American Funds Multi-Sector Income Fund Class F-1 (MIAWX) N-CSR Certified annual shareholder report (management investment company)

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)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2021

Brian C. Janssen

American Funds Multi-Sector Income Fund

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American Funds Multi-Sector
Income Fund^SM   Annual report
for the year ended
December 31, 2021

Pursuing consistent
and diversified income

American Funds Multi-Sector Income Fund seeks to provide a high level of current income. Its secondary investment objective is capital appreciation.

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge (maximum 3.75%) had been deducted from Class A shares, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

See page 3 for Class F-2 share results and Class A share results with relevant sales charges deducted. For other share class results visit capitalgroup.com and americanfundsretirement.com

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. The investment adviser is currently reimbursing a portion of the other expenses. This reimbursement will be in effect through at least March 1, 2022. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Visit capitalgroup.com for more information.

The fund’s 30-day yield as of January 31, 2022, was 3.82% (3.81% without the reimbursement) for Class F-2 shares and 3.41% (3.40% without the reimbursement) for Class A shares calculated in accordance with the U.S. Securities and Exchange Commission formula. The Class A share results reflect the 3.75% maximum sales charge.

Investing outside the United States may be subject to risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Investments in mortgage-related securities involve additional risks, such as prepayment risk, as more fully described in the prospectus. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash securities, such as stocks and bonds. Refer to the fund prospectus and the Risk Factors section of this report for more information on risks associated with investing in the fund.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Contents

1	Letter to investors
3	The value of a $10,000 investment
4	Investment portfolio
34	Financial statements
62	Board of trustees and other officers

Fellow investors:

Bond markets were mixed as high inflation pressured interest-rate-sensitive sectors and optimism about the U.S. economy supported riskier assets. For the year ended December 31, 2021, Class F-2 shares of American Funds Multi-Sector Income Fund generated a total return of 2.66%.

The return assumes reinvestment of monthly dividends of nearly 39 cents a share during the period. Shareholders who reinvested dividends earned an income return of 3.67% and those who elected to take their dividends in cash received an income return of 3.61%.

By way of comparison, the unmanaged Bloomberg U.S. Aggregate Index returned -1.54% over the same period. This index measures broad returns across U.S. dollar-denominated investment-grade bonds.

The American Funds Multi-Sector Income Fund provides diversification across income sectors including high-yield corporates, investment-grade corporates, emerging markets debt and securitized debt. The fund also has opportunistic investments in U.S. Treasuries, municipal bonds and other debt instruments.

The Multi-Sector Income Fund Custom Index provides a secondary benchmark for investors to compare fund results to account for exposure to the sectors listed above. The custom index gained 2.00% for the year. The fund’s peer group, as measured by the Morningstar Multisector Bond Category, was up 2.49% over the same period.

At year-end, the fund’s corporate holdings, representing 59% of the portfolio (45.9% high-yield corporates, and 13.1% investment-grade corporates) were invested across a variety of industries such as health care, energy and technology. The fund’s emerging market holdings represented 18.1% of the portfolio, while the fund’s exposure to securitized credit was 15.1%.

Market overview

Most fixed income markets were under pressure as the economic recovery unfolded in the face of supply chain disruptions, strong consumer demand and persistently high inflation.

Against the backdrop of a robust jobs market, central banks worldwide acted in December to tame rising consumer prices. The Federal Reserve announced it would wind down its pandemic-era

Results at a glance

For periods ended December 31, 2021, with all distributions reinvested

	Cumulative total returns						Average annual total returns
	6 months			1 year			Lifetime (since 3/22/19)
American Funds Multi-Sector Income Fund (Class F-2 shares)		1.16	%		2.66	%		7.76	%
American Funds Multi-Sector Income Fund (Class A shares)		1.02			2.38			7.59
Bloomberg U.S. Aggregate Index*		0.06			–1.54			4.22
American Funds Multi-Sector Income Fund Custom Index†		0.56			2.00			6.16

*	Source: Bloomberg Index Services Ltd. The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
†	American Funds Multi-Sector Income Fund Custom Index comprises: 45% Bloomberg U.S. High Yield Index 2% Issuer Cap, 30% Bloomberg U.S. Corporate Index, 15% J.P. Morgan EMBI Global Diversified Index, 8% Bloomberg CMBS Ex AAA Index.

American Funds Multi-Sector Income Fund 1

bond buying programs, including the buying of mortgaged-backed securities. The Fed also projected three rate hikes in 2022. The yield on the benchmark 10-year Treasury note rose 59 basis points over the course of the year to settle at 1.51%.

Meanwhile, the Bank of England raised its interest rates to 0.25% from 0.10% and the European Central Bank announced plans to end its asset purchase program.

Despite growing COVID-19 cases from the delta variant throughout the year and the more contagious omicron variant in December, travel and retail sales rose. Vaccines played a crucial role in the economic recovery and uptake was generally high in developed markets. Economic data improved with the U.S. unemployment rate at 3.9% at year-end versus 6.7% in December 2020.

Economic growth for emerging markets, however, was more challenging because of reduced access to COVID-19 vaccines and treatment, as well as pricing pressure and geopolitical forces.

Corporate investment-grade bonds declined 1.04%, while high-yield corporate debt returned 5.28%. Mortgage-backed securities lost 1.04% and emerging markets bonds declined 1.51%.

Inside the portfolio

At the start of the year, managers positioned the fund to take advantage of the expected economic recovery as COVID-19 vaccines rolled out. This included maintaining a sizeable exposure to lower rated assets.

The fund benefited from investments in high-yield bonds, which rallied alongside the economic recovery. The issuance market for both high-yield and investment-grade bonds was strong and companies continued to take advantage of the low interest rate environment.

Investments in certain energy companies helped results as oil prices spiked on surging demand. Supply largely remained limited through the year because of production restraint by OPEC Plus and U.S.-based energy companies. As these restrictions eased, the fund also benefited from holdings in companies that had been severely impacted by travel bans.

The fund’s exposure to certain emerging market bonds hurt results since many emerging economies felt the impact of rising food and energy prices more acutely. Limited access to COVID-19 vaccines and treatment, increased regulation from China, and domestic decisions, affected economic growth.

Looking ahead

The end of many government relief programs and rising COVID-19 infections pose many uncertainties for the trajectory of the ongoing economic recovery. However, we are optimistic that the economic reopening can continue as preliminary data indicates the omicron variant may be less severe than expected.

We expect major central banks to raise rates which should help moderate inflation, though prices may remain high for certain goods. The healthy state of household balance sheets and the strong jobs market support continued consumer spending.

Although valuations across many sectors are tight, the portfolio is positioned to take advantage of the ongoing recovery. This includes positions in emerging market debt, which has yet to fully recover from the pandemic. The fund’s investments in higher quality debt such as securitized and investment-grade corporate may help offset market volatility.

Managers continually monitor economic trends, credit fundamentals and valuations, and adjust allocation accordingly. We have relied on our deep, fundamental research capabilities and experience through many different credit cycles to help us find what we believe to be the right balance between risk and reward.

Thank you for making American Funds Multi-Sector Income Fund part of your portfolio. We appreciate your support and look forward to reporting to you again in six months.

Sincerely,

 

Damien J. McCann
President

February 10, 2022

For current information about the fund, visit capitalgroup.com.

2 American Funds Multi-Sector Income Fund

The value of a $10,000 investment

How a hypothetical $10,000 investment has fared for the period March 22, 2019, commencement of operations, to December 31, 2021, with all distributions reinvested.

Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 3.75% on the $10,000 investment¹; thus, the net amount invested was $9,625. Investing for short periods makes losses more likely.

Past results are not predictive of results for future periods. The results shown are before taxes on fund distributions and sale of fund shares.
1	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $100,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are invested in additional shares.
2	American Funds Multi-Sector Income Fund Custom Index comprises: 45% Bloomberg U.S. High Yield Index 2% Issuer Cap, 30% Bloomberg U.S. Corporate Index, 15% J.P. Morgan EMBI Global Diversified Index, 8% Bloomberg CMBS Ex AAA Index. The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Index is rebalanced monthly.
3	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
4	For the period March 22, 2019, commencement of operations, through December 31, 2021.

Total return based on a $1,000 investment (for the period ended December 31, 2021)

	Cumulative 1 year			Lifetime (since 3/22/2019)
Class F-2 shares		2.66	%		7.76	%
Class A shares*		–1.45			6.12

* Assumes payment of the maximum 3.75% sales charge.

The fund’s total annual fund operating expense ratios are 0.56% for Class F-2 shares and 0.82% for Class A shares, as of the prospectus dated March 1, 2022 (unaudited).

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. The investment adviser is currently reimbursing a portion of the other expenses. This reimbursement will be in effect through at least March 1, 2022. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Visit capitalgroup.com for more information.

Although the fund has plans of distribution for Class A shares, fees for distribution services are not paid by the fund on amounts invested in the fund by the fund’s investment adviser. Because fees for distribution services were not charged on these assets, total returns were higher. See the “Plans of distribution” section of the prospectus for information on the distribution service fees permitted to be charged by the fund.

American Funds Multi-Sector Income Fund 3

Investment portfolio December 31, 2021

Portfolio by type of security Percent of net assets

Portfolio quality summary*	Percent of net assets
U.S. Treasury and agency†		.16	%
AAA/Aaa		3.85
AA/Aa		6.55
A/A		8.67
BBB/Baa		16.94
Below investment grade		58.07
Unrated		.16
Short-term securities & other assets less liabilities		5.60

*

Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated” category (above) have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with the fund’s investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.

†

These securities are guaranteed by the full faith and credit of the U.S. government.

Bonds, notes & other debt instruments 94.24%	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 65.09%
Consumer discretionary 10.64%
Affinity Gaming 6.875% 20271	$	1,600	$	1,666
Alibaba Group Holding, Ltd. 2.125% 2031		1,900		1,836
Allied Universal Holdco LLC 6.625% 20261		900		945
Allied Universal Holdco LLC 9.75% 20271		1,680		1,797
Allied Universal Holdco LLC 4.625% 20281		5,300		5,306
Allied Universal Holdco LLC 6.00% 20291		4,410		4,295
Amazon.com, Inc. 1.65% 2028		5,100		5,112
Amazon.com, Inc. 2.70% 2060		55		53
Asbury Automotive Group, Inc. 4.625% 20291		1,935		1,974
Asbury Automotive Group, Inc. 5.00% 20321		2,360		2,453
Atlas LuxCo 4 SARL 4.625% 20281		3,020		2,969
Boyd Gaming Corp. 8.625% 20251		250		268
Boyd Gaming Corp. 4.75% 2027		3,440		3,515
Boyd Gaming Corp. 4.75% 20311		930		950
Boyne USA, Inc. 4.75% 20291		2,895		2,987
Caesars Entertainment, Inc. 6.25% 20251		655		688
Caesars Entertainment, Inc. 4.625% 20291		2,500		2,505
Caesars Resort Collection, LLC 5.75% 20251		690		721
Carnival Corp. 7.625% 20261		1,000		1,050
Carnival Corp. 10.50% 20261		850		971
Carnival Corp. 5.75% 20271		4,500		4,507
Carnival Corp. 4.00% 20281		3,500		3,481
Carnival Corp. 6.00% 20291		3,000		2,991
Carvana Co. 5.50% 20271		9,180		9,098
Carvana Co. 5.875% 20281		5,220		5,208

4 American Funds Multi-Sector Income Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
CEC Entertainment, Inc. 6.75% 20261	$	4,630	$	4,542
Cedar Fair LP / Canadas Wonderland Co. / Magnum Management Corp. / Millennium Operations LLC 5.50% 20251		115		119
Clarios Global LP 6.75% 20251		180		189
Daimler Trucks Finance North America, LLC 2.00% 20261		890		894
Daimler Trucks Finance North America, LLC 2.375% 20281		1,700		1,709
Daimler Trucks Finance North America, LLC 2.50% 20311		4,150		4,153
DaimlerChrysler North America Holding Corp. 1.45% 20261		2,510		2,487
Dana, Inc. 5.625% 2028		1,385		1,473
Empire Resorts, Inc. 7.75% 20261		10,370		10,433
Everi Holdings, Inc. 5.00% 20291		5,750		5,817
Fertitta Entertainment, Inc. 6.75% 20241		6,045		6,053
Fertitta Entertainment, Inc. 8.75% 20251		500		520
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00% 20291		2,955		2,877
Ford Motor Co. 3.25% 2032		1,325		1,359
Ford Motor Co. 5.291% 2046		270		318
Ford Motor Credit Company LLC 4.063% 2024		2,500		2,634
Ford Motor Credit Company LLC 5.125% 2025		4,385		4,774
Ford Motor Credit Company LLC 2.70% 2026		4,000		4,040
Ford Motor Credit Company LLC 4.125% 2027		3,680		3,977
Ford Motor Credit Company LLC 5.113% 2029		1,370		1,559
Ford Motor Credit Company LLC 4.00% 2030		1,720		1,853
Ford Motor Credit Company LLC 3.625% 2031		2,680		2,826
Full House Resorts, Inc. 8.25% 20281		3,000		3,154
Grand Canyon University 4.375% 2026		6,750		6,801
Grupo Axo, SAPI de CV 5.75% 20261		4,400		4,421
Hanesbrands, Inc. 4.625% 20241		2,000		2,097
Hanesbrands, Inc. 4.875% 20261		3,005		3,215
Hilton Worldwide Holdings, Inc. 5.75% 20281		290		310
Hilton Worldwide Holdings, Inc. 4.875% 2030		1,020		1,092
Hilton Worldwide Holdings, Inc. 4.00% 20311		4,185		4,286
Home Depot, Inc. 2.70% 2030		50		52
Home Depot, Inc. 3.35% 2050		130		142
Hyundai Capital America 1.50% 20261		2,643		2,572
Hyundai Capital America 2.00% 20281		750		732
Hyundai Capital America 2.10% 20281		675		656
International Game Technology PLC 5.25% 20291		11,040		11,715
LCM Investments Holdings II, LLC 4.875% 20291		268		276
Levi Strauss & Co. 3.50% 20311		1,075		1,098
Limited Brands, Inc. 6.625% 20301		975		1,106
Limited Brands, Inc. 6.875% 2035		1,272		1,582
Limited Brands, Inc. 6.75% 2036		380		470
Lithia Motors, Inc. 4.375% 20311		250		267
Marriott International, Inc. 2.85% 2031		1,610		1,607
Marriott International, Inc. 3.50% 2032		800		839
Marriott International, Inc. 2.75% 2033		1,846		1,793
Marriott Ownership Resorts, Inc. 4.50% 20291		5,025		5,066
Meituan Dianping 3.05% 2030		2,000		1,853
Meituan Dianping 3.05% 20301		1,400		1,297
Melco International Development, Ltd. 5.75% 20281		770		775
Melco International Development, Ltd. 5.375% 20291		3,035		2,949
MercadoLibre, Inc. 2.375% 2026		300		292
MercadoLibre, Inc. 3.125% 2031		625		592
Merlin Entertainment 5.75% 20261		200		208
MGM Growth Properties LLC 4.625% 20251		325		347
MGM Growth Properties LLC 3.875% 20291		3,880		4,080
MGM Resorts International 7.75% 2022		120		122
MGM Resorts International 6.00% 2023		75		78
MGM Resorts International 5.50% 2027		53		56
Midas Intermediate Holdco II, LLC 7.875% 20221		685		691
Midas Intermediate Holdco II, LLC, Term Loan B, (3-month USD-LIBOR + 6.75%) 4.00% PIK and 4.50% Cash 20252,3,4		3,342		3,202
Mohegan Gaming & Entertainment 8.00% 20261		13,960		14,675
Motel 6 Operating LP, Term Loan B, (1-month USD-LIBOR + 5.00%) 5.75% 20262,4		2,150		2,170
NCL Corp., Ltd. 12.25% 20241		188		223
NCL Corp., Ltd. 5.875% 20261		1,250		1,246
NCL Finance, Ltd. 6.125% 20281		2,500		2,467

American Funds Multi-Sector Income Fund 5

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Newell Brands, Inc. 5.875% 20365	$	1,885	$	2,326
Newell Rubbermaid, Inc. 4.875% 2025		200		218
Newell Rubbermaid, Inc. 4.70% 2026		180		197
Norwegian Cruise Line Holdings, Ltd. 10.25% 20261		325		378
Panther BF Aggregator 2, LP 6.25% 20261		36		38
Panther BF Aggregator 2, LP 8.50% 20271		180		191
Party City Holdings, Inc. 6.125% 20231		50		45
Party City Holdings, Inc. 8.75% 20261		13,940		14,408
PECF USS Intermediate Holding III Corp. 8.00% 20291		3,130		3,246
Playa Resorts Holding BV, Term Loan B, (3-month USD-LIBOR + 2.75%) 3.75% 20242,4		6,798		6,643
Premier Entertainment Sub LLC 5.625% 20291		6,000		5,962
Premier Entertainment Sub LLC 5.875% 20311		6,000		6,030
Real Hero Merger Sub 2, Inc. 6.25% 20291		2,225		2,225
Royal Caribbean Cruises, Ltd. 9.125% 20231		1,040		1,101
Royal Caribbean Cruises, Ltd. 10.875% 20231		810		886
Royal Caribbean Cruises, Ltd. 4.25% 20261		7,600		7,370
Royal Caribbean Cruises, Ltd. 5.50% 20281		6,800		6,890
Sally Holdings LLC and Sally Capital, Inc. 5.625% 2025		100		102
Sands China, Ltd. 4.375% 2030		2,200		2,248
Scientific Games Corp. 8.625% 20251		710		759
Scientific Games Corp. 8.25% 20261		50		53
Scientific Games Corp. 7.00% 20281		420		448
Scientific Games Corp. 7.25% 20291		1,125		1,256
Six Flags Theme Parks, Inc. 7.00% 20251		315		337
Sonic Automotive, Inc. 4.625% 20291		5,840		5,905
Sonic Automotive, Inc. 4.875% 20311		6,305		6,376
Stellantis Finance US, Inc. 1.711% 20271		4,325		4,254
Stellantis Finance US, Inc. 2.691% 20311		4,595		4,523
The Gap, Inc. 3.625% 20291		1,800		1,783
The Gap, Inc. 3.875% 20311		1,199		1,184
Toyota Motor Credit Corp. 1.35% 2023		150		151
Toyota Motor Credit Corp. 0.80% 2025		233		228
Toyota Motor Credit Corp. 1.90% 2028		2,130		2,136
Toyota Motor Credit Corp. 3.375% 2030		57		63
Travel + Leisure Co. 4.50% 20291		7,500		7,575
Truck Hero, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 4.00% 20282,4		3,077		3,071
Universal Entertainment Corp. 8.50% 20241		3,580		3,775
Vail Resorts, Inc. 6.25% 20251		110		114
VICI Properties LP 4.25% 20261		160		167
VICI Properties LP / VICI Note Co., Inc. 3.75% 20271		150		155
VICI Properties LP / VICI Note Co., Inc. 4.125% 20301		1,140		1,208
Viking Cruises, Ltd. 13.00% 20251		145		164
Volkswagen Group of America Finance, LLC 3.125% 20231		248		255
WASH Multifamily Acquisition, Inc. 5.75% 20261		3,095		3,257
Wheel Pros, Inc. 6.50% 20291		6,750		6,489
Wyndham Worldwide Corp. 4.375% 20281		1,125		1,161
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20231		60		60
Wynn Macau, Ltd. 5.625% 20281		925		858
Wynn Resorts, Ltd. 7.75% 20251		1,780		1,869
Wynn Resorts, Ltd. 5.125% 20291		5,910		6,007
				350,769
Energy 9.71%
AI Candelaria (Spain), SLU 5.75% 20331		2,135		2,069
Antero Resources Corp. 5.375% 20301		1,060		1,135
Apache Corp. 4.625% 2025		985		1,059
Apache Corp. 4.875% 2027		110		120
Apache Corp. 4.25% 2030		4,000		4,347
Apache Corp. 6.00% 2037		55		67
Apache Corp. 4.75% 2043		1,645		1,809
Apache Corp. 5.35% 2049		50		57
Ascent Resources - Utica LLC 7.00% 20261		1,280		1,299
Ascent Resources - Utica LLC 8.25% 20281		1,492		1,558
Ascent Resources - Utica LLC 5.875% 20291		995		959
Baker Hughes, a GE Co. 2.061% 2026		1,898		1,916
Blue Racer Midstream LLC and Blue Racer Finance Corp. 7.625% 20251		1,768		1,876
Bonanza Creek Energy, Inc. 5.00% 20261		3,755		3,797

6 American Funds Multi-Sector Income Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
California Resources Corp. 7.125% 20261	$	2,240		$	2,330
Callon Petroleum Co. 8.00% 20281		4,300			4,349
Canadian Natural Resources, Ltd. 3.85% 2027		70			75
Canadian Natural Resources, Ltd. 2.95% 2030		658			667
Canadian Natural Resources, Ltd. 4.95% 2047		65			80
Cenovus Energy, Inc. 5.375% 2025		172			190
Centennial Resource Production, LLC 6.875% 20271		30			31
Cheniere Energy Partners LP 4.50% 2029		2,107			2,237
Cheniere Energy Partners LP 4.00% 2031		2,070			2,174
Cheniere Energy Partners LP 3.25% 20321		1,585			1,604
Cheniere Energy, Inc. 4.625% 2028		3,955			4,213
Cheniere Energy, Inc. 3.70% 2029		140			150
Chesapeake Energy Corp. 5.50% 20261		880			927
Chesapeake Energy Corp. 5.875% 20291		5,005			5,361
Chevron Corp. 2.236% 2030		35			35
Chevron Corp. 3.078% 2050		214			228
CITGO Petroleum Corp. 7.00% 20251		1,400			1,442
CNX Resources Corp. 7.25% 20271		1,625			1,725
CNX Resources Corp. 6.00% 20291		610			635
Comstock Resources, Inc. 6.75% 20291		1,540			1,673
Comstock Resources, Inc. 5.875% 20301		2,475			2,541
Continental Resources, Inc. 5.75% 20311		1,600			1,887
Continental Resources, Inc. 2.875% 20321		3,734			3,658
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.50% 20311		4,160			4,349
CrownRock LP / CrownRock Finance, Inc. 5.00% 20291		6,750			7,013
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20271,3,4		1			1
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20273,4		—	6		—	6
Diamondback Energy, Inc. 4.40% 2051		233			268
DT Midstream, Inc. 4.125% 20291		1,755			1,800
Ecopetrol SA 6.875% 2030		2,000			2,236
Enbridge Energy Partners LP 7.375% 2045		14			22
Enbridge, Inc. 3.40% 2051		718			730
Endeavor Energy Resources LP 6.625% 20251		785			831
Energean Israel Finance, Ltd. 4.50% 20241		805			811
Energean Israel Finance, Ltd. 5.875% 20311		930			916
Energy Transfer Operating LP 3.75% 2030		2,750			2,917
Energy Transfer Operating LP 5.00% 2050		4,238			4,889
Energy Transfer Partners LP 6.125% 2045		204			254
Energy Transfer Partners LP 5.30% 2047		121			141
Energy Transfer Partners LP 6.00% 2048		553			689
Energy Transfer Partners LP 6.25% 2049		410			537
Energy Transfer Partners LP 6.50% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.694% on 11/15/2026)5		1,107			1,129
Enterprise Products Operating LLC 3.20% 2052		607			597
EQM Midstream Partners LP 4.00% 2024		2,500			2,599
EQM Midstream Partners LP 6.00% 20251		2,050			2,232
EQM Midstream Partners LP 6.50% 20271		2,330			2,613
EQM Midstream Partners LP 4.50% 20291		2,695			2,807
EQM Midstream Partners LP 4.75% 20311		5,600			5,931
EQT Corp. 6.625% 20255		80			90
EQT Corp. 5.00% 2029		1,130			1,253
EQT Corp. 3.625% 20311		3,525			3,663
Exxon Mobil Corp. 3.452% 2051		170			185
Genesis Energy, LP 8.00% 2027		7,782			8,029
Guara Norte SARL 5.198% 20341		2,637			2,594
Harvest Midstream I, LP 7.50% 20281		7,650			8,196
Hilcorp Energy I, LP 5.75% 20291		1,665			1,718
Hilcorp Energy I, LP 6.00% 20311		1,130			1,171
Kinder Morgan, Inc. 2.00% 2031		409			390
Kinder Morgan, Inc. 5.20% 2048		15			19
Kinder Morgan, Inc. 3.25% 2050		669			642
Leviathan Bond, Ltd. 6.75% 20301		520			560
Magellan Midstream Partners LP 3.95% 2050		1,000			1,062
Magnolia Oil & Gas Operating LLC 6.00% 20261		400			410
MPLX LP 1.75% 2026		280			277
MPLX LP 2.65% 2030		1,189			1,185
MPLX LP 5.50% 2049		982			1,257

American Funds Multi-Sector Income Fund 7

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Murphy Oil Corp. 5.875% 2027	$	4,000	$	4,136
MV24 Capital BV 6.748% 2034		6,439		6,650
Nabors Industries, Inc. 5.75% 2025		15		14
Nabors Industries, Inc. 7.375% 20271		1,520		1,575
New Fortress Energy, Inc. 6.50% 20261		11,805		11,730
NGL Energy Operating LLC 7.50% 20261		16,770		17,317
NGL Energy Partners LP 7.50% 2023		369		364
Northern Oil and Gas, Inc. 8.125% 20281		4,690		4,955
NorthRiver Midstream Finance LP 5.625% 20261		1,250		1,302
NuStar Logistics LP 5.75% 2025		700		754
NuStar Logistics LP 6.00% 2026		225		244
Oasis Midstream Partners LP / OMP Finance Corp. 8.00% 20291		4,090		4,464
Occidental Petroleum Corp. 2.90% 2024		210		215
Occidental Petroleum Corp. 5.875% 2025		4,927		5,438
Occidental Petroleum Corp. 8.00% 2025		380		444
Occidental Petroleum Corp. 3.50% 2029		3,460		3,560
Occidental Petroleum Corp. 6.625% 2030		4,438		5,499
Occidental Petroleum Corp. 8.875% 2030		2,970		4,011
Occidental Petroleum Corp. 6.125% 2031		2,360		2,871
Occidental Petroleum Corp. 4.40% 2049		1,972		2,000
Odebrecht Drilling Norbe 6.72% PIK and 1.00% Cash 20263		13,666		2,733
Oleoducto Central SA 4.00% 20271		2,300		2,290
ONEOK, Inc. 5.85% 2026		190		218
ONEOK, Inc. 3.10% 2030		63		64
ONEOK, Inc. 6.35% 2031		715		899
ONEOK, Inc. 4.95% 2047		700		812
ONEOK, Inc. 5.20% 2048		603		730
ONEOK, Inc. 4.45% 2049		1,850		2,049
ONEOK, Inc. 4.50% 2050		2,711		3,012
ONEOK, Inc. 7.15% 2051		36		52
Petrobras Global Finance Co. 8.75% 2026		1,500		1,824
Petrobras Global Finance Co. 5.60% 2031		1,700		1,803
Petrobras Global Finance Co. 6.75% 2050		1,700		1,781
Petróleos Mexicanos 6.875% 20251		1,650		1,805
Petróleos Mexicanos 4.50% 2026		3,220		3,262
Petróleos Mexicanos 6.875% 2026		120		132
Petróleos Mexicanos 6.49% 2027		2,240		2,391
Petróleos Mexicanos 6.50% 2029		286		297
Petróleos Mexicanos 5.95% 2031		2,280		2,220
Petróleos Mexicanos 6.70% 20321		7,367		7,455
Petróleos Mexicanos 6.95% 2060		1,400		1,252
Petrorio Luxembourg SARL 6.125% 20261		6,090		6,116
Plains All American Pipeline LP 3.80% 2030		116		121
Precision Drilling Corp. 6.875% 20291		590		602
Qatar Petroleum 3.125% 20411		3,030		3,070
Qatar Petroleum 3.30% 20511		200		207
Range Resources Corp. 4.875% 2025		1,540		1,592
Range Resources Corp. 9.25% 2026		300		324
Range Resources Corp. 8.25% 2029		1,450		1,619
Rattler Midstream Partners LP 5.625% 20251		350		364
Rockcliff Energy II LLC 5.50% 20291		475		490
SA Global Sukuk, Ltd. 1.602% 20261		2,160		2,129
Sabine Pass Liquefaction, LLC 4.50% 2030		51		58
Sanchez Energy Corp. 7.25% 20231,7		27		1
Shell International Finance BV 2.75% 2030		441		461
Shell International Finance BV 3.25% 2050		27		29
Sinopec Group Overseas Development (2018), Ltd. 2.30% 2031		3,000		2,959
SM Energy Co. 6.625% 2027		85		88
SM Energy Co. 6.50% 2028		1,980		2,052
Southwestern Energy Co. 6.45% 2025 (6.20% on 1/23/2022)5		2,825		3,108
Southwestern Energy Co. 7.75% 2027		85		92
Southwestern Energy Co. 8.375% 2028		2,900		3,241
Southwestern Energy Co. 5.375% 2029		1,310		1,387
Southwestern Energy Co. 5.375% 2030		4,555		4,889
Southwestern Energy Co. 4.75% 2032		2,145		2,263
Suburban Propane Partners LP / Suburban Energy Finance Corp. 5.00% 20311		3,480		3,525
Suncor Energy, Inc. 3.75% 2051		295		317

8 American Funds Multi-Sector Income Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Sunoco LP 6.00% 2027	$	1,635	$	1,707
Sunoco LP 4.50% 2029		6,875		6,993
Superior Plus LP and Superior General Partner, Inc. 4.50% 20291		2,210		2,275
Tallgrass Energy Partners, LP 7.50% 20251		355		385
Targa Resources Partners LP 6.50% 2027		515		553
Targa Resources Partners LP 6.875% 2029		15		17
Targa Resources Partners LP 5.50% 2030		655		717
Targa Resources Partners LP 4.875% 2031		220		239
Total Capital International 3.127% 2050		36		37
TransCanada PipeLines, Ltd. 4.10% 2030		11		12
Transocean Guardian, Ltd. 5.875% 20241		94		89
Transocean Poseidon, Ltd. 6.875% 20271		247		239
Venture Global Calcasieu Pass, LLC 4.125% 20311		7,410		7,867
Vine Energy Holdings LLC 6.75% 20291		1,280		1,391
Western Gas Partners LP 4.50% 2028		550		600
Western Gas Partners LP 5.45% 2044		30		36
Western Midstream Operating, LP 4.35% 2025 (4.10% on 2/1/2022)5		210		220
Western Midstream Operating, LP 4.75% 2028		1,005		1,112
Western Midstream Operating, LP 5.30% 2030 (5.05% on 2/1/2022)5		22		24
Western Midstream Operating, LP 6.50% 2050 (6.25% on 2/1/2022)5		200		237
Williams Companies, Inc. 3.50% 2030		224		238
				320,009
Financials 7.73%
Advisor Group Holdings, LLC 6.25% 20281		3,570		3,709
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 2.45% 2026		1,322		1,334
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.00% 2028		980		995
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.30% 2032		4,896		4,992
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.40% 2033		300		306
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.85% 2041		2,449		2,555
AG Merger Sub II, Inc. 10.75% 20271		4,353		4,838
Alliant Holdings Intermediate, LLC 6.75% 20271		5,068		5,263
Alliant Holdings Intermediate, LLC / Alliant Holdings 4.25% 20271		2,815		2,818
Alliant Holdings Intermediate, LLC / Alliant Holdings 5.875% 20291		2,990		3,046
American International Group, Inc. 3.40% 2030		120		130
American International Group, Inc. 4.375% 2050		50		63
AmWINS Group, Inc. 4.875% 20291		7,850		7,942
AON Corp. 2.20% 2022		48		49
Aretec Escrow Issuer, Inc. 7.50% 20291		4,554		4,678
Arthur J. Gallagher & Co. 3.50% 2051		106		112
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.00% 20292,4		3,065		3,077
AssuredPartners, Inc. 8.00% 20271		1,320		1,371
AssuredPartners, Inc. 5.625% 20291		2,110		2,056
Bangkok Bank PCL 4.45% 2028		200		228
Bangkok Bank PCL 3.733% 2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)5		600		614
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)5		7,330		7,281
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)5		1,042		999
Bank of America Corp. 2.299% 2032 (USD-SOFR + 1.22% on 7/21/2031)5		1,700		1,673
Bank of America Corp. 2.651% 2032 (USD-SOFR + 1.22% on 3/11/2031)5		240		243
Bank of East Asia, Ltd. 4.00% 2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.75% on 5/29/2025)5		1,000		1,032
Bank of Nova Scotia 0.70% 2024		4,400		4,363
BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)1,5		200		196
BNP Paribas 2.871% 2032 (USD-SOFR + 1.387% on 4/19/2031)1,5		2,400		2,436
China Construction Bank Corp. 2.45% 2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.15% on 6/24/2025)5		2,100		2,129
China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 2031		2,688		2,581
Chubb INA Holdings, Inc. 2.85% 2051		113		114
Chubb INA Holdings, Inc. 3.05% 2061		155		159
Citigroup, Inc. 2.561% 2032 (USD-SOFR + 1.167% on 5/1/2031)5		2,208		2,222
Coinbase Global, Inc. 3.375% 20281		7,640		7,150
Coinbase Global, Inc. 3.625% 20311		3,640		3,355
Compass Diversified Holdings 5.25% 20291		14,355		15,063
Compass Diversified Holdings 5.00% 20321		5,745		5,897
Crédit Agricole SA 1.247% 2027 (USD-SOFR + 0.892% on 1/26/2026)1,5		250		243
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)1,5		1,400		1,546

American Funds Multi-Sector Income Fund 9

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Credit Suisse Group AG 3.091% 2032 (USD-SOFR + 1.73% on 5/14/2031)1,5	$	1,425	$	1,452
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)5		150		150
Deutsche Bank AG 2.311% 2027 (USD-SOFR + 1.219% on 11/16/2026)5		300		300
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)5		170		179
Deutsche Bank AG 3.035% 2032 (USD-SOFR + 1.718% on 5/28/2031)5		1,650		1,664
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 7.00% 20262,4,8,9		3,054		2,892
Digital Currency Group, Inc., Term Loan, 8.75% 20262,8,9		4,071		3,856
DNB Bank ASA 1.535% 2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)1,5		1,950		1,923
FS Energy and Power Fund 7.50% 20231		6,584		6,873
Goldman Sachs Group, Inc. 1.948% 2027 (USD-SOFR + 0.913% on 10/21/2026)5		1,638		1,632
Goldman Sachs Group, Inc. 2.383% 2032 (USD-SOFR + 1.248% on 7/21/2031)5		1,377		1,357
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)5		3,214		3,241
Goldman Sachs Group, Inc. 3.21% 2042 (USD-SOFR + 1.513% on 4/22/2041)5		886		921
Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)1,5		250		247
Hartford Financial Services Group, Inc. 2.90% 2051		227		224
HDFC Bank, Ltd. 3.70% junior subordinated perpetual bonds (5-Year UST Yield Curve Rate T Note Constant Maturity on 2/25/2027)1,5		2,000		2,000
Hightower Holding, LLC 6.75% 20291		6,955		7,154
HSBC Holdings PLC 2.251% 2027 (USD-SOFR + 1.10% on 11/22/2026)5		890		892
HSBC Holdings PLC 2.206% 2029 (USD-SOFR + 1.285% on 8/17/2028)5		2,602		2,554
Huarong Finance 2017 Co., Ltd. (3-month USD-LIBOR + 1.15%) 1.294% 20224		271		267
Huarong Finance 2017 Co., Ltd. (3-month USD-LIBOR + 1.85%) 1.985% 20224		654		653
Huarong Finance 2017 Co., Ltd. (3-month USD-LIBOR + 1.325%) 1.455% 20234		1,360		1,328
Huarong Finance 2017 Co., Ltd. 4.25% 2027		3,500		3,545
Huarong Finance 2017 Co., Ltd. 4.75% 2027		1,000		1,034
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 1.295% 20234		2,151		2,108
Huarong Finance 2019 Co., Ltd. 2.50% 2023		200		199
Huarong Finance 2019 Co., Ltd. 3.75% 2024		200		202
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 1.43% 20254		1,862		1,778
Huarong Finance II Co., Ltd. 5.00% 2025		200		208
Huarong Finance II Co., Ltd. 5.50% 2025		438		460
Huarong Finance II Co., Ltd. 4.625% 2026		216		223
Huarong Finance II Co., Ltd. 4.875% 2026		698		725
HUB International, Ltd. 7.00% 20261		3,695		3,801
HUB International, Ltd. 5.625% 20291		6,905		7,124
Icahn Enterprises Finance Corp. 5.25% 2027		2,500		2,574
Icahn Enterprises Finance Corp. 4.375% 2029		1,660		1,621
ICBCIL Finance Co., Ltd. 3.625% 2027		2,200		2,333
Intercontinental Exchange, Inc. 2.65% 2040		575		557
Intercontinental Exchange, Inc. 3.00% 2060		55		54
Iron Mountain Information Management Services, Inc. 5.00% 20321		4,610		4,727
JPMorgan Chase & Co. 1.561% 2025 (USD-SOFR + 0.605% on 12/10/2024)5		76		76
JPMorgan Chase & Co. 1.578% 2027 (USD-SOFR + 0.885% on 4/22/2026)5		1,126		1,113
JPMorgan Chase & Co. 1.953% 2032 (USD-SOFR + 1.065% on 2/4/2031)5		2,950		2,844
JPMorgan Chase & Co. 2.545% 2032 (USD-SOFR + 1.18% on 11/8/2031)5		140		141
JPMorgan Chase & Co. 2.58% 2032 (USD-SOFR + 1.25% on 4/22/2031)5		2,229		2,260
JPMorgan Chase & Co. 3.109% 2051 (USD-SOFR + 3.109% on 4/22/2050)5		99		103
Kasikornbank PCL HK 3.343% 2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)5		600		601
Ladder Capital Corp. 4.25% 20271		2,820		2,842
LPL Holdings, Inc. 4.625% 20271		140		145
LPL Holdings, Inc. 4.00% 20291		3,000		3,076
LPL Holdings, Inc. 4.375% 20311		1,770		1,813
Marsh & McLennan Companies, Inc. 2.375% 2031		1,644		1,662
MetLife, Inc. 4.55% 2030		40		47
Metropolitan Life Global Funding I 1.95% 20231		150		152
Morgan Stanley 1.512% 2027 (USD-SOFR + 0.858% on 7/20/2026)5		3,160		3,111
Morgan Stanley 2.239% 2032 (USD-SOFR + 1.178% on 7/21/2031)5		1,471		1,440
Morgan Stanley 2.511% 2032 (USD-SOFR + 1.20% on 10/20/2031)5		459		459
MSCI, Inc. 4.00% 20291		1,000		1,047
MSCI, Inc. 3.625% 20301		3,680		3,768
MSCI, Inc. 3.875% 20311		1,171		1,221
National Financial Partners Corp. 6.875% 20281		4,349		4,368
Navient Corp. 5.875% 2024		2,180		2,327
Navient Corp. 5.00% 2027		4,900		5,002

10 American Funds Multi-Sector Income Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Navient Corp. 5.625% 2033	$	10,995	$	10,488
New York Life Global Funding 0.85% 20261		80		78
New York Life Global Funding 1.20% 20301		21		20
Power Financial Corp., Ltd. 6.15% 2028		200		236
Power Financial Corp., Ltd. 4.50% 2029		2,100		2,243
Power Financial Corp., Ltd. 3.35% 2031		3,000		2,963
Progressive Corp. 3.20% 2030		30		32
Rede D’Or Finance SARL 4.50% 20301		2,651		2,584
Royal Bank of Canada 1.20% 2026		2,250		2,212
Royal Bank of Canada 2.30% 2031		820		825
Shriram Transport Finance Co., Ltd. 4.40% 20241		834		846
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)5		3,843		3,961
Travelers Companies, Inc. 4.10% 2049		20		24
Travelers Companies, Inc. 2.55% 2050		3		3
Vigorous Champion International, Ltd. 4.25% 2029		416		440
Westpac Banking Corp. 1.953% 2028		1,491		1,486
Xiaomi Best Time International, Ltd. 2.875% 20311		1,605		1,576
Xiaomi Best Time International, Ltd. 4.10% 20511		1,120		1,139
				254,664
Materials 6.29%
Alcoa Netherlands Holding BV 5.50% 20271		300		321
Allegheny Technologies, Inc. 4.875% 2029		3,190		3,198
Allegheny Technologies, Inc. 5.125% 2031		1,690		1,705
Alpek, SAB de CV 3.25% 20311		1,100		1,099
Anglo American Capital PLC 2.875% 20311		500		498
Anglo American Capital PLC 3.95% 20501		206		219
ArcelorMittal 4.25% 2029		329		361
ArcelorMittal 7.00% 2039		237		327
ArcelorMittal 6.75% 2041		1,374		1,859
Arconic Corp. 6.00% 20251		115		120
Ardagh Group SA 6.50% Cash 20271,3		1,340		1,382
Ardagh Metal Packaging Finance USA LLC 4.00% 20291		5,980		5,934
Axalta Coating Systems LLC 4.75% 20271		3,085		3,219
Bluestar Finance Holdings, Ltd. 3.875% perpetual bonds (3-year UST Yield Curve Rate T Note Constant Maturity + 6.651% on 6/24/2023)5		1,600		1,633
Braskem Idesa SAPI 7.45% 20291		5,450		5,656
Braskem Idesa SAPI 7.45% 2029		500		519
Braskem Idesa SAPI 6.99% 20321		5,880		5,912
Braskem SA 4.50% 20301		1,170		1,246
Braskem SA 4.50% 2030		850		905
Braskem SA 5.875% 20501		400		462
BWAY Parent Co., Inc. 5.50% 20241		1,995		2,016
Canpack SA / Canpack US, LLC 3.875% 20291		4,100		4,009
Cleveland-Cliffs, Inc. 9.875% 20251		96		109
Cleveland-Cliffs, Inc. 6.75% 20261		260		276
Cleveland-Cliffs, Inc. 5.875% 2027		160		167
Cleveland-Cliffs, Inc. 4.875% 20311		1,850		1,925
Constellium SE 3.75% 20291		3,140		3,094
CVR Partners LP 9.25% 20231		151		152
CVR Partners LP 6.125% 20281		5,965		6,302
Diamond (BC) BV 4.625% 20291		720		715
Dow Chemical Co. 4.80% 2049		57		73
Dow Chemical Co. 3.60% 2050		5		5
Ecolab, Inc. 2.125% 2032		2,500		2,482
Element Solutions, Inc. 3.875% 20281		3,450		3,472
First Quantum Minerals, Ltd. 6.50% 20241		4,950		5,017
First Quantum Minerals, Ltd. 6.875% 20271		11,417		12,300
FMG Resources 4.375% 20311		3,110		3,271
Freeport-McMoRan, Inc. 5.40% 2034		1,250		1,524
Freeport-McMoRan, Inc. 5.45% 2043		535		674
Fresnillo PLC 4.25% 20501		1,100		1,154
FXI Holdings, Inc. 7.875% 20241		2,333		2,379
FXI Holdings, Inc. 12.25% 20261		11,891		13,393
Glencore Funding LLC 2.625% 20311		2,000		1,946
Glencore Funding LLC 3.875% 20511		2,000		2,094

American Funds Multi-Sector Income Fund 11

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
GPC Merger Sub, Inc. 7.125% 20281	$	2,017	$	2,091
Gran Colombia Gold Corp. 6.875% 20261		1,860		1,867
Hexion, Inc. 7.875% 20271		4,240		4,477
Huntsman International LLC 2.95% 2031		80		81
International Flavors & Fragrances, Inc. 1.832% 20271		24		24
International Flavors & Fragrances, Inc. 2.30% 20301		744		730
International Flavors & Fragrances, Inc. 3.468% 20501		650		683
Labl, Inc. 8.25% 20291		2,175		2,191
LSB Industries, Inc. 6.25% 20281		3,570		3,718
LYB International Finance III, LLC 2.25% 2030		521		519
LYB International Finance III, LLC 3.375% 2040		1,150		1,200
LYB International Finance III, LLC 3.625% 2051		1,091		1,158
Mercer International, Inc. 5.125% 2029		1,965		2,010
Methanex Corp. 5.125% 2027		5,150		5,413
Methanex Corp. 5.25% 2029		3,000		3,168
Newcrest Finance Pty, Ltd. 3.25% 20301		62		65
Newcrest Finance Pty, Ltd. 4.20% 20501		15		17
Nova Chemicals Corp. 5.25% 20271		3,100		3,305
Nova Chemicals Corp. 4.25% 20291		3,000		3,017
Novelis Corp. 4.75% 20301		3,371		3,550
Novelis Corp. 3.875% 20311		1,671		1,663
Olin Corp. 5.00% 2030		3,000		3,154
Owens-Illinois, Inc. 6.625% 20271		450		475
Praxair, Inc. 2.00% 2050		18		16
Rayonier A.M. Products, Inc. 7.625% 20261		67		71
Rio Tinto Finance (USA), Ltd. 2.75% 2051		187		186
SCIH Salt Holdings, Inc. 4.875% 20281		12,385		11,909
SCIH Salt Holdings, Inc. 6.625% 20291		6,200		5,806
Scotts Miracle-Gro Co. 4.50% 2029		2,068		2,159
Scotts Miracle-Gro Co. 4.375% 20321		1,770		1,768
Sealed Air Corp. 4.00% 20271		1,688		1,761
Silgan Holdings, Inc. 4.125% 2028		1,474		1,508
Summit Materials, Inc. 6.50% 20271		270		281
Summit Materials, Inc. 5.25% 20291		2,900		3,042
Trivium Packaging BV 5.50% 20261		200		208
Trivium Packaging BV 8.50% 20271		1,200		1,270
Unifrax Escrow Issuer Corp. 5.25% 20281		6,470		6,552
Unifrax Escrow Issuer Corp. 7.50% 20291		2,405		2,432
Valvoline, Inc. 4.25% 20301		2,265		2,314
Valvoline, Inc. 3.625% 20311		2,535		2,458
Venator Materials Corp. 5.75% 20251		2,815		2,705
Venator Materials Corp. 9.50% 20251		4,410		4,825
W. R. Grace Holdings LLC 4.875% 20271		2,035		2,093
W. R. Grace Holdings LLC 5.625% 20291		2,055		2,109
Warrior Met Coal, Inc. 7.875% 20281		2,100		2,155
				207,328
Communication services 6.18%
Alphabet, Inc. 2.25% 2060		30		27
Altice France SA 5.125% 20291		4,243		4,146
AT&T, Inc. 2.75% 2031		45		46
AT&T, Inc. 2.25% 2032		935		905
AT&T, Inc. 3.50% 2053		7,498		7,579
Axiata SPV5 Labuan, Ltd. 3.064% 2050		200		192
Cablevision Systems Corp. 5.375% 20281		650		674
CCO Holdings LLC and CCO Holdings Capital Corp. 5.00% 20281		200		208
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20301		5,140		5,270
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 20301		4,200		4,375
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20311		4,600		4,650
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2032		685		706
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20331		3,450		3,525
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20341		6,500		6,407
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2049		13		15
CCO Holdings LLC and CCO Holdings Capital Corp. 4.80% 2050		280		314
CCO Holdings LLC and CCO Holdings Capital Corp. 3.70% 2051		30	��	29
Centerfield Media Parent, Inc. 6.625% 20261		1,155		1,159
Cinemark USA, Inc. 5.875% 20261		3,565		3,614

12 American Funds Multi-Sector Income Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Cogent Communications Group, Inc. 3.50% 20261	$	2,530	$	2,572
Comcast Corp. 2.65% 2030		200		208
Comcast Corp. 3.75% 2040		15		17
Comcast Corp. 4.00% 2048		35		40
Consolidated Communications, Inc. 5.00% 20281		1,400		1,416
CSC Holdings, LLC 4.625% 20301		400		379
Diamond Sports Group LLC 5.375% 20261		571		286
Diamond Sports Group LLC 6.625% 20271		3,175		897
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 5.75% 20272,4		2,043		2,048
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc. 5.875% 20271		2,435		2,496
DISH DBS Corp. 5.125% 2029		1,850		1,686
Embarq Corp. 7.995% 2036		475		533
Epicor Software Corp., Term Loan C, (3-month USD-LIBOR + 3.25%) 4.00% 20272,4		49		49
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 8.75% 20282,4		325		334
Front Range BidCo, Inc. 6.125% 20281		7,420		7,320
Frontier Communications Corp. 5.875% 20271		1,440		1,525
Frontier Communications Corp. 5.00% 20281		1,075		1,109
Frontier Communications Corp. 6.75% 20291		2,039		2,124
Frontier Communications Holdings, LLC 5.875% 2029		9		9
Gray Escrow II, Inc. 5.375% 20311		4,725		4,869
Gray Television, Inc. 7.00% 20271		3,570		3,819
Inmarsat PLC 6.75% 20261		230		242
Intelsat Jackson Holding Co. 5.50% 20237		65		30
Intelsat Jackson Holding Co. 8.00% 20241		35		36
Intelsat Jackson Holding Co. 8.50% 20241,7		45		21
Intelsat Jackson Holding Co., Term Loan, (3-month USD-LIBOR + 4.75%) 5.75% 20222,4		2,845		2,855
Intelsat Jackson Holding Co., Term Loan, 6.625% 20242		35		35
Kantar Group LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 5.25% 20262,4		1,302		1,301
Lamar Media Corp. 4.875% 2029		2,030		2,122
Lamar Media Corp. 4.00% 2030		3,100		3,149
Lamar Media Corp. 3.625% 2031		175		171
Level 3 Financing, Inc. 4.25% 20281		1,710		1,696
Level 3 Financing, Inc. 3.75% 20291		2,670		2,541
Ligado Networks LLC 15.50% PIK 20231,3		1,480		1,201
Live Nation Entertainment, Inc. 4.75% 20271		750		772
Match Group, Inc. 4.625% 20281		150		156
Midas OpCo Holdings LLC 5.625% 20291		8,145		8,351
Netflix, Inc. 4.875% 2028		357		408
Netflix, Inc. 5.875% 2028		749		902
Netflix, Inc. 5.375% 20291		454		540
Netflix, Inc. 4.875% 20301		1,391		1,625
News Corp. 3.875% 20291		7,750		7,841
Nexstar Broadcasting, Inc. 4.75% 20281		1,350		1,378
Nexstar Escrow Corp. 5.625% 20271		3,270		3,451
OUTFRONT Media Capital LLC 5.00% 20271		520		533
OUTFRONT Media Capital LLC 4.25% 20291		3,000		3,010
OUTFRONT Media Capital LLC 4.625% 20301		1,990		1,988
PLDT, Inc. 2.50% 2031		1,700		1,689
SBA Tower Trust 1.631% 20261		4,000		3,940
Scripps Escrow II, Inc. 3.875% 20291		1,500		1,500
Sirius XM Radio, Inc. 5.00% 20271		1,075		1,119
Sirius XM Radio, Inc. 4.00% 20281		4,825		4,860
Sirius XM Radio, Inc. 4.125% 20301		2,185		2,189
Sirius XM Radio, Inc. 3.875% 20311		2,700		2,652
Sprint Corp. 6.875% 2028		2,470		3,129
Sprint Corp. 8.75% 2032		4,330		6,502
Summer (BC) BidCo B LLC 5.50% 20261		1,210		1,240
Tencent Holdings, Ltd. 3.975% 2029		900		980
Tencent Holdings, Ltd. 3.24% 20501		1,400		1,324
T-Mobile US, Inc. 2.625% 2029		280		276
T-Mobile US, Inc. 2.70% 20321		109		110
T-Mobile US, Inc. 3.30% 2051		246		241
T-Mobile US, Inc. 3.40% 20521		1,010		1,007
Univision Communications, Inc. 5.125% 20251		150		152
Univision Communications, Inc. 6.625% 20271		8,135		8,774
Univision Communications, Inc. 4.50% 20291		12,310		12,455

American Funds Multi-Sector Income Fund 13

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
UPC Broadband Finco BV 4.875% 20311		$	4,410	$	4,505
Verizon Communications, Inc. 1.75% 2031			825		782
Verizon Communications, Inc. 2.55% 2031			1,275		1,288
Verizon Communications, Inc. 3.40% 2041			400		420
Verizon Communications, Inc. 2.875% 2050			192		183
Verizon Communications, Inc. 3.55% 2051			642		693
Warner Music Group 3.875% 20301			1,495		1,521
Ziggo Bond Co. BV 5.125% 20301			1,100		1,107
Ziggo Bond Finance BV 5.50% 20271			1,056		1,086
Ziggo Bond Finance BV 4.875% 20301			13,820		14,196
					203,852
Health care 5.91%
AmerisourceBergen Corp. 2.70% 2031			5,490		5,553
AstraZeneca Finance LLC 1.75% 2028			812		808
AstraZeneca Finance LLC 2.25% 2031			121		122
AstraZeneca PLC 3.00% 2051			56		59
Avantor Funding, Inc. 4.625% 20281			1,835		1,916
Avantor Funding, Inc. 3.875% 20291			3,740		3,786
Bausch Health Companies, Inc. 9.25% 20261			1,370		1,449
Bausch Health Companies, Inc. 5.75% 20271			200		208
Bausch Health Companies, Inc. 4.875% 20281			1,825		1,865
Bausch Health Companies, Inc. 5.00% 20281			660		608
Bausch Health Companies, Inc. 7.00% 20281			830		827
Bausch Health Companies, Inc. 5.25% 20301			1,220		1,075
Bausch Health Companies, Inc. 5.25% 20311			7,680		6,761
Baxter International, Inc. 1.915% 20271			1,600		1,607
Boston Scientific Corp. 2.65% 2030			150		153
Catalent Pharma Solutions, Inc. 5.00% 20271			455		473
Catalent Pharma Solutions, Inc. 3.125% 20291			1,850		1,827
Catalent Pharma Solutions, Inc. 3.50% 20301			3,265		3,260
Centene Corp. 4.25% 2027			30		31
Centene Corp. 2.45% 2028			10,155		10,018
Centene Corp. 4.625% 2029			6,191		6,687
Centene Corp. 3.00% 2030			610		621
Centene Corp. 3.375% 2030			644		657
Centene Corp. 2.50% 2031			2,280		2,223
Centene Corp. 2.625% 2031			4,440		4,359
Charles River Laboratories International, Inc. 4.25% 20281			1,923		2,003
Charles River Laboratories International, Inc. 3.75% 20291			1,550		1,568
Cigna Corp. 2.375% 2031			192		193
Community Health Systems, Inc. 5.625% 20271			2,160		2,289
Community Health Systems, Inc. 6.00% 20291			165		176
Community Health Systems, Inc. 6.875% 20291			1,200		1,224
DaVita, Inc. 4.625% 20301			3,470		3,559
Eli Lilly and Company 3.375% 2029			15		17
Encompass Health Corp. 4.50% 2028			1,267		1,305
Encompass Health Corp. 4.75% 2030			1,280		1,320
Endo DAC / Endo Finance LLC / Endo Finco 6.00% 20281			1,100		821
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 20291			3,610		3,545
Grifols Escrow Issuer SA 4.75% 20281			950		971
HCA, Inc. 5.375% 2026			425		478
HCA, Inc. 5.625% 2028			3,770		4,412
HealthEquity, Inc. 4.50% 20291			1,410		1,398
IMS Health Holdings, Inc. 5.00% 20261			600		617
Jazz Securities DAC 4.375% 20291			4,585		4,755
Johnson & Johnson 2.10% 2040			40		38
Kaiser Foundation Hospitals 2.81% 2041			355		358
Merck & Co., Inc. 1.45% 2030			70		67
Molina Healthcare, Inc. 4.375% 20281			5,425		5,597
Molina Healthcare, Inc. 3.875% 20321			3,210		3,235
Mozart Debt Merger Sub, Inc. 3.875% 20291			2,000		1,997
Mozart Debt Merger Sub, Inc. 5.25% 20291			5,850		5,942
Novartis Capital Corp. 1.75% 2025			41		42
Novartis Capital Corp. 2.00% 2027			24		24
Novartis Capital Corp. 2.20% 2030			30		30
Option Care Health, Inc. 4.375% 20291			1,330		1,335

14 American Funds Multi-Sector Income Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Organon Finance 1 LLC 5.125% 20311		$	1,335	$	1,397
Owens & Minor, Inc. 4.50% 20291			230		236
Par Pharmaceutical, Inc. 7.50% 20271			450		461
Partners HealthCare System, Inc. 3.192% 2049			42		45
Pfizer, Inc. 1.70% 2030			44		43
Radiology Partners, Inc. 9.25% 20281			1,775		1,866
Rede D’Or Finance SARL 4.50% 2030			2,605		2,540
Roche Holdings, Inc. 1.93% 20281			4,870		4,903
Roche Holdings, Inc. 2.076% 20311			7,204		7,189
Roche Holdings, Inc. 2.607% 20511			591		582
RP Escrow Issuer, LLC 5.25% 20251			1,635		1,651
Select Medical Holdings Corp. 6.25% 20261			196		208
Summa Health 3.511% 2051			1,325		1,401
Surgery Center Holdings 10.00% 20271			235		250
Syneos Health, Inc. 3.625% 20291			1,559		1,542
Tenet Healthcare Corp. 4.625% 2024			21		21
Tenet Healthcare Corp. 7.50% 20251			190		200
Tenet Healthcare Corp. 4.875% 20261			750		772
Tenet Healthcare Corp. 5.125% 20271			1,230		1,283
Tenet Healthcare Corp. 6.125% 20281			1,410		1,492
Tenet Healthcare Corp. 4.375% 20301			6,000		6,089
Teva Pharmaceutical Finance Co. BV 3.15% 2026			14,060		13,238
Teva Pharmaceutical Finance Co. BV 4.75% 2027			10,380		10,298
Teva Pharmaceutical Finance Co. BV 6.75% 2028			12,590		13,427
Teva Pharmaceutical Finance Co. BV 5.125% 2029			11,970		11,755
Teva Pharmaceutical Finance Co. BV 4.10% 2046			3,000		2,540
Thermo Fisher Scientific, Inc. 1.75% 2028			87		87
Thermo Fisher Scientific, Inc. 2.00% 2031			66		65
Thermo Fisher Scientific, Inc. 2.80% 2041			73		74
UnitedHealth Group, Inc. 1.15% 2026			2,151		2,130
UnitedHealth Group, Inc. 1.25% 2026			278		277
Valeant Pharmaceuticals International, Inc. 6.125% 20251			163		166
Valeant Pharmaceuticals International, Inc. 9.00% 20251			200		211
Valeant Pharmaceuticals International, Inc. 8.50% 20271			75		79
					194,787
Industrials 5.82%
Allison Transmission Holdings, Inc. 3.75% 20311			1,885		1,841
Associated Materials, LLC 9.00% 20251			328		351
Atkore, Inc. 4.25% 20311			2,000		2,053
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 3.00%) 3.50% 20282,4			4,000		3,992
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 6.25% 20292,4			1,875		1,904
ATS Automation Tooling Systems, Inc. 4.125% 20281			225		227
Boeing Company 2.196% 2026			25		25
Boeing Company 2.75% 2026			500		515
Boeing Company 3.25% 2028			1,078		1,124
Boeing Company 5.15% 2030			12,783		14,906
Boeing Company 3.625% 2031			4,738		5,058
Boeing Company 3.75% 2050			83		86
Boeing Company 5.805% 2050			397		539
Bombardier, Inc. 7.50% 20251			1,390		1,418
Bombardier, Inc. 7.125% 20261			6,050		6,284
Bombardier, Inc. 7.875% 20271			3,050		3,167
Bombardier, Inc. 6.00% 20281			1,790		1,798
Builders FirstSource, Inc. 4.25% 20321			2,175		2,256
Burlington Northern Santa Fe LLC 3.55% 2050			750		842
Burlington Northern Santa Fe LLC 3.05% 2051			18		19
Burlington Northern Santa Fe LLC 3.30% 2051			1,652		1,798
Burlington Northern Santa Fe LLC 2.875% 2052			10		10
BWX Technologies, Inc. 4.125% 20281			1,150		1,169
BWX Technologies, Inc. 4.125% 20291			1,080		1,095
Canadian Pacific Railway, Ltd. 1.75% 2026			435		437
Canadian Pacific Railway, Ltd. 2.45% 2031			455		464
Canadian Pacific Railway, Ltd. 3.00% 2041			155		159
Canadian Pacific Railway, Ltd. 3.10% 2051			257		265
Clarivate Science Holdings Corp. 3.875% 20281			4,910		4,944
Clarivate Science Holdings Corp. 4.875% 20291			7,645		7,766

American Funds Multi-Sector Income Fund 15

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
CoreLogic, Inc. 4.50% 20281		$	11,844	$	11,817
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.00% 20292,4			3,950		3,997
Cornerstone Building Brands, Inc., Term Loan B,
(3-month USD-LIBOR + 3.25%) 3.75% 20282,4			146		146
Covert Mergeco, Inc. 4.875% 20291			3,045		3,095
CSX Corp. 4.50% 2049			25		31
Dun & Bradstreet Corp. 6.875% 20261			108		112
Dun & Bradstreet Corp. 5.00% 20291			7,948		8,145
Empresa de Transporte de Pasajeros Metro SA 4.70% 20501			400		466
General Dynamics Corp. 1.15% 2026			4,600		4,562
GFL Environmental, Inc. 4.00% 20281			4,500		4,418
Gol Finance SA 8.00% 20261			9,115		8,589
Harsco Corp. 5.75% 20271			1,885		1,922
Honeywell International, Inc. 2.70% 2029			35		37
Howmet Aerospace, Inc. 6.875% 2025			3		3
JELD-WEN Holding, Inc. 4.875% 20271			2,090		2,148
Kratos Defense & Security Solutions, Inc. 6.50% 20251			70		72
Labl Escrow Issuer, LLC 10.50% 20271			500		525
Lima Metro Line 2 Finance, Ltd. 5.875% 20341			2,702		3,109
Lockheed Martin Corp. 1.85% 2030			360		354
Lockheed Martin Corp. 3.60% 2035			49		55
Lockheed Martin Corp. 4.50% 2036			41		50
Lockheed Martin Corp. 4.07% 2042			24		28
Lockheed Martin Corp. 2.80% 2050			197		197
Lockheed Martin Corp. 4.09% 2052			74		92
LSC Communications, Inc. 8.75% 20231,7,8,9			45		—6
Masco Corp. 2.00% 2031			48		46
MasTec, Inc. 4.50% 20281			1,425		1,482
Mexico City Airport Trust 4.25% 2026			1,600		1,696
Moog, Inc. 4.25% 20271			1,481		1,494
Mueller Water Products, Inc. 4.00% 20291			1,200		1,214
NESCO Holdings II, Inc. 5.50% 20291			730		755
Nielsen Finance LLC and Nielsen Finance Co. 5.625% 20281			1,250		1,293
Nielsen Finance LLC and Nielsen Finance Co. 5.875% 20301			1,300		1,374
Norfolk Southern Corp. 3.05% 2050			8		8
PGT Innovations, Inc. 4.375% 20291			1,790		1,802
PM General Purchaser LLC 9.50% 20281			4,000		4,058
Raytheon Technologies Corp. 1.90% 2031			1,515		1,463
Republic Services, Inc. 2.375% 2033			1,090		1,086
Ritchie Bros. Holdings, Inc. 4.75% 20311			900		941
Roller Bearing Company of America, Inc. 4.375% 20291			2,755		2,814
Rolls-Royce PLC 5.75% 20271			6,230		6,896
Sensata Technologies Holding BV 4.00% 20291			2,230		2,281
Sensata Technologies, Inc. 3.75% 20311			150		150
Siemens AG 1.20% 20261			250		246
SkyMiles IP, Ltd. 4.75% 20281			1,140		1,246
SkyMiles IP, Ltd., Term Loan, (3-month USD-LIBOR + 3.75%) 4.75% 20272,4			750		795
SRS Distribution, Inc. 4.625% 20281			5,810		5,841
SRS Distribution, Inc. 6.125% 20291			1,365		1,393
Stericycle, Inc. 3.875% 20291			3,180		3,137
TransDigm, Inc. 6.25% 20261			1,250		1,301
TransDigm, Inc. 5.50% 2027			1,235		1,274
TransDigm, Inc. 4.625% 2029			6,970		6,959
TransDigm, Inc. 4.875% 2029			1,990		2,002
Triton Container International, Ltd. 1.15% 20241			244		241
Uber Technologies, Inc. 8.00% 20261			2,185		2,330
Union Pacific Corp. 2.375% 2031			2,480		2,531
Union Pacific Corp. 4.30% 2049			75		94
Union Pacific Corp. 3.25% 2050			13		14
United Airlines Holdings, Inc. 6.50% 20271			975		1,042
United Airlines, Inc. 4.375% 20261			2,455		2,563
United Airlines, Inc. 4.625% 20291			1,990		2,056
United Rentals, Inc. 5.25% 2030			960		1,041
Vertical Holdco GMBH 7.625% 20281			1,302		1,397
WESCO Distribution, Inc. 7.125% 20251			270		287
WESCO Distribution, Inc. 7.25% 20281			2,465		2,706
					191,831

16 American Funds Multi-Sector Income Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples 3.60%
7-Eleven, Inc. 0.95% 20261		$	365	$	354
7-Eleven, Inc. 1.30% 20281			445		424
7-Eleven, Inc. 1.80% 20311			2,845		2,695
7-Eleven, Inc. 2.50% 20411			900		832
7-Eleven, Inc. 2.80% 20511			815		758
Albertsons Companies, Inc. 3.50% 20291			4,175		4,190
Altria Group, Inc. 4.80% 2029			2,000		2,258
Altria Group, Inc. 3.40% 2030			800		829
Altria Group, Inc. 4.45% 2050			650		672
Altria Group, Inc. 3.70% 2051			3,110		2,905
Anheuser-Busch Co. / InBev Worldwide 4.90% 2046			90		114
Anheuser-Busch InBev NV 4.60% 2048			600		735
Anheuser-Busch InBev NV 4.50% 2050			870		1,075
B&G Foods, Inc. 5.25% 2025			245		251
B&G Foods, Inc. 5.25% 2027			3,930		4,067
British American Tobacco PLC 2.726% 2031			2,750		2,672
British American Tobacco PLC 4.54% 2047			148		155
British American Tobacco PLC 4.758% 2049			550		592
British American Tobacco PLC 3.984% 2050			2,200		2,120
Central Garden & Pet Co. 4.125% 2030			1,070		1,081
Central Garden & Pet Co. 4.125% 20311			5,215		5,249
Conagra Brands, Inc. 1.375% 2027			35		33
Conagra Brands, Inc. 5.30% 2038			2		3
Constellation Brands, Inc. 2.875% 2030			640		658
Constellation Brands, Inc. 2.25% 2031			510		499
Darling Ingredients, Inc. 5.25% 20271			280		289
Edgewell Personal Care Co. 5.50% 20281			1,770		1,881
Energizer Holdings, Inc. 4.375% 20291			3,320		3,245
Ingles Markets, Inc. 4.00% 20311			3,345		3,375
InRetail Consumer 3.25% 20281			3,100		3,073
InRetail Consumer 3.25% 2028			200		198
Keurig Dr Pepper, Inc. 3.20% 2030			30		32
Kimberly-Clark Corp. 3.10% 2030			162		175
Kimberly-Clark Corp. 2.00% 2031			1,390		1,384
Kraft Heinz Company 5.20% 2045			180		229
Kraft Heinz Company 4.375% 2046			3,860		4,530
Kraft Heinz Company 4.875% 2049			655		824
Kraft Heinz Company 5.50% 2050			1,500		2,035
Kronos Acquisition Holdings, Inc. 5.00% 20261			6,070		6,003
Kronos Acquisition Holdings, Inc. 7.00% 20271			5,550		5,240
Lamb Weston Holdings, Inc. 4.125% 20301			2,590		2,662
Lamb Weston Holdings, Inc. 4.375% 20321			6,000		6,198
MARB BondCo PLC 3.95% 20311			2,577		2,465
Molson Coors Brewing Co. 4.20% 2046			20		22
Natura Cosmeticos SA 4.125% 20281			3,800		3,735
NBM US Holdings, Inc. 6.625% 20291			500		548
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 4.50% 20262,4			5,581		5,593
PepsiCo, Inc. 1.625% 2030			6		6
PepsiCo, Inc. 1.40% 2031			34		32
PepsiCo, Inc. 1.95% 2031			1,329		1,330
Performance Food Group, Inc. 4.25% 20291			1,863		1,851
Philip Morris International, Inc. 3.375% 2029			85		92
Philip Morris International, Inc. 1.75% 2030			961		915
Philip Morris International, Inc. 4.25% 2044			27		31
Post Holdings, Inc. 5.625% 20281			320		340
Post Holdings, Inc. 5.50% 20291			6,180		6,503
Post Holdings, Inc. 4.625% 20301			4,556		4,649
Post Holdings, Inc. 4.50% 20311			2,000		1,988
Prestige Brands International, Inc. 5.125% 20281			2,000		2,085
Prestige Brands International, Inc. 3.75% 20311			3,660		3,556
Procter & Gamble Company 0.55% 2025			19		19
PT Indofood CBP Sukses Makmur Tbk 3.398% 2031			445		450
PT Indofood CBP Sukses Makmur Tbk 4.745% 2051			560		577
Simmons Foods, Inc. 4.625% 20291			3,295		3,251
US Foods, Inc. 4.625% 20301			1,880		1,904
					118,536

American Funds Multi-Sector Income Fund 17

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Utilities 3.45%
AEP Texas, Inc. 3.45% 2051		$	500	$	505
AEP Transmission Co. LLC 2.75% 2051			21		20
AES Panama Generation Holdings SRL 4.375% 2030			1,400		1,460
AES Panama Generation Holdings SRL 4.375% 20301			875		912
Alabama Power Co. 3.00% 2052			235		235
Alfa Desarrollo SpA 4.55% 20511			7,145		7,064
American Electric Power Company, Inc. 1.00% 2025			25		24
AmeriGas Partners LP 5.625% 2024			175		189
Calpine Corp. 5.125% 20281			1,070		1,088
Cleveland Electric Illuminating Co. 4.55% 20301			205		236
Connecticut Light and Power Co. 2.05% 2031			175		173
Consorcio Transmantaro SA 4.70% 2034			1,000		1,100
Consumers Energy Co. 3.10% 2050			36		38
Consumers Energy Co. 2.65% 2052			430		420
Dominion Energy, Inc. 2.25% 2031			350		342
DPL, Inc. 4.125% 2025			1,390		1,455
DTE Electric Company 3.70% 2045			239		265
DTE Energy Company 1.90% 2028			1,010		1,001
DTE Energy Company 2.95% 2050			71		72
Duke Energy Carolinas, LLC 2.55% 2031			217		223
Duke Energy Progress, LLC 2.00% 2031			480		469
Duke Energy Progress, LLC 2.90% 2051			125		124
Edison International 4.95% 2025			130		141
Edison International 5.75% 2027			16		18
Edison International 4.125% 2028			934		987
Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.901% on 3/15/2027)5			4,000		4,097
Emera US Finance LP 2.639% 2031			1,325		1,304
Empresas Publicas de Medellin ESP 4.25% 20291			500		475
Empresas Publicas de Medellin ESP 4.375% 20311			1,150		1,083
ENN Clean Energy International Investment, Ltd. 3.375% 20261			2,070		2,060
ENN Energy Holdings, Ltd. 2.625% 2030			1,000		995
ENN Energy Holdings, Ltd. 2.625% 20301			700		696
Entergy Corp. 2.40% 2031			50		49
FirstEnergy Corp. 4.10% 20281			675		742
FirstEnergy Corp. 2.25% 2030			1,518		1,464
FirstEnergy Corp. 2.65% 2030			12,512		12,387
FirstEnergy Corp. 7.375% 2031			1,667		2,254
FirstEnergy Corp., Series B, 4.40% 2027 (4.15% on 1/15/2022)5			180		194
FirstEnergy Transmission LLC 2.866% 20281			325		326
Florida Power & Light Company 2.875% 2051			2,022		2,056
Instituto Costarricense de Electricidad 6.75% 20311			2,000		2,028
Investment Energy Resources, Ltd. 6.25% 20291			350		376
Jersey Central Power & Light Co. 4.30% 20261			50		54
Jersey Central Power & Light Co. 2.75% 20321			250		254
Monongahela Power Co. 3.55% 20271			1,775		1,900
NextEra Energy Capital Holdings, Inc. 2.44% 2032			8,000		8,025
Oncor Electric Delivery Company, LLC 2.70% 20511			150		145
Pacific Gas and Electric Co. 2.95% 2026			29		29
Pacific Gas and Electric Co. 3.15% 2026			596		610
Pacific Gas and Electric Co. 2.10% 2027			300		290
Pacific Gas and Electric Co. 3.30% 2027			373		380
Pacific Gas and Electric Co. 3.00% 2028			225		227
Pacific Gas and Electric Co. 3.75% 2028			1,094		1,139
Pacific Gas and Electric Co. 4.65% 2028			125		136
Pacific Gas and Electric Co. 4.55% 2030			6,975		7,549
Pacific Gas and Electric Co. 2.50% 2031			3,210		3,061
Pacific Gas and Electric Co. 3.25% 2031			1,550		1,557
Pacific Gas and Electric Co. 3.50% 2050			4,576		4,250
PG&E Corp. 5.00% 2028			1,610		1,696
PG&E Corp. 5.25% 2030			2,830		2,973
Public Service Company of Colorado 1.875% 2031			2,525		2,457
Public Service Company of Colorado 1.90% 2031			1,200		1,167
Public Service Electric and Gas Co. 1.90% 2031			300		292
Southern California Edison Co. 0.975% 2024			275		273
Southern California Edison Co. 2.25% 2030			50		49
Southern California Edison Co. 2.50% 2031			3,100		3,115

18 American Funds Multi-Sector Income Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Southwestern Electric Power Co. 3.25% 2051		$	250	$	248
State Grid Overseas Investment, Ltd. 4.375% 2043			1,200		1,511
Talen Energy Corp. 10.50% 20261			9,445		4,071
Talen Energy Corp. 7.25% 20271			1,255		1,112
Talen Energy Corp. 6.625% 20281			190		167
Talen Energy Supply, LLC 7.625% 20281			1,165		1,039
Union Electric Co. 2.15% 2032			350		344
Venture Global Calcasieu Pass, LLC 3.875% 20291			9,065		9,420
Virginia Electric and Power Co. 2.30% 2031			175		176
Virginia Electric and Power Co. 2.45% 2050			25		23
Wisconsin Power and Light Co. 1.95% 2031			275		268
Xcel Energy, Inc. 1.75% 2027			1,100		1,091
Xcel Energy, Inc. 2.60% 2029			850		870
Xcel Energy, Inc. 2.35% 2031			275		274
Xcel Energy, Inc. 3.50% 2049			290		309
					113,698
Information technology 3.14%
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 20252,4			2,150		2,151
Analog Devices, Inc. 1.70% 2028			398		397
Analog Devices, Inc. 2.10% 2031			558		560
Apple, Inc. 1.25% 2030			50		47
Apple, Inc. 2.40% 2050			30		28
Apple, Inc. 2.65% 2051			420		414
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.25% 20252,4			800		809
Black Knight, Inc. 3.625% 20281			4,710		4,711
BMC Software, Inc. 7.125% 20251			5,900		6,194
BMC Software, Inc. 9.125% 20261			90		94
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 20262,4			6,675		6,745
Booz Allen Hamilton, Inc. 4.00% 20291			2,787		2,883
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.875% 2027			53		57
Broadcom, Inc. 4.75% 2029			350		399
Broadcom, Inc. 4.15% 2030			350		388
Broadcom, Inc. 2.45% 20311			7,591		7,451
Broadcom, Inc. 4.30% 2032			1,000		1,125
Broadcom, Inc. 2.60% 20331			6,660		6,502
Broadcom, Inc. 3.469% 20341			474		497
Broadcom, Inc. 3.187% 20361			111		111
Broadcom, Inc. 3.50% 20411			1,087		1,118
Broadcom, Inc. 3.75% 20511			1,369		1,435
CA Magnum Holdings 5.375% 20261			2,675		2,772
Diebold Nixdorf, Inc. 9.375% 20251			1,230		1,326
Fair Isaac Corp. 4.00% 20281			2,640		2,718
Gartner, Inc. 4.50% 20281			1,195		1,250
Gartner, Inc. 3.75% 20301			1,460		1,495
Global Payments, Inc. 2.90% 2030			116		118
Mastercard, Inc. 2.00% 2031			179		179
Mastercard, Inc. 3.85% 2050			100		120
Mastercard, Inc. 2.95% 2051			290		301
Microsoft Corp. 2.525% 2050			90		88
MoneyGram International, Inc. 5.375% 20261			7,375		7,494
NCR Corp. 5.125% 20291			2,900		3,007
Oracle Corp. 2.30% 2028			454		453
Oracle Corp. 2.875% 2031			5,479		5,518
Oracle Corp. 3.60% 2050			50		49
Oracle Corp. 3.95% 2051			212		220
PayPal Holdings, Inc. 2.85% 2029			63		66
Rocket Software, Inc. 6.50% 20291			8,750		8,549
Sabre GLBL, Inc. 7.375% 20251			2,540		2,658
salesforce.com, inc. 1.95% 2031			125		124
salesforce.com, inc. 2.70% 2041			125		125
ServiceNow, Inc. 1.40% 2030			5,904		5,502
Solera Holdings, Inc., Term Loan B, (3-month USD-LIBOR + 4.00%) 4.50% 20282,4			2,219		2,222
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 5.75% 20272,4			5,700		5,736
VeriSign, Inc. 2.70% 2031			729		734

American Funds Multi-Sector Income Fund 19

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Veritas Holdings, Ltd. 7.50% 20251		$	6,055	$	6,275
Virtusa Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 4.50% 20282,4			25		25
Visa, Inc. 2.70% 2040			120		123
					103,363
Real estate 2.62%
American Campus Communities, Inc. 3.30% 2026			38		40
American Campus Communities, Inc. 2.85% 2030			5		5
American Campus Communities, Inc. 3.875% 2031			175		194
American Tower Corp. 2.70% 2031			331		332
Brookfield Property REIT, Inc. 5.75% 20261			3,770		3,906
Corporacion Inmobiliaria Vesta, SAB de CV 3.625% 20311			3,240		3,180
Crown Castle International Corp. 2.50% 2031			515		512
Equinix, Inc. 1.45% 2026			2,260		2,217
Equinix, Inc. 2.90% 2026			68		71
Equinix, Inc. 1.55% 2028			105		101
Equinix, Inc. 2.00% 2028			894		878
Equinix, Inc. 3.20% 2029			75		79
Equinix, Inc. 2.15% 2030			4,030		3,922
Equinix, Inc. 2.50% 2031			1,645		1,646
Equinix, Inc. 3.40% 2052			819		837
Essex Portfolio LP 2.55% 2031			1,262		1,267
Extra Space Storage, Inc. 2.35% 2032			168		164
Fibra SOMA 4.375% 20311			3,933		3,774
Howard Hughes Corp. 5.375% 20281			1,400		1,493
Howard Hughes Corp. 4.125% 20291			5,840		5,926
Howard Hughes Corp. 4.375% 20311			6,450		6,524
Iron Mountain, Inc. 5.00% 20281			344		354
Iron Mountain, Inc. 5.25% 20281			1,200		1,250
Iron Mountain, Inc. 4.875% 20291			7,610		7,889
Iron Mountain, Inc. 4.50% 20311			860		871
Kennedy-Wilson Holdings, Inc. 4.75% 2029			5,410		5,540
Kennedy-Wilson Holdings, Inc. 4.75% 2030			4,240		4,305
Kennedy-Wilson Holdings, Inc. 5.00% 2031			1,805		1,862
Ladder Capital Corp. 4.75% 20291			5,500		5,647
Medical Properties Trust, Inc. 5.00% 2027			90		94
Medical Properties Trust, Inc. 3.50% 2031			1,965		1,990
Park Intermediate Holdings LLC 4.875% 20291			8,230		8,428
Public Storage 1.95% 2028			417		416
Public Storage 2.25% 2031			549		552
Realogy Corp. 5.75% 20291			2,525		2,592
RHP Hotel Properties LP / RHP Finance Corp. 4.50% 20291			2,060		2,063
RLJ Lodging Trust, LP 4.00% 20291			1,380		1,367
Sun Communities Operating LP 2.30% 2028			198		198
Sun Communities Operating LP 2.70% 2031			1,782		1,770
Westfield Corp., Ltd. 3.50% 20291			10		10
Xenia Hotels & Resorts, Inc. 4.875% 20291			2,120		2,161
					86,427
Total corporate bonds, notes & loans					2,145,264
Bonds & notes of governments & government agencies outside the U.S. 11.59%
Abu Dhabi (Emirate of) 2.50% 20291			1,900		1,975
Abu Dhabi (Emirate of) 1.70% 20311			7,800		7,598
Abu Dhabi (Emirate of) 3.875% 2050			3,700		4,319
Angola (Republic of) 8.00% 2029			9,440		9,341
Argentine Republic 1.00% 2029			5,233		1,910
Argentine Republic 0.50% 2030 (0.75% on 7/9/2023)5			22,185		7,821
Argentine Republic 1.125% 2035 (1.50% on 7/9/2022)5			21,472		6,898
Armenia (Republic of) 7.15% 2025			200		224
Bahrain (Kingdom of) 6.125% 2022			250		256
Bahrain (Kingdom of) 6.125% 2023			1,300		1,370
Belarus (Republic of) 6.875% 2023			1,900		1,884
Belarus (Republic of) 5.875% 2026			6,100		5,404
Chile (Republic of) 2.45% 2031			1,600		1,594
Chile (Republic of) 3.10% 2041			3,600		3,530
Colombia (Republic of) 4.50% 2029			300		308

20 American Funds Multi-Sector Income Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Colombia (Republic of) 3.25% 2032		$	3,200	$	2,884
Colombia (Republic of) 7.375% 2037			300		350
Colombia (Republic of) 4.125% 2051			400		326
Costa Rica (Republic of) 4.375% 2025			400		408
Costa Rica (Republic of) 6.125% 20311			4,400		4,455
Costa Rica (Republic of) 6.125% 2031			728		737
Costa Rica (Republic of) 7.158% 2045			2,000		1,985
Cote d’Ivoire (Republic of) 5.75% 20325			821		827
Development Bank of Mongolia LLC 7.25% 2023			3,000		3,165
Dominican Republic 5.50% 2025			1,400		1,517
Dominican Republic 6.875% 2026			1,000		1,141
Dominican Republic 5.95% 2027			1,650		1,840
Dominican Republic 4.50% 20301			3,989		4,064
Dominican Republic 5.30% 20411			412		408
Dominican Republic 6.85% 2045			1,100		1,215
Dominican Republic 5.875% 2060			4,900		4,722
Dominican Republic 5.875% 20601			1,700		1,638
Egypt (Arab Republic of) 6.588% 2028			2,800		2,730
Egypt (Arab Republic of) 6.588% 20281			1,200		1,170
Egypt (Arab Republic of) 7.6003% 2029			3,600		3,580
Egypt (Arab Republic of) 5.875% 20311			6,930		6,160
Egypt (Arab Republic of) 7.625% 20321			4,200		3,990
Egypt (Arab Republic of) 8.15% 2059			4,000		3,427
Ethiopia (Federal Democratic Republic of) 6.625% 2024			4,000		2,728
Export-Import Bank of India 3.25% 2030			4,100		4,181
Gabonese Republic 6.95% 2025			1,500		1,562
Gabonese Republic 7.00% 20311			6,000		5,895
Georgia (Republic of) 2.75% 20261			2,880		2,872
Ghana (Republic of) 0% 2025			2,000		1,404
Ghana (Republic of) 8.125% 2026			1,210		1,121
Ghana (Republic of) 6.375% 20271			4,000		3,386
Ghana (Republic of) 6.375% 2027			1,890		1,600
Ghana (Republic of) 7.75% 20291			5,100		4,285
Ghana (Republic of) 8.125% 2032			3,900		3,199
Ghana (Republic of) 8.125% 20321			1,500		1,230
Ghana (Republic of) 8.95% 2051			1,500		1,206
Honduras (Republic of) 6.25% 2027			1,100		1,194
Honduras (Republic of) 5.625% 20301			4,450		4,639
Hungary (Republic of) 2.125% 20311			1,720		1,696
Indonesia (Republic of) 6.625% 2037			900		1,259
Indonesia (Republic of) 5.25% 2042			300		377
Indonesia (Republic of) 4.625% 2043			5,800		6,837
Israel (State of) 3.375% 2050			2,500		2,710
Jordan (Hashemite Kingdom of) 4.95% 20251			400		414
Jordan (Hashemite Kingdom of) 5.75% 20271			2,500		2,634
Jordan (Hashemite Kingdom of) 5.85% 20301			6,150		6,235
Kazakhstan (Republic of) 4.875% 2044			3,200		3,937
Kenya (Republic of) 6.875% 20241			200		212
Kenya (Republic of) 7.25% 2028			3,100		3,344
Kenya (Republic of) 7.25% 20281			2,600		2,805
Kenya (Republic of) 6.30% 20341			2,700		2,658
Kenya (Republic of) 8.25% 2048			1,200		1,223
Mozambique (Republic of) 5.00% 2031 (9.00% on 9/15/2023)5			4,060		3,451
Oman (Sultanate of) 5.375% 2027			9,000		9,449
Oman (Sultanate of) 4.875% 20301			1,015		1,081
Oman (Sultanate of) 6.25% 20311			1,000		1,095
Pakistan (Islamic Republic of) 8.25% 2024			400		427
Pakistan (Islamic Republic of) 6.00% 20261			3,510		3,518
Pakistan (Islamic Republic of) 6.875% 2027			3,850		3,894
Panama (Republic of) 7.125% 2026			200		240
Panama (Republic of) 3.16% 2030			4,000		4,150
Panama (Republic of) 4.50% 2050			2,400		2,650
Panama (Republic of) 4.30% 2053			2,800		3,016
Panama (Republic of) 3.87% 2060			1,200		1,204
Paraguay (Republic of) 4.70% 20271			400		444
Paraguay (Republic of) 4.95% 2031			6,150		6,926
Peru (Republic of) 4.125% 2027			300		331

American Funds Multi-Sector Income Fund 21

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Peru (Republic of) 2.783% 2031		$	2,200	$	2,195
Peru (Republic of) 3.00% 2034			990		989
Peru (Republic of) 6.55% 2037			1,000		1,367
Peru (Republic of) 3.55% 2051			1,200		1,253
Peru (Republic of) 2.78% 2060			1,699		1,495
Peru (Republic of) 3.23% 2121			1,400		1,206
PETRONAS Capital, Ltd. 3.50% 2030			1,900		2,058
PETRONAS Capital, Ltd. 3.50% 20301			1,100		1,191
PETRONAS Capital, Ltd. 4.55% 20501			800		993
Philippines (Republic of) 3.00% 2028			2,800		3,012
Philippines (Republic of) 1.648% 2031			1,200		1,165
Philippines (Republic of) 3.95% 2040			3,600		4,029
Philippines (Republic of) 3.70% 2042			2,500		2,733
Philippines (Republic of) 2.95% 2045			7,600		7,511
PT Indonesia Asahan Aluminium Tbk 4.75% 20251			600		639
Qatar (State of) 3.75% 20301			4,700		5,280
Qatar (State of) 4.625% 2046			1,500		1,901
Qatar (State of) 5.103% 2048			1,600		2,169
Qatar (State of) 4.40% 20501			2,500		3,111
Republika Srpska 4.75% 2026		€	1,480		1,761
Romania 2.00% 2032			3,300		3,498
Romania 2.00% 2033			2,720		2,830
Romania 3.50% 2034			30		36
Romania 3.375% 2038			1,500		1,720
Romania 5.125% 2048		$	400		473
Romania 5.125% 20481			300		355
Russian Federation 4.75% 2026			1,600		1,752
Russian Federation 4.25% 2027			6,200		6,714
Russian Federation 4.375% 2029			1,000		1,104
Russian Federation 5.10% 2035			6,400		7,560
Russian Federation 5.875% 2043			2,400		3,274
Russian Federation 5.25% 2047			2,000		2,537
Senegal (Republic of) 4.75% 2028		€	1,500		1,736
Senegal (Republic of) 4.75% 2028			1,000		1,158
Serbia (Republic of) 3.125% 2027			1,800		2,189
Serbia (Republic of) 3.125% 2027			900		1,095
South Africa (Republic of) 4.875% 2026		$	2,500		2,670
South Africa (Republic of) 4.30% 2028			2,200		2,238
South Africa (Republic of) 5.875% 2030			500		559
South Africa (Republic of) 6.30% 2048			3,800		3,957
Sri Lanka (Democratic Socialist Republic of) 5.75% 2022			3,850		3,501
Sri Lanka (Democratic Socialist Republic of) 5.75% 2023			2,798		1,580
Sri Lanka (Democratic Socialist Republic of) 6.125% 2025			2,300		1,219
Sri Lanka (Democratic Socialist Republic of) 6.85% 2025			3,000		1,561
Sri Lanka (Democratic Socialist Republic of) 6.20% 2027			1,780		913
Sri Lanka (Democratic Socialist Republic of) 7.55% 2030			600		301
Tunisia (Republic of) 6.75% 2023		€	200		191
Tunisia (Republic of) 5.75% 2025		$	1,990		1,525
Turkey (Republic of) 6.375% 2025			1,200		1,175
Turkey (Republic of) 7.375% 2025			4,400		4,445
Turkey (Republic of) 5.125% 20261			4,000		3,835
Turkey (Republic of) 7.625% 2029			2,450		2,455
Turkey (Republic of) 5.875% 2031			4,050		3,606
Turkey (Republic of) 6.50% 2033			2,000		1,823
Turkey (Republic of) 6.00% 2041			200		167
Turkey (Republic of) 5.75% 2047			4,300		3,486
Ukraine 8.994% 2024			4,400		4,406
Ukraine 7.75% 2026			4,500		4,302
Ukraine 7.75% 2027			200		190
Ukraine 9.75% 2028			200		203
Ukraine 6.876% 20291			4,800		4,264
Ukraine 7.375% 2032			4,500		4,028
United Mexican States 3.75% 2028			200		215
United Mexican States 4.50% 2029			4,100		4,570
United Mexican States 2.659% 2031			649		635
United Mexican States 6.75% 2034			2,000		2,675
United Mexican States 6.05% 2040			2,100		2,617

22 American Funds Multi-Sector Income Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
United Mexican States 4.75% 2044		$	200	$	219
United Mexican States 5.00% 2051			1,200		1,364
United Mexican States 3.75% 2071			1,170		1,055
					381,929
Asset-backed obligations 8.57%
Aesop Funding LLC, Series 2017-1A, Class A, 3.07% 20231,10			388		393
Aesop Funding LLC, Series 2017-1A, Class B, 3.41% 20231,10			200		202
Aesop Funding LLC, Series 2017-2A, Class A, 2.97% 20241,10			200		204
Aesop Funding LLC, Series 2019-2A, Class A, 3.35% 20251,10			750		786
Aesop Funding LLC, Series 2018-2A, Class A, 4.00% 20251,10			1,850		1,952
Aesop Funding LLC, Series 2020-1A, Class A, 2.33% 20261,10			676		693
Aesop Funding LLC, Series 2019-3A, Class A, 2.36% 20261,10			200		205
Aesop Funding LLC, Series 2020-1A, Class D, 3.34% 20261,10			10,000		9,872
Aesop Funding LLC, Series 2021-1A, Class A, 1.38% 20271,10			4,306		4,238
Aesop Funding LLC, Series 2021-1A, Class B, 1.63% 20271,10			1,062		1,044
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 20271,10			250		253
Aesop Funding LLC, Series 2021-1A, Class C, 2.13% 20271,10			551		543
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 20271,10			100		104
Aesop Funding LLC, Series 2021-1A, Class D, 3.71% 20271,10			8,000		7,930
Aesop Funding LLC, Series 2020-2A, Class C, 4.25% 20271,10			6,550		6,976
Affirm Asset Securitization Trust, Series 2021-A, Class A, 0.88% 20251,10			577		577
Affirm Asset Securitization Trust, Series 2020-A, Class A, 2.10% 20251,10			150		150
Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 20261,10			2,597		2,581
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 1.074% 20301,4,10			3,226		3,225
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 1.072% 20301,4,10			477		477
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 20261,10			100		101
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 20271,10			100		100
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 20271,10			100		99
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 1.048% 20281,4,10			3,607		3,607
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 1.16% 20301,4,10			1,290		1,290
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class A, 2.56% 20311,10			243		246
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class B, 3.59% 20311,10			300		308
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class C, 5.17% 20311,10			300		311
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 20331,10			826		821
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class B, 2.79% 20331,10			4,733		4,757
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class C, 3.69% 20331,10			1,420		1,446
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 20341,10			841		837
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 20461,10			2,597		2,569
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 20461,10			785		778
BlueMountain, Ltd., Series 2015-2A, CLO, Class BR, (3-month USD LIBOR + 1.50%) 1.622% 20271,4,10			4,050		4,050
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 202810			757		757
Carvana Auto Receivables Trust, Series 2021-N4, Class A2, 1.80% 202810			649		651
Castlelake Aircraft Securitization Trust, Series 2021-2A, Class A, 2.868% 20371,10			2,680		2,661
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 20411,10			783		774
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 1.105% 20301,4,10			1,418		1,417
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 20601,10			1,574		1,563
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 20601,10			726		714
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 20601,10			932		933
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 20601,10			92		92
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 20611,10			1,065		1,046
CIFC Funding, Ltd., CLO, Series 2017-1A, Class B, (3-month USD-LIBOR + 1.70%) 1.83% 20291,4,10			1,750		1,749
CLI Funding V LLC, Series 2020-2A, Class B, 3.56% 20451,10			245		247
CLI Funding V LLC, Series 2020-1A, Class B, 3.62% 20451,10			314		317
CLI Funding VI LLC, Series 2020-2A, Class A, 2.03% 20451,10			1,032		1,026
CLI Funding VI LLC, Series 2020-1A, Class A, 2.08% 20451,10			219		218
CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 20261,10			176		175

American Funds Multi-Sector Income Fund 23

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Asset-backed obligations (continued)
CPS Auto Receivables Trust, Series 2020-B, Class C, 3.30% 20261,10		$	150	$	152
CPS Auto Receivables Trust, Series 2020-B, Class D, 4.75% 20261,10			100		104
CPS Auto Receivables Trust, Series 2021-B, Class C, 1.23% 20271,10			2,250		2,232
CPS Auto Receivables Trust, Series 2021-B, Class D, 1.52% 20271,10			2,000		1,979
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class B, 1.38% 20301,10			2,000		1,978
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class C, 1.63% 20301,10			3,000		2,960
Drive Auto Receivables Trust, Series 2020-2, Class D, 3.05% 202810			200		205
Drivetime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 20261,10			100		99
Drivetime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 20261,10			100		99
Drivetime Auto Owner Trust, Series 2020-2A, Class D, 4.73% 20261,10			850		900
Drivetime Auto Owner Trust, Series 2021-3A, Class C, 0.87% 20271,10			2,000		1,970
Drivetime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 20271,10			616		611
Drivetime Auto Owner Trust, Series 2021-3A, Class D, 1.31% 20271,10			2,000		1,957
Drivetime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 20271,10			277		274
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 1.104% 20281,4,10			2,000		2,000
Dryden Senior Loan Fund, Series 2017-47A, Class A2R, CLO, (3-month USD-LIBOR + 1.27%) 1.394% 20281,4,10			2,000		2,000
Dryden Senior Loan Fund, Series 2017-47A, Class BR, CLO, (3-month USD-LIBOR + 1.47%) 1.594% 20281,4,10			2,000		2,000
Dryden Senior Loan Fund, Series 2017-47A, Class CR, CLO, (3-month USD-LIBOR + 2.05%) 2.174% 20281,4,10			2,000		2,002
Dryden Senior Loan Fund, Series 2013-28A, Class A2LR, CLO, (3-month USD-LIBOR + 1.65%) 1.806% 20301,4,10			3,000		3,005
EDvestinU Private Education Loan LLC, Series 2021-A, Class A, 1.80% 20451,10			175		172
Exeter Automobile Receivables Trust, Series 2020-2A, Class C, 3.28% 20251,10			100		102
Exeter Automobile Receivables Trust, Series 2020-2, Class D, 4.73% 20261,10			100		105
First Investors Auto Owner Trust, Series 2021-1A, Class B, 0.89% 20271,10			300		298
First Investors Auto Owner Trust, Series 2021-1A, Class D, 1.62% 20271,10			300		299
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 20451,10			389		391
GCI Funding I LLC, Series 2020-1, Class B, 3.81% 20451,10			138		139
GCI Funding I LLC, Series 2021-1, Class A, 2.38% 20461,10			770		766
GCI Funding I LLC, Series 2021-1, Class B, 3.04% 20461,10			2,840		2,811
Global SC Finance SRL, Series 2021-1A, Class B, 2.76% 20411,10			1,846		1,836
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 20391,10			383		409
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 20401,10			327		327
Global SC Finance V SRL, Series 2020-1A, Class B, 3.55% 20401,10			430		434
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 20401,10			350		351
Global SC Finance VII SRL, Series 2020-2A, Class B, 3.32% 20401,10			263		264
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 20411,10			1,846		1,819
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 20411,10			4,817		4,766
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 20411,10			763		753
GoldenTree Loan Management, Series 2019-6A, Class B1, (3-month USD-LIBOR + 1.90%) 2.032% 20331,4,10			1,000		1,000
GSAMP Trust, Series 2005-SD2, Class M3, (1-month USD-LIBOR + 1.35%) 1.452% 20351,4,10			1,069		1,071
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 20231,8,10			7,110		7,094
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 20251,10			1,220		1,209
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 20251,10			2,336		2,315
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 20271,10			3,524		3,479
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 20271,10			1,317		1,307
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 20271,10			826		822
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30% 20261,10			3,635		3,629
LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94% 20261,10			751		750
LAD Auto Receivables Trust, Series 2021-1A, Class C, 2.35% 20271,10			3,000		2,996
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 1.124% 20291,4,10			3,121		3,121
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636% 20461,10			3,107		3,097
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 1.13% 20301,4,10			2,000		1,999
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 1.274% 20291,4,10			1,946		1,946
Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54% 20261,10			1,500		1,499
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 20261,10			1,140		1,133
Navient Student Loan Trust, Series 2021-FA, Class A, 1.11% 20701,10			3,678		3,619
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 20461,10			4,091		4,086
Navigator Aircraft ABS, Ltd., Series 2021-1, Class B, 3.571% 20461,10			929		923

24 American Funds Multi-Sector Income Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Asset-backed obligations (continued)
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 20621,10		$	3,857	$	3,801
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20621,10			3,488		3,430
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20621,10			2,918		2,879
Nelnet Student Loan Trust, Series 2021-CA, Class C, 3.36% 20621,10			1,328		1,339
Nelnet Student Loan Trust, Series 2021-CA, Class D, 4.44% 20621,10			1,889		1,932
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20611,10			14,898		14,631
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class B1, 2.41% 20611,10			3,000		3,012
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 1.094% 20301,4,10			640		640
OCP CLO, Ltd., Series 2016-11A, Class A2R, (3-month USD-LIBOR + 1.75%) 1.875% 20301,4,10			1,000		1,005
OnDeck Asset Securitization Trust LLC, Series 2021-1A, Class A, 1.59% 20271,10			2,475		2,463
OnDeck Asset Securitization Trust LLC, Series 2021-1A, Class B, 2.28% 20271,10			1,167		1,162
OnDeck Asset Securitization Trust LLC, Series 2021-1A, Class C, 2.97% 20271,10			1,150		1,145
OnDeck Asset Securitization Trust LLC, Series 2021-1A, Class D, 4.94% 20271,10			1,150		1,149
Oportun Funding LLC, Series 2021-A, Class A, 1.21% 20281,10			2,722		2,717
Oportun Funding LLC, Series 2021-B, Class A, 1.47% 20311,10			1,727		1,717
Oportun Funding LLC, Series 2021-B, Class B, 1.96% 20311,10			2,958		2,948
Oportun Funding LLC, Series 2021-B, Class C, 3.65% 20311,10			2,525		2,530
Oportun Funding LLC, Series 2021-B, Class D, 5.41% 20311,10			1,000		1,001
OSW Structured Asset Trust, Series 2020-RPL1, Class A2, 4.569% 20591,4,10			5,425		5,437
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20591,4,10			611		612
Palmer Square Loan Funding, CLO, Series 2021-2A, Class A1, (3-month USD-LIBOR + 0.80%) 0.96% 20291,4,10			419		419
Palmer Square Loan Funding, CLO, Series 2021-1, Class A2, (3-month USD-LIBOR + 1.25%) 1.382% 20291,4,10			500		500
Palmer Square Loan Funding, CLO, Series 2021-2A, Class A2, (3-month USD-LIBOR + 1.25%) 1.41% 20291,4,10			1,000		1,000
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD-LIBOR + 1.40%) 1.528% 20291,4,10			4,278		4,279
Palmer Square Loan Funding, CLO, Series 2021-2A, Class B, (3-month USD-LIBOR + 1.40%) 1.56% 20291,4,10			500		500
Palmer Square Loan Funding, CLO, Series 2021-1, Class B, (3-month USD-LIBOR + 1.80%) 1.932% 20291,4,10			890		890
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 1.064% 20301,4,10			1,266		1,266
Regatta VIII Funding, Ltd., CLO, Series 2017-1A, Class B, (3-month USD-LIBOR + 1.70%) 1.822% 20301,4,10			3,000		3,003
Rockford Tower CLO, Ltd., Series 2018-2A, Class B, (3-month USD-LIBOR + 1.80%) 1.932% 20311,4,10			1,260		1,260
Santander Consumer Auto Receivables Trust, Series 2021-A, Class C, 1.03% 20261,10			250		245
Santander Consumer Auto Receivables Trust, Series 2020-A, Class C, 3.71% 20261,10			200		207
Santander Consumer Auto Receivables Trust, Series 2021-A, Class D, 1.57% 20271,10			250		248
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 202710			1,105		1,095
Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 202710			1,474		1,456
Shackleton CLO, Ltd., Series 2014-6RA, Class B, (3-month USD-LIBOR + 1.73%) 1.852% 20281,4,10			750		751
Shackleton CLO, Ltd., Series 2013-4RA, Class A2A, (3-month USD-LIBOR + 1.60%) 1.722% 20311,4,10			2,275		2,276
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 20531,10			494		482
Sound Point CLO, Ltd., Series 2017-3A, Class A1R, (3-month USD-LIBOR + 0.98%) 1.112% 20301,4,10			1,510		1,510
Sound Point CLO, Ltd., Series 2017-2A, Class AR, (3-month USD-LIBOR + 0.98%) 1.112% 20301,4,10			996		996
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 1.204% 20301,4,10			1,050		1,050
Sprite, Ltd., Series 2021-1, Class A, 3.75% 20461,10			1,990		1,959
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 20411,10			1,769		1,760
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 20331,10			1,782		1,766
Stonepeak Infrastructure Partners, Series 2021-1A, Class B, 3.821% 20331,10			1,625		1,614
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 20751,10			4,127		4,077
TAL Advantage V LLC, Series 2020-1A, Class A, 2.05% 20451,10			174		173
TAL Advantage V LLC, Series 2020-1A, Class B, 3.29% 20451,10			152		153
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 20451,10			182		181
Textainer Marine Containers, Ltd., Series 2020-3A, Class A, 2.11% 20451,10			2,216		2,206
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 20451,10			4,098		4,115
Textainer Marine Containers, Ltd., Series 2020-2A, Class B, 3.34% 20451,10			428		430

American Funds Multi-Sector Income Fund 25

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Asset-backed obligations (continued)
Textainer Marine Containers, Ltd., Series 2020-1A, Class B, 4.94% 20451,10		$	518	$	526
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 20461,10			1,337		1,303
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 20461,10			1,893		1,890
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 20461,10			368		363
Textainer Marine Containers, Ltd., Series 2021-2A, Class B, 2.82% 20461,10			947		946
TIF Funding II LLC, Series 2020-1A, Class A, 2.09% 20451,10			270		268
TIF Funding II LLC, Series 2020-1A, Class B, 3.82% 20451,10			1,258		1,273
TIF Funding II LLC, Series 2021-1A, Class A, 1.65% 20461,10			649		631
TIF Funding II LLC, Series 2021-1A, Class B, 2.54% 20461,10			2,044		2,013
Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00% 20581,4,10			161		165
Triton Container Finance VIII LLC, Series 2020-1, Class A, 2.11% 20451,10			447		444
Triton Container Finance VIII LLC, Series 2020-1, Class B, 3.74% 20451,10			393		398
Triton Container Finance VIII LLC, Series 2021-1, Class A, 1.86% 20461,10			1,926		1,890
Triton Container Finance VIII LLC, Series 2021-1A, Class B, 2.58% 20461,10			3,403		3,361
Voya CLO, Ltd., Series 2016-3A, Class A3R, 1.872% 20311,4,10			1,750		1,763
					282,380
Mortgage-backed obligations 7.59%
Commercial mortgage-backed securities 3.86%
Banc of America Commercial Mortgage, Inc., Series 2016-UB10, Class C, 4.853% 20494,10			2,500		2,697
Banc of America Commercial Mortgage, Inc., Series 2017-BNK3, Class A4, 3.574% 205010			10		11
Bank Commercial Mortgage Trust, Series 2017-BNK9, Class A4, 3.538% 205410			10		11
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 205110			25		27
Benchmark Mortgage Trust, Series 2018-B3, Class A5, 4.025% 205110			10		11
Benchmark Mortgage Trust, Series 2018-B4, Class A5, 4.121% 20514,10			10		11
Benchmark Mortgage Trust, Series 2019-B13, Class A4, 2.952% 205710			20		21
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 0.95% 20261,4,10			2,102		2,102
BX Trust, Series 2021-ACNT, Class B, (1-month USD-LIBOR + 1.25%) 1.35% 20261,4,10			5,988		5,978
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 1.60% 20261,4,10			1,962		1,959
BX Trust, Series 2021-ACNT, Class D, (1-month USD-LIBOR + 1.85%) 1.95% 20261,4,10			1,682		1,676
BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 0.699% 20341,4,10			3,000		2,969
BX Trust, Series 2021-SDMF, Class B, (1-month USD-LIBOR + 0.738%) 0.848% 20341,4,10			3,000		2,947
BX Trust, Series 2021-SDMF, Class C, (1-month USD-LIBOR + 0.888%) 0.998% 20341,4,10			2,100		2,059
BX Trust, Series 2021-SDMF, Class D, (1-month USD-LIBOR + 1.387%) 1.497% 20341,4,10			2,000		1,971
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 0.81% 20361,4,10			1,733		1,729
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 1.009% 20361,4,10			1,992		1,991
BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 1.06% 20361,4,10			1,696		1,688
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 1.407% 20361,4,10			1,989		1,988
BX Trust, Series 2021-ARIA, Class C, (1-month USD-LIBOR + 1.646%) 1.756% 20361,4,10			1,992		1,989
BX Trust, Series 2021-ARIA, Class D, (1-month USD-LIBOR + 1.895%) 2.005% 20361,4,10			1,380		1,377
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 0.98% 20381,4,10			817		814
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 1.21% 20381,4,10			737		734
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 1.51% 20381,4,10			9,329		9,294
CD Commercial Mortgage Trust, Series 2017-CD6, Class A5, 3.456% 205010			10		11
CIM Retail Portfolio Trust, Series 2021-RETL, Class A, (1-month USD-LIBOR + 1.40%) 1.51% 20361,4,10			404		404
Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class B, 4.285% 20451,10			500		506
Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class B, 3.732% 20464,10			893		910
Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class C, 4.134% 20464,10			2,000		2,045
Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AS, 4.017% 204710			438		461
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class AS, 4.026% 204710			420		440
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class B, 4.328% 20474,10			1,900		1,982
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class C, 4.142% 20484,10			2,660		2,760
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A3, 3.515% 205810			312		327
Commercial Mortgage Trust, Series 2012-LC4, Class AM, 4.063% 204410			600		601
Commercial Mortgage Trust, Series 2012-CR3, Class AM, 3.416% 20451,10			500		500
Commercial Mortgage Trust, Series 2012-CR2, Class AM, 3.791% 204510			85		86
Commercial Mortgage Trust, Series 2012-CR2, Class B, 4.393% 204510			440		444
Commercial Mortgage Trust, Series 2013-CR7, Class AM, 3.314% 20461,10			560		573
Commercial Mortgage Trust, Series 2013-CR6, Class B, 3.397% 20461,10			1,505		1,524
Commercial Mortgage Trust, Series 2013-CRE7, Class B, 3.613% 20461,10			500		512
Commercial Mortgage Trust, Series 2013-LC6, Class B, 3.739% 204610			80		81

26 American Funds Multi-Sector Income Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Commercial Mortgage Trust, Series 2013-CR10, Class C, 4.90% 20461,4,10		$	1,309	$	1,357
Commercial Mortgage Trust, Series 2013-LC13, Class B, 5.009% 20461,4,10			429		449
Commercial Mortgage Trust, Series 2014-UBS4, Class AM, 3.968% 204710			108		113
Commercial Mortgage Trust, Series 2014-CR19, Class AM, 4.08% 204710			500		528
Commercial Mortgage Trust, Series 2014-UBS6, Class C, 4.439% 20474,10			605		620
Commercial Mortgage Trust, Series 2014-CR18, Class B, 4.456% 20474,10			381		401
Commercial Mortgage Trust, Series 2014-LC17, Class B, 4.49% 20474,10			950		997
Commercial Mortgage Trust, Series 2014-UBS4, Class B, 4.701% 204710			1,024		1,075
Commercial Mortgage Trust, Series 2014-CR16, Class C, 4.919% 20474,10			460		477
Commercial Mortgage Trust, Series 2015-CR22, Class B, 3.926% 20484,10			25		26
Commercial Mortgage Trust, Series 2015-CCRE-26, Class C, 4.478% 20484,10			860		906
Commercial Mortgage Trust, Series 2015-CR26, Class B, 4.478% 20484,10			600		642
Commercial Mortgage Trust, Series 2016-COR1, Class A4, 3.091% 204910			25		26
Commercial Mortgage Trust, Series 2015-PC1, Class AM, 4.29% 20504,10			250		267
Commercial Mortgage Trust, Series 2013-CR11, Class B, 5.111% 20504,10			570		600
Commercial Mortgage Trust, Series 2013-CR11, Class C, 5.119% 20501,4,10			1,250		1,304
Ellington Financial Mortgage Trust, Series 2020-1, Class A1, 2.006% 20651,4,10			64		65
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 1.19% 20381,4,10			418		419
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 1.49% 20381,4,10			381		382
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 1.81% 20381,4,10			2,389		2,393
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 2.36% 20381,4,10			6,666		6,682
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 1.03% 20251,4,10			2,308		2,308
GS Mortgage Securities Trust, Series 2012-GCJ7, Class C, 5.542% 20454,10			80		81
GS Mortgage Securities Trust, Series 2013-GC12, Class B, 3.777% 20464,10			650		666
GS Mortgage Securities Trust, Series 2013-GC16, Class A3, 4.244% 204610			87		90
GS Mortgage Securities Trust, Series 2020-GS1, Class A2, 3.47% 204810			200		207
JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class B, 4.394% 20474,10			920		965
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 20421,10			768		770
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class AS, 3.372% 204710			500		510
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class B, 3.674% 20474,10			650		662
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class C, 4.10% 20474,10			500		506
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 1.16% 20381,4,10			1,374		1,376
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD-LIBOR + 1.40%) 1.51% 20381,4,10			1,142		1,143
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 0.911% 20261,4,10			1,534		1,533
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class B, 3.708% 20464,10			923		942
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.151% 20464,10			2,876		2,967
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12, Class AS, 4.482% 20464,10			500		522
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A4, 3.443% 204710			241		245
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class B, 4.00% 20474,10			3,197		3,362
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class AS, 4.11% 20474,10			195		205
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class B, 4.526% 20484,10			74		79
Morgan Stanley Capital I Trust, Series 2017-H1, Class A5, 3.53% 205010			45		48
Motel 6 Trust, Series 2021-MTL6, Class A, (1-month USD-LIBOR + 0.90%) 1.01% 20381,4,10			409		409
Motel 6 Trust, Series 2021-MTL6, Class B, (1-month USD-LIBOR + 1.20%) 1.31% 20381,4,10			1,571		1,572
Motel 6 Trust, Series 2021-MTL6, Class C, (1-month USD-LIBOR + 1.50%) 1.61% 20381,4,10			471		471

American Funds Multi-Sector Income Fund 27

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Multi Family Connecticut Avenue Securities, Series 2019-1, Class M10, (1-month USD-LIBOR + 3.25%) 3.352% 20491,4,10		$	425	$	421
Multi Family Connecticut Avenue Securities, Series 2020-1, Class M10, (1-month USD-LIBOR + 3.75%) 3.852% 20501,4,10			400		407
SREIT Trust, Series 2021-FLWR, Class A, (1-month USD-LIBOR + 0.577%) 0.686% 20361,4,10			1,558		1,542
SREIT Trust, Series 2021-FLWR, Class B, (1-month USD-LIBOR + 0.926%) 1.036% 20361,4,10			2,000		1,979
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 0.841% 20381,4,10			1,442		1,437
SREIT Trust, Series 2021-MFP, Class B, (1-month USD-LIBOR + 1.079%) 1.19% 20381,4,10			1,545		1,537
SREIT Trust, Series 2021-MFP, Class C, (1-month USD-LIBOR + 1.329%) 1.439% 20381,4,10			2,077		2,065
Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class C, 4.693% 20454,10			240		244
Wells Fargo Commercial Mortgage Trust, Series 2012-LC5, Class D, 4.757% 20451,4,10			44		44
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class C, 3.848% 20484,10			1,000		1,033
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class C, 4.093% 20484,10			500		515
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class A4, 3.096% 204910			25		26
Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class C, 4.323% 20504,10			2,154		2,233
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS3, Class D, 3.153% 20571,10			3,561		3,455
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS3, Class B, 4.50% 20574,10			4,100		4,405
Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class C, 4.557% 20584,10			110		114
WF-RBS Commercial Mortgage Trust, Series 2012-C10, Class AS, 3.241% 204510			740		750
WF-RBS Commercial Mortgage Trust, Series 2012-C8, Class B, 4.311% 204510			705		713
WF-RBS Commercial Mortgage Trust, Series 2012-C6, Class B, 4.697% 204510			29		29
WF-RBS Commercial Mortgage Trust, Series 2013-C16, Class B, 5.542% 20464,10			1,251		1,296
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class AS, 4.271% 204710			417		437
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class B, 4.723% 20474,10			512		532
WF-RBS Commercial Mortgage Trust, Series 2013-C12, Class B, 3.863% 20484,10			500		511
WF-RBS Commercial Mortgage Trust, Series 2014-C22, Class AS, 4.069% 20574,10			100		105
					127,419
Collateralized mortgage-backed obligations (privately originated) 3.68%
Angel Oak Mortgage Trust, Series 2019-2, Class A1, 3.628% 20491,4,10			130		130
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 1.702% 20291,4,10			648		648
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 20591,4,10			236		237
Cascade Funding Mortgage Trust, Series 2020-HB4, Class M3, 2.72% 20301,4,10			225		225
Cascade Funding Mortgage Trust, Series 2021-HB5, Class A, 0.801% 20311,4,10			236		236
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 20311,4,10			953		951
Cascade Funding Mortgage Trust, Series 2021-HB7, Class M1, 2.125% 20311,4,10			1,296		1,296
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 20361,4,10			1,183		1,182
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 20681,4,10			1,138		1,170
Cascade Funding Mortgage Trust, Series 2018-RM2, Class B, 4.00% 20681,4,10			960		983
Cascade Funding Mortgage Trust, Series 2018-RM2, Class C, 4.00% 20681,4,10			706		717
Cascade Funding Mortgage Trust, Series 2018-RM2, Class D, 4.00% 20681,4,10			706		703
CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A2, 3.585% 205410			193		204
Citigroup Mortgage Loan Trust, Inc., Series 2020-EXP1, Class A1A, 1.804% 20601,4,10			84		84
COLT Funding, LLC, Series 2021-5, Class A1, 1.726% 20611,4,10			1,243		1,241
COLT Funding, LLC, Series 2021-5, Class A2, 2.606% 20611,4,10			2,331		2,327
Connecticut Avenue Securities, Series 2021-R01, Class 1M1, (1-month USD-SOFR + 0.75%) 0.80% 20411,4,10			1,215		1,216
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 20371,10			113		114
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 20601,4,10			660		664
Finance of America HECM Buyout, Series 2020-HB2, Class M3, 4.57% 20301,4,10			225		228
Finance of America HECM Buyout, Series 2021-HB1, Class A, 0.875% 20311,4,10			179		179
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 20511,4,10			1,947		1,951
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA2, Class M2, (1-month USD-SOFR + 2.30%) 2.35% 20331,4,10			3,000		3,058
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA5, Class M2, (1-month USD-SOFR + 1.65%) 1.70% 20341,4,10			826		830
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA5, Class B1, (1-month USD-SOFR + 3.05%) 3.10% 20341,4,10			804		809
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA6, Class M1, (1-month USD-SOFR + 0.80%) 0.85% 20411,4,10			2,468		2,467

28 American Funds Multi-Sector Income Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA7, Class M1, (1-month USD-SOFR + 0.85%) 0.90% 20411,4,10		$	3,413	$	3,414
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA6, Class M2, (1-month USD-SOFR + 1.50%) 1.55% 20411,4,10			1,297		1,298
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA7, Class M2, (1-month USD-SOFR + 1.80%) 1.85% 20411,4,10			2,428		2,437
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA7, Class B1, (1-month USD-SOFR + 3.65%) 3.70% 20411,4,10			5,342		5,435
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 1.952% 20501,4,10			2,096		2,105
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class M2, (1-month USD-LIBOR + 3.00%) 3.102% 20501,4,10			580		581
GCAT, Series 2021-NQM6, Class A1, 1.855% 20661,4,10			1,846		1,840
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 20261,10			2,245		2,224
Home Partners of America Trust, Series 2021-2, Class B, 2.302% 20261,10			2,998		2,965
Hundred Acre Wood Trust, Series 2021-INV1, Class A9, 2.50% 20511,4,10			2,939		2,973
Hundred Acre Wood Trust, Series 2021-INV1, Class A27, 2.50% 20511,4,10			2,817		2,805
Imperial Fund, LLC, Series 2021-NQM4, Class A1, 2.091% 20571,4,10			2,044		2,039
JPMorgan Mortgage Trust, Series 2018-3, Class A1, 3.50% 20481,4,10			37		37
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 20591,4,10			243		244
Legacy Mortgage Asset Trust, Series 2020-GS4, Class A1, 3.25% 20601,4,10			325		327
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 20611,4,10			998		991
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 2067 (5.25% on 11/25/2024)1,5,10			3,131		3,125
Mello Mortgage Capital Acceptance, Series 2021-INV1, Class A4, 2.50% 20511,4,10			1,096		1,108
Mello Warehouse Securitization Trust, Series 2020-1, Class B, (1-month USD-LIBOR + 1.15%) 1.252% 20531,4,10			328		328
Mello Warehouse Securitization Trust, Series 2020-1, Class C, (1-month USD-LIBOR + 1.35%) 1.452% 20531,4,10			328		328
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 0.952% 20551,4,10			1,616		1,615
Metlife Securitization Trust, Series 2018-1A, Class A, 3.75% 20571,4,10			86		89
MFRA Trust, Series 2020-NQM1, Class A1, 1.479% 20651,4,10			91		91
Mill City Mortgage Trust, Series 2019-GS2, Class A1, 2.75% 20591,4,10			1,725		1,755
MRA Issuance Trust, Series 2020-10, Class A2, (1-month USD-LIBOR + 1.70%) 1.786% 20221,4,10			4,009		4,014
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.70%) 1.786% 20221,4,10			1,300		1,301
MRA Issuance Trust, Series 2021-16, Class A1, (1-month USD-LIBOR + 1.55%) 1.644% 20511,4,10			5,230		5,231
New Residential Mortgage Loan Trust, Series 2018-1A, Class A1A, 4.00% 20571,4,10			60		63
New Residential Mortgage Loan Trust, Series 2019-2A, Class A1, 4.25% 20571,4,10			174		182
New Residential Mortgage Loan Trust, Series 2018-5A, Class A1, 4.75% 20571,4,10			147		153
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 0.852% 20551,4,10			2,250		2,247
One Market Plaza Trust, Series 2017-1MKT, Class C, 4.016% 20321,10			3,000		2,999
PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 20561,4,10			3,000		2,994
Progress Residential Trust, Series 2019-SFR3, Class A, 2.271% 20361,10			398		401
Progress Residential Trust, Series 2020-SFR2, Class A, 2.078% 20371,10			100		100
Progress Residential Trust, Series 2021-SFR10, Class A, 2.393% 20381,10			1,422		1,433
Progress Residential Trust, Series 2021-SFR10, Class B, 2.722% 20381,10			2,400		2,402
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 20311,4,10			1,328		1,326
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 20631,4,10			98		98
Sequoia Mortgage Trust, Series 2013-2, Class A, 1.874% 20434,10			52		52
Sequoia Mortgage Trust, Series 2018-CH1, Class A2, 3.50% 20481,4,10			105		106
Starwood Mortgage Residential Trust, Series 2020-2, Class A1, 2.718% 20601,4,10			35		35
Towd Point Mortgage Trust, Series 2017-6, Class M2, 3.25% 20571,4,10			3,741		3,877
Towd Point Mortgage Trust, Series 2018-1, Class A2, 3.25% 20581,4,10			2,477		2,548
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 20581,4,10			390		396
Towd Point Mortgage Trust, Series 2019-4, Class M1B, 3.00% 20591,4,10			3,000		3,071
Tricon Residential, Series 2021-SFR1, Class A, 1.943% 20381,10			2,347		2,340
Tricon Residential, Series 2021-SFR1, Class B, 2.244% 20381,10			1,750		1,727
Verus Securitization Trust, Series 2020-2, Class A1, 2.743% 20601,4,10			127		127
Verus Securitization Trust, Series 2021-7, Class A1, 1.829% 20661,4,10			4,923		4,916
VM Fund I, LLC 8.625% 20281,8,9			9,250		9,014

American Funds Multi-Sector Income Fund 29

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Wells Fargo Mortgage-Backed Securities Trust, Series 2020-1, Class A3, 3.00% 20491,4,10		$	6	$	6
ZH Trust, Series 2021-1, Class A, 2.253% 20271,10			2,958		2,920
ZH Trust, Series 2021-2, Class A, 2.349% 20271,10			1,133		1,133
					121,216
Federal agency mortgage-backed obligations 0.05%
Commercial Mortgage Trust, Series 2013-CR6, Class C, 3.777% 20461,4,10			1,310		1,330
JPMorgan Structured Financing Trust, Series 2021-EBO1, Class A, (1-month USD-LIBOR + 1.00%) 1.102% 20221,4,8,9,10			435		435
					1,765
Total mortgage-backed obligations					250,400
Municipals 1.24%
California 0.14%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B-1, 1.85% 2031			685		686
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 2034			65		66
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 3.487% 2036			1,490		1,512
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 3.714% 2041			2,235		2,243
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.614% 2030			35		34
					4,541
Florida 0.00%
County of Broward, Airport System Rev. Ref. Bonds, Series 2019-C, 3.477% 2043			75		77
Illinois 0.06%
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2034			150		182
G.O. Bonds, Series 2017-A, 5.00% 2022			270		281
G.O. Bonds, Series 2020, 5.125% 2022			500		508
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033			90		104
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2017-A, Assured Guaranty Municipal insured, 0% 2056			1,810		707
					1,782
Kansas 0.11%
City of Manhattan, Health Care Facs. Rev. Bonds (Meadowlark Hills), Series 2021-B, 2.44% 2025			3,750		3,748
Ohio 0.22%
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 2031			6,415		6,757
Higher Educational Facs. Auth., Healthcare Fac. Rev. Bonds (Judson Obligated Group 2020 Project), Series 2020-A, 3.75% 2023			605		616
					7,373
Puerto Rico 0.64%
G.O. Public Improvement Rev. Ref. Bonds, Series 2012-B, 3.90% 20177			4,005		3,579
G.O. Public Improvement Rev. Ref. Bonds, Series 2012-B, 4.10% 20287			1,405		1,256
G.O. Public Improvement Rev. Ref. Bonds, Series 2011-A, 6.00% 20287			260		252
G.O. Public Improvement Rev. Ref. Bonds, Series 2012-A, 5.00% 20217			3,555		3,324
G.O. Public Improvement Rev. Ref. Bonds, Series 2012-A, 5.00% 20337			305		279
G.O. Public Improvement Rev. Ref. Bonds, Series 2011-C, 5.75% 20367			3,150		2,898
G.O. Public Improvement Rev. Ref. Bonds, Series 2009-B, 5.875% 20367			175		171

30 American Funds Multi-Sector Income Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Municipals (continued)
Puerto Rico (continued)
G.O. Public Improvement Rev. Ref. Bonds, Series 2012-A, 5.00% 20417		$	10,040	$	9,049
G.O. Public Improvement Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1998, 0% 20187			105		97
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2018-A-1, 5.00% 2058			100		116
					21,021
Texas 0.00%
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Morningside Ministries Project), Series 2020-B, 3.75% 2022			35		35
Washington 0.07%
Econ. Dev. Fin. Auth., Environmental Facs. Rev. Bonds (North Pacific Paper Co. Recycling Project), Series 2020-B, 9.00% 20361			2,000		2,233
Total municipals					40,810
U.S. Treasury bonds & notes 0.16%
U.S. Treasury 0.16%
U.S. Treasury 0.25% 202411			13		13
U.S. Treasury 0.375% 202411			60		59
U.S. Treasury 0.375% 202411			54		53
U.S. Treasury 0.625% 202411			106		105
U.S. Treasury 0.75% 202411			2,056		2,045
U.S. Treasury 1.00% 2024			613		614
U.S. Treasury 0.75% 202611			1,418		1,387
U.S. Treasury 0.875% 202611			10		10
U.S. Treasury 0.50% 202711			118		113
U.S. Treasury 1.375% 203111			466		460
U.S. Treasury 2.00% 205111			435		444
					5,303
Total bonds, notes & other debt instruments (cost: $3,103,527,000)					3,106,086
Convertible bonds & notes 0.00%
Energy 0.00%
Mesquite Energy, Inc., convertible notes, 15.19% PIK 20231,3,8,9			3		3
Total convertible bonds & notes (cost: $3,000)					3
Common stocks 0.16%			Shares
Energy 0.15%
Chesapeake Energy Corp.			75,595		4,877
California Resources Corp.			633		27
Diamond Offshore Drilling, Inc.12			655		3
Diamond Offshore Drilling, Inc.1,8,12			232		1
Mesquite Energy, Inc.8,9,12			126		1
					4,909
Industrials 0.01%
New AMI I, LLC8,9,12			23,582		178
Consumer discretionary 0.00%
NMG Parent LLC12			309		47
MYT Holding Co., Class B8,12			8,984		38
					85
Total common stocks (cost: $4,060,000)					5,172
Preferred securities 0.00%
Industrials 0.00%
ACR III LSC Holdings LLC, Series B, preferred shares1,8,9,12			5		4
Total preferred securities (cost: $5,000)					4

American Funds Multi-Sector Income Fund 31

Rights & warrants 0.00%					Shares		Value (000)
Consumer discretionary 0.00%
NMG Parent LLC, warrants, expire 20278,12						374	$	11
Total rights & warrants (cost: $2,000)								11
Short-term securities 4.39%
Money market investments 4.37%
Capital Group Central Cash Fund 0.09%13,14						1,438,234		143,838
	Coupon rate			Principal amount (000)
Interest bearing bills & notes 0.02%
State of Vermont, Econ. Dev. Auth., Mortgage Rev. Bonds (Wake Robin Corp. Project) 5/1/2022		2.000	%		$	715		711
Total short-term securities (cost: $144,541,000)								144,549
Total investment securities 98.79% (cost: $3,252,138,000)								3,255,825
Other assets less liabilities 1.21%								39,991
Net assets 100.00%							$	3,295,816

Futures contracts

							Value and
							unrealized
							(depreciation)
				Notional			appreciation
		Number of		amount			at 12/31/2021
Contracts	Type	contracts	Expiration	(000)			(000)
90 Day Euro Dollar Futures	Long	3,288	September 2023	$	809,588			$	(5,256	)
90 Day Euro Dollar Futures	Short	3,597	December 2023		(884,952	)			5,408
2 Year U.S. Treasury Note Futures	Long	2,972	March 2022		648,407				(568	)
5 Year U.S. Treasury Note Futures	Short	10,369	March 2022		(1,254,406	)			(3,251	)
10 Year U.S. Treasury Note Futures	Long	345	March 2022		45,012				404
10 Year Ultra U.S. Treasury Note Futures	Short	1,604	March 2022		(234,886	)			(3,806	)
20 Year U.S. Treasury Bond Futures	Long	1,003	March 2022		160,919				1,285
30 Year Ultra U.S. Treasury Bond Futures	Long	770	March 2022		151,786				2,266
								$	(3,518	)

Forward currency contracts

				Unrealized
Contract amount				depreciation
Currency purchased	Currency sold		Settlement	at 12/31/2021
(000)	(000)	Counterparty	date	(000)
USD 164	EUR 145	Morgan Stanley	1/11/2022		$(1	)
USD 649	EUR 574	Morgan Stanley	1/20/2022		(4	)
					$(5	)

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Upfront

Unrealized

Value at

premium

depreciation

Reference

Financing

Payment

Expiration

Notional

12/31/2021

received

at 12/31/2021

index

rate paid

frequency

date

(000)

(000)

(000)

(000)

CDX.NA.IG.37

1.00%

Quarterly

12/20/2026

$10,850

$(264

)

$(255

)

$(9

)

32 American Funds Multi-Sector Income Fund

Swap contracts (continued)

Credit default swaps (continued)

Centrally cleared credit default swaps on credit indices — sell protection

								Upfront		Unrealized
						Value at		premium		appreciation
Financing	Payment	Reference	Expiration	Notional		12/31/2021		paid		at 12/31/2021
rate received	frequency	index	date	(000)		(000)		(000)		(000)
5.00%	Quarterly	CDX.NA.HY.37	12/20/2026		$37,490		$3,427		$3,337		$90

Investments in affiliates¹⁴

	Value of						Net			Net		Value of
	affiliate at						realized			unrealized		affiliate at		Dividend
	1/1/2021		Additions		Reductions		loss			appreciation		12/31/2021		income
	(000)		(000)		(000)		(000)			(000)		(000)		(000)
Short-term securities 4.37%
Money market investments 4.37%
Capital Group Central Cash Fund 0.09%13	$	42,849	$	1,865,386	$	1,764,391	$	(17	)	$	11	$	143,838	$	79

1	Acquired in a transaction exempt from registration under Rule 144A 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 $1,961,469,000, which represented 59.51% of the net assets of the fund.
2	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $65,648,000, which represented 1.99% of the net assets of the fund.
3	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.
4	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.
5	Step bond; coupon rate may change at a later date.
6	Amount less than one thousand.
7	Scheduled interest and/or principal payment was not received.
8	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $23,527,000, which represented .71% of the net assets of the fund.
9	Value determined using significant unobservable inputs.
10	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
11	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $3,370,000, which represented .10% of the net assets of the fund.
12	Security did not produce income during the last 12 months.
13	Rate represents the seven-day yield at 12/31/2021.
14	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations and symbols

Auth. = Authority

CLO = Collateralized Loan Obligations

CMO = Collateralized Mortgage Obligations

DAC = Designated Activity Company

Dev. = Development

Econ. = Economic

EUR/€ = Euros

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Multi-Sector Income Fund 33

Financial statements

Statement of assets and liabilities
at December 31, 2021 (dollars in thousands)

Assets:
Investment securities, at value:
Unaffiliated issuers (cost: $3,108,312)	$	3,111,987
Affiliated issuers (cost: $143,826)		143,838	$	3,255,825
Cash				235
Cash collateral pledged for futures contracts				5,682
Cash collateral pledged for swap contracts				1,932
Receivables for:
Sales of investments		2,932
Sales of fund’s shares		4,847
Dividends and interest		33,336
Variation margin on futures contracts		2,052
Variation margin on centrally cleared swap contracts		34		43,201
				3,306,875
Liabilities:
Unrealized depreciation on open forward currency contracts				5
Unrealized depreciation on unfunded commitments				—	*
Payables for:
Purchases of investments		5,063
Repurchases of fund’s shares		3,172
Dividends on fund’s shares		155
Investment advisory services		1,099
Services provided by related parties		249
Trustees’ deferred compensation		1
Variation margin on futures contracts		1,290
Variation margin on centrally cleared swap contracts		3
Other		22		11,054
Net assets at December 31, 2021			$	3,295,816
Net assets consist of:
Capital paid in on shares of beneficial interest			$	3,291,202
Total distributable earnings				4,614
Net assets at December 31, 2021			$	3,295,816

* Amount less than one thousand.

See notes to financial statements.

34 American Funds Multi-Sector Income Fund

Financial statements (continued)

Statement of assets and liabilities at December 31, 2021 (continued)
	(dollars and shares in thousands, except per-share amounts)

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (310,092 total shares outstanding)

	Net assets		Shares outstanding		Net asset value per share
Class A	$	680,001		63,979	$	10.63
Class C		23,515		2,212		10.63
Class T		27		3		10.63
Class F-1		14,528		1,367		10.63
Class F-2		803,962		75,642		10.63
Class F-3		297,255		27,968		10.63
Class 529-A		9,645		907		10.63
Class 529-C		655		62		10.63
Class 529-E		231		22		10.63
Class 529-T		30		3		10.63
Class 529-F-1		30		3		10.63
Class 529-F-2		3,100		292		10.63
Class 529-F-3		11		1		10.63
Class R-1		77		7		10.63
Class R-2		1,385		130		10.63
Class R-2E		35		3		10.63
Class R-3		1,222		115		10.63
Class R-4		2,101		197		10.63
Class R-5E		488		46		10.63
Class R-5		359		34		10.63
Class R-6		1,457,159		137,099		10.63

See notes to financial statements.

American Funds Multi-Sector Income Fund 35

Financial statements (continued)

Statement of operations
for the year ended December 31, 2021 (dollars in thousands)

Investment income:
Income:
Interest	$	85,924
Dividends (includes $79 from affiliates)		166		$	86,090
Fees and expenses*:
Investment advisory services		8,788
Distribution services		1,756
Transfer agent services		684
Administrative services		628
Reports to shareholders		57
Registration statement and prospectus		427
Trustees’ compensation		3
Auditing and legal		67
Custodian		36
Other		19
Total fees and expenses before waiver/reimbursement		12,465
Less waiver/reimbursement of fees and expenses:
Investment advisory services waiver		75
Transfer agent services reimbursement		—	†
Total fees and expenses after waiver/reimbursement					12,390
Net investment income					73,700
Net realized gain and unrealized depreciation:
Net realized gain (loss) on:
Investments:
Unaffiliated issuers		13,081
Affiliated issuers		(17	)
Futures contracts		12,785
Forward currency contracts		66
Swap contracts		(486	)
Currency transactions		1			25,430
Net unrealized (depreciation) appreciation on:
Investments:
Unaffiliated issuers		(21,612	)
Affiliated issuers		11
Futures contracts		(3,247	)
Forward currency contracts		(4	)
Swap contracts		389
Currency translations		(13	)		(24,476	)
Net realized gain and unrealized depreciation					954
Net increase in net assets resulting from operations				$	74,654

*	Additional information related to class-specific fees and expenses is included in the notes to financial statements.
†	Amount less than one thousand.

See notes to financial statements.

36 American Funds Multi-Sector Income Fund

Financial statements (continued)

Statements of changes in net assets
	(dollars in thousands)

	Year ended December 31,
	2021			2020
Operations:
Net investment income	$	73,700		$	9,582
Net realized gain		25,430			4,190
Net unrealized (depreciation) appreciation		(24,476	)		23,507
Net increase in net assets resulting from operations		74,654			37,279
Distributions paid or accrued to shareholders		(95,868	)		(12,495	)
Net capital share transactions		2,761,750			478,874
Total increase in net assets		2,740,536			503,658
Net assets:
Beginning of year		555,280			51,622
End of year	$	3,295,816		$	555,280

See notes to financial statements.

American Funds Multi-Sector Income Fund 37

Notes to financial statements

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

* 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. 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.

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.

38 American Funds Multi-Sector Income Fund

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.

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 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 prices obtained from one or more 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.

Fixed-income class	Examples of standard inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
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	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities	Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

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 futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from one or more pricing vendors. Credit default swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency.

American Funds Multi-Sector Income Fund 39

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 authority of the fund’s 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; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; 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 and 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 delegated authority to 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 “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any 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.

The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. 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.

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 following tables present the fund’s valuation levels as of December 31, 2021 (dollars in thousands):

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—	$	2,138,516	$	6,748	$	2,145,264
Bonds & notes of governments & government agencies outside the U.S.		—		381,929		—		381,929
Asset-backed obligations		—		282,380		—		282,380
Mortgage-backed obligations		—		240,951		9,449		250,400
Municipals		—		40,810		—		40,810
U.S. Treasury bonds & notes		—		5,303		—		5,303
Convertible bonds & notes		—		—		3		3
Common stocks		4,904		89		179		5,172
Preferred securities		—		—		4		4
Rights & warrants		—		11		—		11
Short-term securities		143,838		711		—		144,549
Total	$	148,742	$	3,090,700	$	16,383	$	3,255,825

40 American Funds Multi-Sector Income Fund

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	9,363		$	—		$	—	$	9,363
Unrealized appreciation on credit default swaps		—			90			—		90
Liabilities:
Unrealized depreciation on futures contracts		(12,881	)		—			—		(12,881	)
Unrealized depreciation on open forward currency contracts		—			(5	)		—		(5	)
Unrealized depreciation on credit default swaps		—			(9	)		—		(9	)
Total	$	(3,518	)	$	76		$	—	$	(3,442	)

* 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; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; 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) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental 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 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.

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 ratings of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. A general rise 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 failing to recoup the full amount of its initial investment and 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. 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 seeking to assess credit and default risks.

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities 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

American Funds Multi-Sector Income Fund 41

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., 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 operate or generate revenue. 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 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 accounting and auditing practices and standards and different regulatory, legal and reporting requirements, and may be more difficult to value, than those in the U.S. 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. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

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 and accounting and auditing practices and standards 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 there may be fewer rights and remedies available to the fund and its shareholders. 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, and may be 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 expose the fund to losses in excess of 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.

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.

42 American Funds Multi-Sector Income Fund

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, 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 may be forced to sell at a loss.

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

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, 2021, the fund’s maximum exposure of unfunded bond commitments was $565,000, which would represent .02% of the net assets of the fund should such commitments become due. Unrealized depreciation of less than $1,000 is disclosed as unrealized depreciation on unfunded commitments in the fund’s statement of assets and liabilities and is included in net unrealized depreciation on investments in unaffiliated issuers in the fund’s statement of operations.

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. In addition, the fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. 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 $2,214,051,000.

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

American Funds Multi-Sector Income Fund 43

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 $795,000.

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.

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 “CDSIs”), 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 $20,047,000.

44 American Funds Multi-Sector Income Fund

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 futures contracts, forwards currency contracts and credit default swaps as of, or for the year ended, December 31, 2021 (dollars in thousands):

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	9,363		Unrealized depreciation*	$	12,881
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		—		Unrealized depreciation on open forward currency contracts		5
Swap (centrally cleared)	Credit	Unrealized appreciation*		90		Unrealized depreciation*		9
			$	9,453			$	12,895
		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	12,785		Net unrealized depreciation on futures contracts	$	(3,247	)
Forward currency	Currency	Net realized gain on forward currency contracts		66		Net unrealized depreciation on forward currency contracts		(4	)
Swap	Credit	Net realized loss on swap contracts		(486	)	Net unrealized appreciation on swap contracts		389
			$	12,365			$	(2,862	)

* Includes cumulative appreciation/depreciation on futures contracts and 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 futures contracts, forward currency contracts and credit default swaps. For futures contracts and 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. 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, 2021, if close-out netting was exercised (dollars in thousands):

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset		Non-cash collateral*		Cash collateral*		Net amount
Liabilities:
Morgan Stanley	$	5	$	—	$	—	$	—	$	5

* Collateral is shown on a settlement basis.

American Funds Multi-Sector Income Fund 45

6. Taxation and distributions

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.

As of and during the year ended December 31, 2021, 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. If applicable, the fund 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; cost of investments sold; paydowns on fixed-income securities 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. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

During the year ended December 31, 2021, the fund reclassified $375,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

As of December 31, 2021, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Undistributed ordinary income	$	1,868
Post-October capital loss deferral1		(214	)
Gross unrealized appreciation on investments		53,927
Gross unrealized depreciation on investments		(50,870	)
Net unrealized appreciation on investments		3,057
Cost of investments		3,246,244

¹ This deferral is considered incurred in the subsequent year.

46 American Funds Multi-Sector Income Fund

Distributions paid or accrued were characterized for tax purposes as follows (dollars in thousands):

	Year ended December 31, 2021									Year ended December 31, 2020
Share class	Ordinary income			Long-term capital gains			Total distributions paid or accrued			Ordinary income			Long-term capital gains		Total distributions paid or accrued
Class A	$	19,707		$	1,823		$	21,530		$	9,175		$	—	$	9,175
Class C2		545			63			608			128			—		128
Class T2		1			—	3		1			1			—		1
Class F-12		427			39			466			105			—		105
Class F-2		20,378			2,162			22,540			2,036			—		2,036
Class F-3		7,841			799			8,640			939			—		939
Class 529-A2		227			26			253			36			—		36
Class 529-C2		12			2			14			2			—		2
Class 529-E2		7			1			8			1			—		1
Class 529-T2		1			—	3		1			1			—		1
Class 529-F-12		1			—	3		1			10			—		10
Class 529-F-24		67			8			75			12			—		12
Class 529-F-34		—	3		—	3		—	3		—	3		—		—	3
Class R-12		4			—	3		4			2			—		2
Class R-22		23			4			27			3			—		3
Class R-2E2		1			—	3		1			1			—		1
Class R-32		32			3			35			8			—		8
Class R-42		80			6			86			19			—		19
Class R-5E2		19			1			20			2			—		2
Class R-52		6			1			7			1			—		1
Class R-6		37,647			3,904			41,551			13			—		13
Total	$	87,026		$	8,842		$	95,868		$	12,495		$	—	$	12,495

2	This share class began investment operations on May 1, 2020.
3	Amount less than one thousand.
4	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

7. Fees and transactions with related parties

CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the principal underwriter of the fund’s shares, and American Funds Service Company^® (“AFS”), the fund’s transfer agent. CRMC, AFD 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. These fees are based on a series of decreasing annual rates beginning with 0.440% on the first $1.5 billion of daily net assets and decreasing to 0.390% on such assets in excess of $1.5 billion. During the year ended December 31, 2021, CRMC waived investment advisory services fees of $75,000. CRMC does not intend to recoup this waiver. As a result, the fees shown on the fund’s statement of operations of $8,788,000, which were equivalent to an annualized rate of 0.420% of average daily net assets, were reduced to $8,713,000, which were equivalent to an annualized rate of 0.416% of average daily net assets.

American Funds Multi-Sector Income Fund 47

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 AFD for paying service fees, to firms that have entered into agreements with AFD 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	%		0.30	%
Class 529-A		0.30			0.50
Classes C, 529-C and R-1		1.00			1.00
Class R-2		0.75			1.00
Class R-2E		0.60			0.85
Classes 529-E and R-3		0.50			0.75
Classes T, F-1, 529-T, 529-F-1 and R-4		0.25			0.50

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD 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, 2021, unreimbursed expenses subject to reimbursement totaled $1,252,000 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. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders. For the year ended December 31, 2021, CRMC reimbursed transfer agent services fees of less than $1,000 for Class 529-F-3 shares. CRMC does not intend to recoup this reimbursement.

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 Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan. The fee is 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 Virginia529 through ABLEAmerica^®, a tax-advantaged savings program for individuals with disabilities. The quarterly fee is 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 $100 billion. Effective January 1, 2022, the quarterly fee will be amended to 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 fee for any given calendar quarter is 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. The fee is included in other expenses in the fund’s statement of operations. Virginia529 is not considered a related party to the fund.

48 American Funds Multi-Sector Income Fund

For the year ended December 31, 2021, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services			Transfer agent services			Administrative services			529 plan services
Class A		$1,526			$227			$153			Not applicable
Class C		171			8			5			Not applicable
Class T		—			—	*		—	*		Not applicable
Class F-1		28			12			3			Not applicable
Class F-2		Not applicable			408			145			Not applicable
Class F-3		Not applicable			15			55			Not applicable
Class 529-A		12			2			2			$4
Class 529-C		3			—	*		—	*		—	*
Class 529-E		1			—	*		—	*		—	*
Class 529-T		—			—	*		—	*		—	*
Class 529-F-1		—			—	*		—	*		—	*
Class 529-F-2		Not applicable			1			1			1
Class 529-F-3		Not applicable			—	*		—	*		—	*
Class R-1		1			—	*		—	*		Not applicable
Class R-2		4			1			—	*		Not applicable
Class R-2E		—	*		—	*		—	*		Not applicable
Class R-3		5			1			—	*		Not applicable
Class R-4		5			—	*		1			Not applicable
Class R-5E		Not applicable			1			—	*		Not applicable
Class R-5		Not applicable			—	*		—	*		Not applicable
Class R-6		Not applicable			8			263			Not applicable
Total class-specific expenses		$1,756			$684			$628			$5

* 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 in the fund’s statement of operations reflects the current fees (either paid in cash or deferred) and a net increase or decrease 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, AFD 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 purchased securities from, and sold 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. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended December 31, 2021, the fund engaged in such purchase and sale transactions with related funds in the amounts of $39,352,000 and $20,539,000, respectively, which generated $842,000 of net realized gains from such sales.

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, 2021.

American Funds Multi-Sector Income Fund 49

8. 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.

9. Capital share transactions

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

	Sales1					Reinvestments of distributions						Repurchases1						Net increase (decrease)
Share class	Amount		Shares			Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2021
Class A	$	398,079		37,138		$	21,004			1,966		$	(86,231	)		(8,062	)	$	332,852			31,042
Class C		18,790		1,754			599			56			(5,627	)		(526	)		13,762			1,284
Class T		—		—			—			—			1			—			1			—
Class F-1		11,542		1,075			458			43			(4,274	)		(398	)		7,726			720
Class F-2		787,020		73,558			22,299			2,086			(118,245	)		(11,022	)		691,074			64,622
Class F-3		258,332		24,132			8,558			801			(22,019	)		(2,052	)		244,871			22,881
Class 529-A		7,977		744			252			23			(868	)		(81	)		7,361			686
Class 529-C		609		57			13			1			(97	)		(9	)		525			49
Class 529-E		240		22			7			1			(78	)		(7	)		169			16
Class 529-T		—		—			1			—	2		—			—			1			—	2
Class 529-F-1		—		—			1			—	2		—			—			1			—	2
Class 529-F-2		1,979		185			76			8			(160	)		(15	)		1,895			178
Class 529-F-3		—		—			—	2		—	2		—			—			—	2		—	2
Class R-1		124		12			3			—	2		(140	)		(13	)		(13	)		(1	)
Class R-2		1,267		118			25			2			(36	)		(3	)		1,256			117
Class R-2E		7		—	2		—	2		—	2		—	2		—	2		7			—	2
Class R-3		967		90			35			3			(264	)		(24	)		738			69
Class R-4		1,328		124			85			8			(1,263	)		(119	)		150			13
Class R-5E		582		54			19			2			(202	)		(19	)		399			37
Class R-5		432		40			6			1			(184	)		(17	)		254			24
Class R-6		1,420,510		133,414			41,565			3,887			(3,354	)		(313	)		1,458,721			136,988
Total net increase (decrease)	$	2,909,785		272,517		$	95,006			8,888		$	(243,041	)		(22,680	)	$	2,761,750			258,725

See end of table for footnotes.

50 American Funds Multi-Sector Income Fund

	Sales1				Reinvestments of distributions						Repurchases1						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount		Shares
Year ended December 31, 2020
Class A	$	310,997		30,258	$	7,136			679		$	(31,582	)		(2,993	)	$	286,551		27,944
Class C3		10,057		958		124			11			(438	)		(41	)		9,743		928
Class T3		25		3		—			—			—			—			25		3
Class F-13		8,687		833		101			10			(2,029	)		(196	)		6,759		647
Class F-2		131,047		12,570		2,027			191			(18,203	)		(1,743	)		114,871		11,018
Class F-3		56,397		5,403		924			87			(4,190	)		(405	)		53,131		5,085
Class 529-A3		2,446		233		36			4			(169	)		(16	)		2,313		221
Class 529-C3		173		17		2			—	2		(44	)		(4	)		131		13
Class 529-E3		58		6		1			—	2		—			—			59		6
Class 529-T3		25		3		1			—	2		—			—			26		3
Class 529-F-13		1,042		101		7			1			(1,028	)		(99	)		21		3
Class 529-F-24		1,196		114		12			1			(10	)		(1	)		1,198		114
Class 529-F-34		10		1		—	2		—	2		—			—			10		1
Class R-13		85		8		1			—	2		—	2		—	2		86		8
Class R-23		135		13		1			—	2		—	2		—	2		136		13
Class R-2E3		25		3		—	2		—	2		—	2		—	2		25		3
Class R-33		476		45		7			1			—	2		—	2		483		46
Class R-43		1,931		182		18			2			—	2		—	2		1,949		184
Class R-5E3		147		14		1			—	2		(59	)		(5	)		89		9
Class R-53		108		10		1			—	2		—	2		—	2		109		10
Class R-6		1,161		109		12			1			(14	)		(2	)		1,159		108
Total net increase (decrease)	$	526,228		50,884	$	10,412			988		$	(57,766	)		(5,505	)	$	478,874		46,367

1	Includes exchanges between share classes of the fund.
2	Amount less than one thousand.
3	This share class began investment operations on May 1, 2020.
4	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

10. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $3,310,188,000 and $692,357,000, respectively, during the year ended December 31, 2021.

11. Ownership concentration

At December 31, 2021, the fund had one shareholder, American Funds Conservative Growth and Income Portfolio, with aggregate ownership of 36% of the fund’s outstanding shares. CRMC is the investment adviser to American Funds Conservative Growth and Income Portfolio.

American Funds Multi-Sector Income Fund 51

Financial highlights

			Income from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Ratio of net income to average net assets3
Class A:
12/31/2021	$	10.81	$	.36	$	(.11	)	$	.25	$	(.36	)	$	(.07	)	$	(.43	)	$	10.63		2.38	%	$	680			.84	%		.83	%		3.34	%
12/31/2020		10.32		.41		.68			1.09		(.43	)		(.17	)		(.60	)		10.81		11.07			356			1.09			.85			3.96
12/31/20195,6		10.00		.37		.40			.77		(.35	)		(.10	)		(.45	)		10.32		7.76	7,8		52			.60	8,9		.53	8,9		4.61	8,9
Class C:
12/31/2021		10.81		.28		(.10	)		.18		(.29	)		(.07	)		(.36	)		10.63		1.67			24			1.54			1.53			2.63
12/31/20205,10		9.67		.22		1.20			1.42		(.24	)		(.04	)		(.28	)		10.81		14.78	7		10			1.67	9		1.55	9		3.12	9
Class T:
12/31/2021		10.81		.39		(.11	)		.28		(.39	)		(.07	)		(.46	)		10.63		2.63	8		—	11		.59	8		.59	8		3.61	8
12/31/20205,10		9.67		.29		1.19			1.48		(.30	)		(.04	)		(.34	)		10.81		15.45	7,8		—	11		.94	8,9		.62	8,9		4.22	8,9
Class F-1:
12/31/2021		10.81		.36		(.11	)		.25		(.36	)		(.07	)		(.43	)		10.63		2.37			15			.85			.85			3.33
12/31/20205,10		9.67		.27		1.19			1.46		(.28	)		(.04	)		(.32	)		10.81		15.26	7		7			1.09	9		.88	9		3.84	9
Class F-2:
12/31/2021		10.81		.38		(.10	)		.28		(.39	)		(.07	)		(.46	)		10.63		2.66			804			.56			.56			3.55
12/31/2020		10.32		.44		.67			1.11		(.45	)		(.17	)		(.62	)		10.81		11.26			119			.78			.59			4.13
12/31/20195,6		10.00		.36		.40			.76		(.34	)		(.10	)		(.44	)		10.32		7.75	7,8		—	11		.62	8,9		.54	8,9		4.59	8,9
Class F-3:
12/31/2021		10.81		.39		(.10	)		.29		(.40	)		(.07	)		(.47	)		10.63		2.73			297			.49			.48			3.64
12/31/2020		10.32		.44		.68			1.12		(.46	)		(.17	)		(.63	)		10.81		11.32			55			.73			.53			4.18
12/31/20195,6		10.00		.36		.40			.76		(.34	)		(.10	)		(.44	)		10.32		7.72	7,8		—	11		.64	8,9		.57	8,9		4.57	8,9
Class 529-A:
12/31/2021		10.81		.36		(.10	)		.26		(.37	)		(.07	)		(.44	)		10.63		2.43			10			.81			.80			3.35
12/31/20205,10		9.67		.27		1.19			1.46		(.28	)		(.04	)		(.32	)		10.81		15.23	7		3			1.05	9		.92	9		3.78	9

See end of table for footnotes.

52 American Funds Multi-Sector Income Fund

Financial highlights (continued)

			Income from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Ratio of net income to average net assets3
Class 529-C:
12/31/2021	$	10.81	$	.28	$	(.11	)	$	.17	$	(.28	)	$	(.07	)	$	(.35	)	$	10.63		1.65	%	$	1			1.54	%		1.54	%		2.61	%
12/31/20205,10		9.67		.24		1.20			1.44		(.26	)		(.04	)		(.30	)		10.81		14.97	7,8		—	11		1.58	8,9		1.39	8,9		3.36	8,9
Class 529-E:
12/31/2021		10.81		.34		(.10	)		.24		(.35	)		(.07	)		(.42	)		10.63		2.25	8		—	11		.98	8		.97	8		3.18	8
12/31/20205,10		9.67		.28		1.19			1.47		(.29	)		(.04	)		(.33	)		10.81		15.38	7,8		—	11		.99	8,9		.75	8,9		4.03	8,9
Class 529-T:
12/31/2021		10.81		.38		(.11	)		.27		(.38	)		(.07	)		(.45	)		10.63		2.57	8		—	11		.65	8		.65	8		3.55	8
12/31/20205,10		9.67		.29		1.19			1.48		(.30	)		(.04	)		(.34	)		10.81		15.40	7,8		—	11		1.00	8,9		.68	8,9		4.15	8,9
Class 529-F-1:
12/31/2021		10.81		.38		(.11	)		.27		(.38	)		(.07	)		(.45	)		10.63		2.57	8		—	11		.66	8		.65	8		3.54	8
12/31/20205,10		9.67		.30		1.18			1.48		(.30	)		(.04	)		(.34	)		10.81		15.43	7,8		—	11		.82	8,9		.59	8,9		4.29	8,9
Class 529-F-2:
12/31/2021		10.81		.38		(.11	)		.27		(.38	)		(.07	)		(.45	)		10.63		2.59			3			.63			.63			3.55
12/31/20205,12		10.41		.07		.45			.52		(.08	)		(.04	)		(.12	)		10.81		4.96	7		2			.12	7		.11	7		.65	7
Class 529-F-3:
12/31/2021		10.81		.39		(.11	)		.28		(.39	)		(.07	)		(.46	)		10.63		2.67			—	11		.59			.57			3.64
12/31/20205,12		10.41		.07		.45			.52		(.08	)		(.04	)		(.12	)		10.81		4.97	7		—	11		.14	7		.10	7		.66	7
Class R-1:
12/31/2021		10.81		.31		(.10	)		.21		(.32	)		(.07	)		(.39	)		10.63		1.97	8		—	11		1.29	8		1.28	8		2.90	8
12/31/20205,10		9.67		.25		1.20			1.45		(.27	)		(.04	)		(.31	)		10.81		15.12	7,8		—	11		1.35	8,9		1.14	8,9		3.62	8,9

See end of table for footnotes.

American Funds Multi-Sector Income Fund 53

Financial highlights (continued)

			Income from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period			Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments4			Ratio of expenses to average net assets after waivers/ reimburse- ments3,4			Ratio of net income to average net assets3
Class R-2:
12/31/2021	$	10.81		$	.30	$	(.10	)	$	.20		$	(.31	)	$	(.07	)	$	(.38	)	$	10.63		1.87	%	$	1			1.31	%		1.31	%		2.82	%
12/31/20205,10		9.67			.26		1.19			1.45			(.27	)		(.04	)		(.31	)		10.81		15.15	7,8		—	11		1.30	8,9		1.09	8,9		3.67	8,9
Class R-2E:
12/31/2021		10.81			.39		(.11	)		.28			(.39	)		(.07	)		(.46	)		10.63		2.69	8		—	11		.54	8		.54	8		3.66	8
12/31/20205,10		9.67			.29		1.19			1.48			(.30	)		(.04	)		(.34	)		10.81		15.44	7,8		—	11		.95	8,9		.63	8,9		4.21	8,9
Class R-3:
12/31/2021		10.81			.33		(.10	)		.23			(.34	)		(.07	)		(.41	)		10.63		2.15			1			1.07			1.07			3.11
12/31/20205,10		9.67			.26		1.20			1.46			(.28	)		(.04	)		(.32	)		10.81		15.24	7		—	11		1.11	9		.99	9		3.73	9
Class R-4:
12/31/2021		10.81			.37		(.11	)		.26			(.37	)		(.07	)		(.44	)		10.63		2.44			2			.78			.77			3.44
12/31/20205,10		9.67			.26		1.21			1.47			(.29	)		(.04	)		(.33	)		10.81		15.38	7		2			.85	9		.78	9		3.69	9
Class R-5E:
12/31/2021		10.81			.38		(.11	)		.27			(.38	)		(.07	)		(.45	)		10.63		2.60			1			.63			.63			3.56
12/31/20205,10		9.67			.29		1.19			1.48			(.30	)		(.04	)		(.34	)		10.81		15.45	7		—	11		.76	9		.59	9		4.17	9
Class R-5:
12/31/2021		10.81			.39		(.11	)		.28			(.39	)		(.07	)		(.46	)		10.63		2.69			—	11		.51			.51			3.64
12/31/20205,10		9.67			.30		1.19			1.49			(.31	)		(.04	)		(.35	)		10.81		15.50	7		—	11		.82	9		.53	9		4.23	9
Class R-6:
12/31/2021		10.81			.39		(.10	)		.29			(.40	)		(.07	)		(.47	)		10.63		2.74			1,457			.47			.47			3.61
12/31/2020		10.32			.44		.68			1.12			(.46	)		(.17	)		(.63	)		10.81		11.32			1			.69			.52			4.17
12/31/20195,6		10.00			.36		.40			.76			(.34	)		(.10	)		(.44	)		10.32		7.72	7,8		—	11		.64	8,9		.56	8,9		4.57	8,9

	Year ended December 31,						For the period ended December 31,
	2021			2020			20195,6
Portfolio turnover rate for all share classes13		36	%		73	%		115	%

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3	This column reflects the impact, if any, of certain waivers/reimbursements from CRMC and/or AFS. During one of the years shown, CRMC waived a portion of investment advisory services fees. In addition, during one of the years shown, AFS waived a portion of transfer agent services fees for Class F-3 shares. In addition, during some of the periods shown, CRMC reimbursed a portion of transfer agent services fees for certain share classes and reimbursed a portion of miscellaneous fees and expenses.
4	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
5	Based on operations for a period that is less than a full year.
6	For the period March 22, 2019, commencement of operations, through December 31, 2019.
7	Not annualized.
8	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.
9	Annualized.
10	This share class began investment operations on May 1, 2020.
11	Amount less than $1 million.
12	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
13	Rate does not include the fund’s portfolio activity with respect to any Central Funds.

See notes to financial statements.

54 American Funds Multi-Sector Income Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and 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, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the two years then ended and for the period from March 22, 2019 (commencement of operations) to December 31, 2019, and the related notes. 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, 2021, 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 the two years then ended and for the period from March 22, 2019 (commencement of operations) to December 31, 2019, 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 audit. 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 audit 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 audit 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 audit 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 audit 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, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

Deloitte & Touche LLP

Costa Mesa, California

February 10, 2022

We have served as the auditor of one or more American Funds investment companies since 1956.

American Funds Multi-Sector Income Fund 55

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2021, through December 31, 2021).

Actual expenses:

The first line of each share class in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the following table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-2 and F-3 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the following table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

56 American Funds Multi-Sector Income Fund

Expense example (continued)

	Beginning account value 7/1/2021		Ending account value 12/31/2021		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,010.20	$	4.10		.81	%
Class A – assumed 5% return		1,000.00		1,021.12		4.13		.81
Class C – actual return		1,000.00		1,006.64		7.64		1.51
Class C – assumed 5% return		1,000.00		1,017.59		7.68		1.51
Class T – actual return		1,000.00		1,011.43		2.84		.56
Class T – assumed 5% return		1,000.00		1,022.38		2.85		.56
Class F-1 – actual return		1,000.00		1,010.15		4.15		.82
Class F-1 – assumed 5% return		1,000.00		1,021.07		4.18		.82
Class F-2 – actual return		1,000.00		1,011.65		2.74		.54
Class F-2 – assumed 5% return		1,000.00		1,022.48		2.75		.54
Class F-3 – actual return		1,000.00		1,011.95		2.38		.47
Class F-3 – assumed 5% return		1,000.00		1,022.84		2.40		.47
Class 529-A – actual return		1,000.00		1,010.25		4.10		.81
Class 529-A – assumed 5% return		1,000.00		1,021.12		4.13		.81
Class 529-C – actual return		1,000.00		1,006.64		7.64		1.51
Class 529-C – assumed 5% return		1,000.00		1,017.59		7.68		1.51
Class 529-E – actual return		1,000.00		1,009.46		4.81		.95
Class 529-E – assumed 5% return		1,000.00		1,020.42		4.84		.95
Class 529-T – actual return		1,000.00		1,011.17		3.09		.61
Class 529-T – assumed 5% return		1,000.00		1,022.13		3.11		.61
Class 529-F-1 – actual return		1,000.00		1,011.03		3.24		.64
Class 529-F-1 – assumed 5% return		1,000.00		1,021.98		3.26		.64
Class 529-F-2 – actual return		1,000.00		1,011.25		3.04		.60
Class 529-F-2 – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class 529-F-3 – actual return		1,000.00		1,011.61		2.74		.54
Class 529-F-3 – assumed 5% return		1,000.00		1,022.48		2.75		.54
Class R-1 – actual return		1,000.00		1,008.29		6.43		1.27
Class R-1 – assumed 5% return		1,000.00		1,018.80		6.46		1.27
Class R-2 – actual return		1,000.00		1,007.72		6.53		1.29
Class R-2 – assumed 5% return		1,000.00		1,018.70		6.56		1.29
Class R-2E – actual return		1,000.00		1,011.83		2.48		.49
Class R-2E – assumed 5% return		1,000.00		1,022.74		2.50		.49
Class R-3 – actual return		1,000.00		1,009.01		5.27		1.04
Class R-3 – assumed 5% return		1,000.00		1,019.96		5.30		1.04
Class R-4 – actual return		1,000.00		1,010.48		3.80		.75
Class R-4 – assumed 5% return		1,000.00		1,021.42		3.82		.75
Class R-5E – actual return		1,000.00		1,011.22		3.04		.60
Class R-5E – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class R-5 – actual return		1,000.00		1,011.81		2.54		.50
Class R-5 – assumed 5% return		1,000.00		1,022.68		2.55		.50
Class R-6 – actual return		1,000.00		1,012.04		2.33		.46
Class R-6 – assumed 5% return		1,000.00		1,022.89		2.35		.46

* The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

American Funds Multi-Sector Income Fund 57

Tax information unaudited

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, 2021:

Qualified dividend income	$104,000
Section 163(j) interest dividends	$74,131,000
Corporate dividends received deduction	$104,000
U.S. government income that may be exempt from state taxation	$33,000

Individual shareholders should refer to their Form 1099 or other tax information, which was mailed in January 2022, to determine the calendar year amounts to be included on their 2021 tax returns. Shareholders should consult their tax advisors.

58 American Funds Multi-Sector Income Fund

Liquidity Risk Management Program

The fund has adopted a liquidity risk management program (the “program”). The fund’s board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages the fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of the fund’s investments, limiting the amount of the fund’s illiquid investments, and utilizing various risk management tools and facilities available to the fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of the fund’s investments is supported by one or more third-party liquidity assessment vendors.

The fund’s board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2020, through September 30, 2021. No significant liquidity events impacting the fund were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing the fund’s liquidity risk.

American Funds Multi-Sector Income Fund 59

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60 American Funds Multi-Sector Income Fund

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American Funds Multi-Sector Income Fund 61

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first elected a trustee of the fund2	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee3	Other directorships4 held by trustee
Francisco G. Cigarroa, MD, 1957	2021	Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research	86	None
James G. Ellis, 1947	2019	Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California	99	Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation
Nariman Farvardin, 1956	2019	President, Stevens Institute of Technology	87	None
Mary Davis Holt, 1950	2019	Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Health Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993-2003)	87	None
R. Clark Hooper, 1946	2019	Private investor	91	None
Merit E. Janow, 1958	2019	Dean and Professor, Columbia University, School of International and Public Affairs	93	Aptiv (autonomous and green vehicle technology); Mastercard Incorporated
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive)	2019	President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center	91	None
Alexandra Trower, 1964	2019	Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	86	None
Paul S. Williams, 1959	2020	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	86	Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc.; Romeo Power, Inc. (manufacturer of batteries for electric vehicles)

Interested trustees^5,6

Name, year of birth and position with fund	Year first elected a trustee or officer of the fund2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund	Number of portfolios in fund complex overseen by trustee3	Other directorships4 held by trustee
Michael C. Gitlin, 1970	2019	Partner – Capital Fixed Income Investors, Capital Research  and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.7; served as Head of Fixed Income at a large investment management firm prior to joining Capital Research and Management Company in 2015	86	None
Karl J. Zeile, 1966	2019	Partner — Capital Fixed Income Investors,  Capital Research and Management Company	21	None

The fund’s statement of additional information includes further details about fund trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com. The address for all trustees and officers of the fund is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.

62 American Funds Multi-Sector Income Fund

Other officers⁶

Name, year of birth and position with fund	Year first elected an officer of the fund2	Principal occupation(s) during past five years and positions held with affiliated entities or the Principal Underwriter of the fund
Damien J. McCann, 1977 President	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Kristine M. Nishiyama, 1970 Principal Executive Officer	2019	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, General Counsel and Director, Capital Bank and Trust Company7
Michael W. Stockton, 1967 Executive Vice President	2021	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Vincent J. Gonzales, 1984 Senior Vice President	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Kirstie Spence, 1973 Senior Vice President	2019	Partner — Capital Fixed Income Investors, Capital International Limited7; Director, Capital Research Company7; Vice President and Director, Capital International Limited7
Scott Sykes, 1971 Senior Vice President	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Shannon Ward, 1964 Senior Vice President	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Steven I. Koszalka, 1964 Secretary	2019	Vice President — Fund Business Management Group, Capital Research and Management Company
Brian C. Janssen, 1972 Treasurer	2019	Senior Vice President — Investment Operations, Capital Research and Management Company
Jane Y. Chung, 1974 Assistant Secretary	2019	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Assistant Vice President — Investment Operations, Capital Research and Management Company
Becky L. Park, 1979 Assistant Treasurer	2021	Vice President — Investment Operations, Capital Research and Management Company

1	The term independent trustee refers to a trustee who is not an “interested person” of the fund within the meaning of the Investment Company Act of 1940.
2	Trustees and officers of the fund serve until their resignation, removal or retirement.
3	Funds managed by Capital Research and Management Company or its affiliates.
4	This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
5	The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter).
6	All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.
7	Company affiliated with Capital Research and Management Company.

American Funds Multi-Sector Income Fund 63

Office of the fund
6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts
American Funds Service Company
(Write to the address nearest you.)

P.O. Box 6007
Indianapolis, IN 46206-6007

P.O. Box 2280
Norfolk, VA 23501-2280

Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

Counsel
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726

Independent registered public accounting firm
Deloitte & Touche LLP
695 Town Center Drive
Suite 1000
Costa Mesa, CA 92626-7188

Principal underwriter

American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406

64 American Funds Multi-Sector Income Fund

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov or our website.

American Funds Multi-Sector Income Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

This report is for the information of shareholders of American Funds Multi-Sector Income Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after March 31, 2022, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^SM — has resulted in superior outcomes.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment industry experience, including 21 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds’ superior outcomes

Equity funds have beaten their Lipper peer indexes in 91% of 10-year periods and 98% of 20-year periods.² Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³ Fund management fees have been among the lowest in the industry.⁴

	1	Investment industry experience as of December 31, 2020.
	2	Based on Class F-2 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2020. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
	3	Based on Class F-2 share results as of December 31, 2020. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
	4	On average, our management fees were in the lowest quintile 66% of the time, based on the 20-year period ended December 31, 2020, versus comparable Lipper categories, excluding funds of funds.
Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

ITEM 2 – Code of Ethics

The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 6455 Irvine Center Drive, Irvine, California 92618.

ITEM 3 – Audit Committee Financial Expert

The Registrant’s board has determined that James G. Ellis, 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

	MSI
Registrant:

a)  Audit Fees:
Audit	2020	58,000
	2021	59,000
b)  Audit-Related Fees:
	2020	None
	2021	None
c)  Tax Fees:
	2020	3,000
	2021	6,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.
d)  All Other Fees:
	2020	None
	2021	None
	Adviser and affiliates (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):
a)  Audit Fees:
	Not Applicable
b)  Audit-Related Fees:
	2020	1,477,000
	2021	1,427,000
	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.
c)  Tax Fees:
	2020	40,000

	2021	1,000
	The tax fees consist of consulting services relating to the Registrant’s investments.
d)  All Other Fees:
	2020	None
	2021	2,000
	The other fees consist of subscription services related to an accounting research tool.
	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.
	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, were, $1,519,000 for fiscal year 2020 and $1,435,000 for fiscal year 2021. 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.

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.

ITEM 6 – Schedule of Investments

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7 – 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.

ITEM 8 – 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.

ITEM 9 – 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.

ITEM 10 – 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. While the committee normally is able to identify from its own 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.

ITEM 11 – 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), 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 Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

(a)(1)	The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.
(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

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: February 28, 2022

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: February 28, 2022

By ___/s/ Brian C. Janssen__________________

Brian C. Janssen, Treasurer and

Principal Financial Officer

Date: February 28, 2022