
|  |  | 64376 |

---

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **36** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Loans (continued)** | **Loans (continued)** | **Loans (continued)** |
| **Financials 0.20%** | **Financials 0.20%** | **Financials 0.20%** |
| Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.216% <br>5/30/2033 <sup>(j)(m)</sup>  | USD10,504 | $10724 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(j)(m)</sup>  | 17120 | 17384 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.12% 6/20/2030 <sup>(j)(m)</sup>  | 3334 | 3356 |
| Osaic Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.595% 7/30/2032 <sup>(j)(m)</sup>  | 10050 | 10106 |
|  |  | 41570 |
| **Health care 0.18%** | **Health care 0.18%** | **Health care 0.18%** |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(j)(m)</sup>  | 22846 | 22703 |
| Owens & Minor, Inc., Term Loan B-1, (3-month USD CME Term SOFR + 3.85%) 7.566% 3/29/2029 <sup>(j)(m)</sup>  | 15664 | 15155 |
|  |  | 37858 |
| **Consumer discretionary 0.18%** | **Consumer discretionary 0.18%** | **Consumer discretionary 0.18%** |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% 3/11/2030 <sup>(f)(j)(m)</sup>  | 4292 | 4292 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and <br>5.573% Cash 3/11/2030 <sup>(f)(g)(j)(m)</sup>  | 4053 | 4053 |
| Belron Finance 2019, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.25%) 6.12% 10/16/2031 <sup>(j)(m)</sup>  | 9993 | 10065 |
| First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.172% 8/15/2030 <sup>(j)(m)</sup>  | 461 | 463 |
| First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 2.50%) 6.172% 8/15/2030 <sup>(j)(m)</sup>  | 141 | 142 |
| Hertz Corp. (The), Term Loan B-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(j)(m)</sup>  | 4548 | 3871 |
| Hertz Corp. (The), Term Loan C-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(j)(m)</sup>  | 894 | 748 |
| Mercury Aggregator, LP, Term Loan 2, 19.00% PIK 2/3/2026 <sup>(d)(f)(g)(m)</sup>  | 3 | — <br><sup>(e)</sup><br>|
| Mercury Aggregator, LP, Term Loan, 19.00% PIK 2/3/2026 <sup>(f)(g)(m)</sup>  | 6 | — <br><sup>(e)</sup><br>|
| Scientific Games Holdings, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.934% 4/4/2029 <sup>(j)(m)</sup>  | 8531 | 8393 |
| Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.422% 7/1/2032 <sup>(j)(m)</sup>  | 5027 | 5036 |
|  |  | 37063 |
| **Utilities 0.05%** | **Utilities 0.05%** | **Utilities 0.05%** |
| MI Windows and Doors, LLC, Term Loan B3, (3-month USD CME Term SOFR + 2.75%) 6.466% 3/28/2031 <sup>(j)(m)</sup>  | 4748 | 4759 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.353% 5/17/2030 <sup>(j)(m)</sup>  | 4344 | 4366 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.00%) 5.672% 11/25/2032 <sup>(j)(m)</sup>  | 1325 | 1329 |
|  |  | 10454 |
| **Consumer staples 0.04%** | **Consumer staples 0.04%** | **Consumer staples 0.04%** |
| Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.466% 2/12/2031 <sup>(j)(m)</sup>  | 2935 | 2937 |
| United Natural Foods, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.466% 5/1/2031 <sup>(j)(m)</sup>  | 4814 | 4852 |
|  |  | 7789 |
| **Municipals 0.02%** | **Municipals 0.02%** | **Municipals 0.02%** |
| AM Bidco Operations, LLC, Term Loan, 8.50% PIK 10/21/2027 <sup>(f)(g)(m)</sup>  | 4872 | 4872 |
| **Materials 0.01%** | **Materials 0.01%** | **Materials 0.01%** |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(d)(f)(g)(j)(m)</sup>  | 1208 | 383 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(d)(f)(g)(j)(m)</sup>  | 1215 | 385 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(d)(f)(g)(j)(m)</sup>  | 1936 | 613 |
|  |  | 1381 |
| **Energy 0.00%** | **Energy 0.00%** | **Energy 0.00%** |
| New Fortress Energy, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 0% 10/30/2028 <sup>(j)(m)</sup>  | 921 | 393 |
| **Total loans** | **Total loans** | 343299 |

---

---

| | |
|:---|:---|
| **37** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals 0.29%** | **Municipals 0.29%** | **Municipals 0.29%** |
| **California 0.05%** | **California 0.05%** | **California 0.05%** |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, <br> 3.487% 6/1/2036  | USD1,440 | $1224 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, <br> 3.714% 6/1/2041  | 2165 | 1685 |
| City of Rancho Mirage, Community Facs. Dist. No. 5 (Improvement Area No. 1), Special Tax Bonds, Series 2024-B, <br> 7.25% 9/1/2039  | 6625 | 6755 |
|  |  | 9664 |
| **Florida 0.00%** | **Florida 0.00%** | **Florida 0.00%** |
| County of Broward, Airport System Rev. Ref. Bonds, Series 2019-C, 3.477% 10/1/2043  | 75 | 64 |
| **Illinois 0.02%** | **Illinois 0.02%** | **Illinois 0.02%** |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, 5.00% <br> 12/1/2034  | 150 | 150 |
| City of Chicago, Board of Education, Unlimited Tax GO Rev. Ref. Bonds (Dedicated Rev.), Series 2022-A, 4.00% <br> 12/1/2047  | 3890 | 3033 |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033  | 79 | 81 |
| Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, CAB, Series 2017-A, <br> AGI, 0% 12/15/2056  | 1750 | 384 |
|  |  | 3648 |
| **New Hampshire 0.02%** | **New Hampshire 0.02%** | **New Hampshire 0.02%** |
| National Fin. Auth., Lease Rent Rev. Bonds (Centurion Foundation Lamar BLVD, LLC), Series 2025-B, 6.82% <br> 6/15/2035 <sup>(a)</sup>  | 4865 | 4965 |
| **Ohio 0.02%** | **Ohio 0.02%** | **Ohio 0.02%** |
| Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series <br> 2021, 4.425% 5/1/2031  | 5940 | 5398 |
| **Puerto Rico 0.17%** | **Puerto Rico 0.17%** | **Puerto Rico 0.17%** |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2017 <sup>(d)</sup>  | 60 | 40 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 4.25% 7/1/2018 <sup>(d)</sup>  | 145 | 97 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 5.00% 7/1/2018 <sup>(d)(h)</sup>  | 700 | 467 |
| Electric Power Auth., Power Rev. Bonds, Series 2003-NN, 5.50% 7/1/2020 <sup>(d)</sup>  | 90 | 60 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2021 <sup>(d)</sup>  | 1415 | 944 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-AAA, 5.25% 7/1/2021 <sup>(d)</sup>  | 1935 | 1292 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2023 <sup>(d)</sup>  | 140 | 93 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-DDD, 5.00% 7/1/2023 <sup>(d)</sup>  | 1545 | 1031 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 5.00% 7/1/2024 <sup>(d)</sup>  | 550 | 367 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-XX, 4.625% 7/1/2025 <sup>(d)</sup>  | 65 | 43 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-XX, 4.75% 7/1/2026  | 80 | 54 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 5.00% 7/1/2026 <sup>(d)</sup>  | 45 | 30 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 5.25% 7/1/2026 <sup>(d)</sup>  | 155 | 104 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 5.25% 7/1/2026 <sup>(d)</sup>  | 2880 | 1930 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-ZZ, 4.75% 7/1/2027 <sup>(d)</sup>  | 485 | 325 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-CCC, 4.80% 7/1/2028 <sup>(d)</sup>  | 1625 | 1089 |
| Electric Power Auth., Power Rev. Bonds, Series 2008-WW, 5.00% 7/1/2028 <sup>(d)</sup>  | 460 | 308 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2032 <sup>(d)</sup>  | 1240 | 831 |
| Electric Power Auth., Power Rev. Bonds, Series 2008-WW, 5.25% 7/1/2033 <sup>(d)</sup>  | 4415 | 2958 |
| Electric Power Auth., Power Rev. Bonds, Series 2013-A, 6.75% 7/1/2036 <sup>(d)</sup>  | 455 | 305 |
| Electric Power Auth., Power Rev. Bonds, Series 2007-TT, 5.00% 7/1/2037 <sup>(d)</sup>  | 455 | 305 |
| Electric Power Auth., Power Rev. Bonds, Series 2010-XX, 5.25% 7/1/2040 <sup>(d)</sup>  | 2525 | 1692 |
| Electric Power Auth., Power Rev. Bonds, Series 2012-A, 5.00% 7/1/2042 <sup>(d)</sup>  | 1660 | 1112 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2007-UU, AGI, 3.469% 7/1/2017 <sup>(d)</sup>  | 2240 | 1495 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, 3.625% 7/1/2021 <sup>(d)</sup>  | 20 | 13 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, 5.00% 7/1/2021 <sup>(d)</sup>  | 520 | 347 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2010-DDD, 5.00% 7/1/2022 <sup>(d)</sup>  | 4710 | 3144 |
| Electric Power Auth., Power Rev. Ref. Bonds, Series 2008-WW, 5.50% 7/1/2038 <sup>(d)</sup>  | 1000 | 670 |
| GO Restructured Bonds, Series 2022-A-1, 5.625% 7/1/2027  | 968 | 989 |
| GO Restructured Bonds, Series 2022-A-1, 5.625% 7/1/2029  | 953 | 1010 |
| GO Restructured Bonds, Series 2022-A-1, 5.75% 7/1/2031  | 925 | 1017 |

---

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **38** |

---

------

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals (continued)** | **Municipals (continued)** | **Municipals (continued)** |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2033  | USD877 | $878 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2035  | 789 | 775 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2037  | 677 | 657 |
| GO Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2041  | 920 | 852 |
| GO Restructured Bonds, CAB, Series 2022-A-1, 0% 7/1/2033  | 1129 | 818 |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(j)</sup>  | 3262 | 2092 |
| Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, CAB, Series 2018-A-1, 0% 7/1/2046  | 14270 | 4795 |
|  |  | 35029 |
| **Texas 0.00%** | **Texas 0.00%** | **Texas 0.00%** |
| Brazoria County Industrial Dev. Corp., Solid Waste Disposal Facs. Rev. Bonds (Aleon Renewable Metals, LLC <br> Project), Series 2023, AMT, 12.00% 6/1/2043 <sup>(a)(d)</sup>  | 6632 | 663 |
| **Washington 0.01%** | **Washington 0.01%** | **Washington 0.01%** |
| Econ. Dev. Fin. Auth., Environmental Facs. Rev. Bonds (North Pacific Paper Co. Recycling Project), Series 2020-B, <br> 9.00% 12/1/2036 <sup>(a)</sup>  | 1725 | 1808 |
| Total municipals | Total municipals | 61239 |
| **Federal agency bonds & notes 0.03%** | **Federal agency bonds & notes 0.03%** | **Federal agency bonds & notes 0.03%** |
| Bank Gospodarstwa Krajowego 5.75% 7/9/2034  | 2000 | 2108 |
| Bank Gospodarstwa Krajowego 4.25% 9/13/2044  | EUR900 | 1022 |
| Bank Gospodarstwa Krajowego 6.25% 7/9/2054  | USD2,000 | 2082 |
|  |  | 5212 |
| **Total bonds, notes & other debt instruments** (cost: $19,622,988,000) | **Total bonds, notes & other debt instruments** (cost: $19,622,988,000) | 19831897 |
| Convertible bonds & notes 0.16% |  |  |
| **Information technology 0.14%** | **Information technology 0.14%** | **Information technology 0.14%** |
| Strategy, Inc., convertible notes, 0% 12/1/2029  | 34839 | 28693 |
| **Communication services 0.02%** | **Communication services 0.02%** | **Communication services 0.02%** |
| EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(g)</sup>  | 1651 | 5520 |
| Total convertible bonds & notes (cost: $31,707,000) | Total convertible bonds & notes (cost: $31,707,000) | 34213 |
| Common stocks 0.52% | Shares |  |
| **Utilities 0.22%** | **Utilities 0.22%** | **Utilities 0.22%** |
| Talen Energy Corp. <sup>(h)</sup>  | 117687 | 44114 |
| Light SA, units <sup>(h)</sup>  | 4560228 | 1596 |
|  |  | 45710 |
| **Information technology 0.14%** | **Information technology 0.14%** | **Information technology 0.14%** |
| Diebold Nixdorf, Inc. <sup>(h)</sup>  | 419100 | 28453 |
| **Consumer discretionary 0.13%** | **Consumer discretionary 0.13%** | **Consumer discretionary 0.13%** |
| Aimbridge Topco, LLC <sup>(f)(h)</sup>  | 362523 | 26808 |
| NMG Parent, LLC <sup>(f)(h)</sup>  | 281 | — <br><sup>(e)</sup><br>|
|  |  | 26808 |
| **Health care 0.03%** | **Health care 0.03%** | **Health care 0.03%** |
| Mallinckrodt PLC <sup>(h)</sup>  | 75391 | 6744 |
| Par Health, Inc. <sup>(a)(h)</sup>  | 75391 | 707 |
| Endo, LP, Class A1 <sup>(a)(h)</sup>  | 145095 | 101 |
|  |  | 7552 |

---

---

| | |
|:---|:---|
| **39** | American Funds Multi-Sector Income Fund |

---

------

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000)<br>|
| **Energy 0.00%** | **Energy 0.00%** | **Energy 0.00%** |
| New Fortress Energy, Inc., Class A <sup>(h)</sup>  | 343097 | $391 |
| Mesquite Energy, Inc. <sup>(f)(h)</sup>  | 127 | 8 |
|  |  | 399 |
| **Materials 0.00%** | **Materials 0.00%** | **Materials 0.00%** |
| Venator Materials PLC <sup>(f)(h)</sup>  | 9406 | — <br><sup>(e)</sup><br>|
| **Industrials 0.00%** | **Industrials 0.00%** | **Industrials 0.00%** |
| AM BidCo Holdings, LLC <sup>(f)(h)</sup>  | 271 | — <br><sup>(e)</sup><br>|
| Total common stocks (cost: $88,032,000) | Total common stocks (cost: $88,032,000) | 108922 |
| Preferred securities 0.05% |  |  |
| **Financials 0.05%** | **Financials 0.05%** | **Financials 0.05%** |
| AH Parent, Inc., Class A, 26.27% Cash perpetual cumulative preferred shares <sup>(c)(f)(g)</sup>  | 10110 | 10487 |
| **Industrials 0.00%** | **Industrials 0.00%** | **Industrials 0.00%** |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(f)(h)</sup>  | 5 | 9 |
| Total preferred securities (cost: $9,964,000) | Total preferred securities (cost: $9,964,000) | 10496 |
| Rights & warrants 0.00% |  |  |
| **Communication services 0.00%** | **Communication services 0.00%** | **Communication services 0.00%** |
| SES SA (CVR) <sup>(h)</sup>  | 1 | — <br><sup>(e)</sup><br>|
| Total rights & warrants (cost: $0) | Total rights & warrants (cost: $0) | — <br><sup>(e)</sup><br>|
| Short-term securities 2.83% |  |  |
| **Money market investments 2.83%** | **Money market investments 2.83%** | **Money market investments 2.83%** |
| Capital Group Central Cash Fund 3.79% <sup>(n)(o)</sup>  | 5875212 | 587580 |
| **Total short-term securities** (cost: $587,506,000) | **Total short-term securities** (cost: $587,506,000) | 587580 |
| Options purchased (equity style) 0.01% |  |  |
| Options purchased (equity style)\* |  | 2621 |
| **Total options purchased (equity style)** (cost: $4,137,000) |  | 2621 |
| **Total investment securities 98.95%** (cost: $20,344,334,000) |  | 20575729 |
| **Total options written (equity style)**<sup>†</sup> **0.00%** (premium received: $2,171,000) |  | (1421)<br>|
| Other assets less liabilities 1.05% |  | 217441 |
| **Net assets 100.00%** |  | $20791749 |

---

**\*Options purchased (equity style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/13/2026 | USD96.63 | USD6,315,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2526 |
| 3 Month SOFR Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/11/2026 | 98.00 | 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2621 |

---

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **40** |

---

------

<sup>†</sup>**Options written (equity style)**

------

**Options on futures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| **Call** |  |  |  |  |  |
| 3 Month SOFR Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/13/2026 | USD96.81 | USD(6315000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1421)<br>|

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 9960 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD2,079,539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(663)<br>|
| 5 Year U.S. Treasury Note Futures | Long | 13471 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1472443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3550)<br>|
| 10 Year Euro-Bund Futures | Short | 107 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16041)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| 10 Year U.S. Treasury Note Futures | Long | 1663 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1599)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 12012 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1381568)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5748 |
| 20 Year U.S. Treasury Bond Futures | Long | 3852 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5609)<br>|
| 30 Year Euro-Buxl Futures | Short | 20 | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2588)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1589 | 3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (187502)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3661 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1832)<br>|

---

**Forward currency contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| Currency purchased <br>(000) | Currency purchased <br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency sold <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) | Counterparty | &nbsp;&nbsp; Settlement <br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000) |
| USD | 91294 | EUR | 77651 | Morgan Stanley | 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(32)<br>|
| USD | 75843 | EUR | 64319 | Standard Chartered Bank | 1/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $119 |

---

**Swap contracts**

------

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — sell protection** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference <br>index<br>| &nbsp;&nbsp;&nbsp;&nbsp; Financing <br>rate received<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <sup>(p)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Value at <br>12/31/2025 <sup>(q)</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>premium <br>paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(received) <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 12/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| CDX.NA.HY.45 | 5.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | USD405,705 | &nbsp;&nbsp;&nbsp;&nbsp; $30998 | &nbsp;&nbsp;&nbsp;&nbsp; $29373 | &nbsp;&nbsp;&nbsp;&nbsp; $1625 |
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 46120 | &nbsp;&nbsp;&nbsp;&nbsp; 1046 | &nbsp;&nbsp;&nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| CDX.NA.IG.45 | 1.00% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 6795 | &nbsp;&nbsp;&nbsp;&nbsp; 6083 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $38839 | &nbsp;&nbsp;&nbsp;&nbsp; $36482 | &nbsp;&nbsp;&nbsp;&nbsp; $2357 |

---

---

| | |
|:---|:---|
| **41** | American Funds Multi-Sector Income Fund |

---

------

**Investments in affiliates** <sup>(o)</sup>

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at <br>1/1/2025 <br>(000)<br>| Additions <br>(000)<br>| Reductions <br>(000)<br>| Net <br>realized <br>gain (loss) <br>(000)<br>| Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000)<br>| Value at <br>12/31/2025 <br>(000)<br>| Dividend <br>or interest <br>income <br>(000)<br>|
| **Short-term securities 2.83%** |  |  |  |  |  |  |  |
| **Money market investments 2.83%** |  |  |  |  |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(n)</sup>  | $561373 | &nbsp;&nbsp; $5566218 | &nbsp;&nbsp; $5540040 | &nbsp;&nbsp; $52 | &nbsp;&nbsp; $(23)<br>| &nbsp;&nbsp; $587580 | &nbsp;&nbsp; $26627 |

---

**Restricted securities** <sup>(c)</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition <br>date(s)<br>| Cost <br>(000)<br>| Value <br>(000)<br>| Percent <br>of net <br>assets<br>|
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(g)</sup> <br>| 9/29/2025 | $12614 | $13933 | 0.07<br> %<br>|
| AH Parent, Inc., Class A, 26.27% Cash perpetual cumulative <br> preferred shares <sup>(f)(g)</sup> <br>| 9/27/2024 | 9959 | 10487 | 0.05 |
| Stillwater Mining Co. 4.00% 11/16/2026  | 2/8/2024-6/24/2024 | 9792 | 10060 | 0.05 |
| Modec Finance BV 7.84% 7/15/2026 <sup>(f)</sup> <br>| 7/28/2023 | 9000 | 9113 | 0.04 |
| Sasol Financing USA, LLC 8.75% 5/3/2029  | 4/9/2024-4/15/2024 | 8543 | 8569 | 0.04 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR <br> + 7.25%) 10.973% 9/13/2029 <sup>(j)(m)</sup> <br>| 9/13/2023 | 4308 | 4402 | 0.02 |
| Hongkong Land Finance (Cayman Islands) Co., Ltd. (The) 5.25% <br> 7/14/2033 <br>| 3/25/2025 - 12/18/2025 | 2210 | 2198 | 0.01 |
| Sun Hung Kai Properties (Capital Market), Ltd. 2.875% 1/21/2030  | 11/17/2025 | 285 | 285 | 0.00 <br><sup>(e)</sup><br>|
| **Total** |  | $56711 | $59047 | 0.28<br> %<br>|

---

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $9,209,570,000, which represented 44.29% of the net assets of the fund. 

<sup>(b)</sup> Step bond; coupon rate may change at a later date.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Scheduled interest and/or principal payment was not received.

<sup>(e)</sup> Amount less than one thousand.

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. 

<sup>(h)</sup> Non-income producing.

<sup>(i)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(j)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 

<sup>(k)</sup> Represents securities transacted on a TBA basis.

<sup>(l)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $75,715,000, which represented 0.36% of the net assets of the fund. 

<sup>(m)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $343,301,000, which represented 1.65% of the net assets of the fund. 

<sup>(n)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(o)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(p)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(q)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **42** |

---

------

---

| |
|:---|
| **Key to abbreviation(s)** |
| AGI = Assured Guaranty insured |
| AMT = Alternative Minimum Tax |
| Auth. = Authority |
| CAB = Capital Appreciation Bonds |
| CLO = Collateralized Loan Obligations |
| CME = CME Group |
| CVR = Contingent Value Rights |
| DAC = Designated Activity Company |
| Dev. = Development |
| Dist. = District |
| Econ. = Economic |
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |

---

---

| |
|:---|
| Facs. = Facilities |
| Fin. = Finance |
| Fncg. = Financing |
| GO = General Obligation |
| ICE = Intercontinental Exchange, Inc. |
| PIK = Payment In Kind |
| Ref. = Refunding |
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| SOFR = Secured Overnight Financing Rate |
| TBA = To be announced |
| USD = U.S. dollars |
| UST = U.S. Treasury |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **43** | American Funds Multi-Sector Income Fund |

---

------

Financial statements

**Statement of assets and liabilities** at December 31, 2025

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Assets:** |  |  |
| Investment securities, at value: |  |  |
| Unaffiliated issuers (cost: $19,756,828) | $19988149 |  |
| Affiliated issuers (cost: $587,506) | 587580 | $20575729 |
| Cash |  | 12188 |
| Unrealized appreciation on open forward currency contracts |  | 151 |
| Receivables for: |  |  |
| Sales of investments | 542 |  |
| Sales of fund's shares | 28298 |  |
| Dividends and interest | 276805 |  |
| Variation margin on futures contracts | 2886 |  |
| Variation margin on centrally cleared swap contracts | 80 |  |
| Other | 73 | 308684<br>|
|  |  | 20896752 |
| **Liabilities:** |  |  |
| Unrealized depreciation on open forward currency contracts |  | 32 |
| Options written, at value (premium received: $2,171) |  | 1421 |
| Payables for: |  |  |
| Purchases of investments | 69606 |  |
| Repurchases of fund's shares | 20425 |  |
| Dividends on fund's shares | 2778 |  |
| Investment advisory services | 5611 |  |
| Services provided by related parties | 1259 |  |
| Trustees' deferred compensation | 67 |  |
| Variation margin on futures contracts | 3457 |  |
| Variation margin on centrally cleared swap contracts | 303 |  |
| Other | 44 | 103550<br>|
| Commitments and contingencies\* |  |  |
| **Net assets at December 31, 2025** |  | $20791749 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of beneficial interest |  | $20722292 |
| Total distributable earnings (accumulated loss) |  | 69457<br>|
| **Net assets at December 31, 2025** |  | $20791749 |

---

\*

Refer to Note 5 for further information on unfunded commitments.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **44** |

---

------

Financial statements (continued)

**Statement of assets and liabilities** at December 31, 2025 (continued)

------

(dollars and shares in thousands, except per-share amounts)

**Shares of beneficial interest issued and outstanding (no stated par value) —**

**unlimited shares authorized (2,191,737 total shares outstanding)** 

---

| | | | |
|:---|:---|:---|:---|
|  | Net assets | Shares <br>outstanding<br>| Net asset value <br>per share<br>|
| Class A | $1824856 | 192365 | $9.49 |
| Class C | 84092 | 8864 | 9.49 |
| Class T | 25 | 3 | 9.49 |
| Class F-1 | 31439 | 3314 | 9.49 |
| Class F-2 | 5171801 | 545180 | 9.49 |
| Class F-3 | 2034600 | 214475 | 9.49 |
| Class 529-A | 41659 | 4391 | 9.49 |
| Class 529-C | 2304 | 243 | 9.49 |
| Class 529-E | 1163 | 123 | 9.49 |
| Class 529-T | 33 | 3 | 9.49 |
| Class 529-F-1 | 33 | 3 | 9.49 |
| Class 529-F-2 | 21889 | 2307 | 9.49 |
| Class 529-F-3 | 12 | 1 | 9.49 |
| Class R-1 | 613 | 65 | 9.49 |
| Class R-2 | 3021 | 318 | 9.49 |
| Class R-2E | 90 | 10 | 9.49 |
| Class R-3 | 5324 | 561 | 9.49 |
| Class R-4 | 3058 | 322 | 9.49 |
| Class R-5E | 2343 | 247 | 9.49 |
| Class R-5 | 1586 | 167 | 9.49 |
| Class R-6 | 11561808 | 1218775 | 9.49 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **45** | American Funds Multi-Sector Income Fund |

---

------

Financial statements (continued)

**Statement of operations** for the year ended December 31, 2025

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
| **Investment income:** |  |  |
| Income: |  |  |
| Interest from unaffiliated issuers (net of non-U.S. taxes of $12) | $1196631 |  |
| Dividends (includes $26,627 from affiliates) | 27694 | $1224325 |
| Fees and expenses\*: |  |  |
| Investment advisory services | 60193 |  |
| Distribution services | 5565 |  |
| Transfer agent services | 6018 |  |
| Administrative services | 5553 |  |
| 529 plan services | 30 |  |
| Reports to shareholders | 337 |  |
| Registration statement and prospectus | 1085 |  |
| Trustees' compensation | 68 |  |
| Auditing and legal | 128 |  |
| Custodian | 204 |  |
| Other | 185 |  |
| Total fees and expenses before waivers and/or reimbursements | 79366 |  |
| Less waivers and/or reimbursements of fees and expenses: |  |  |
| Investment advisory services waiver | 10 |  |
| Transfer agent services waiver | 4 |  |
| Total fees and expenses after waivers and/or reimbursements |  | 79352<br>|
| Net investment income |  | 1144973<br>|
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments: |  |  |
| Unaffiliated issuers | 63537 |  |
| Affiliated issuers | 52 |  |
| Options written | 1116 |  |
| Futures contracts | 19427 |  |
| Forward currency contracts | (14811)<br>|  |
| Swap contracts | 21554 |  |
| In-kind redemptions | 13670 |  |
| Currency transactions | 462 | 105007 |
| Net unrealized appreciation (depreciation) on: |  |  |
| Investments: |  |  |
| Unaffiliated issuers | 197085 |  |
| Affiliated issuers | (23)<br>|  |
| Options written | 751 |  |
| Futures contracts | (12677)<br>|  |
| Forward currency contracts | (1839)<br>|  |
| Swap contracts | 2992 |  |
| Currency translations | 275 | 186564<br>|
| Net realized gain (loss) and unrealized appreciation (depreciation) |  | 291571<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | $1436544 |

---

\*

Additional information related to class-specific fees and expenses is included in the notes to financial statements.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **46** |

---

------

Financial statements (continued)

**Statements of changes in net assets**

------

(dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | $1144973 | $959391 |
| Net realized gain (loss) | 105007 | 100188 |
| Net unrealized appreciation (depreciation) | 186564 | (56406)<br>|
| Net increase (decrease) in net assets resulting from operations | 1436544 | 1003173 |
| **Distributions paid or accrued to shareholders** | (1173764)<br>| (967930)<br>|
| **Net capital share transactions** | 3573307 | 3645693 |
| **Total increase (decrease) in net assets**  | 3836087 | 3680936 |
| **Net assets:** |  |  |
| Beginning of year | 16955662 | 13274726 |
| End of year | $20791749 | $16955662 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **47** | American Funds Multi-Sector Income Fund |

---

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

------

American Funds Multi-Sector Income Fund (the "fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company. The fund seeks to provide a high level of current income. Its secondary investment objective is capital appreciation.

The fund has 21 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3), seven 529 college savings plan share classes (Classes 529-A, 529-C, 529-E, 529-T, 529-F-1, 529-F-2 and 529-F-3) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund's share classes are described further in the following table:

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Initial sales charge** | &nbsp;&nbsp; **Contingent deferred sales** <br>**charge upon redemption**<br>| **Conversion feature** |
| Class A | Up to 3.75% | &nbsp;&nbsp; None (except 0.75% for certain <br> redemptions within 18 months of purchase <br> without an initial sales charge)<br>|  |
| Class 529-A | Up to 3.50% | &nbsp;&nbsp; None (except 1.00% for certain <br> redemptions within 18 months of purchase <br> without an initial sales charge)<br>|  |
| Classes C and 529-C |  | &nbsp;&nbsp; 1.00% for redemptions within one year of <br> purchase<br>| &nbsp;&nbsp; Class C converts to Class A <br> after eight years and Class 529-C <br> converts to Class 529-A after five years<br>|
| Class 529-E |  |  |  |
| Classes T and 529-T\* | Up to 2.50% |  |  |
| Classes F-1, F-2, F-3, 529-F-1, <br> 529-F-2 and 529-F-3<br>|  |  |  |
| Classes R-1, R-2, R-2E, R-3, R-4, <br> R-5E, R-5 and R-6<br>|  |  |  |

---

\*

Class T and 529-T shares are not available for purchase.

Holders of all share classes have equal pro rata rights to the assets, dividends and liquidation proceeds of the fund. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, transfer agent and administrative services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each share class.

**2. Significant accounting policies**

------

The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). The fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the fund's investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Operating segments** — The fund represents a single operating segment as the operating results of the fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the fund's Principal Executive Officer and Principal Financial Officer, serves as the fund's chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **48** |

---

------

**Security transactions and related investment income** — Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes based on the relative value of their settled shares. Realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective share class.

**Distributions paid or accrued to shareholders** — Income dividends are declared daily after the determination of the fund's net investment income and are paid to shareholders monthly. Capital gain distributions are recorded on the ex-dividend date. The fund may deem a portion of the income dividends and/or capital gain distributions as a return of capital for tax purposes.

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the fund's statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**In-kind redemptions** — The fund normally redeems shares in cash; however, under certain conditions and circumstances, payment of the redemption price wholly or partly with portfolio securities or other fund assets may be permitted. A redemption of shares in-kind is based upon the closing value of the shares being redeemed as of the trade date. During the year ended December 31, 2025, the fund delivered $507,249,000 of investment securities in connection with in-kind redemptions. Net realized gains or losses resulting from redemptions of shares in-kind are reflected separately in the fund's statement of operations.

**3. Valuation**

------

Capital Research and Management Company ("CRMC"), the fund's investment adviser, values the fund's investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Methods and inputs** — The fund's investment adviser uses the following methods and inputs to establish the fair value of the fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.

---

| | |
|:---|:---|
| **49** | American Funds Multi-Sector Income Fund |

---

------

---

| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| All | &nbsp;&nbsp; Benchmark yields, transactions, bids, offers, quotations from dealers and <br> trading systems, new issues, spreads and other relationships observed in <br> the markets among comparable securities; and proprietary pricing models <br> such as yield measures calculated using factors such as cash flows, financial <br> or collateral performance and other reference data (collectively referred to <br> as "standard inputs")<br>|
| Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| Mortgage-backed; asset-backed obligations | &nbsp;&nbsp; Standard inputs and cash flows, prepayment information, default rates, <br> delinquency and loss assumptions, collateral characteristics, credit <br> enhancements and specific deal information<br>|
| Municipal securities | &nbsp;&nbsp; Standard inputs and, for certain distressed securities, cash flows or <br> liquidation values using a net present value calculation based on inputs that <br> include, but are not limited to, financial statements and debt contracts <br>|

---

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund's investment adviser. The Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series ("Central Funds"), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF's portfolio securities. The underlying securities are valued based on the policies and procedures in CCF's statement of additional information. Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund's investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund's investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

**Processes and structure** — The fund's board of trustees has designated the fund's investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The fund's board and audit committee also regularly review reports that describe fair value determinations and methods.

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **50** |

---

------

**Classifications** — The fund's investment adviser classifies the fund's assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The fund's valuation levels as of December 31, 2025, were as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Corporate bonds and notes | $— | $13701258 | $17846 | $13719104 |
| Mortgage-backed obligations |  | 2770585 | 18026 | 2788611 |
| Bonds & notes of governments & government agencies outside <br> the U.S.<br>|  | 1201578 |  | 1201578 |
| Asset-backed obligations |  | 1171607 |  | 1171607 |
| U.S. Treasury bonds & notes |  | 541247 |  | 541247 |
| Loans |  | 327996 | 15303 | 343299 |
| Municipals |  | 61239 |  | 61239 |
| Federal agency bonds & notes |  | 5212 |  | 5212 |
| Convertible bonds & notes  |  | 34213 |  | 34213 |
| Common stocks  | 72958 | 9148 | 26816 | 108922 |
| Preferred securities  |  |  | 10496 | 10496 |
| Rights & warrants  |  | —<br> \*<br>|  | —<br> \*<br>|
| Short-term securities  | 587580 |  |  | 587580 |
| Options purchased on futures (equity style) | 2621 |  |  | 2621 |
| Total | $663159 | $19824083 | $88487 | $20575729 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  | **Other investments**<sup>†</sup>  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $9589 | $— | $— | $9589 |
| Unrealized appreciation on open forward currency contracts |  | 151 |  | 151 |
| Unrealized appreciation on centrally cleared credit default swaps |  | 2357 |  | 2357 |
| Liabilities: |  |  |  |  |
| Value of options written (equity style)  | (1421)<br>|  |  | (1421)<br>|
| Unrealized depreciation on futures contracts | (11421)<br>|  |  | (11421)<br>|
| Unrealized depreciation on open forward currency contracts |  | (32)<br>|  | (32)<br>|
| Total  | $(3253)<br>| $2476 | $— | $(777)<br>|

---

\*

Amount less than one thousand.

<sup>†</sup>

Options written, futures contracts, forward currency contracts and credit default swaps are not included in the fund's investment portfolio.

**4. Risk factors**

------

Investing in the fund may involve certain risks including, but not limited to, those described below.

**Market conditions** — The prices of, and the income generated by, the securities held by the fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental

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|:---|:---|
| **51** | American Funds Multi-Sector Income Fund |

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authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements than those in the U.S. As a result, the fund's investments outside the United States may be subject to limited available information and, may be more difficult to value than investments in the United States; the fund may be unable to pursue legal remedies or obtain and enforce judgments in local courts; and repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

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| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **52** |

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**Investing in emerging markets** — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

**Investing in derivatives** — 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. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund's use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund's returns and increase the fund's price volatility. The fund's counterparty to a derivative transaction (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Currency** — The prices of, and the income generated by, many debt securities held by the fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of the fund's securities denominated in such currencies would generally fall and vice versa.

**Liquidity risk** — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss.

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|:---|:---|
| **53** | American Funds Multi-Sector Income Fund |

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**Management** — The investment adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

**5. Certain investment techniques**

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**Mortgage dollar rolls** — The fund has entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund's portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the fund's financial highlights table.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Loan transactions** — The fund has entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

**Unfunded commitments** — The fund has participated in transactions that involve unfunded commitments, which may obligate the fund to purchase new or additional bonds if certain contingencies are met. As of December 31, 2025, the fund's maximum exposure of unfunded bond commitments was $1,809,000, which would represent less than 0.01% of the net assets of the fund should such commitments become due.

**Option contracts** — The fund has entered into option contracts, which give the purchaser of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument underlying the option) at a specified exercise price. The writer of an option on a security has the obligation, upon exercise of the option, to cash settle or deliver the underlying currency or instrument upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying currency or instrument and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the currency or instrument underlying the option (or to deliver the cash value of the instrument underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or cash settles) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying currency or instrument (or cash settle) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying currency or instrument with risk limited to the cost of the option if the price of the underlying currency or instrument falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying currency or instrument does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option's underlying currency or instrument if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying currency or instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

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|:---|:---|
| American Funds Multi-Sector Income Fund | **54** |

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Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities in the fund's statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in the fund's statement of assets and liabilities. The net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments for purchased options and in options written for written options in the fund's statement of operations and statements of changes in net assets.

Option contracts can take different forms. The fund has entered into the following types of option contracts:

**Options on futures** — The fund has entered into options on futures contracts to seek to manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An option on a futures contract gives the holder of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date. The average month-end notional amount of options on futures while held was $5,959,450,000.

**Futures contracts** — The fund has entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund's statement of assets and liabilities. The fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund's statement of operations. The average month-end notional amount of futures contracts while held was $5,752,376,000.

**Forward currency contracts —** The fund has entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The fund's investment adviser uses forward currency contracts to manage the fund's exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the fund's investment adviser values forward currency contracts and records unrealized appreciation or depreciation for open forward currency contracts in the fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the forward currency contract is closed or offset by another contract with the same broker for the same settlement date and currency.

Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in the fund's statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in the fund's statement of operations. The average month-end notional amount of open forward currency contracts while held was $164,764,000.

**Swap contracts** — The fund has entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the fund enters into bilaterally negotiated swap transactions, the fund will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

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| **55** | American Funds Multi-Sector Income Fund |

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Upon entering into a centrally cleared swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the fund's statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the fund's statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the fund's statement of operations.

Swap agreements can take different forms. The fund has entered into the following types of swap agreements:

**Credit default swap indices** — The fund has entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSI"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The fund may enter into a CDSI transaction as either protection buyer or protection seller. If the fund is a protection buyer, it would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the fund, as a protection buyer, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, the fund would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the fund, coupled with the periodic payments previously received by the fund, may be less than the full notional value that the fund, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the fund. Furthermore, as a protection seller, the fund would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap transaction. The average month-end notional amount of credit default swaps while held was $636,993,000.

The following tables identify the location and fair value amounts on the fund's statement of assets and liabilities and the effect on the fund's statement of operations resulting from the fund's use of option contracts, futures contracts, forwards currency contracts and credit default swaps as of, or for the year ended, December 31, 2025 (dollars in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Options purchased <br> (equity style)<br>| Interest | Investment securities | $2621 | Investment securities | $— |
| Options written <br> (equity style)<br>| Interest | Options written, at value |  | Options written, at value | 1421 |
| Futures | Interest | Unrealized appreciation\* | 9589 | Unrealized depreciation\* | 11421 |
| Forward currency | Currency | &nbsp;&nbsp; Unrealized appreciation on open forward <br> currency contracts<br>| 151 | &nbsp;&nbsp; Unrealized depreciation on open forward <br> currency contracts<br>| 32 |
| Swap (centrally <br> cleared)<br>| Credit | Unrealized appreciation\* | 2357 | Unrealized depreciation\* |  |
|  |  |  | $14718 |  | $12874 |

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Refer to the end of the table(s) for footnote(s).

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|:---|:---|
| American Funds Multi-Sector Income Fund | **56** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Options purchased <br> (equity style)<br>| Interest | Net realized gain (loss) on investments | $(3758)<br>| &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on investments<br>| $(1516)<br>|
| Options written <br> (equity style)<br>| Interest | Net realized gain (loss) on options written | 1116 | &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on options written<br>| 751 |
| Futures | Interest | Net realized gain (loss) on futures contracts | 19427 | &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on futures contracts<br>| (12677)<br>|
| Forward currency | Currency | &nbsp;&nbsp; Net realized gain (loss) on forward <br> currency contracts<br>| (14811)<br>| &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on forward currency contracts<br>| (1839)<br>|
| Swap | Credit | Net realized gain (loss) on swap contracts | 21554 | &nbsp;&nbsp; Net unrealized appreciation (depreciation) <br> on swap contracts<br>| 2992 |
|  |  |  | $23528 |  | $(12289)<br>|

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\*

Includes cumulative appreciation/depreciation on futures contracts and centrally cleared credit default swaps as reported in the applicable tables following the fund's investment portfolio. Only current day's variation margin is reported within the fund's statement of assets and liabilities.

**Collateral** — The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to its use of option contracts, futures contracts, forward currency contracts, credit default swaps and future delivery contracts. For options on futures, futures contracts and centrally cleared credit default swaps, the fund pledges collateral for initial and variation margin by contract. For forward currency contracts, the fund either receives or pledges collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the fund either receives or pledges collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by the fund, if any, is disclosed in the fund's investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund's custodian, which is reflected as pledged cash collateral in the fund's statement of assets and liabilities.

**Rights of offset** — The fund has entered into enforceable master netting agreements with certain counterparties for forward currency contracts, where on any date amounts payable by each party to the other (in the same currency with respect to the same transaction) may be closed or offset by each party's payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency ("close-out netting"). For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statement of assets and liabilities.

The following table presents the fund's forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the fund's statement of assets and liabilities. The net amount column shows the impact of offsetting on the fund's statement of assets and liabilities as of December 31, 2025, if close-out netting was exercised (dollars in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | **Gross amounts not offset in the** <br>**statement of assets and liabilities and** <br>**subject to a master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| **Counterparty** | **Gross amounts** <br>**recognized in the** <br>**statement of assets** <br>**and liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Available** <br>**to offset**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash** <br>**collateral\***<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**amount** |
| Assets: |  |  |  |  |  |
| Standard Chartered Bank | &nbsp;&nbsp; $151<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $151<br>|
| Total | &nbsp;&nbsp; $151<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $151<br>|
| Liabilities: |  |  |  |  |  |
| Morgan Stanley | &nbsp;&nbsp; $32<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32<br>|
| Total | &nbsp;&nbsp; $32<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32<br>|

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\*

Collateral is shown on a settlement basis.

**6. Taxation and distributions**

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**Federal income taxation** — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

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|:---|:---|
| **57** | American Funds Multi-Sector Income Fund |

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As of and during the year ended December 31, 2025, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the year, the fund did not incur any significant interest or penalties.

The fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Non-U.S. taxation** — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The fund generally records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; deferred expenses; cost of investments sold; net capital losses; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

During the year ended December 31, 2025, the fund reclassified $13,638,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

As of December 31, 2025, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

---

| | |
|:---|:---|
| Undistributed ordinary income | $4746 |
| Capital loss carryforward\* | (149330)<br>|
| Gross unrealized appreciation on investments | 631229 |
| Gross unrealized depreciation on investments | (401177)<br>|
| Net unrealized appreciation (depreciation) on investments | 230052 |
| Cost of investments | 20308418 |

---

\*

Reflects the utilization of capital loss carryforward of $83,144,000. The capital loss carryforward will be used to offset any capital gains realized by the fund in future years. The fund will not make distributions from capital gainswhile a capital loss carryforward remains.

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **58** |

---

------

Tax-basis distributions paid or accrued to shareholders from ordinary income were as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| <br>**Share class** | **2025** | **2024** |
| Class A | &nbsp;&nbsp; $93361 | $59525 |
| Class C | &nbsp;&nbsp; 3682 | 2083 |
| Class T | &nbsp;&nbsp; 1 | 2 |
| Class F-1 | &nbsp;&nbsp; 1624 | 1228 |
| Class F-2 | &nbsp;&nbsp; 278644 | 196388 |
| Class F-3 | &nbsp;&nbsp; 92678 | 53566 |
| Class 529-A | &nbsp;&nbsp; 2139 | 1333 |
| Class 529-C | &nbsp;&nbsp; 106 | 78 |
| Class 529-E | &nbsp;&nbsp; 63 | 42 |
| Class 529-T | &nbsp;&nbsp; 2 | 2 |
| Class 529-F-1 | &nbsp;&nbsp; 2 | 2 |
| Class 529-F-2 | &nbsp;&nbsp; 1093 | 635 |
| Class 529-F-3 | &nbsp;&nbsp; 1 | 1 |
| Class R-1 | &nbsp;&nbsp; 29 | 13 |
| Class R-2 | &nbsp;&nbsp; 149 | 97 |
| Class R-2E | &nbsp;&nbsp; 7 | 4 |
| Class R-3 | &nbsp;&nbsp; 252 | 172 |
| Class R-4 | &nbsp;&nbsp; 216 | 139 |
| Class R-5E | &nbsp;&nbsp; 131 | 71 |
| Class R-5 | &nbsp;&nbsp; 89 | 50 |
| Class R-6 | &nbsp;&nbsp; 699495 | 652499 |
| Total | &nbsp;&nbsp; $1173764 | $967930 |

---

**7. Fees and transactions with related parties**

------

CRMC, the fund's investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the principal underwriter of the fund's shares, and American Funds Service Company® ("AFS"), the fund's transfer agent. CRMC, CCG and AFS are considered related parties to the fund.

**Investment advisory services** — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. At the beginning of the year, these fees were based on a series of decreasing annual rates beginning with 0.332% on the first $15.0 billion of daily net assets and decreasing to 0.300% on such assets in excess of $15.0 billion. On March 3, 2025, the fund's board of trustees approved an amended investment advisory and service agreement effective May 1, 2025, decreasing the annual rate to 0.290% on daily net assets in excess of $17.0 billion. CRMC waived investment advisory services fees of $10,000 in advance of the amended investment advisory agreement. CRMC does not intend to recoup this waiver. As a result, the fees shown on the fund's statement of operations of $60,193,000 were reduced to $60,183,000, both of which were equivalent to an annualized rate of 0.325% of average daily net assets.

---

| | |
|:---|:---|
| **59** | American Funds Multi-Sector Income Fund |

---

------

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.30% of average daily net assets to pay service fees, or to compensate CCG for paying service fees, to firms that have entered into agreements with CCG to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class A | 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Class 529-A | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Classes C, 529-C and R-1 | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R-2 | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Class R-2E | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Classes 529-E and R-3 | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Classes T, F-1, 529-T, 529-F-1 and R-4 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by CCG for certain shares sold without a sales charge. These share classes reimburse CCG for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of December 31, 2025, unreimbursed expenses subject to reimbursement totaled $1,471,000 for Class A shares. There were no unreimbursed expenses subject to reimbursement for Class 529-A shares.

**Transfer agent services** — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund's share classes. These services include recordkeeping, shareholder communications and transaction processing. Under this agreement, the fund also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders. For the year ended December 31, 2025, AFS waived transfer agent services fees of $4,000 for share classes R-3 and R-5E. AFS does not intend to recoup this waiver.

**Administrative services** — The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to all share classes. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides the fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets attributable to each share class of the fund. Currently the fund pays CRMC an administrative services fee at the annual rate of 0.03% of the average daily net assets attributable to each share class of the fund for CRMC's provision of administrative services.

**529 plan services** — Each 529 share class is subject to service fees to compensate the Commonwealth Savers Plan (formerly, Virginia529) for its oversight and administration of the CollegeAmerica 529 college savings plan. The fees are based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Commonwealth Savers Plan through ABLEAmerica®, a tax-advantaged savings program for individuals with disabilities. Commonwealth Savers Plan is not considered a related party to the fund.

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the year ended December 31, 2025, the 529 plan services fees were $30,000, which were equivalent to 0.053% of the average daily net assets of each 529 share class.

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **60** |

---

------

For the year ended December 31, 2025, class-specific expenses under the agreements were as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **Distribution** <br>**services**<br>| **Transfer agent** <br>**services**<br>| **Administrative** <br>**services**<br>| **529 plan** <br>**services**<br>|
| Class A | $4643 | $1122 | $464 | Not applicable |
| Class C | 691 | 50 | 21 | Not applicable |
| Class T |  | —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class F-1 | 67 | 32 | 8 | Not applicable |
| Class F-2 | Not applicable | 4719 | 1327 | Not applicable |
| Class F-3 | Not applicable | 2 | 435 | Not applicable |
| Class 529-A | 82 | 23 | 11 | $19 |
| Class 529-C | 20 | 1 | 1 | 1 |
| Class 529-E | 5 | —<br> \*<br>| —<br> \*<br>| 1 |
| Class 529-T |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-F-1 |  | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class 529-F-2 | Not applicable | 6 | 5 | 9 |
| Class 529-F-3 | Not applicable | —<br> \*<br>| —<br> \*<br>| —<br> \*<br>|
| Class R-1 | 5 | —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class R-2 | 20 | 5 | 1 | Not applicable |
| Class R-2E | 1 | —<br> \*<br>| —<br> \*<br>| Not applicable |
| Class R-3 | 22 | 7 | 1 | Not applicable |
| Class R-4 | 9 | 2 | 1 | Not applicable |
| Class R-5E | Not applicable | 4 | 1 | Not applicable |
| Class R-5 | Not applicable | 1 | —<br> \*<br>| Not applicable |
| Class R-6 | Not applicable | 44 | 3277 | Not applicable |
| Total class-specific expenses | $5565 | $6018 | $5553 | $30 |

---

\*

Amount less than one thousand.

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees' compensation of $68,000 in the fund's statement of operations reflects $60,000 in current fees (either paid in cash or deferred) and a net increase of $8,000 in the value of the deferred amounts.

**Affiliated officers and trustees** — Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, CCG and AFS. No affiliated officers or trustees received any compensation directly from the fund.

**Investment in CCF** — The fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund's short-term instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

**Security transactions with related funds** — The fund may purchase investment securities from, or sell investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended December 31, 2025, the fund did not engage in any such purchase or sale transactions with any related funds.

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **61** | American Funds Multi-Sector Income Fund |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Committed line of credit**

------

The fund participates with other funds managed by CRMC (or funds managed by certain affiliates of CRMC) in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to support shareholder redemptions. The fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in the fund's statement of operations. The fund did not borrow on this line of credit at any time during the year ended December 31, 2025.

**9. Indemnifications**

------

The fund's organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund's board members and officers.

**10. Capital share transactions**

------

Capital share transactions in the fund were as follows (dollars and shares in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br> **(decrease)** | **Net increase**<br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| Class A | $666756 | 70734 | &nbsp;&nbsp;&nbsp; $91898 | 9741 | &nbsp;&nbsp;&nbsp; $(265287)<br>| (28231)<br>| &nbsp;&nbsp;&nbsp; $493367 | 52244 |
| Class C | 40188 | 4262 | &nbsp;&nbsp;&nbsp; 3642 | 386 | &nbsp;&nbsp;&nbsp; (17415)<br>| (1856)<br>| &nbsp;&nbsp;&nbsp; 26415 | 2792 |
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 14006 | 1483 | &nbsp;&nbsp;&nbsp; 1609 | 171 | &nbsp;&nbsp;&nbsp; (7937)<br>| (845)<br>| &nbsp;&nbsp;&nbsp; 7678 | 809 |
| Class F-2 | 2082833 | 221277 | &nbsp;&nbsp;&nbsp; 274344 | 29079 | &nbsp;&nbsp;&nbsp; (872609)<br>| (92952)<br>| &nbsp;&nbsp;&nbsp; 1484568 | 157404 |
| Class F-3 | 1115557 | 117982 | &nbsp;&nbsp;&nbsp; 83933 | 8895 | &nbsp;&nbsp;&nbsp; (259280)<br>| (27608)<br>| &nbsp;&nbsp;&nbsp; 940210 | 99269 |
| Class 529-A | 18996 | 2016 | &nbsp;&nbsp;&nbsp; 2131 | 226 | &nbsp;&nbsp;&nbsp; (8956)<br>| (953)<br>| &nbsp;&nbsp;&nbsp; 12171 | 1289 |
| Class 529-C | 1174 | 125 | &nbsp;&nbsp;&nbsp; 105 | 11 | &nbsp;&nbsp;&nbsp; (688)<br>| (73)<br>| &nbsp;&nbsp;&nbsp; 591 | 63 |
| Class 529-E | 327 | 35 | &nbsp;&nbsp;&nbsp; 62 | 7 | &nbsp;&nbsp;&nbsp; (194)<br>| (21)<br>| &nbsp;&nbsp;&nbsp; 195 | 21 |
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; 2 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 2 | 1 |
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; 2 | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 2 | 1 |
| Class 529-F-2 | 10006 | 1062 | &nbsp;&nbsp;&nbsp; 1090 | 114 | &nbsp;&nbsp;&nbsp; (2914)<br>| (309)<br>| &nbsp;&nbsp;&nbsp; 8182 | 867 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class R-1 | 234 | 25 | &nbsp;&nbsp;&nbsp; 28 | 3 | &nbsp;&nbsp;&nbsp; (66)<br>| (7)<br>| &nbsp;&nbsp;&nbsp; 196 | 21 |
| Class R-2 | 965 | 103 | &nbsp;&nbsp;&nbsp; 149 | 15 | &nbsp;&nbsp;&nbsp; (492)<br>| (52)<br>| &nbsp;&nbsp;&nbsp; 622 | 66 |
| Class R-2E | 611 | 64 | &nbsp;&nbsp;&nbsp; 6 | 1 | &nbsp;&nbsp;&nbsp; (637)<br>| (67)<br>| &nbsp;&nbsp;&nbsp; (20)<br>| (2)<br>|
| Class R-3 | 2723 | 289 | &nbsp;&nbsp;&nbsp; 251 | 26 | &nbsp;&nbsp;&nbsp; (1330)<br>| (143)<br>| &nbsp;&nbsp;&nbsp; 1644 | 172 |
| Class R-4 | 680 | 72 | &nbsp;&nbsp;&nbsp; 216 | 22 | &nbsp;&nbsp;&nbsp; (1188)<br>| (125)<br>| &nbsp;&nbsp;&nbsp; (292)<br>| (31)<br>|
| Class R-5E | 948 | 101 | &nbsp;&nbsp;&nbsp; 130 | 14 | &nbsp;&nbsp;&nbsp; (634)<br>| (68)<br>| &nbsp;&nbsp;&nbsp; 444 | 47 |
| Class R-5 | 1172 | 124 | &nbsp;&nbsp;&nbsp; 81 | 9 | &nbsp;&nbsp;&nbsp; (701)<br>| (75)<br>| &nbsp;&nbsp;&nbsp; 552 | 58 |
| Class R-6 | 1040435 | 110431 | &nbsp;&nbsp;&nbsp; 698087 | 74015 | &nbsp;&nbsp;&nbsp; (1141743)<br>| (121399)<br>| &nbsp;&nbsp;&nbsp; 596779 | 63047 |
| Total net increase <br> (decrease)<br>| $4997611 | 530185 | &nbsp;&nbsp;&nbsp; $1157767 | 122737 | &nbsp;&nbsp;&nbsp; $(2582071)<br>| (274784)<br>| &nbsp;&nbsp;&nbsp; $3573307 | 378138 |

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Refer to the end of the table(s) for footnote(s).

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| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **62** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of**<br> **distributions** | **Reinvestments of**<br> **distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br> **(decrease)** | **Net increase**<br> **(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| Class A | $699010 | 74477 | &nbsp;&nbsp;&nbsp; $58387 | 6231 | &nbsp;&nbsp;&nbsp; $(162636)<br>| (17361)<br>| &nbsp;&nbsp;&nbsp; $594761 | 63347 |
| Class C | 36966 | 3931 | &nbsp;&nbsp;&nbsp; 2059 | 220 | &nbsp;&nbsp;&nbsp; (7891)<br>| (842)<br>| &nbsp;&nbsp;&nbsp; 31134 | 3309 |
| Class T |  |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  |
| Class F-1 | 14097 | 1509 | &nbsp;&nbsp;&nbsp; 1218 | 130 | &nbsp;&nbsp;&nbsp; (8769)<br>| (940)<br>| &nbsp;&nbsp;&nbsp; 6546 | 699 |
| Class F-2 | 1491043 | 159311 | &nbsp;&nbsp;&nbsp; 193114 | 20623 | &nbsp;&nbsp;&nbsp; (696299)<br>| (74502)<br>| &nbsp;&nbsp;&nbsp; 987858 | 105432 |
| Class F-3 | 485046 | 51664 | &nbsp;&nbsp;&nbsp; 52589 | 5616 | &nbsp;&nbsp;&nbsp; (143040)<br>| (15298)<br>| &nbsp;&nbsp;&nbsp; 394595 | 41982 |
| Class 529-A | 17099 | 1826 | &nbsp;&nbsp;&nbsp; 1329 | 142 | &nbsp;&nbsp;&nbsp; (5208)<br>| (557)<br>| &nbsp;&nbsp;&nbsp; 13220 | 1411 |
| Class 529-C | 1522 | 163 | &nbsp;&nbsp;&nbsp; 78 | 8 | &nbsp;&nbsp;&nbsp; (957)<br>| (102)<br>| &nbsp;&nbsp;&nbsp; 643 | 69 |
| Class 529-E | 639 | 69 | &nbsp;&nbsp;&nbsp; 42 | 5 | &nbsp;&nbsp;&nbsp; (51)<br>| (6)<br>| &nbsp;&nbsp;&nbsp; 630 | 68 |
| Class 529-T |  |  | &nbsp;&nbsp;&nbsp; 2 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 2 | — <br><sup>†</sup><br>|
| Class 529-F-1 |  |  | &nbsp;&nbsp;&nbsp; 2 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 2 | — <br><sup>†</sup><br>|
| Class 529-F-2 | 8201 | 877 | &nbsp;&nbsp;&nbsp; 633 | 67 | &nbsp;&nbsp;&nbsp; (1683)<br>| (179)<br>| &nbsp;&nbsp;&nbsp; 7151 | 765 |
| Class 529-F-3 |  |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1 | — <br><sup>†</sup><br>|
| Class R-1 | 321 | 35 | &nbsp;&nbsp;&nbsp; 11 | 1 | &nbsp;&nbsp;&nbsp; (39)<br>| (4)<br>| &nbsp;&nbsp;&nbsp; 293 | 32 |
| Class R-2 | 1319 | 141 | &nbsp;&nbsp;&nbsp; 97 | 10 | &nbsp;&nbsp;&nbsp; (293)<br>| (31)<br>| &nbsp;&nbsp;&nbsp; 1123 | 120 |
| Class R-2E | 125 | 13 | &nbsp;&nbsp;&nbsp; 2 | — <br><sup>†</sup><br>| &nbsp;&nbsp;&nbsp; (43)<br>| (4)<br>| &nbsp;&nbsp;&nbsp; 84 | 9 |
| Class R-3 | 1698 | 181 | &nbsp;&nbsp;&nbsp; 170 | 18 | &nbsp;&nbsp;&nbsp; (510)<br>| (54)<br>| &nbsp;&nbsp;&nbsp; 1358 | 145 |
| Class R-4 | 2154 | 229 | &nbsp;&nbsp;&nbsp; 139 | 15 | &nbsp;&nbsp;&nbsp; (369)<br>| (39)<br>| &nbsp;&nbsp;&nbsp; 1924 | 205 |
| Class R-5E | 1369 | 145 | &nbsp;&nbsp;&nbsp; 69 | 8 | &nbsp;&nbsp;&nbsp; (447)<br>| (48)<br>| &nbsp;&nbsp;&nbsp; 991 | 105 |
| Class R-5 | 460 | 49 | &nbsp;&nbsp;&nbsp; 47 | 5 | &nbsp;&nbsp;&nbsp; (25)<br>| (3)<br>| &nbsp;&nbsp;&nbsp; 482 | 51 |
| Class R-6 | 1384672 | 148064 | &nbsp;&nbsp;&nbsp; 651826 | 69638 | &nbsp;&nbsp;&nbsp; (433603)<br>| (46447)<br>| &nbsp;&nbsp;&nbsp; 1602895 | 171255 |
| Total net increase <br> (decrease)<br>| $4145741 | 442684 | &nbsp;&nbsp;&nbsp; $961815 | 102737 | &nbsp;&nbsp;&nbsp; $(1461863)<br>| (156417)<br>| &nbsp;&nbsp;&nbsp; $3645693 | 389004 |

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\*

Includes exchanges between share classes of the fund.

<sup>†</sup>

Amount less than one thousand.

**11. Investment transactions**

------

The fund engaged in purchases and sales of investment securities, excluding in-kind transactions, short-term securities and U.S. government obligations, if any, of $16,786,557,000 and $13,345,001,000, respectively, during the year ended December 31, 2025.

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| | |
|:---|:---|
| **63** | American Funds Multi-Sector Income Fund |

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------

Financial highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended**  | <br>**Net asset** <br>**value,** <br>**beginning** <br>**of year**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net gains** <br>**(losses) on** <br>**securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**(from net** <br>**investment** <br>**income)**<br>| **Distributions** <br>**(from capital** <br>**gains)**<br>| **Total** <br>**dividends** <br>**and** <br>**distributions**<br>| <br>**Net asset** <br>**value,** <br>**end** <br>**of year**<br>| <br>**Total return**<sup>2,3</sup> <br>| <br>**Net assets,** <br>**end of** <br>**year** <br>**(in millions)** <br>| <br>**Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>4</sup> <br>| <br>**Ratio of** <br>**expenses to** <br>**average net** <br>**assets after** <br>**waivers/** <br>**reimburse-** <br>**ments**<sup>3,4</sup> <br>| <br>**Ratio of** <br>**net income** <br>**(loss) to** <br>**average** <br>**net assets**<sup>3</sup> <br>|
| **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  | **Class A:**  |
| 12/31/2025 | $9.35 | $.55 | $.16 | $.71 | $(.57)<br>| $— | $(.57)<br>| $9.49 | 7.78<br> %<br>| $1825 | .74<br> %<br>| .74<br> %<br>| 5.87<br> %<br>|
| 12/31/2024 | 9.32 | .56 | .04 | .60 | (.57)<br>|  | (.57)<br>| 9.35 | 6.59 | 1310 | .75 | .75 | 6.01 |
| 12/31/2023 | 8.95 | .53 | .38 | .91 | (.54)<br>|  | (.54)<br>| 9.32 | 10.58 | 716 | .77 | .77 | 5.86 |
| 12/31/2022 | 10.63 | .42 | (1.70)<br>| (1.28)<br>| (.40)<br>| — <br><sup>5</sup><br>| (.40)<br>| 8.95 | (12.05)<br>| 619 | .79 | .78 | 4.44 |
| 12/31/2021 | 10.81 | .36 | (.11)<br>| .25 | (.36)<br>| (.07)<br>| (.43)<br>| 10.63 | 2.38 | 680 | .84 | .83 | 3.34 |
| **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  | **Class C:**  |
| 12/31/2025 | 9.35 | .49 | .15 | .64 | (.50)<br>|  | (.50)<br>| 9.49 | 7.03 | 84 | 1.44 | 1.44 | 5.17 |
| 12/31/2024 | 9.32 | .50 | .03 | .53 | (.50)<br>|  | (.50)<br>| 9.35 | 5.85 | 57 | 1.45 | 1.45 | 5.31 |
| 12/31/2023 | 8.95 | .47 | .38 | .85 | (.48)<br>|  | (.48)<br>| 9.32 | 9.81 | 26 | 1.47 | 1.47 | 5.17 |
| 12/31/2022 | 10.63 | .35 | (1.69)<br>| (1.34)<br>| (.34)<br>| — <br><sup>5</sup><br>| (.34)<br>| 8.95 | (12.67)<br>| 17 | 1.49 | 1.49 | 3.70 |
| 12/31/2021 | 10.81 | .28 | (.10)<br>| .18 | (.29)<br>| (.07)<br>| (.36)<br>| 10.63 | 1.67 | 24 | 1.54 | 1.53 | 2.63 |
| **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  | **Class T:**  |
| 12/31/2025 | 9.35 | .58 | .16 | .74 | (.60)<br>|  | (.60)<br>| 9.49 | 8.11 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .42 <br><sup>6</sup><br>| .42 <br><sup>6</sup><br>| 6.20 <br><sup>6</sup><br>|
| 12/31/2024 | 9.32 | .59 | .04 | .63 | (.60)<br>|  | (.60)<br>| 9.35 | 6.94 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .42 <br><sup>6</sup><br>| .42 <br><sup>6</sup><br>| 6.35 <br><sup>6</sup><br>|
| 12/31/2023 | 8.95 | .56 | .38 | .94 | (.57)<br>|  | (.57)<br>| 9.32 | 10.97 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .41 <br><sup>6</sup><br>| .41 <br><sup>6</sup><br>| 6.22 <br><sup>6</sup><br>|
| 12/31/2022 | 10.63 | .45 | (1.70)<br>| (1.25)<br>| (.43)<br>| — <br><sup>5</sup><br>| (.43)<br>| 8.95 | (11.79 )<sup>6</sup><br>| — <br><sup>7</sup><br>| .48 <br><sup>6</sup><br>| .48 <br><sup>6</sup><br>| 4.74 <br><sup>6</sup><br>|
| 12/31/2021 | 10.81 | .39 | (.11)<br>| .28 | (.39)<br>| (.07)<br>| (.46)<br>| 10.63 | 2.63 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .59 <br><sup>6</sup><br>| .59 <br><sup>6</sup><br>| 3.61 <br><sup>6</sup><br>|
| **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  | **Class F-1:**  |
| 12/31/2025 | 9.35 | .55 | .16 | .71 | (.57)<br>|  | (.57)<br>| 9.49 | 7.78 | 31 | .74 | .74 | 5.88 |
| 12/31/2024 | 9.32 | .56 | .04 | .60 | (.57)<br>|  | (.57)<br>| 9.35 | 6.60 | 24 | .74 | .74 | 6.03 |
| 12/31/2023 | 8.95 | .53 | .38 | .91 | (.54)<br>|  | (.54)<br>| 9.32 | 10.60 | 17 | .75 | .75 | 5.88 |
| 12/31/2022 | 10.63 | .42 | (1.70)<br>| (1.28)<br>| (.40)<br>| — <br><sup>5</sup><br>| (.40)<br>| 8.95 | (12.06)<br>| 15 | .79 | .79 | 4.45 |
| 12/31/2021 | 10.81 | .36 | (.11)<br>| .25 | (.36)<br>| (.07)<br>| (.43)<br>| 10.63 | 2.37 | 15 | .85 | .85 | 3.33 |
| **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  | **Class F-2:**  |
| 12/31/2025 | 9.35 | .58 | .15 | .73 | (.59)<br>|  | (.59)<br>| 9.49 | 8.06 | 5172 | .47 | .47 | 6.14 |
| 12/31/2024 | 9.32 | .59 | .03 | .62 | (.59)<br>|  | (.59)<br>| 9.35 | 6.88 | 3625 | .48 | .48 | 6.30 |
| 12/31/2023 | 8.95 | .56 | .38 | .94 | (.57)<br>|  | (.57)<br>| 9.32 | 10.89 | 2631 | .48 | .48 | 6.19 |
| 12/31/2022 | 10.63 | .46 | (1.71)<br>| (1.25)<br>| (.43)<br>| — <br><sup>5</sup><br>| (.43)<br>| 8.95 | (11.81)<br>| 1526 | .50 | .50 | 4.90 |
| 12/31/2021 | 10.81 | .38 | (.10)<br>| .28 | (.39)<br>| (.07)<br>| (.46)<br>| 10.63 | 2.66 | 804 | .56 | .56 | 3.55 |
| **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  | **Class F-3:**  |
| 12/31/2025 | 9.35 | .59 | .15 | .74 | (.60)<br>|  | (.60)<br>| 9.49 | 8.18 | 2035 | .37 | .37 | 6.22 |
| 12/31/2024 | 9.32 | .60 | .03 | .63 | (.60)<br>|  | (.60)<br>| 9.35 | 6.99 | 1077 | .37 | .37 | 6.40 |
| 12/31/2023 | 8.95 | .57 | .38 | .95 | (.58)<br>|  | (.58)<br>| 9.32 | 11.01 | 682 | .38 | .38 | 6.29 |
| 12/31/2022 | 10.63 | .46 | (1.70)<br>| (1.24)<br>| (.44)<br>| — <br><sup>5</sup><br>| (.44)<br>| 8.95 | (11.72)<br>| 443 | .41 | .40 | 4.92 |
| 12/31/2021 | 10.81 | .39 | (.10)<br>| .29 | (.40)<br>| (.07)<br>| (.47)<br>| 10.63 | 2.73 | 297 | .49 | .48 | 3.64 |
| **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  | **Class 529-A:**  |
| 12/31/2025 | 9.35 | .55 | .16 | .71 | (.57)<br>|  | (.57)<br>| 9.49 | 7.80 | 42 | .72 | .72 | 5.89 |
| 12/31/2024 | 9.32 | .56 | .04 | .60 | (.57)<br>|  | (.57)<br>| 9.35 | 6.58 | 29 | .76 | .76 | 6.01 |
| 12/31/2023 | 8.95 | .53 | .38 | .91 | (.54)<br>|  | (.54)<br>| 9.32 | 10.59 | 16 | .76 | .76 | 5.90 |
| 12/31/2022 | 10.63 | .42 | (1.69)<br>| (1.27)<br>| (.41)<br>| — <br><sup>5</sup><br>| (.41)<br>| 8.95 | (12.03)<br>| 10 | .76 | .75 | 4.50 |
| 12/31/2021 | 10.81 | .36 | (.10)<br>| .26 | (.37)<br>| (.07)<br>| (.44)<br>| 10.63 | 2.43 | 10 | .81 | .80 | 3.35 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **64** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended**  | <br>**Net asset**<br> **value,**<br> **beginning**<br> **of year**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| <br>**Net asset**<br> **value,**<br> **end**<br> **of year**<br>| <br>**Total return**<sup>2,3</sup> | <br>**Net assets,**<br> **end of**<br> **year**<br> **(in millions)** <br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup><br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup><br>| <br>**Ratio of**<br> **net income**<br> **(loss) to**<br> **average**<br> **net assets**<sup>3</sup><br>|
| **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  | **Class 529-C:**  |
| 12/31/2025 | $9.35 | $.48 | $.16 | $.64 | $(.50)<br>| $— | $(.50)<br>| $9.49 | 6.98<br> %<br>| $2 | 1.49<br> %<br>| 1.49<br> %<br>| 5.13<br> %<br>|
| 12/31/2024 | 9.32 | .50 | .03 | .53 | (.50)<br>|  | (.50)<br>| 9.35 | 5.81 | 2 | 1.49 | 1.49 | 5.28 |
| 12/31/2023 | 8.95 | .47 | .38 | .85 | (.48)<br>|  | (.48)<br>| 9.32 | 9.79 | 1 | 1.49 | 1.49 | 5.17 |
| 12/31/2022 | 10.63 | .35 | (1.69)<br>| (1.34)<br>| (.34)<br>| — <br><sup>5</sup><br>| (.34)<br>| 8.95 | (12.68)<br>| 1 | 1.49 | 1.49 | 3.75 |
| 12/31/2021 | 10.81 | .28 | (.11)<br>| .17 | (.28)<br>| (.07)<br>| (.35)<br>| 10.63 | 1.65 | 1 | 1.54 | 1.54 | 2.61 |
| **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  | **Class 529-E:**  |
| 12/31/2025 | 9.35 | .53 | .16 | .69 | (.55)<br>|  | (.55)<br>| 9.49 | 7.56 | 1 | .94 | .94 | 5.67 |
| 12/31/2024 | 9.32 | .55 | .03 | .58 | (.55)<br>|  | (.55)<br>| 9.35 | 6.40 | 1 | .94 | .94 | 5.83 |
| 12/31/2023 | 8.95 | .52 | .38 | .90 | (.53)<br>|  | (.53)<br>| 9.32 | 10.42 | — <br><sup>7</sup><br>| .92 | .92 | 5.77 |
| 12/31/2022 | 10.63 | .41 | (1.70)<br>| (1.29)<br>| (.39)<br>| — <br><sup>5</sup><br>| (.39)<br>| 8.95 | (12.18 )<sup>6</sup><br>| — <br><sup>7</sup><br>| .93 <br><sup>6</sup><br>| .92 <br><sup>6</sup><br>| 4.29 <br><sup>6</sup><br>|
| 12/31/2021 | 10.81 | .34 | (.10)<br>| .24 | (.35)<br>| (.07)<br>| (.42)<br>| 10.63 | 2.25 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .98 <br><sup>6</sup><br>| .97 <br><sup>6</sup><br>| 3.18 <br><sup>6</sup><br>|
| **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  | **Class 529-T:**  |
| 12/31/2025 | 9.35 | .58 | .15 | .73 | (.59)<br>|  | (.59)<br>| 9.49 | 8.05 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .49 <br><sup>6</sup><br>| .49 <br><sup>6</sup><br>| 6.13 <br><sup>6</sup><br>|
| 12/31/2024 | 9.32 | .59 | .03 | .62 | (.59)<br>|  | (.59)<br>| 9.35 | 6.89 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .47 <br><sup>6</sup><br>| .47 <br><sup>6</sup><br>| 6.30 <br><sup>6</sup><br>|
| 12/31/2023 | 8.95 | .56 | .38 | .94 | (.57)<br>|  | (.57)<br>| 9.32 | 10.92 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .46 <br><sup>6</sup><br>| .46 <br><sup>6</sup><br>| 6.18 <br><sup>6</sup><br>|
| 12/31/2022 | 10.63 | .44 | (1.69)<br>| (1.25)<br>| (.43)<br>| — <br><sup>5</sup><br>| (.43)<br>| 8.95 | (11.82 )<sup>6</sup><br>| — <br><sup>7</sup><br>| .53 <br><sup>6</sup><br>| .52 <br><sup>6</sup><br>| 4.71 <br><sup>6</sup><br>|
| 12/31/2021 | 10.81 | .38 | (.11)<br>| .27 | (.38)<br>| (.07)<br>| (.45)<br>| 10.63 | 2.57 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .65 <br><sup>6</sup><br>| .65 <br><sup>6</sup><br>| 3.55 <br><sup>6</sup><br>|
| **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  | **Class 529-F-1:**  |
| 12/31/2025 | 9.35 | .57 | .16 | .73 | (.59)<br>|  | (.59)<br>| 9.49 | 7.98 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .55 <br><sup>6</sup><br>| .55 <br><sup>6</sup><br>| 6.07 <br><sup>6</sup><br>|
| 12/31/2024 | 9.32 | .58 | .04 | .62 | (.59)<br>|  | (.59)<br>| 9.35 | 6.81 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .55 <br><sup>6</sup><br>| .55 <br><sup>6</sup><br>| 6.23 <br><sup>6</sup><br>|
| 12/31/2023 | 8.95 | .55 | .38 | .93 | (.56)<br>|  | (.56)<br>| 9.32 | 10.82 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .55 <br><sup>6</sup><br>| .55 <br><sup>6</sup><br>| 6.08 <br><sup>6</sup><br>|
| 12/31/2022 | 10.63 | .44 | (1.70)<br>| (1.26)<br>| (.42)<br>| — <br><sup>5</sup><br>| (.42)<br>| 8.95 | (11.88 )<sup>6</sup><br>| — <br><sup>7</sup><br>| .60 <br><sup>6</sup><br>| .59 <br><sup>6</sup><br>| 4.64 <br><sup>6</sup><br>|
| 12/31/2021 | 10.81 | .38 | (.11)<br>| .27 | (.38)<br>| (.07)<br>| (.45)<br>| 10.63 | 2.57 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .66 <br><sup>6</sup><br>| .65 <br><sup>6</sup><br>| 3.54 <br><sup>6</sup><br>|
| **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  | **Class 529-F-2:**  |
| 12/31/2025 | 9.35 | .58 | .15 | .73 | (.59)<br>|  | (.59)<br>| 9.49 | 8.09 | 22 | .45 | .45 | 6.15 |
| 12/31/2024 | 9.32 | .59 | .04 | .63 | (.60)<br>|  | (.60)<br>| 9.35 | 6.90 | 14 | .46 | .46 | 6.31 |
| 12/31/2023 | 8.95 | .56 | .38 | .94 | (.57)<br>|  | (.57)<br>| 9.32 | 10.93 | 6 | .45 | .45 | 6.22 |
| 12/31/2022 | 10.63 | .45 | (1.70)<br>| (1.25)<br>| (.43)<br>| — <br><sup>5</sup><br>| (.43)<br>| 8.95 | (11.81)<br>| 3 | .51 | .50 | 4.75 |
| 12/31/2021 | 10.81 | .38 | (.11)<br>| .27 | (.38)<br>| (.07)<br>| (.45)<br>| 10.63 | 2.59 | 3 | .63 | .63 | 3.55 |
| **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  | **Class 529-F-3:**  |
| 12/31/2025 | 9.35 | .58 | .16 | .74 | (.60)<br>|  | (.60)<br>| 9.49 | 8.11 | — <br><sup>7</sup><br>| .43 | .43 | 6.19 |
| 12/31/2024 | 9.32 | .59 | .04 | .63 | (.60)<br>|  | (.60)<br>| 9.35 | 6.91 | — <br><sup>7</sup><br>| .44 | .44 | 6.33 |
| 12/31/2023 | 8.95 | .56 | .38 | .94 | (.57)<br>|  | (.57)<br>| 9.32 | 10.92 | — <br><sup>7</sup><br>| .45 | .45 | 6.18 |
| 12/31/2022 | 10.63 | .45 | (1.70)<br>| (1.25)<br>| (.43)<br>| — <br><sup>5</sup><br>| (.43)<br>| 8.95 | (11.79)<br>| — <br><sup>7</sup><br>| .49 | .49 | 4.74 |
| 12/31/2021 | 10.81 | .39 | (.11)<br>| .28 | (.39)<br>| (.07)<br>| (.46)<br>| 10.63 | 2.67 | — <br><sup>7</sup><br>| .59 | .57 | 3.64 |
| **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  | **Class R-1:**  |
| 12/31/2025 | 9.35 | .49 | .16 | .65 | (.51)<br>|  | (.51)<br>| 9.49 | 7.07 | 1 | 1.40 | 1.40 | 5.21 |
| 12/31/2024 | 9.32 | .51 | .04 | .55 | (.52)<br>|  | (.52)<br>| 9.35 | 5.99 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| 1.34 <br><sup>6</sup><br>| 1.34 <br><sup>6</sup><br>| 5.45 <br><sup>6</sup><br>|
| 12/31/2023 | 8.95 | .49 | .38 | .87 | (.50)<br>|  | (.50)<br>| 9.32 | 10.10 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| 1.21 <br><sup>6</sup><br>| 1.21 <br><sup>6</sup><br>| 5.47 <br><sup>6</sup><br>|
| 12/31/2022 | 10.63 | .39 | (1.70)<br>| (1.31)<br>| (.37)<br>| — <br><sup>5</sup><br>| (.37)<br>| 8.95 | (12.34 )<sup>6</sup><br>| — <br><sup>7</sup><br>| 1.11 <br><sup>6</sup><br>| 1.11 <br><sup>6</sup><br>| 4.14 <br><sup>6</sup><br>|
| 12/31/2021 | 10.81 | .31 | (.10)<br>| .21 | (.32)<br>| (.07)<br>| (.39)<br>| 10.63 | 1.97 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| 1.29 <br><sup>6</sup><br>| 1.28 <br><sup>6</sup><br>| 2.90 <br><sup>6</sup><br>|

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **65** | American Funds Multi-Sector Income Fund |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Income (loss) from investment operations**<sup>1</sup> | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended**  | <br>**Net asset**<br> **value,**<br> **beginning**<br> **of year**<br>| **Net**<br> **investment**<br> **income**<br> **(loss)**<br>| **Net gains**<br> **(losses) on**<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **(from net**<br> **investment**<br> **income)**<br>| **Distributions**<br> **(from capital**<br> **gains)**<br>| **Total**<br> **dividends**<br> **and**<br> **distributions**<br>| <br>**Net asset**<br> **value,**<br> **end**<br> **of year**<br>| <br>**Total return**<sup>2,3</sup> | <br>**Net assets,**<br> **end of**<br> **year**<br> **(in millions)** <br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets before**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>4</sup><br>| <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets after**<br> **waivers/**<br> **reimburse-**<br> **ments**<sup>3,4</sup><br>| <br>**Ratio of**<br> **net income**<br> **(loss) to**<br> **average**<br> **net assets**<sup>3</sup><br>|
| **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  | **Class R-2:**  |
| 12/31/2025 | $9.35 | $.50 | $.15 | $.65 | $(.51)<br>| $— | $(.51)<br>| $9.49 | 7.18<br> %<br>| $3 | 1.30<br> %<br>| 1.30<br> %<br>| 5.31<br> %<br>|
| 12/31/2024 | 9.32 | .51 | .04 | .55 | (.52)<br>|  | (.52)<br>| 9.35 | 6.02 | 2 | 1.29 | 1.29 | 5.47 |
| 12/31/2023 | 8.95 | .48 | .38 | .86 | (.49)<br>|  | (.49)<br>| 9.32 | 9.91 | 1 | 1.37 | 1.37 | 5.31 |
| 12/31/2022 | 10.63 | .37 | (1.70)<br>| (1.33)<br>| (.35)<br>| — <br><sup>5</sup><br>| (.35)<br>| 8.95 | (12.55)<br>| 1 | 1.34 | 1.34 | 3.85 |
| 12/31/2021 | 10.81 | .30 | (.10)<br>| .20 | (.31)<br>| (.07)<br>| (.38)<br>| 10.63 | 1.87 | 1 | 1.31 | 1.31 | 2.82 |
| **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  | **Class R-2E:**  |
| 12/31/2025 | 9.35 | .54 | .14 | .68 | (.54)<br>|  | (.54)<br>| 9.49 | 7.48 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| 1.05 <br><sup>6</sup><br>| 1.05 <br><sup>6</sup><br>| 5.79 <br><sup>6</sup><br>|
| 12/31/2024 | 9.32 | .55 | .05 | .60 | (.57)<br>|  | (.57)<br>| 9.35 | 6.55 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .87 <br><sup>6</sup><br>| .87 <br><sup>6</sup><br>| 5.89 <br><sup>6</sup><br>|
| 12/31/2023 | 8.95 | .56 | .38 | .94 | (.57)<br>|  | (.57)<br>| 9.32 | 10.94 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .44 <br><sup>6</sup><br>| .44 <br><sup>6</sup><br>| 6.20 <br><sup>6</sup><br>|
| 12/31/2022 | 10.63 | .44 | (1.69)<br>| (1.25)<br>| (.43)<br>| — <br><sup>5</sup><br>| (.43)<br>| 8.95 | (11.79 )<sup>6</sup><br>| — <br><sup>7</sup><br>| .50 <br><sup>6</sup><br>| .49 <br><sup>6</sup><br>| 4.68 <br><sup>6</sup><br>|
| 12/31/2021 | 10.81 | .39 | (.11)<br>| .28 | (.39)<br>| (.07)<br>| (.46)<br>| 10.63 | 2.69 <br><sup>6</sup><br>| — <br><sup>7</sup><br>| .54 <br><sup>6</sup><br>| .54 <br><sup>6</sup><br>| 3.66 <br><sup>6</sup><br>|
| **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  | **Class R-3:**  |
| 12/31/2025 | 9.35 | .53 | .16 | .69 | (.55)<br>|  | (.55)<br>| 9.49 | 7.55 | 5 | 1.03 | .96 | 5.65 |
| 12/31/2024 | 9.32 | .54 | .04 | .58 | (.55)<br>|  | (.55)<br>| 9.35 | 6.35 | 4 | .98 | .97 | 5.80 |
| 12/31/2023 | 8.95 | .51 | .38 | .89 | (.52)<br>|  | (.52)<br>| 9.32 | 10.31 | 2 | 1.00 | 1.00 | 5.68 |
| 12/31/2022 | 10.63 | .39 | (1.69)<br>| (1.30)<br>| (.38)<br>| — <br><sup>5</sup><br>| (.38)<br>| 8.95 | (12.30)<br>| 1 | 1.06 | 1.06 | 4.14 |
| 12/31/2021 | 10.81 | .33 | (.10)<br>| .23 | (.34)<br>| (.07)<br>| (.41)<br>| 10.63 | 2.15 | 1 | 1.07 | 1.07 | 3.11 |
| **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  | **Class R-4:**  |
| 12/31/2025 | 9.35 | .56 | .15 | .71 | (.57)<br>|  | (.57)<br>| 9.49 | 7.86 | 3 | .66 | .66 | 5.95 |
| 12/31/2024 | 9.32 | .57 | .03 | .60 | (.57)<br>|  | (.57)<br>| 9.35 | 6.65 | 3 | .68 | .68 | 6.06 |
| 12/31/2023 | 8.95 | .53 | .39 | .92 | (.55)<br>|  | (.55)<br>| 9.32 | 10.62 | 1 | .73 | .73 | 5.92 |
| 12/31/2022 | 10.63 | .42 | (1.69)<br>| (1.27)<br>| (.41)<br>| — <br><sup>5</sup><br>| (.41)<br>| 8.95 | (12.02)<br>| 1 | .75 | .75 | 4.34 |
| 12/31/2021 | 10.81 | .37 | (.11)<br>| .26 | (.37)<br>| (.07)<br>| (.44)<br>| 10.63 | 2.44 | 2 | .78 | .77 | 3.44 |
| **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  | **Class R-5E:**  |
| 12/31/2025 | 9.35 | .58 | .15 | .73 | (.59)<br>|  | (.59)<br>| 9.49 | 8.04 | 2 | .56 | .49 | 6.12 |
| 12/31/2024 | 9.32 | .59 | .03 | .62 | (.59)<br>|  | (.59)<br>| 9.35 | 6.84 | 2 | .52 | .51 | 6.25 |
| 12/31/2023 | 8.95 | .55 | .38 | .93 | (.56)<br>|  | (.56)<br>| 9.32 | 10.83 | 1 | .54 | .54 | 6.13 |
| 12/31/2022 | 10.63 | .43 | (1.69)<br>| (1.26)<br>| (.42)<br>| — <br><sup>5</sup><br>| (.42)<br>| 8.95 | (11.88)<br>| — <br><sup>7</sup><br>| .59 | .59 | 4.49 |
| 12/31/2021 | 10.81 | .38 | (.11)<br>| .27 | (.38)<br>| (.07)<br>| (.45)<br>| 10.63 | 2.60 | 1 | .63 | .63 | 3.56 |
| **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  | **Class R-5:**  |
| 12/31/2025 | 9.35 | .58 | .16 | .74 | (.60)<br>|  | (.60)<br>| 9.49 | 8.13 | 2 | .42 | .42 | 6.21 |
| 12/31/2024 | 9.32 | .60 | .03 | .63 | (.60)<br>|  | (.60)<br>| 9.35 | 6.95 | 1 | .41 | .41 | 6.35 |
| 12/31/2023 | 8.95 | .56 | .39 | .95 | (.58)<br>|  | (.58)<br>| 9.32 | 10.99 | 1 | .39 | .39 | 6.25 |
| 12/31/2022 | 10.63 | .44 | (1.68)<br>| (1.24)<br>| (.44)<br>| — <br><sup>5</sup><br>| (.44)<br>| 8.95 | (11.77)<br>| — <br><sup>7</sup><br>| .48 | .48 | 4.58 |
| 12/31/2021 | 10.81 | .39 | (.11)<br>| .28 | (.39)<br>| (.07)<br>| (.46)<br>| 10.63 | 2.69 | — <br><sup>7</sup><br>| .51 | .51 | 3.64 |
| **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  | **Class R-6:**  |
| 12/31/2025 | 9.35 | .59 | .15 | .74 | (.60)<br>|  | (.60)<br>| 9.49 | 8.18 | 11562 | .37 | .37 | 6.25 |
| 12/31/2024 | 9.32 | .60 | .03 | .63 | (.60)<br>|  | (.60)<br>| 9.35 | 6.99 | 10805 | .37 | .37 | 6.41 |
| 12/31/2023 | 8.95 | .56 | .39 | .95 | (.58)<br>|  | (.58)<br>| 9.32 | 11.01 | 9174 | .38 | .38 | 6.29 |
| 12/31/2022 | 10.63 | .48 | (1.72)<br>| (1.24)<br>| (.44)<br>| — <br><sup>5</sup><br>| (.44)<br>| 8.95 | (11.72)<br>| 6532 | .39 | .39 | 5.21 |
| 12/31/2021 | 10.81 | .39 | (.10)<br>| .29 | (.40)<br>| (.07)<br>| (.47)<br>| 10.63 | 2.74 | 1457 | .47 | .47 | 3.61 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **66** |

---

------

Financial highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio turnover rate for all share classes**<sup>8,9</sup> | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes**<sup>8,9</sup> | **2025**<sup>10</sup> | **2024** | **2023** | **2022** | **2021** |
| Excluding mortgage dollar roll transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>|
| Including mortgage dollar roll transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>|

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> Total returns exclude any applicable sales charges, including contingent deferred sales charges.

<sup>3</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>4</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.

<sup>5</sup> Amount less than $.01.

<sup>6</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower. 

<sup>7</sup> Amount less than $1 million.

<sup>8</sup> Rate does not include the fund's portfolio activity with respect to any Central Funds.

<sup>9</sup> Refer to Note 5 for more information on mortgage dollar rolls.

<sup>10</sup> Rates exclude in-kind transactions, if any.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **67** | American Funds Multi-Sector Income Fund |

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------

Report of Independent Registered Public Accounting Firm

------

To the shareholders and the Board of Trustees of American Funds Multi-Sector Income Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of American Funds Multi-Sector Income Fund (the "Fund"), including the investment portfolio, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Costa Mesa, California

February 11, 2026

We have served as the auditor of one or more American Funds investment companies since 1956.

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **68** |

---

------

Tax informationunaudited

------

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund's fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| Qualified dividend income | $2252000 |
| Section 163(j) interest dividends | $1149631000 |
| Corporate dividends received deduction | $206000 |
| U.S. government income that may be exempt from state taxation | $37106000 |

---

**Individual shareholders should refer to their Form 1099 or other tax information, which was mailed in January 2026, to determine the *calendar year* amounts to be included on their 2025 tax returns. Shareholders should consult their tax advisors.**

**69**<br>

------

Changes in and disagreements with accountants

------

On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP ("PwC") was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. The dismissal does not affect D&T's previous engagement to audit the fund's financial statements for the fiscal year ended December 31, 2025.

D&T's reports on the fund's financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2025 did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, (i) were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of D&T, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the fund's financial statements for such periods, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. The fund requested that D&T furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as an exhibit to the fund's Form N-CSR.

During the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, neither the fund, nor anyone on its behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

---

| | |
|:---|:---|
| American Funds Multi-Sector Income Fund | **70** |

---

------

Matters submitted for shareholder vote

------

**Results of special meeting of shareholders**

Held November 25, 2025

Shares outstanding (all classes) on August 28, 2025 (record date):

2,014,478,349

Total shares voting on November 25, 2025:

1,923,263,336 (95.5% of shares outstanding)

The proposal: To elect board members

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Board member** | **Votes for** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **voting for**<br>| **Votes withheld** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percent** <br> **of shares** <br> **withheld**<br>|
| Gina F. Adams | 1778949363 | 92.5% | 144313972 | 7.5% |
| Pramod Atluri | 1917398710 | 99.7% | 5864626 | 0.3% |
| Francisco G. Cigarroa | 1917632557 | 99.7% | 5630778 | 0.3% |
| Nariman Farvardin | 1917476119 | 99.7% | 5787217 | 0.3% |
| Jennifer C. Feikin | 1917744446 | 99.7% | 5518889 | 0.3% |
| Leslie Stone Heisz | 1917717740 | 99.7% | 5545596 | 0.3% |
| Merit E. Janow | 1917648344 | 99.7% | 5614992 | 0.3% |
| Martin E. Koehler | 1918159817 | 99.7% | 5103518 | 0.3% |
| Benjamin R. Miller | 1918109162 | 99.7% | 5154173 | 0.3% |
| Josette Sheeran | 1917690428 | 99.7% | 5572907 | 0.3% |
| Margaret Spellings | 1917747794 | 99.7% | 5515541 | 0.3% |
| Alexandra Trower | 1917555555 | 99.7% | 5707781 | 0.3% |
| Paul S. Williams | 1917936723 | 99.7% | 5326613 | 0.3% |
| Courtney K. Wolf | 1917778363 | 99.7% | 5484972 | 0.3% |

---

Remuneration paid to directors, officers and others

------

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

Approval of Investment Advisory and Service Agreement

------

Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

---

| | |
|:---|:---|
| **71** | American Funds Multi-Sector Income Fund |

---

------

#### ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies
On December 10, 2025, Deloitte & Touche LLP ("D&T") was dismissed and PricewaterhouseCoopers LLP ("PwC") was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. The dismissal does not affect D&T's previous engagement to audit the fund's financial statements for the fiscal year ended December 31, 2025.

D&T's reports on the fund's financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2025 did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, (i) were there any disagreements between management and D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of D&T, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the fund's financial statements for such periods, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. The fund requested that D&T furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as an exhibit to this Form N-CSR.

During the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 11, 2026, neither the fund, nor anyone on its behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

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#### ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form under Matters submitted for shareholder vote.

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#### ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form within the trustees' deferred compensation disclosure in the notes to financial statements.

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#### ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

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#### ITEM 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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#### ITEM 13 - Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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#### ITEM 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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#### ITEM 15 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ''interested persons'' of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board's composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. The committee also coordinates annual self-assessments of the board and evaluates, selects and nominates independent trustee candidates to the full board of trustees. While the committee normally is able to identify from its own and other resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant's Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

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#### ITEM 16 - Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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#### ITEM 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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#### ITEM 18 - Recovery of Erroneously Awarded Compensation
None

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#### ITEM 19 - Exhibits
(a)(1) Code of Ethics - See Item 2

(a)(2) The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections [302](cert302.htm) and [906](cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

(a)(3) [Change in registrant's independent registered public accounting firm – Auditor's response letter to SEC is attached as an exhibit hereto.](AUDITORLETTERTOSEC.htm)

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**American Funds Multi-Sector Income Fund**

By /s/ Kristine M. Nishiyama

Kristine M. Nishiyama,

Principal Executive Officer

Date: March 09, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By /s/ Kristine M. Nishiyama

Kristine M. Nishiyama,

Principal Executive Officer

Date: March 09, 2026

By /s/ Becky L. Park

Becky L. Park, Treasurer and

Principal Financial Officer

Date: March 09, 2026

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## Ex-99

![Image is missing](gxtuymdw2klwty7qu0d6l.jpg)

**Deloitte & Touche LLP**

695 Town Center Drive,

Suite 1000

Costa Mesa, CA 92626

USA

Tel: +1 714 436 7100

Fax: +1 714 436 7200

www.deloitte.com

March 9, 2026

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549-7561

Dear Sirs/Madams:

We have read Item 8 of American Funds Multi-Sector Income Fund's Form N-CSR dated March 9, 2026, and have the following comments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.We agree with the statements concerning our Firm made in the first two paragraphs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.We have no basis on which to agree or disagree with the statements made in the third paragraph. Yours truly,

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## Ex-99.Cert

**CERTIFICATION**

**I, Kristine M. Nishiyama, certify that:**

1. I have reviewed this report on Form N-CSR of **American Funds Multi-Sector Income Fund**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 09, 2026

<u>/s/ Kristine M. Nishiyama</u> Kristine M. Nishiyama, Principal Executive Officer

American Funds Multi-Sector Income Fund

**CERTIFICATION**

I, **Becky L. Park**, certify that:

1. I have reviewed this report on Form N-CSR of **American Funds Multi-Sector Income Fund**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 09, 2026

<u>/s/ Becky L. Park</u> Becky L. Park,

Treasurer and Principal Financial Officer

American Funds Multi-Sector Income Fund

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## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

KRISTINE M. NISHIYAMA, Principal Executive Officer, and BECKY L. PARK, Treasurer and Principal Financial Officer of American Funds Multi-Sector Income Fund (the "Registrant"), each certify to the best of her or his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer

**American Funds Multi-Sector Income Fund**

<u>/s/ Kristine M. Nishiyama</u>

Kristine M. Nishiyama, Principal Executive Officer

Date: March 09, 2026

Principal Financial Officer

**American Funds Multi-Sector Income Fund**

<u>/s/ Becky L. Park</u>

Becky L. Park, Treasurer and Principal Financial Officer

Date: March 09, 2026

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to **American Funds Multi-Sector Income Fund** and will be retained by **American Funds Multi-Sector Income Fund** and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

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