American Funds Capital Income Builder (CAIBX) 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: 811-05085

Capital Income Builder

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of Principal Executive Offices)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2022

Gregory F. Niland

Capital Income Builder

5300 Robin Hood Road

Norfolk, Virginia 23513

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

Capital Income Builder^®   Annual report
for the year ended
October 31, 2022

Seeking
income growth
opportunities from
around the world

Capital Income Builder seeks to provide you with a level of current income that exceeds the average yield on U.S. stocks generally and to provide you with a growing stream of income over the years. The fund’s secondary objective is to provide you with growth of capital.

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 and Class A shares at net asset value. If a sales charge (maximum 5.75% for Class A shares) had been deducted, 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.

Here are the average annual total returns on a $1,000 investment for periods ended September 30, 2022 (the most recent calendar quarter-end):

	1 year			5 years			10 years
Class F-2 shares		–10.85	%		2.28	%		4.96	%
Class A shares (reflecting 5.75% maximum sales charge)		–16.15			0.86			4.13

For other share class results, visit capitalgroup.com and americanfundsretirement.com.

The total annual fund operating expense ratios are 0.36% for Class F-2 shares and 0.59% for Class A shares as of the prospectus dated January 1, 2023 (unaudited). The expense ratios are restated to reflect current fees.

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. Visit capitalgroup.com for more information.

The fund’s 30-day yield as of October 31, 2022, was 2.63% for Class F-2 shares and 2.29% for Class A shares, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The fund’s 12-month distribution rate as of that date was 3.99% for Class F-2 shares and 3.53% for Class A shares. The Class A share results reflect the 5.75% maximum sales charge. The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities, while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund’s SEC yield and distribution rate may differ.

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. Investing outside the United States may be subject to additional risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other 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
4	The value of a long-term perspective
6	Investment portfolio
35	Financial statements
67	Board of trustees and other officers

Fellow investors:

Global markets retreated from last year’s strong gains amid heightened geopolitical risk, persistent inflationary pressures and aggressive monetary tightening. For the 12 months ended October 31, 2022, Capital Income Builder fell 9.21%, with all dividends reinvested, faring better than the 18.50% loss of the 70%/30% MSCI All Country World Index (ACWI)/Bloomberg U.S. Aggregate Index. The blended index, which measures returns for global stock markets and U.S. fixed income, is the fund’s primary benchmark as of January 1, 2021.

Dividend income

Capital Income Builder’s primary objective is to provide shareholders a level of current income that exceeds the average yield on U.S. stocks in general as well as a growing stream of income over the years. The secondary goal is to grow capital. In pursuit of its income objective, the fund recorded a 12-month yield of 3.99% for its F-2 share class, greater than the corresponding yield for the MSCI ACWI (2.33%). The 12-month yield for the Bloomberg U.S. Aggregate Index was 5.01% as of October 31, 2022, versus 1.66% in October 2021.

The fund’s F-2 shares paid dividends of approximately $1.04 a share, including a special dividend of about 61 cents per share, in December 2021. The fund also went on to pay regular dividends of approximately 46 cents a share in March and June 2022 and about 45 cents in September. The fund strives to grow its quarterly distribution rate over time.

Results at a glance

For periods ended October 31, 2022, with all distributions reinvested

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime (since Class A inception on 7/30/87)
Capital Income Builder (Class F-2 shares)1		–9.21	%		3.33	%		5.53	%		8.60	%
Capital Income Builder (Class A shares)		–9.42			3.11			5.32			8.41
70%/30% MSCI ACWI/Bloomberg Index2,3,4		–18.50			3.76			5.97			6.71
MSCI ACWI (All Country World Index)2,3,5		–19.96			5.24			7.98			6.83
Bloomberg U.S. Aggregate Index3,6		–15.68			–0.54			0.74			5.39

1	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. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
2	From July 30, 1987, through December 31, 1987, the MSCI World Index was used because the MSCI ACWI did not exist. MSCI World Index results reflect dividends net of withholding taxes, and MSCI ACWI results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter.
3	The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. Sources: MSCI, Bloomberg Index Services Ltd.
4	The 70%/30% MSCI ACWI/Bloomberg Index blends the MSCI ACWI with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Results assume the blend is rebalanced monthly. As of January 1, 2021, the fund’s primary benchmark is the 70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index.
5	The MSCI All Country World Index is a free float-adjusted, market capitalization-weighted index that measures equity results in global developed and emerging markets. It consists of more than 40 developed and emerging market country indexes.
6	The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade, fixed-rate bond market.

Capital Income Builder 1

Global markets struggled

While Capital Income Builder ended the fiscal year in negative territory, it held up notably well in the face of major stock and bond market declines as investors absorbed the implications of Russia’s February invasion of Ukraine, the challenge of balancing persistent inflationary pressures with a potential recession, and the U.S. Federal Reserve’s firm commitment to tighter monetary policy. In 2022, the Fed raised interest rates five times by the end of October, including three 75-basis-point increases, to combat rising inflation in the most aggressive rate hiking in decades. Europe grappled with significant political upheaval and economic challenges coupled with monetary tightening; the European Central Bank (ECB) raised interest rates to the highest level since 2009. Among other major markets, China faced slowing economic growth and the implications of COVID-19-induced lockdowns.

Against this backdrop, the MSCI ACWI fell 19.96% for the fiscal year, versus a 14.61% drop for the S&P 500 Index.¹ All MSCI ACWI sectors declined, except for energy, which rose 28.95% as oil and natural gas prices soared. Communication services, consumer discretionary and information technology fell the most, with communication services sliding 39.56%. Value stocks fared better than growth equities in a significant reversal from previous years; the MSCI ACWI Value Index² lost 10.29%, versus a 29.25% decline for the MSCI ACWI Growth Index.³ Bond markets sank as central banks aggressively raised interest rates to fight high inflation. The Bloomberg U.S. Aggregate Index dropped 15.68%, while the Bloomberg Corporate Investment Grade Index fell 19.57%.

Inside the portfolio

Capital Income Builder’s holdings are focused on companies that we believe will provide current and growing dividend income and capital appreciation through a challenging market environment.

VICI Properties — which makes up 1.7% of fund assets — was a major contributor. Shares of the real estate investment trust, which owns portfolios for Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, rose 9.10%; VICI posted strong 2021 profits and robust quarterly earnings throughout 2022 following its acquisition of MGM Growth Properties and expanded partnership with Great Wolf Resorts. Real estate firms in general compose a notable portion of the fund, at 6.0% of assets.

Shares of Canadian Natural Resources rose 41.12% for the fiscal year, amid higher energy prices and tighter supply in the face of ongoing conflict in Ukraine. In general, Capital Income Builder invests in select low-cost energy providers and sound capital allocators that focus on shareholder returns. We believe that many of these companies are likely to continue participating in the major long-term energy transition happening across the globe. This includes Europe’s shift from Russian gas and increased demand for renewables amid pressure for reduced carbon emissions. Despite potential challenges, we believe this longer-term global energy shift will offer significant opportunities related to new pipelines and demand for liquified natural gas and renewable energy sources.

Investments in the consumer staples sector — which make up 10.3% of the portfolio — further supported fund results and are likely to remain resilient in a slowing economy. Shares of General Mills rose 32.01%; the food giant had a dividend yield of 2.57% at the end of the fiscal year. British American Tobacco (BAT) and Phillip Morris International, which respectively make up 1.7% and 2.2% of fund assets, also helped relative results. Both firms remain committed to developing reduced-risk, next-generation products and have managed to sustain pricing power in an inflationary environment.

In general, health care tends to hold up well during cyclical downturns, and the sector appears to be more resistant to current inflationary pressures than other areas of the market, such as food and energy. Select health care companies offer attractive valuations, along with the potential for improving fundamentals and long-term product pipeline opportunities driven by innovative research. AbbVie was one of the largest contributors to the portfolio for the fiscal year; the pharmaceutical firm is the second-largest fund holding, making up 2.3% of assets. AbbVie offered a 3.85% dividend yield as of October 31. Shares of Amgen also rose sharply, and shares of Gilead Sciences climbed, bolstered by sales of its cancer and HIV drugs in the first three quarters of 2022.

In the industrials sector, aerospace and defense companies have benefited from post-COVID-19 reopenings and higher defense budgets in the face of rising geopolitical tensions. Shares of Raytheon Technologies gained amid strong profits throughout the fiscal year, driven by recovering demand for commercial aerospace and expectations for increased military spending.

Shares of Comcast fell sharply. The telecommunications giant reported strong results for its theme park business in the first three quarters of 2022, but grappled with slower revenue from its Sky business, which operates across Europe. Comcast offered a dividend yield of 3.34% as of October 31.

Shares of energy company Gazprom declined amid Russian sanctions and the implications of European efforts to reduce dependence on Russian gas following the invasion of Ukraine. Shares of the Moscow Exchange Micex also fell sharply. The energy crisis stemming from the Russia-Ukraine conflict also hurt European

1	The S&P 500 Index is a market capitalization-weighted index that represents approximately 500 widely held common stocks.
2	The MSCI ACWI Value Index captures large- and mid-cap securities exhibiting overall value style characteristics across 23 developed market and 24 emerging market countries. Value style characteristics are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.
3	The MSCI ACWI Growth Index captures large- and mid-cap securities exhibiting overall growth style characteristics across 23 developed market and 24 emerging market countries. Growth style characteristics are defined using five variables: short- and long-term forward EPS growth rates, current internal growth rate, long-term historical EPS growth trend and long-term historical sales per share growth trend.

2 Capital Income Builder

utilities firms, with shares of Italian utilities provider Enel affected by adverse economic and geopolitical pressures, including worries about exposure to Russian gas, Italian political uncertainty and the risk of a European recession.

In the technology sector, several semiconductor stocks declined in the face of supply chain issues and fears about the potential impact of a global economic slowdown. Shares of GlobalWafers, Taiwan Semiconductor Manufacturing Company and Vanguard International all fell. GlobalWafers was also weighed down by issues related to its failed takeover of Germany-based silicon wafer maker Siltronic.

Bond allocations

Capital Income Builder’s bond allocations aim to complement its global equity investments in both higher-yielding stocks with lower-dividend growth potential and stocks with lower current yields and prospects for faster dividend growth. Fixed income investments tend to include well-diversified, higher-quality securities, with the goal of providing income and cushioning equity volatility. U.S. bonds declined over the fiscal year, but still held up better than global stocks, with the Bloomberg U.S. Aggregate Index falling 15.68% versus a 19.96% decline for the MSCI ACWI Index. Bond allocations now offer more income opportunities than a year ago, in the view of managers; exposure to bonds has notably increased to 19.6% of total assets from 15.3% as of October 31, 2021. The fund remains focused on high-quality, lower-risk bonds as a source of steady income. As bond valuations have become more attractive, the fund has seen increased exposure to select mortgage-backed securities.

Moving forward

The world is currently facing a variety of economic, geopolitical and market-based crosscurrents. Inflation appears likely to persist, concerns about recession loom and higher interest rates have become a reality across key developed markets. More broadly, current circumstances appear to reflect longer-term shifts from deflation to inflation and lower to higher interest rates, heightened geopolitical risk, the redistribution of global supply chains, and a multiyear global energy transition.

Against this backdrop, dividend-paying stocks have garnered investor attention after a decade-long period of growth-oriented stocks dominating markets. In a rising and more normalized interest rate environment, total return is likely to be driven by a combination of capital appreciation and dividend returns. For more historical context, dividend returns represented more than one-third of total S&P 500 returns from January 1926 to September 2022, with capital appreciation making up the rest of the return. (By contrast, dividends constituted more than 70% of S&P 500 returns in the 1970s, when inflation was rampant.*) Capital Income Builder was created in 1987 after a period of high inflation to help provide a stream of dividends in an attempt to counter inflation. Dividend payers tend to hold up well in inflationary environments.

We recognize the immediate challenges and opportunities across a range of possible economic scenarios, while staying firmly grounded in Capital Income Builder’s key driving philosophy of finding higher-yielding stocks with predictable growth. The fund continues to focus on companies with sound, improving capital allocation that we believe are poised to maintain healthy balance sheets and pay sustainable dividends. This includes convictions in companies with low starting yields that we believe can grow dividends reliably over time, bond proxies that are typically higher yielding but have lower growth, and cyclical companies with significant cash flow in areas such as aerospace and energy. We continue to find attractive dividend opportunities across the globe. In our view, many non-U.S. companies offer relatively appealing valuations, strong dividend culture and potential currency-related benefits, especially if dollar strength starts to wane.

Given the scope of many different economic and market-related crosscurrents, we believe Capital Income Builder’s focus on income has the potential to benefit investors, especially in light of its emphasis on companies that can adapt and continue to provide sustainable dividend growth in an uncertain environment. We expect that the fund’s focus on high-quality, lower-risk bonds should also offer further stability through volatile periods.

We would like to thank you for your continued support and look forward to reporting to you again in six months.

Sincerely,

David A. Hoag
Co-President

Winnie Kwan
Co-President

Steven T. Watson
Co-President

December 8, 2022

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

* Source: Capital/S&P Dow Jones indexes. Dividends constituted 4.2% of the S&P 500’s total return from January 1, 1970, to December 31, 1979, while capital appreciation made up 1.7%. From January 1, 1926, to September 30, 2022, dividends constituted 3.8% of the S&P 500’s total return, while capital appreciation made up 6.2%.

Capital Income Builder 3

The value of a long-term perspective

Fund results shown are for Class F-2 and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment¹; thus, the net amount invested was $9,425. Results are for past periods and are not predictive of results for future periods. Prices and returns will vary, so investors may lose money. For current information and month-end results, visit capitalgroup.com.

The results shown are before taxes on fund distributions and sale of fund shares. 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. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

1	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 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 reinvested in additional shares.
2	The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index.
3	The 70%/30% MSCI ACWI/Bloomberg Index blends the MSCI ACWI (All Country World Index) with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Results assume the blend is rebalanced monthly.
4	From July 30, 1987, through December 31, 1987, the MSCI World Index was used because the MSCI ACWI did not exist. MSCI World Index results reflect dividends net of withholding taxes, and MSCI ACWI results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter.
5	For the period July 30, 1987, commencement of operations, through October 31, 1987.

4 Capital Income Builder

How a hypothetical $10,000 investment has grown

There have always been reasons not to invest. If you look beyond the negative headlines, however, you will find that despite occasional stumbles, financial markets have tended to reward investors over the long term. As the chart below shows, over its lifetime Capital Income Builder has done demonstrably better than its primary benchmark. Dividends, particularly when reinvested, have accounted for a large portion of the fund’s overall results.

Capital Income Builder 5

Investment portfolio October 31, 2022

Sector diversification Percent of net assets

Country diversification by domicile	Percent of net assets
United States		66.30	%
Eurozone*		6.14
United Kingdom		6.07
Canada		4.01
Switzerland		3.55
India		1.30
Brazil		1.10
Singapore		1.06
Hong Kong		.98
Other countries		5.42
Short-term securities & other assets less liabilities		4.07

* Countries using the euro as a common currency; those represented in the fund’s portfolio are Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.

Common stocks 73.35%	Shares		Value (000)
Financials 13.29%
Zurich Insurance Group AG		3,525,191	$	1,504,283
Toronto-Dominion Bank (CAD denominated)		14,222,612		910,243
JPMorgan Chase & Co.		6,041,003		760,441
PNC Financial Services Group, Inc.		4,332,697		701,160
CME Group, Inc., Class A		4,003,180		693,751
DBS Group Holdings, Ltd.		26,771,329		646,778
Morgan Stanley		7,838,387		644,080
Münchener Rückversicherungs-Gesellschaft AG		2,121,470		560,615
DNB Bank ASA		26,715,932		472,842
Power Corporation of Canada, subordinate voting shares		16,459,500		408,724
BlackRock, Inc.		564,743		364,773
Principal Financial Group, Inc.		3,792,800		334,259
Webster Financial Corp.		5,822,182		315,912
American International Group, Inc.		4,926,520		280,812
B3 SA-Brasil, Bolsa, Balcao		94,751,330		275,880
Blackstone, Inc., nonvoting shares		2,966,119		270,332
Tryg A/S		12,163,039		263,221
East West Bancorp, Inc.		2,668,647		190,995
Travelers Companies, Inc.		1,001,700		184,774
Ping An Insurance (Group) Company of China, Ltd., Class H		40,046,667		160,194
Ping An Insurance (Group) Company of China, Ltd., Class A		2,804,884		13,892
AIA Group, Ltd.		22,469,800		170,177
State Street Corp.		2,268,303		167,854
Kaspi.kz JSC1		2,447,140		160,288
KBC Groep NV		2,979,119		149,267
Citizens Financial Group, Inc.		3,587,962		146,748
National Bank of Canada		2,053,000		139,785
OneMain Holdings, Inc.		3,542,856		136,612
ING Groep NV		13,717,920		134,944
Wells Fargo & Company		2,556,514		117,574
Swedbank AB, Class A		7,814,300		116,529
KeyCorp		6,498,537		116,129
China Pacific Insurance (Group) Co., Ltd., Class H		69,619,612		112,283
Corebridge Financial, Inc.2		4,000,000		90,680
Truist Financial Corp.		2,020,500		90,498
Franklin Resources, Inc.		3,799,500		89,098
EFG International AG		10,030,543		82,140
BNP Paribas SA		1,607,000		75,428
TPG, Inc., Class A2		2,401,693		73,852
Bank Central Asia Tbk PT		128,165,200		72,310
Great-West Lifeco, Inc.2		3,060,000		70,843
Citigroup, Inc.		1,460,000		66,956
Hang Seng Bank, Ltd.		4,630,800		65,188

6 Capital Income Builder

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Euronext NV		999,658	$	63,523
Patria Investments, Ltd., Class A3		4,432,700		63,033
Banco Santander, SA		18,170,300		47,083
Cullen/Frost Bankers, Inc.		297,924		46,193
Hong Kong Exchanges and Clearing, Ltd.		1,619,200		43,112
Vontobel Holding AG		722,067		40,670
Macquarie Group, Ltd.		349,591		37,903
China Merchants Bank Co., Ltd., Class H		8,228,000		27,044
SouthState Corp.		214,206		19,371
IIFL Wealth Management, Ltd.		760,130		16,266
UniCredit SpA		1,105,058		13,703
Jonah Energy Parent, LLC4		1,631		81
Moscow Exchange MICEX-RTS PJSC4,5		85,235,374		—	6
Sberbank of Russia PJSC4,5,7		19,327,472		—	6
				12,821,126
Consumer staples 10.27%
Philip Morris International, Inc.		23,047,508		2,116,914
British American Tobacco PLC		36,080,352		1,420,678
British American Tobacco PLC (ADR)		5,339,964		211,569
Nestlé SA		7,926,274		863,116
PepsiCo, Inc.		4,360,157		791,717
General Mills, Inc.		9,602,257		783,352
Altria Group, Inc.		16,618,974		768,960
Imperial Brands PLC		18,410,813		448,451
Kimberly-Clark Corp.		3,457,945		430,376
ITC, Ltd.		100,224,616		422,196
Unilever PLC (GBP denominated)		5,086,840		231,856
Carlsberg A/S, Class B		1,849,873		218,028
Danone SA		4,292,863		213,564
Keurig Dr Pepper, Inc.		5,079,438		197,285
Anheuser-Busch InBev SA/NV		3,286,679		164,352
Kraft Heinz Company		2,880,637		110,818
Procter & Gamble Company		671,222		90,393
Mondelez International, Inc.		1,289,056		79,251
Vector Group, Ltd.		6,328,252		67,206
Seven & i Holdings Co., Ltd.		1,730,200		64,626
Viscofan, SA, non-registered shares		779,691		46,424
Reckitt Benckiser Group PLC		602,632		39,946
Scandinavian Tobacco Group A/S		2,058,240		34,503
Wuliangye Yibin Co., Ltd., Class A		1,569,956		28,716
Hilton Food Group PLC		2,800,821		19,593
Kimberly-Clark de México, SAB de CV, ordinary participation certificates, Class A		12,310,685		19,423
Coca-Cola HBC AG (CDI)		636,500		13,887
Haleon PLC5		3,284,000		10,093
				9,907,293
Health care 9.42%
AbbVie, Inc.		15,298,693		2,239,729
Amgen, Inc.		4,741,895		1,281,971
Gilead Sciences, Inc.		13,892,977		1,090,043
Medtronic PLC		7,216,561		630,294
AstraZeneca PLC		5,314,855		624,989
Abbott Laboratories		5,862,665		580,052
Novartis AG		6,628,923		535,557
Bristol-Myers Squibb Company		6,563,686		508,489
Pfizer, Inc.		7,911,544		368,282
UnitedHealth Group, Inc.		614,542		341,163
Roche Holding AG, nonvoting non-registered shares		888,794		295,170
GSK PLC		11,330,890		185,662
Royalty Pharma PLC, Class A		3,759,287		159,093
Merck & Co., Inc.		702,500		71,093
CVS Health Corp.		669,922		63,442
EBOS Group, Ltd.		2,658,446		57,961
Bayer AG		1,072,107		56,387
Koninklijke Philips NV (EUR denominated)		310,789		3,937
Organon & Co.		70,250		1,839
				9,095,153

Capital Income Builder 7

Common stocks (continued)	Shares		Value (000)
Information technology 6.98%
Broadcom, Inc.		5,841,109	$	2,746,023
Microsoft Corp.		6,287,744		1,459,574
Taiwan Semiconductor Manufacturing Company, Ltd.		51,783,456		626,753
Automatic Data Processing, Inc.		883,400		213,518
Texas Instruments, Inc.		1,198,011		192,437
Paychex, Inc.		1,520,436		179,883
Apple, Inc.		1,163,450		178,403
KLA Corp.		430,103		136,106
NetApp, Inc.		1,815,150		125,736
QUALCOMM, Inc.		1,015,727		119,510
Vanguard International Semiconductor Corp.		54,804,249		112,934
SAP SE		880,449		84,983
Tokyo Electron, Ltd.		314,000		83,391
GlobalWafers Co., Ltd.		7,363,753		81,927
Western Union Company		6,010,700		81,205
Analog Devices, Inc.		418,785		59,727
MediaTek, Inc.		2,989,467		54,738
Intel Corp.		1,604,123		45,605
Fidelity National Information Services, Inc.		529,032		43,904
Tripod Technology Corp.		12,630,424		34,964
International Business Machines Corp.		227,619		31,477
SINBON Electronics Co., Ltd.		3,987,072		30,996
BE Semiconductor Industries NV		326,200		16,673
				6,740,467
Industrials 6.83%
Raytheon Technologies Corp.		20,758,595		1,968,330
Lockheed Martin Corp.		1,167,324		568,113
BAE Systems PLC		48,702,793		454,862
Honeywell International, Inc.		2,195,550		447,936
RELX PLC		11,642,336		312,557
RELX PLC (ADR)		759,134		20,466
L3Harris Technologies, Inc.		1,233,957		304,133
Siemens AG		2,500,430		273,397
Kone OYJ, Class B		6,371,100		260,979
Trinity Industries, Inc.3		7,712,016		220,024
Deutsche Post AG		5,658,237		200,800
VINCI SA		2,097,947		193,190
Singapore Technologies Engineering, Ltd.		74,142,756		172,839
Illinois Tool Works, Inc.		650,000		138,794
BOC Aviation, Ltd.		16,978,156		113,661
Grupo Aeroportuario del Pacífico, SAB de CV, Class B		6,602,714		102,275
Trelleborg AB, Class B		4,230,000		93,211
Ventia Services Group Pty, Ltd.3		48,847,735		86,550
Norfolk Southern Corp.		342,215		78,049
LIXIL Corp.		4,771,900		72,239
United Parcel Service, Inc., Class B		396,000		66,437
Compañia de Distribución Integral Logista Holdings, SA, non-registered shares		3,048,755		63,091
Waste Management, Inc.		382,611		60,594
General Dynamics Corp.		224,400		56,055
ITOCHU Corp.		1,951,900		50,525
Marubeni Corp.		5,050,000		44,253
Carrier Global Corp.		1,081,344		42,994
CCR SA, ordinary nominative shares		14,116,678		35,418
Airbus SE, non-registered shares		319,385		34,587
AB Volvo, Class B		1,935,186		31,689
Sulzer AG		374,355		24,955
				6,593,003
Utilities 6.34%
Dominion Energy, Inc.		11,728,074		820,613
DTE Energy Company		4,849,200		543,644
Power Grid Corporation of India, Ltd.		179,406,466		494,477
National Grid PLC		41,878,261		455,479
Iberdrola, SA, non-registered shares		41,961,778		426,091
E.ON SE		47,693,266		399,498
The Southern Co.		5,832,500		381,912
Engie SA		22,511,806		292,641

8 Capital Income Builder

Common stocks (continued)	Shares		Value (000)
Utilities (continued)
ENGIE SA, bonus dividend		3,818,624	$	49,640
Edison International		5,359,531		321,786
AES Corp.		9,541,613		249,609
Entergy Corp.		2,209,425		236,718
Evergy, Inc.		3,750,568		229,272
Duke Energy Corp.		2,412,000		224,750
Public Service Enterprise Group, Inc.		2,527,930		141,741
Sempra Energy		875,819		132,196
CenterPoint Energy, Inc.		4,465,549		127,759
Exelon Corp.		3,270,868		126,223
Enel SpA		27,463,619		122,650
SSE PLC		6,716,533		119,851
NextEra Energy, Inc.		1,226,469		95,051
ENN Energy Holdings, Ltd.		5,081,900		50,530
Power Assets Holdings, Ltd.		9,434,000		45,129
CMS Energy Corp.		352,820		20,129
American Electric Power Company, Inc.		120,522		10,596
				6,117,985
Energy 6.32%
Canadian Natural Resources, Ltd. (CAD denominated)2		15,064,682		903,538
TC Energy Corp. (CAD denominated)		16,592,645		728,817
TC Energy Corp.		1,387,400		60,935
Chevron Corp.		4,200,335		759,841
Exxon Mobil Corp.		5,570,288		617,244
TotalEnergies SE		7,980,721		434,571
EOG Resources, Inc.		3,127,408		426,954
BP PLC		70,864,879		389,923
Shell PLC (GBP denominated)		10,113,335		278,815
Shell PLC (ADR)		738,100		41,061
ConocoPhillips		2,289,004		288,620
Pioneer Natural Resources Company		909,940		233,318
Woodside Energy Group, Ltd.		7,591,011		174,704
Woodside Energy Group, Ltd. (CDI)		2,125,736		49,146
Enbridge, Inc. (CAD denominated)2		4,457,700		173,681
Schlumberger, Ltd.		3,258,133		169,521
Equitrans Midstream Corp.		18,872,981		158,910
Baker Hughes Co., Class A		4,650,800		128,641
DT Midstream, Inc.		1,195,562		71,375
Galp Energia, SGPS, SA, Class B		1,006,588		10,221
Constellation Oil Services Holding SA, Class B-14,5		282,550		—	6
Gazprom PJSC4,7		84,735,990		—	6
				6,099,836
Real estate 6.01%
VICI Properties, Inc. REIT3		52,658,330		1,686,120
Crown Castle, Inc. REIT		11,951,934		1,592,715
Equinix, Inc. REIT		823,841		466,656
Gaming and Leisure Properties, Inc. REIT		8,273,693		414,677
Federal Realty Investment Trust REIT		2,500,000		247,450
Link REIT		32,738,146		193,518
American Tower Corp. REIT		869,676		180,188
CK Asset Holdings, Ltd.		28,272,934		156,318
Charter Hall Group REIT		13,076,087		108,232
POWERGRID Infrastructure Investment Trust3		59,148,100		98,707
Mindspace Business Parks REIT		21,491,600		92,242
Extra Space Storage, Inc. REIT		513,464		91,109
Embassy Office Parks REIT		21,328,000		88,731
Americold Realty Trust, Inc. REIT		2,701,312		65,507
CTP NV		6,006,045		62,322
Digital Realty Trust, Inc. REIT		610,751		61,228
Kimco Realty Corp. REIT		2,819,000		60,270
Sun Hung Kai Properties, Ltd.		5,568,353		59,907
Longfor Group Holdings, Ltd.		25,875,500		32,964
CubeSmart REIT		727,081		30,443
Douglas Elliman, Inc.		2,245,900		10,376
TAG Immobilien AG		658,445		4,129
				5,803,809

Capital Income Builder 9

Common stocks (continued)	Shares		Value (000)
Consumer discretionary 2.71%
McDonald’s Corp.		1,815,766	$	495,087
Home Depot, Inc.		1,138,335		337,095
Starbucks Corp.		3,619,300		313,395
Industria de Diseño Textil, SA		13,201,427		299,282
Kering SA		495,863		227,230
Midea Group Co., Ltd., Class A		35,149,235		193,502
LVMH Moët Hennessy-Louis Vuitton SE		251,902		159,074
YUM! Brands, Inc.		902,600		106,733
Darden Restaurants, Inc.		623,503		89,248
Restaurant Brands International, Inc.		1,393,243		82,731
Galaxy Entertainment Group, Ltd.		17,447,000		79,682
Cie. Financière Richemont SA, Class A		687,066		67,201
Hasbro, Inc.		663,260		43,278
OPAP SA		2,405,363		29,476
Mercedes-Benz Group AG		494,395		28,631
Inchcape PLC		2,546,035		21,723
Kindred Group PLC (SDR)		1,933,000		16,807
Thule Group AB		828,459		16,327
VF Corp.		397,691		11,235
				2,617,737
Communication services 2.71%
Comcast Corp., Class A		19,657,649		623,934
Verizon Communications, Inc.		10,020,406		374,463
SoftBank Corp.		33,512,558		330,291
BCE, Inc.		5,561,882		250,874
Koninklijke KPN NV		81,065,231		226,799
Singapore Telecommunications, Ltd.		117,092,300		206,789
Nippon Telegraph and Telephone Corp.		6,654,900		183,228
HKT Trust and HKT, Ltd., units		100,055,060		113,061
Warner Music Group Corp., Class A		2,928,864		76,209
Omnicom Group, Inc.		931,500		67,767
WPP PLC		7,309,271		64,208
Indus Towers, Ltd.		18,916,173		42,390
Pearson PLC		2,478,885		27,302
ProSiebenSat.1 Media SE		3,562,000		24,219
				2,611,534
Materials 2.47%
Vale SA (ADR), ordinary nominative shares		30,925,978		400,182
Vale SA, ordinary nominative shares		19,740,969		256,551
Rio Tinto PLC		7,048,863		366,755
Linde PLC		781,484		232,374
Air Products and Chemicals, Inc.		855,988		214,339
BHP Group, Ltd. (CDI)		7,292,000		173,647
International Flavors & Fragrances, Inc.		1,645,521		160,619
LyondellBasell Industries NV		1,630,155		124,625
Evonik Industries AG		4,821,154		88,882
Sociedad Química y Minera de Chile SA, Class B (ADR)		936,668		87,747
BASF SE		1,925,521		86,458
UPM-Kymmene OYJ		1,677,885		56,229
Asahi Kasei Corp.		8,589,800		55,140
Nexa Resources SA		4,624,901		23,217
WestRock Co.		662,600		22,568
Shin-Etsu Chemical Co., Ltd.		178,600		18,665
Fortescue Metals Group, Ltd.		1,982,847		18,644
				2,386,642
Total common stocks (cost: $58,698,846,000)				70,794,585
Preferred securities 0.06%
Information technology 0.05%
Samsung Electronics Co., Ltd., nonvoting preferred shares		1,163,110		43,521

10 Capital Income Builder

Preferred securities (continued)	Shares		Value (000)
Financials 0.01%
CoBank, ACB, Class E, 5.006% noncumulative preferred shares1,8		13,000	$	10,368
Total preferred securities (cost: $50,246,000)				53,889
Rights & warrants 0.00%
Consumer discretionary 0.00%
Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/20235		684,470		335
Total rights & warrants (cost: $0)				335
Convertible stocks 0.48%
Utilities 0.30%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025		3,206,400		149,098
AES Corp., convertible preferred units, 6.875% 2/15/2024		913,000		89,940
American Electric Power Company, Inc., convertible preferred units, 6.125% 8/15/20232		938,000		46,637
				285,675
Health care 0.11%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/20232		84,600		110,696
Consumer discretionary 0.07%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 6/15/2023		623,573		66,647
Total convertible stocks (cost: $445,466,000)				463,018
Investment funds 2.49%
Capital Group Central Corporate Bond Fund3		305,300,361		2,402,714
Total investment funds (cost: $3,076,443,000)				2,402,714
Bonds, notes & other debt instruments 19.55%	Principal amount (000)
U.S. Treasury bonds & notes 8.87%
U.S. Treasury 5.90%
U.S. Treasury 7.625% 11/15/2022	USD	39,700		39,764
U.S. Treasury 7.125% 2/15/2023		299,800		302,333
U.S. Treasury 6.25% 8/15/2023		350,000		354,607
U.S. Treasury 2.25% 3/31/2024		300,000		290,227
U.S. Treasury 3.25% 8/31/2024		49,842		48,717
U.S. Treasury 4.25% 9/30/2024		858		854
U.S. Treasury 7.50% 11/15/20249		331,275		350,374
U.S. Treasury 7.625% 2/15/2025		250,000		266,697
U.S. Treasury 2.875% 7/31/2025		100,000		95,995
U.S. Treasury 6.875% 8/15/2025		145,145		154,148
U.S. Treasury 6.00% 2/15/2026		206,000		215,431
U.S. Treasury 6.75% 8/15/2026		35,000		37,914
U.S. Treasury 6.50% 11/15/2026		178,000		192,091
U.S. Treasury 2.25% 2/15/2027		75		69
U.S. Treasury 6.625% 2/15/2027		65,000		70,712
U.S. Treasury 2.50% 3/31/2027		136,000		126,259
U.S. Treasury 2.75% 7/31/2027		475,000		444,292
U.S. Treasury 6.375% 8/15/2027		85,000		92,476
U.S. Treasury 4.125% 10/31/2027		952		948
U.S. Treasury 6.125% 11/15/20279		499,614		540,324
U.S. Treasury 2.875% 8/15/2028		160,000		148,740
U.S. Treasury 5.50% 8/15/2028		140,000		148,628
U.S. Treasury 5.25% 11/15/2028		89,000		93,414
U.S. Treasury 5.25% 2/15/2029		25,000		26,306
U.S. Treasury 6.125% 8/15/2029		30,000		33,333
U.S. Treasury 6.25% 5/15/2030		274,563		310,970
U.S. Treasury 1.875% 2/15/2032		195,000		162,394
U.S. Treasury 2.875% 5/15/2032		300,000		272,203
U.S. Treasury 2.75% 8/15/2032		1,151		1,031

Capital Income Builder 11

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 1.125% 5/15/20409	USD	228,288	$	136,871
U.S. Treasury 2.50% 2/15/2046		29,300		21,056
U.S. Treasury 2.875% 11/15/2046		20,300		15,692
U.S. Treasury 3.00% 5/15/2047		116,000		91,746
U.S. Treasury 3.00% 2/15/20499		228,388		183,256
U.S. Treasury 2.875% 5/15/2049		41,800		32,717
U.S. Treasury 1.375% 8/15/2050		40,000		21,439
U.S. Treasury 2.00% 8/15/2051		40,000		25,330
U.S. Treasury 1.875% 11/15/2051		58,498		35,815
U.S. Treasury 2.25% 2/15/20529		220,000		148,257
U.S. Treasury 2.875% 5/15/2052		2,249		1,753
U.S. Treasury 3.00% 8/15/20529		200,000		160,787
				5,695,970
U.S. Treasury inflation-protected securities 2.97%
U.S. Treasury Inflation-Protected Security 0.125% 1/15/202310		275,640		275,023
U.S. Treasury Inflation-Protected Security 0.625% 4/15/202310		319,953		317,904
U.S. Treasury Inflation-Protected Security 0.375% 7/15/202310		239,587		237,632
U.S. Treasury Inflation-Protected Security 0.625% 1/15/202410		306,081		301,297
U.S. Treasury Inflation-Protected Security 0.50% 4/15/202410		149,188		146,156
U.S. Treasury Inflation-Protected Security 0.125% 7/15/202410		602,434		587,393
U.S. Treasury Inflation-Protected Security 0.125% 10/15/202410		247,702		240,540
U.S. Treasury Inflation-Protected Security 0.25% 1/15/202510		52,589		50,816
U.S. Treasury Inflation-Protected Security 0.125% 4/15/202610		225,759		213,189
U.S. Treasury Inflation-Protected Security 0.50% 1/15/202810		150,089		141,442
U.S. Treasury Inflation-Protected Security 0.125% 1/15/203110		199,106		176,542
U.S. Treasury Inflation-Protected Security 2.125% 2/15/204110		1,001		1,051
U.S. Treasury Inflation-Protected Security 1.00% 2/15/20499,10		158,542		131,682
U.S. Treasury Inflation-Protected Security 0.25% 2/15/205010		3,341		2,244
U.S. Treasury Inflation-Protected Security 0.125% 2/15/205110		59,496		38,372
				2,861,283
Total U.S. Treasury bonds & notes				8,557,253
Mortgage-backed obligations 7.15%
Federal agency mortgage-backed obligations 6.41%
BX Trust, Series 2021-ACNT, Class D, (1-month USD-LIBOR + 1.85%) 5.262% 11/15/20381,8,11		1,121		1,056
Fannie Mae Pool #930337 6.00% 1/1/202411		1		1
Fannie Mae Pool #AA8755 4.50% 7/1/202411		569		565
Fannie Mae Pool #AA8211 4.50% 8/1/202411		84		83
Fannie Mae Pool #AX9959 3.50% 12/1/202911		219		209
Fannie Mae Pool #BA2999 3.50% 11/1/203011		247		237
Fannie Mae Pool #683351 5.50% 2/1/203311		82		83
Fannie Mae Pool #CA1299 3.50% 3/1/203311		101		97
Fannie Mae Pool #MA3438 3.50% 8/1/203311		275		261
Fannie Mae Pool #MA3658 3.50% 5/1/203411		381		361
Fannie Mae Pool #CA4490 3.50% 8/1/203411		532		504
Fannie Mae Pool #887695 6.00% 6/1/203611		1,122		1,161
Fannie Mae Pool #894308 6.00% 10/1/203611		168		170
Fannie Mae Pool #902164 6.00% 11/1/203611		1,016		1,049
Fannie Mae Pool #902503 6.00% 11/1/203611		808		837
Fannie Mae Pool #903076 6.00% 12/1/203611		1,405		1,456
Fannie Mae Pool #AD0249 5.50% 4/1/203711		110		112
Fannie Mae Pool #AS9772 3.50% 6/1/203711		35		33
Fannie Mae Pool #966172 7.00% 7/1/203711		131		132
Fannie Mae Pool #256845 6.50% 8/1/203711		69		72
Fannie Mae Pool #256960 6.50% 11/1/203711		381		402
Fannie Mae Pool #257137 7.00% 3/1/203811		23		25
Fannie Mae Pool #963269 5.50% 5/1/203811		1,190		1,222
Fannie Mae Pool #963341 5.50% 5/1/203811		272		279
Fannie Mae Pool #963454 5.50% 6/1/203811		989		1,015
Fannie Mae Pool #963796 5.50% 6/1/203811		333		339
Fannie Mae Pool #929964 6.00% 9/1/203811		506		523
Fannie Mae Pool #970772 5.50% 11/1/203811		48		48
Fannie Mae Pool #AE0392 5.50% 12/1/203911		66		67
Fannie Mae Pool #AL0152 6.00% 6/1/204011		3,625		3,736
Fannie Mae Pool #AE8073 4.00% 12/1/204011		213		200

12 Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #AL1571 5.00% 6/1/204111	USD	3,124	$	3,130
Fannie Mae Pool #AL0913 6.00% 7/1/204111		2,563		2,648
Fannie Mae Pool #AJ0257 4.00% 9/1/204111		76		71
Fannie Mae Pool #AJ4154 4.00% 11/1/204111		210		198
Fannie Mae Pool #AB4050 4.00% 12/1/204111		410		385
Fannie Mae Pool #AJ4189 4.00% 12/1/204111		238		224
Fannie Mae Pool #AJ9165 4.00% 1/1/204211		5,565		5,228
Fannie Mae Pool #890407 4.00% 2/1/204211		557		523
Fannie Mae Pool #AL2745 4.00% 3/1/204211		1,689		1,586
Fannie Mae Pool #AO6721 4.00% 6/1/204211		10,749		10,097
Fannie Mae Pool #AO1820 4.00% 6/1/204211		903		848
Fannie Mae Pool #890445 4.00% 7/1/204211		1,271		1,194
Fannie Mae Pool #AS0831 4.50% 10/1/204311		585		558
Fannie Mae Pool #AW4156 4.00% 5/1/204411		2,159		2,023
Fannie Mae Pool #AW4026 4.00% 6/1/204411		2,645		2,478
Fannie Mae Pool #AX2782 4.00% 9/1/204411		2,704		2,530
Fannie Mae Pool #AY1313 4.00% 3/1/204511		5,096		4,748
Fannie Mae Pool #AS6840 4.00% 3/1/204611		6,107		5,721
Fannie Mae Pool #AL8522 3.50% 5/1/204611		944		850
Fannie Mae Pool #BC8719 4.00% 6/1/204611		2,458		2,301
Fannie Mae Pool #BC8720 4.00% 6/1/204611		1,779		1,666
Fannie Mae Pool #AS7598 4.00% 7/1/204611		5,672		5,309
Fannie Mae Pool #BD1967 4.00% 7/1/204611		1,808		1,691
Fannie Mae Pool #BD5477 4.00% 7/1/204611		38		36
Fannie Mae Pool #MA2691 4.50% 7/1/204611		1,084		1,041
Fannie Mae Pool #AS7759 4.00% 8/1/204611		13,369		12,516
Fannie Mae Pool #AS7760 4.00% 8/1/204611		5,784		5,414
Fannie Mae Pool #AS7939 4.00% 9/1/204611		9,136		8,552
Fannie Mae Pool #AL9190 4.00% 9/1/204611		1,497		1,401
Fannie Mae Pool #BC4712 4.00% 10/1/204611		5,044		4,697
Fannie Mae Pool #BC4801 4.00% 11/1/204611		3,401		3,166
Fannie Mae Pool #MA2907 4.00% 2/1/204711		28		27
Fannie Mae Pool #AS9313 4.00% 3/1/204711		4,688		4,388
Fannie Mae Pool #BE3229 4.00% 3/1/204711		1,718		1,599
Fannie Mae Pool #BD7165 4.00% 4/1/204711		28		26
Fannie Mae Pool #AS9454 4.00% 4/1/204711		18		17
Fannie Mae Pool #BM4187 4.50% 5/1/204711		16,386		15,873
Fannie Mae Pool #BH2491 4.00% 6/1/204711		2,532		2,367
Fannie Mae Pool #MA3058 4.00% 7/1/204711		3,044		2,840
Fannie Mae Pool #CA0243 4.50% 8/1/204711		15,382		14,714
Fannie Mae Pool #BJ1668 4.00% 12/1/204711		2,933		2,744
Fannie Mae Pool #MA3211 4.00% 12/1/204711		555		517
Fannie Mae Pool #BJ2751 4.50% 5/1/204811		7,997		7,644
Fannie Mae Pool #CA2033 4.00% 7/1/204811		10,346		9,584
Fannie Mae Pool #CA2157 4.00% 8/1/204811		21,531		19,945
Fannie Mae Pool #BF0320 5.50% 1/1/204911		13,514		13,954
Fannie Mae Pool #BF0572 5.50% 4/1/204911		29,819		29,686
Fannie Mae Pool #FM2675 4.00% 6/1/204911		6,322		5,862
Fannie Mae Pool #FM1262 4.00% 7/1/204911		18,165		16,827
Fannie Mae Pool #BO2264 3.00% 10/1/204911		11,069		9,493
Fannie Mae Pool #CA4819 4.00% 12/1/204911		9,057		8,343
Fannie Mae Pool #BO6274 3.00% 1/1/205011		16,925		14,522
Fannie Mae Pool #FM2872 3.00% 2/1/205011		38,978		33,429
Fannie Mae Pool #CA5216 3.00% 2/1/205011		16,680		14,363
Fannie Mae Pool #CA5226 3.00% 2/1/205011		7,089		6,105
Fannie Mae Pool #FM2676 4.00% 3/1/205011		5,885		5,415
Fannie Mae Pool #CA6309 3.00% 7/1/205011		34,692		30,194
Fannie Mae Pool #FM4897 3.00% 11/1/205011		6,823		5,929
Fannie Mae Pool #CA8046 3.00% 12/1/205011		27,283		23,628
Fannie Mae Pool #FM9632 3.00% 11/1/205111		45,436		38,945
Fannie Mae Pool #FM9631 3.00% 11/1/205111		19,253		16,492
Fannie Mae Pool #CB2414 3.00% 12/1/205111		22,258		19,172
Fannie Mae Pool #FS0972 3.50% 1/1/205211		23,335		20,795
Fannie Mae Pool #FS0647 3.00% 2/1/205211		14,733		12,744
Fannie Mae Pool #BF0142 5.50% 8/1/205611		38,808		39,601
Fannie Mae Pool #BF0145 3.50% 3/1/205711		32,100		28,681
Fannie Mae Pool #BF0339 5.00% 1/1/205911		36,985		37,297

Capital Income Builder 13

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BF0342 5.50% 1/1/205911	USD	26,412	$	26,755
Fannie Mae Pool #BF0379 3.50% 4/1/205911		78,726		70,340
Fannie Mae Pool #BF0497 3.00% 7/1/206011		27,354		23,225
Fannie Mae Pool #BF0548 3.00% 7/1/206111		21,243		17,969
Fannie Mae, Series 2001-25, Class ZA, 6.50% 6/25/203111		190		192
Fannie Mae, Series 2006-65, Class PF, (1-month USD-LIBOR + 0.28%) 3.866% 7/25/20368,11		572		562
Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/204111		28		29
Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/204111		39		42
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2/25/20278,11		2,640		2,462
Fannie Mae, Series 2006-51, Class PO, principal only, 0% 3/25/203611		301		270
Fannie Mae, Series 2006-32, Class OA, principal only, 0% 5/25/203611		585		476
Fannie Mae, Series 2006-56, Class OG, principal only, 0% 7/25/203611		74		61
Fannie Mae, Series 2006-96, Class OP, principal only, 0% 10/25/203611		133		113
Freddie Mac Pool #G13173 5.50% 5/1/202311		4		4
Freddie Mac Pool #ZK3460 3.50% 8/1/202611		26		25
Freddie Mac Pool #RD5008 3.50% 9/1/202911		171		162
Freddie Mac Pool #ZS7148 3.50% 4/1/203011		9		9
Freddie Mac Pool #V62089 3.50% 6/1/203311		285		270
Freddie Mac Pool #ZS8716 3.50% 9/1/203311		230		217
Freddie Mac Pool #G18723 3.50% 2/1/203411		3,715		3,520
Freddie Mac Pool #ZT1799 3.50% 3/1/203411		535		506
Freddie Mac Pool #QN3000 1.50% 8/1/203511		210		179
Freddie Mac Pool #ZA2505 3.50% 5/1/203811		315		286
Freddie Mac Pool #A76884 5.00% 5/1/203811		249		242
Freddie Mac Pool #G04697 5.50% 9/1/203811		880		904
Freddie Mac Pool #A87873 5.00% 8/1/203911		3,329		3,316
Freddie Mac Pool #G06789 6.00% 5/1/204011		38		39
Freddie Mac Pool #G06061 4.00% 10/1/204011		537		505
Freddie Mac Pool #Q00232 4.50% 4/1/204111		4,892		4,745
Freddie Mac Pool #Q00850 4.50% 5/1/204111		160		155
Freddie Mac Pool #G06841 5.50% 6/1/204111		1,730		1,778
Freddie Mac Pool #G08456 5.00% 7/1/204111		99		96
Freddie Mac Pool #G60546 4.00% 12/1/204211		4,054		3,814
Freddie Mac Pool #Q21442 4.50% 8/1/204311		315		300
Freddie Mac Pool #760014 2.745% 8/1/20458,11		589		571
Freddie Mac Pool #G60138 3.50% 8/1/204511		15,667		14,159
Freddie Mac Pool #G60279 4.00% 10/1/204511		4,404		4,134
Freddie Mac Pool #Q41088 4.00% 6/1/204611		10,400		9,696
Freddie Mac Pool #Q41905 4.00% 7/1/204611		3,872		3,609
Freddie Mac Pool #Q42626 4.00% 8/1/204611		3,896		3,633
Freddie Mac Pool #T65389 3.50% 9/1/204611		58		51
Freddie Mac Pool #Q44227 4.00% 9/1/204611		944		885
Freddie Mac Pool #Q49716 4.50% 8/1/204711		350		332
Freddie Mac Pool #ZS4735 3.50% 9/1/204711		2,866		2,577
Freddie Mac Pool #K39018 6.50% 10/1/204711		49		49
Freddie Mac Pool #G08793 4.00% 12/1/204711		17,669		16,429
Freddie Mac Pool #Q52596 4.50% 12/1/204711		371		356
Freddie Mac Pool #SI2002 4.00% 3/1/204811		900		836
Freddie Mac Pool #Q55986 4.50% 5/1/204811		7,897		7,532
Freddie Mac Pool #ZT1704 4.50% 1/1/204911		156,223		149,717
Freddie Mac Pool #SD0214 3.00% 11/1/204911		40,605		34,818
Freddie Mac Pool #QA5741 3.00% 12/1/204911		4,557		3,916
Freddie Mac Pool #QA5125 3.50% 12/1/204911		1,445		1,294
Freddie Mac Pool #SD7551 3.00% 1/1/205211		75,421		64,614
Freddie Mac Pool #RA7556 4.50% 6/1/205211		83,287		78,378
Freddie Mac Pool #SD1584 4.50% 9/1/205211		18,699		17,777
Freddie Mac Pool #RA7938 5.00% 9/1/205211		3,461		3,347
Freddie Mac, Series 2122, Class QM, 6.25% 2/15/202911		503		507
Freddie Mac, Series KS01, Class A2, Multi Family, 2.522% 1/25/202311		303		302
Freddie Mac, Series K030, Class A2, Multi Family, 3.25% 4/25/202311		8,427		8,374
Freddie Mac, Series K036, Class A2, Multi Family, 3.527% 10/25/202311		10,000		9,853
Freddie Mac, Series K050, Class A2, Multi Family, 3.334% 8/25/202511		11,250		10,795
Freddie Mac, Series K055, Class A2, Multi Family, 2.673% 3/25/202611		3,500		3,266
Freddie Mac, Series K064, Class A2, Multi Family, 3.224% 3/25/20278,11		4,390		4,121
Freddie Mac, Series K066, Class A2, Multi Family, 3.117% 6/25/202711		4,360		4,064
Freddie Mac, Series K067, Class A2, Multi Family, 3.194% 7/25/202711		4,810		4,489

14 Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac, Series K068, Class A2, Multi Family, 3.244% 8/25/202711	USD	2,350	$	2,196
Freddie Mac, Series K069, Class A2, Multi Family, 3.187% 9/25/20278,11		8,906		8,295
Freddie Mac, Series 3135, Class OP, principal only, 0% 4/15/202611		102		95
Freddie Mac, Series 3117, Class OG, principal only, 0% 2/15/203611		71		60
Freddie Mac, Series 3136, Class OP, principal only, 0% 4/15/203611		715		602
Freddie Mac, Series 3147, Class OD, principal only, 0% 4/15/203611		269		228
Freddie Mac, Series 3155, Class FO, principal only, 0% 5/15/203611		482		406
Freddie Mac, Series 3149, Class MO, principal only, 0% 5/15/203611		137		116
Freddie Mac, Series 3149, Class AO, principal only, 0% 5/15/203611		117		100
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/205611		8,686		7,615
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/205611		1,750		1,561
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/205611		9,088		8,470
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20568,11		8,984		8,385
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/205711		9,323		8,101
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20578,11		13,988		12,632
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/205711		7,871		7,090
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class M45T, 4.50% 6/25/205711		14,615		14,153
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/205711		13,397		12,722
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/205711		9,780		8,780
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/205811		4,585		4,112
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/205811		1,472		1,395
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/205811		3,854		3,458
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/205811		2,387		2,144
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/205911		31,780		29,479
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/202811		702		666
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/202911		40,722		37,096
Government National Mortgage Assn. 4.00% 11/1/205211,12		582,342		536,747
Government National Mortgage Assn. 4.50% 11/1/205211,12		154,223		146,198
Government National Mortgage Assn. 5.00% 11/1/205211,12		740,308		720,325
Government National Mortgage Assn. 5.50% 11/1/205211,12		89,955		89,526
Government National Mortgage Assn. Pool #736682 4.50% 12/15/203711		645		625
Government National Mortgage Assn. Pool #738938 6.50% 2/20/203911		84		86
Government National Mortgage Assn. Pool #783690 6.00% 9/20/203911		840		884
Government National Mortgage Assn. Pool #783689 5.50% 2/20/204011		1,162		1,222
Government National Mortgage Assn. Pool #783539 5.00% 10/20/204011		935		916
Government National Mortgage Assn. Pool #751708 3.50% 12/15/204011		78		71
Government National Mortgage Assn. Pool #783688 5.00% 6/20/204111		1,071		1,081
Government National Mortgage Assn. Pool #005198 6.50% 9/20/204111		356		370
Government National Mortgage Assn. Pool #783687 4.50% 12/20/204111		1,056		1,019
Government National Mortgage Assn. Pool #MA2894 4.50% 6/20/204511		1,151		1,124
Government National Mortgage Assn. Pool #MA3246 4.50% 11/20/204511		1,519		1,492
Government National Mortgage Assn. Pool #MA5077 3.50% 3/20/204811		4,476		4,072
Government National Mortgage Assn. Pool #MA5468 5.00% 9/20/204811		442		434
Government National Mortgage Assn. Pool #MA5530 5.00% 10/20/204811		105		103
Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/204811		592		570
Government National Mortgage Assn. Pool #MA5711 4.50% 1/20/204911		982		944
Government National Mortgage Assn. Pool #MA5712 5.00% 1/20/204911		1,236		1,213
Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/204911		2,130		2,053
Government National Mortgage Assn. Pool #MA5878 5.00% 4/20/204911		12,530		12,286
Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/204911		7,793		7,710

Capital Income Builder 15

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Government National Mortgage Assn. Pool #773426 4.70% 9/20/206111	USD	9	$	9
Government National Mortgage Assn. Pool #795485 4.677% 7/20/206211		16		16
Government National Mortgage Assn. Pool #AG8088 4.95% 3/20/206411		2		2
Government National Mortgage Assn. Pool #AG8117 4.886% 4/20/206411		2		2
Government National Mortgage Assn. Pool #AG8193 4.947% 9/20/206411		2		2
Government National Mortgage Assn. Pool #AG8207 4.946% 11/20/206411		2		2
Government National Mortgage Assn. Pool #AG8244 4.945% 1/20/206511		2		2
Government National Mortgage Assn., Series 2005-7, Class AO, principal only, 0% 2/16/203511		496		421
Government National Mortgage Assn., Series 2007-8, Class LO, principal only, 0% 3/20/203711		394		316
Uniform Mortgage-Backed Security 2.50% 11/1/203711,12		50,000		45,059
Uniform Mortgage-Backed Security 2.50% 12/1/203711,12		100,000		89,992
Uniform Mortgage-Backed Security 3.00% 11/1/205211,12		10,770		9,157
Uniform Mortgage-Backed Security 4.00% 11/1/205211,12		42,182		38,352
Uniform Mortgage-Backed Security 4.50% 11/1/205211,12		170,910		160,362
Uniform Mortgage-Backed Security 5.00% 11/1/205211,12		308,088		297,172
Uniform Mortgage-Backed Security 5.50% 11/1/205211,12		900		888
Uniform Mortgage-Backed Security 6.00% 11/1/205211,12		864		868
Uniform Mortgage-Backed Security 3.00% 12/1/205211,12		256,650		218,192
Uniform Mortgage-Backed Security 4.00% 12/1/205211,12		4,004		3,639
Uniform Mortgage-Backed Security 4.50% 12/1/205211,12		784,836		735,845
Uniform Mortgage-Backed Security 5.00% 12/1/205211,12		500,000		481,797
Uniform Mortgage-Backed Security 5.50% 12/1/205211,12		1,136,525		1,119,160
Uniform Mortgage-Backed Security 6.00% 12/1/205211,12		25,756		25,791
				6,189,050
Collateralized mortgage-backed obligations (privately originated) 0.37%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20481,8,11		14,702		12,525
Bear Stearns ARM Trust, Series 2003-8, Class IIIA, 2.795% 1/25/20348,11		305		239
BRAVO Residential Funding Trust, Series 2022-R1, Class A, 3.125% 1/29/2070 (6.125% on 1/29/2025)1,11,13		3,150		2,750
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/20301,8,11		5,836		5,651
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20311,8,11		14,286		13,394
Cascade Funding Mortgage Trust, Series 2021-HB7, Class M1, 2.125% 10/27/20311,8,11		1,296		1,183
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/20361,8,11		10,909		10,324
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20611,8,11		17,648		16,509
CS First Boston Mortgage Securities Corp., Series 2002-30, Class IA1, 7.50% 11/25/203211		116		113
CS First Boston Mortgage Securities Corp., Series 2002-34, Class IA1, 7.50% 12/25/203211		78		78
CS First Boston Mortgage Securities Corp., Series 2003-21, Class VA1, 6.50% 7/25/203311		95		88
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/20691,11		8,250		8,732
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/20511,8,11		26,847		20,764
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA6, Class M2, (30-day Average USD-SOFR + 1.50%) 4.497% 10/25/20411,8,11		815		750
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 4.997% 4/25/20421,8,11		8,041		7,886
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 5.147% 9/25/20421,8,11		3,087		3,061
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 6.697% 9/25/20421,8,11		5,838		5,807
GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A4, 2.50% 10/25/20521,8,11		62,494		48,384
Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/20391,11		18,702		17,417
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)1,11,13		18,711		17,749
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/20611,8,11		2,175		2,021
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)1,11,13		8,933		8,170
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 4.436% 11/25/20551,8,11		24,241		23,395
Mill City Mortgage Trust, Series 2018-1, Class A1, 3.25% 5/25/20621,8,11		161		155
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 4.336% 5/25/20551,8,11		25,007		24,526

16 Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/20521,8,11	USD	11,202	$	8,608
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/20311,8,11		7,154		6,797
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/20561,8,11		2,492		2,458
Towd Point Mortgage Trust, Series 2017-5, Class A1, 4.186% 2/25/20571,8,11		688		678
Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75% 6/25/20571,8,11		653		620
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 7/25/20571,8,11		346		339
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/20571,8,11		981		937
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/20581,8,11		1,270		1,213
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/20581,8,11		314		300
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/20601,11		72,185		64,214
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/20331,4		6,473		5,446
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/20381,11		19,525		16,943
				360,224
Commercial mortgage-backed securities 0.37%
Barclays Commercial Mortgage Securities, LLC, Series 2017-DELC, Class A, 4.387% 8/15/20361,8,11		14,672		14,319
Barclays Commercial Mortgage Securities, LLC, Series 2022-C17, Class A5, 4.441% 9/15/205511		8,633		7,873
Boca Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.7696%) 5.145% 5/15/20391,8,11		10,389		10,135
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 5.274% 4/15/20371,8,11		31,327		30,430
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 5.49% 6/15/20271,8,11		31,020		30,668
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 4.112% 9/15/20361,8,11		55,444		52,763
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 4.311% 10/15/20361,8,11		26,562		24,957
BX Trust, Series 2021-ARIA, Class C, (1-month USD-LIBOR + 1.646%) 5.058% 10/15/20361,8,11		3,984		3,685
BX Trust, Series 2021-ARIA, Class D, (1-month USD-LIBOR + 1.895%) 5.308% 10/15/20361,8,11		1,380		1,253
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 4.867% 4/15/20371,8,11		14,845		14,335
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.082% 6/15/20381,8,11		11,509		10,938
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 4.512% 6/15/20381,8,11		976		914
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 4.812% 6/15/20381,8,11		3,704		3,463
BX Trust, Series 2021-ACNT, Class B, (1-month USD-LIBOR + 1.25%) 4.662% 11/15/20381,8,11		1,996		1,883
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 4.912% 11/15/20381,8,11		392		368
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 5.827% 8/15/20391,8,11		9,619		9,601
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 4.493% 7/15/20381,8,11		10,246		9,854
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 5.113% 7/15/20381,8,11		1,172		1,112
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 5.663% 7/15/20381,8,11		1,228		1,164
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 4.332% 7/15/20251,8,11		13,722		13,247
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 4.562% 5/17/20381,8,11		35,000		33,750
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/20391,11		1,301		1,074
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/20391,8,11		1,046		837
La Quinta Mortgage Trust, Series 2022-LAQ, Class A, (1-month USD CME Term SOFR + 1.724%) 5.10% 3/15/20391,8,11		10,415		10,051
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 4.462% 10/15/20381,8,11		17,861		17,057
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class A4, 3.102% 5/15/204611		3,000		2,961

Capital Income Builder 17

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%) 6.836% 10/15/20491,8,11	USD	4,319	$	3,994
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 4.143% 11/15/20381,8,11		36,060		34,291
SREIT Trust, Series 2021-MFP, Class C, (1-month USD-LIBOR + 1.329%) 4.741% 11/15/20381,8,11		1,038		976
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101% 3/15/204711		4,000		3,899
				351,852
Total mortgage-backed obligations				6,901,126
Corporate bonds, notes & loans 2.64%
Energy 0.46%
AI Candelaria (Spain), SLU 7.50% 12/15/20281		430		363
AI Candelaria (Spain), SLU 5.75% 6/15/20331		1,495		975
Apache Corp. 4.25% 1/15/2030		17,930		15,992
Apache Corp. 5.35% 7/1/2049		1,250		966
Baker Hughes Holdings LLC 2.061% 12/15/2026		802		701
Bonanza Creek Energy, Inc. 5.00% 10/15/20261		3,070		2,831
BP Capital Markets America, Inc. 2.721% 1/12/2032		3,000		2,436
Canadian Natural Resources, Ltd. 2.95% 1/15/2023		2,390		2,381
Canadian Natural Resources, Ltd. 3.80% 4/15/2024		1,975		1,929
Canadian Natural Resources, Ltd. 3.85% 6/1/2027		1,000		921
Canadian Natural Resources, Ltd. 2.95% 7/15/2030		3,873		3,181
Cenovus Energy, Inc. 5.25% 6/15/2037		2,150		1,871
Cenovus Energy, Inc. 5.40% 6/15/2047		5,935		5,070
Cheniere Energy Partners, LP 4.50% 10/1/2029		4,000		3,538
Chesapeake Energy Corp. 5.50% 2/1/20261		6,570		6,378
Chesapeake Energy Corp. 5.875% 2/1/20291		920		871
CNX Resources Corp. 7.25% 3/14/20271		1,000		994
CNX Resources Corp. 7.375% 1/15/20311		411		408
ConocoPhillips 3.80% 3/15/2052		1,000		746
Constellation Oil Services Holding SA 4.00% PIK 12/31/202614		255		198
Continental Resources, Inc. 2.875% 4/1/20321		2,296		1,680
Continental Resources, Inc. 4.90% 6/1/2044		2,000		1,422
CrownRock, L.P. 5.00% 5/1/20291		3,000		2,730
DCP Midstream Operating, LP 5.625% 7/15/2027		6,000		5,835
DCP Midstream Operating, LP 3.25% 2/15/2032		2,250		1,794
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 4/22/20271,8,14		443		410
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 4/22/202714		402		372
Diamondback Energy, Inc. 4.25% 3/15/2052		2,101		1,522
DT Midstream, Inc. 4.125% 6/15/20291		1,000		867
DT Midstream, Inc. 4.375% 6/15/20311		2,915		2,463
Enbridge Energy Partners, LP 7.375% 10/15/2045		5,459		5,813
Enbridge, Inc. 3.40% 8/1/2051		718		466
Endeavor Energy Resources, LP 5.75% 1/30/20281		2,000		1,948
Energean Israel Finance, Ltd. 4.50% 3/30/20241		2,915		2,792
Energean Israel Finance, Ltd. 5.875% 3/30/20311		1,060		901
Energy Transfer Partners, LP 5.30% 4/15/2047		600		472
Energy Transfer Partners, LP 6.00% 6/15/2048		700		590
Energy Transfer Partners, LP 6.25% 4/15/2049		1,120		979
Energy Transfer Partners, LP 6.25% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.028% on 2/15/2023)13		5,000		4,165
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)13		791		682
Energy Transfer Partners, LP 6.625% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.155% on 2/15/2028)13		5,220		3,758
Enterprise Products Operating, LLC 4.20% 1/31/2050		2,795		2,060
Enterprise Products Operating, LLC 3.20% 2/15/2052		1,000		619
EQM Midstream Partners, LP 6.00% 7/1/20251		2,500		2,425
EQM Midstream Partners, LP 4.125% 12/1/2026		2,000		1,770
EQM Midstream Partners, LP 7.50% 6/1/20271		650		643
EQM Midstream Partners, LP 6.50% 7/1/20271		1,255		1,227
EQM Midstream Partners, LP 4.50% 1/15/20291		2,290		1,952
EQT Corp. 6.375% 2/1/202513		2,000		2,007
EQT Corp. 3.90% 10/1/2027		4,020		3,618
EQT Corp. 5.00% 1/15/2029		155		144
EQT Corp. 7.25% 2/1/203013		15,000		15,394

18 Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
EQT Corp. 3.625% 5/15/20311	USD	5,945	$	4,953
Equinor ASA 3.625% 9/10/2028		13,165		12,213
Equinor ASA 3.25% 11/18/2049		7,583		5,251
Exxon Mobil Corp. 2.61% 10/15/2030		20,000		16,925
Exxon Mobil Corp. 3.452% 4/15/2051		2,000		1,433
Gray Oak Pipeline, LLC 2.60% 10/15/20251		1,952		1,756
Guara Norte SARL 5.198% 6/15/20341		1,191		936
Harbour Energy PLC 5.50% 10/15/20261		2,000		1,805
Hess Midstream Operations, LP 5.50% 10/15/20301		310		280
Hess Midstream Partners, LP 5.625% 2/15/20261		1,000		982
Hilcorp Energy I, LP 6.25% 11/1/20281		1,000		943
Hilcorp Energy I, LP 5.75% 2/1/20291		1,665		1,527
Hilcorp Energy I, LP 6.00% 4/15/20301		1,925		1,746
Hilcorp Energy I, LP 6.00% 2/1/20311		450		410
Hilcorp Energy I, LP 6.25% 4/15/20321		2,125		1,952
Kinder Morgan, Inc. 3.25% 8/1/2050		2,007		1,227
Kinder Morgan, Inc. 3.60% 2/15/2051		4,000		2,597
Kinder Morgan, Inc. 5.45% 8/1/2052		826		700
Leviathan Bond, Ltd. 6.75% 6/30/20301		1,390		1,245
Magellan Midstream Partners, LP 3.95% 3/1/2050		4,000		2,736
Marathon Oil Corp. 4.40% 7/15/2027		3,375		3,147
Marathon Oil Corp. 5.20% 6/1/2045		3,500		2,877
MPLX, LP 1.75% 3/1/2026		1,846		1,611
MPLX, LP 2.65% 8/15/2030		1,994		1,572
MPLX, LP 4.95% 9/1/2032		3,333		3,021
MPLX, LP 4.95% 3/14/2052		1,500		1,163
Murphy Oil Corp. 5.875% 12/1/2027		2,005		1,950
Murphy Oil USA, Inc. 3.75% 2/15/20311		1,000		835
Neptune Energy Group Holdings, Ltd. 6.625% 5/15/20251		6,955		6,770
New Fortress Energy, Inc. 6.75% 9/15/20251		1,800		1,770
New Fortress Energy, Inc. 6.50% 9/30/20261		8,085		7,859
NGL Energy Operating, LLC 7.50% 2/1/20261		7,435		6,739
NGPL PipeCo, LLC 7.768% 12/15/20371		2,000		1,997
NorthRiver Midstream Finance, LP 5.625% 2/15/20261		3,000		2,844
Occidental Petroleum Corp. 5.50% 12/1/2025		1,400		1,406
Occidental Petroleum Corp. 3.00% 2/15/2027		4,000		3,648
Occidental Petroleum Corp. 6.125% 1/1/2031		5,000		5,019
Occidental Petroleum Corp. 4.625% 6/15/2045		3,000		2,465
Occidental Petroleum Corp. 4.40% 4/15/2046		2,000		1,631
Occidental Petroleum Corp. 4.40% 8/15/2049		6,000		4,856
Oleoducto Central SA 4.00% 7/14/20271		1,065		869
ONEOK, Inc. 5.85% 1/15/2026		2,162		2,152
ONEOK, Inc. 4.55% 7/15/2028		203		184
ONEOK, Inc. 4.35% 3/15/2029		360		320
ONEOK, Inc. 3.10% 3/15/2030		2,234		1,808
ONEOK, Inc. 6.35% 1/15/2031		5,903		5,831
ONEOK, Inc. 4.95% 7/13/2047		628		477
ONEOK, Inc. 7.15% 1/15/2051		2,319		2,180
Pemex Project Funding Master Trust, Series 13, 6.625% 6/15/2035		10,000		6,961
Petróleos Mexicanos 6.875% 10/16/2025		5,500		5,294
Petróleos Mexicanos 4.50% 1/23/2026		2,032		1,794
Petróleos Mexicanos 6.50% 1/23/2029		60		48
Petróleos Mexicanos 8.75% 6/2/2029		16,668		14,874
Petróleos Mexicanos 6.84% 1/23/2030		2,500		2,000
Petróleos Mexicanos 5.95% 1/28/2031		580		419
Petróleos Mexicanos 6.70% 2/16/2032		6,205		4,703
Petróleos Mexicanos 6.75% 9/21/2047		944		570
Petrorio Luxembourg SARL 6.125% 6/9/20261		2,370		2,150
Pioneer Natural Resources Company 1.90% 8/15/2030		3,933		3,025
Plains All American Pipeline, LP 3.80% 9/15/2030		1,135		948
Qatar Petroleum 3.30% 7/12/20511		1,710		1,165
Range Resources Corp. 4.75% 2/15/20301		445		394
Rattler Midstream Partners, LP 5.625% 7/15/20251		1,000		1,028
Sabine Pass Liquefaction, LLC 5.625% 3/1/2025		6,450		6,427
Schlumberger BV 4.00% 12/21/20251		24,405		23,499
Southwestern Energy Co. 8.375% 9/15/2028		320		332
Southwestern Energy Co. 5.375% 2/1/2029		5,455		5,095

Capital Income Builder 19

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Southwestern Energy Co. 5.375% 3/15/2030	USD	975	$	903
Southwestern Energy Co. 4.75% 2/1/2032		550		476
Sunoco Logistics Operating Partners, LP 5.40% 10/1/2047		1,536		1,223
Sunoco, LP 6.00% 4/15/2027		1,000		982
Sunoco, LP 4.50% 5/15/2029		3,700		3,187
Superior Plus, LP and Superior General Partner, Inc. 4.50% 3/15/20291		1,000		850
Tallgrass Energy Partners, LP 7.50% 10/1/20251		1,000		1,012
Targa Resources Partners, LP 6.875% 1/15/2029		3,110		3,106
Targa Resources Partners, LP 5.50% 3/1/2030		5,190		4,800
TransCanada Corp. 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)13		49,286		45,974
TransCanada Corp., junior subordinated, (3-month USD-LIBOR + 2.21%) 5.115% 5/16/20678		1,000		752
TransCanada PipeLines, Ltd. 4.10% 4/15/2030		11,939		10,699
Transportadora de Gas Peru SA 4.25% 4/30/20281		1,090		1,007
Valaris, Ltd. 8.25% Cash 4/30/202814		221		218
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20311		1,985		1,697
Venture Global Calcasieu Pass, LLC 3.875% 11/1/20331		1,000		804
Weatherford International, Ltd. 6.50% 9/15/20281		2,000		1,913
Western Gas Partners, LP 3.95% 6/1/2025		1,520		1,443
Western Gas Partners, LP 4.65% 7/1/2026		3,105		2,946
Western Gas Partners, LP 5.45% 4/1/2044		1,000		814
Western Midstream Operating, LP 3.35% 2/1/202513		5,040		4,801
Western Midstream Operating, LP 4.30% 2/1/203013		4,755		4,192
Western Midstream Operating, LP 5.50% 2/1/205013		3,956		3,088
Williams Companies, Inc. 5.30% 8/15/2052		1,750		1,478
				443,979
Communication services 0.37%
América Móvil, SAB de CV, 6.45% 12/5/2022	MXN	45,000		2,262
América Móvil, SAB de CV, 4.70% 7/21/2032	USD	2,500		2,294
América Móvil, SAB de CV, 8.46% 12/18/2036	MXN	147,200		6,090
AT&T, Inc. 2.25% 2/1/2032	USD	1,000		752
AT&T, Inc. 2.55% 12/1/2033		5,181		3,824
AT&T, Inc. 3.50% 9/15/2053		5,957		3,830
Cablevision Systems Corp. 5.50% 4/15/20271		3,000		2,820
Cablevision Systems Corp. 5.75% 1/15/20301		4,250		3,259
CCO Holdings, LLC 5.00% 2/1/20281		6,000		5,440
CCO Holdings, LLC 6.375% 9/1/20291		3,525		3,254
CCO Holdings, LLC 4.75% 3/1/20301		2,475		2,084
CCO Holdings, LLC 4.50% 8/15/20301		3,950		3,212
CCO Holdings, LLC 4.25% 2/1/20311		3,650		2,890
CCO Holdings, LLC 4.75% 2/1/20321		5,675		4,554
CCO Holdings, LLC 4.50% 6/1/20331		24,425		18,569
CCO Holdings, LLC 4.25% 1/15/20341		18,300		13,479
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 5/1/20271		6,000		5,569
CCO Holdings, LLC and CCO Holdings Capital Corp. 3.50% 3/1/2042		3,000		1,879
CCO Holdings, LLC and CCO Holdings Capital Corp. 3.90% 6/1/2052		3,000		1,863
Charter Communications Operating, LLC 3.70% 4/1/2051		2,000		1,202
Comcast Corp. 2.65% 2/1/2030		20,000		16,739
Comcast Corp. 2.45% 8/15/2052		1,000		548
DIRECTV Holdings, LLC and DIRECTV Financing Co., Inc. 5.875% 8/15/20271		5,000		4,512
Embarq Corp. 7.995% 6/1/2036		725		293
Frontier Communications Corp. 5.875% 10/15/20271		2,000		1,843
Frontier Communications Holdings, LLC 5.875% 11/1/2029		731		572
Gray Television, Inc. 7.00% 5/15/20271		1,000		954
Lamar Media Corp. 4.875% 1/15/2029		5,650		5,120
Level 3 Communications, Inc. 3.875% 11/15/20291		2,500		2,060
Level 3 Financing, Inc. 3.75% 7/15/20291		2,015		1,536
Match Group, Inc. 4.625% 6/1/20281		1,000		891
Meta Platforms, Inc. 3.85% 8/15/20321		13,000		11,075
Meta Platforms, Inc. 4.45% 8/15/20521		7,500		5,579
Netflix, Inc. 3.625% 6/15/20251		5,575		5,301
Netflix, Inc. 4.875% 4/15/2028		275		261
Netflix, Inc. 5.875% 11/15/2028		4,569		4,546
Netflix, Inc. 5.375% 11/15/20291		150		143
Netflix, Inc. 4.875% 6/15/20301		6,650		6,167
OUTFRONT Media Capital, LLC 4.625% 3/15/20301		6,650		5,510

20 Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
SBA Tower Trust 1.631% 11/15/20261	USD	22,469	$	18,785
Scripps Escrow II, Inc. 3.875% 1/15/20291		1,250		1,034
Sirius XM Radio, Inc. 4.00% 7/15/20281		4,775		4,113
Sirius XM Radio, Inc. 3.875% 9/1/20311		2,850		2,286
Sprint Corp. 6.875% 11/15/2028		35,170		36,348
Sprint Corp. 8.75% 3/15/2032		8,710		10,235
T-Mobile US, Inc. 3.50% 4/15/2025		6,550		6,252
T-Mobile US, Inc. 3.75% 4/15/2027		10,000		9,231
T-Mobile US, Inc. 3.875% 4/15/2030		8,975		7,947
T-Mobile US, Inc. 2.55% 2/15/2031		4,564		3,614
T-Mobile US, Inc. 2.875% 2/15/2031		636		513
T-Mobile US, Inc. 3.50% 4/15/2031		25,000		21,055
T-Mobile US, Inc. 3.00% 2/15/2041		4,200		2,830
T-Mobile US, Inc. 3.30% 2/15/2051		3,316		2,133
T-Mobile US, Inc. 3.40% 10/15/2052		5,200		3,371
Twitter, Inc. 3.875% 12/15/20271		7,000		7,072
Twitter, Inc. 5.00% 3/1/20301		875		881
Verizon Communications, Inc. 1.75% 1/20/2031		3,000		2,228
Verizon Communications, Inc. 2.55% 3/21/2031		23,150		18,309
Verizon Communications, Inc. 2.355% 3/15/2032		11,186		8,481
Verizon Communications, Inc. 2.875% 11/20/2050		4,250		2,514
Verizon Communications, Inc. 3.55% 3/22/2051		5,000		3,383
Verizon Communications, Inc. 3.875% 3/1/2052		5,000		3,542
Vodafone Group PLC 4.25% 9/17/2050		4,575		3,232
Warner Music Group 3.75% 12/1/20291		1,000		834
WarnerMedia Holdings, Inc. 4.279% 3/15/20321		5,138		4,156
WarnerMedia Holdings, Inc. 5.05% 3/15/20421		5,499		4,032
WarnerMedia Holdings, Inc. 5.141% 3/15/20521		7,934		5,551
				356,738
Consumer discretionary 0.37%
AutoNation, Inc. 3.85% 3/1/2032		5,750		4,483
Bayerische Motoren Werke AG 3.45% 4/1/20271		1,075		993
Bayerische Motoren Werke AG 3.70% 4/1/20321		850		731
Booking Holdings, Inc. 4.625% 4/13/2030		5,000		4,709
Burger King Corp. 3.875% 1/15/20281		1,000		881
Burger King Corp. 4.00% 10/15/20301		1,000		818
Carnival Corp. 10.50% 2/1/20261		11,000		10,796
Carnival Corp. 4.00% 8/1/20281		7,000		5,652
Daimler Trucks Finance North America, LLC 1.125% 12/14/20231		50,000		47,659
Daimler Trucks Finance North America, LLC 1.625% 12/13/20241		18,450		16,971
Daimler Trucks Finance North America, LLC 2.375% 12/14/20281		1,850		1,501
Daimler Trucks Finance North America, LLC 2.50% 12/14/20311		4,550		3,382
Empire Resorts, Inc. 7.75% 11/1/20261		3,225		2,659
Ford Motor Co. 2.30% 2/10/2025		20,695		18,758
Ford Motor Co. 2.90% 2/10/2029		14,995		11,790
Ford Motor Co. 7.45% 7/16/2031		2,000		2,009
Ford Motor Co. 3.25% 2/12/2032		6,000		4,515
Ford Motor Credit Company, LLC 5.125% 6/16/2025		5,010		4,842
Ford Motor Credit Company, LLC 2.70% 8/10/2026		3,990		3,462
Ford Motor Credit Company, LLC 4.95% 5/28/2027		7,000		6,419
General Motors Company 6.80% 10/1/2027		3,226		3,271
Grand Canyon University 4.125% 10/1/2024		20,000		18,800
Grand Canyon University 4.375% 10/1/2026		3,000		2,760
Hanesbrands, Inc. 4.875% 5/15/20261		1,000		919
Harley-Davidson, Inc. 3.35% 6/8/20251		3,135		2,912
Hilton Worldwide Holdings, Inc. 5.75% 5/1/20281		6,000		5,798
Hilton Worldwide Holdings, Inc. 4.00% 5/1/20311		2,000		1,675
Home Depot, Inc. 2.95% 6/15/2029		4,775		4,221
International Game Technology PLC 4.125% 4/15/20261		2,000		1,860
International Game Technology PLC 6.25% 1/15/20271		7,000		6,952
KB Home 4.80% 11/15/2029		1,000		818
Las Vegas Sands Corp. 3.50% 8/18/2026		1,000		874
Las Vegas Sands Corp. 3.90% 8/8/2029		7,000		5,665
Lithia Motors, Inc. 3.875% 6/1/20291		2,000		1,617
Lowe’s Companies, Inc. 4.05% 5/3/2047		4		3
Lowe’s Companies, Inc. 5.625% 4/15/2053		3,000		2,707

Capital Income Builder 21

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Macy’s Retail Holdings, LLC 5.875% 3/15/20301	USD	555	$	467
Marriott International, Inc. 5.00% 10/15/2027		1,500		1,445
Marriott International, Inc. 2.85% 4/15/2031		3,300		2,571
Marriott International, Inc. 2.75% 10/15/2033		670		487
McDonald’s Corp. 3.70% 1/30/2026		7,015		6,736
McDonald’s Corp. 2.125% 3/1/2030		4,136		3,366
McDonald’s Corp. 4.60% 9/9/2032		1,275		1,212
McDonald’s Corp. 4.45% 3/1/2047		2,100		1,715
McDonald’s Corp. 3.625% 9/1/2049		4,898		3,463
McDonald’s Corp. 5.15% 9/9/2052		655		590
Melco International Development, Ltd. 5.75% 7/21/20281		1,000		580
Melco International Development, Ltd. 5.375% 12/4/20291		6,415		3,596
MercadoLibre, Inc. 3.125% 1/14/2031		1,055		765
MGM Resorts International 6.00% 3/15/2023		4,000		4,003
MGM Resorts International 6.75% 5/1/2025		1,500		1,483
MGM Resorts International 4.75% 10/15/2028		2,000		1,739
Nordstrom, Inc. 2.30% 4/8/2024		4,000		3,759
Nordstrom, Inc. 4.25% 8/1/2031		4,000		2,910
QVC, Inc. 4.45% 2/15/2025		2,000		1,752
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20251		22,280		24,023
Royal Caribbean Cruises, Ltd. 4.25% 7/1/20261		2,825		2,253
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20291		2,815		2,810
Sally Holdings, LLC 5.625% 12/1/2025		3,000		2,835
Sands China, Ltd. 5.625% 8/8/2025		1,000		885
Sands China, Ltd. 4.30% 1/8/2026		1,000		821
Sands China, Ltd. 2.80% 3/8/202713		1,000		742
Sands China, Ltd. 5.90% 8/8/2028		5,000		3,983
Sands China, Ltd. 3.35% 3/8/202913		11,000		7,385
Sonic Automotive, Inc. 4.625% 11/15/20291		1,560		1,226
Sonic Automotive, Inc. 4.875% 11/15/20311		3,030		2,292
Starbucks Corp. 3.10% 3/1/2023		18,233		18,134
Starbucks Corp. 4.50% 11/15/2048		5,690		4,608
Stellantis Finance US, Inc. 1.711% 1/29/20271		2,975		2,462
Stellantis Finance US, Inc. 5.625% 1/12/20281		1,500		1,418
Stellantis Finance US, Inc. 6.375% 9/12/20321		3,699		3,430
The Gap, Inc. 3.625% 10/1/20291		1,000		704
VICI Properties, LP / VICI Note Co., Inc. 5.625% 5/1/20241		2,245		2,219
VICI Properties, LP / VICI Note Co., Inc. 3.75% 2/15/20271		3,390		2,978
Wyndham Worldwide Corp. 4.375% 8/15/20281		3,560		3,140
Wynn Resorts Finance, LLC 7.75% 4/15/20251		2,325		2,270
Wynn Resorts Finance, LLC 5.125% 10/1/20291		5,390		4,300
YUM! Brands, Inc. 4.75% 1/15/20301		2,000		1,793
YUM! Brands, Inc. 3.625% 3/15/2031		1,000		805
				354,037
Financials 0.36%
ACE Capital Trust II, junior subordinated, 9.70% 4/1/2030		7,210		9,031
ACE INA Holdings, Inc. 4.35% 11/3/2045		3,230		2,639
AerCap Ireland Capital Designated Activity Company 3.00% 10/29/2028		4,000		3,234
AerCap Ireland Capital Designated Activity Company 3.30% 1/30/2032		5,314		3,995
AerCap Ireland Capital Designated Activity Company 3.85% 10/29/2041		5,079		3,384
American Express Co. 5.85% 11/5/2027		775		774
American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)13		4,174		3,700
Aon Corp. / Aon Global Holdings PLC 3.90% 2/28/2052		4,000		2,842
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)13		3,500		3,341
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)13		8,000		5,878
Bank of America Corp. 2.972% 2/4/2033 (USD-SOFR + 1.33% on 2/4/2032)13		3,789		2,941
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)13		4,210		3,866
Bank of America Corp. 3.846% 3/8/2037 (5-year CMT + 2.00% on 3/8/2032)13		5,000		4,012
Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025)1,13		700		676
Bank of Nova Scotia 2.45% 2/2/2032		2,217		1,662
Barclays Bank PLC 5.501% 8/9/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 8/5/2027)13		1,000		924
Blackstone Holdings Finance Co. LLC 5.90% 11/3/20271		2,000		1,996
BNP Paribas 3.50% 3/1/20231		25,000		24,841
BNP Paribas 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)1,13		1,275		983

22 Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Charles Schwab Corp. 2.45% 3/3/2027	USD	1,775	$	1,585
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)13		8,537		6,661
Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)13		529		481
CME Group, Inc. 2.65% 3/15/2032		2,500		2,014
Coinbase Global, Inc. 3.375% 10/1/20281		1,700		1,115
Coinbase Global, Inc. 3.625% 10/1/20311		5,525		3,285
Commonwealth Bank of Australia 3.784% 3/14/20321		3,000		2,331
Corebridge Financial, Inc. 3.85% 4/5/20291		2,235		1,955
Corebridge Financial, Inc. 3.90% 4/5/20321		2,803		2,346
Corebridge Financial, Inc. 4.35% 4/5/20421		2,067		1,554
Corebridge Financial, Inc. 4.40% 4/5/20521		4,688		3,433
Credit Suisse Group AG 3.80% 6/9/2023		12,050		11,751
Credit Suisse Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)1,13		1,000		843
Credit Suisse Group AG 6.442% 8/11/2028 (USD-SOFR + 3.70% on 8/11/2027)1,13		4,000		3,614
Danske Bank AS 3.875% 9/12/20231		9,250		9,058
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)1,13		5,000		4,408
FS Energy and Power Fund 7.50% 8/15/20231		6,480		6,507
Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)13		1,785		1,585
Goldman Sachs Group, Inc. 2.60% 2/7/2030		2,128		1,695
Goldman Sachs Group, Inc. 2.615% 4/22/2032 (USD-SOFR + 1.281% on 4/22/2031)13		3,125		2,388
Goldman Sachs Group, Inc. 2.65% 10/21/2032 (USD-SOFR + 1.264% on 10/21/2031)13		7,500		5,687
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)13		12,500		9,803
Goldman Sachs Group, Inc. 3.436% 2/24/2043 (USD-SOFR + 1.632% on 2/24/2042)13		971		663
Groupe BPCE SA 2.75% 1/11/20231		22,675		22,546
HSBC Holdings PLC 5.21% 8/11/2028 (USD-SOFR + 2.61% on 8/11/2027)13		2,000		1,833
HSBC Holdings PLC 7.39% 11/03/2028 (USD-SOFR + 7.39% on 11/3/2027)13		1,000		1,002
HSBC Holdings PLC 4.583% 6/19/2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)13		12,500		10,866
HSBC Holdings PLC 5.402% 8/11/2033 (USD-SOFR + 2.87% on 8/11/2032)13		7,000		6,079
Huarong Finance 2017 Co., Ltd. 4.25% 11/7/2027		3,500		2,378
ING Groep NV 4.252% 3/28/2033 (USD-SOFR + 2.07% on 3/28/2032)13		1,988		1,654
Intercontinental Exchange, Inc. 2.65% 9/15/2040		2,275		1,504
Intesa Sanpaolo SpA 3.375% 1/12/20231		4,100		4,078
Intesa Sanpaolo SpA 5.017% 6/26/20241		9,100		8,594
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20321		2,470		2,043
JPMorgan Chase & Co. 2.947% 2/24/2028 (USD-SOFR + 1.17% on 2/24/2027)13		2,750		2,422
JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)13		2,500		2,327
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)13		2,245		2,136
JPMorgan Chase & Co. 3.509% 1/23/2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)13		7,650		6,759
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)13		2,775		2,036
JPMorgan Chase & Co. 2.58% 4/22/2032 (USD-SOFR + 1.25% on 4/22/2031)13		785		604
JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031)13		3,008		2,273
JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)13		10,763		8,418
JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)13		299		267
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)13		825		751
Ladder Capital Finance Holdings LLLP 4.25% 2/1/20271		4,000		3,369
Lloyds Banking Group PLC 4.375% 3/22/2028		5,375		4,786
Lloyds Banking Group PLC 4.976% 8/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/11/2032)13		1,000		857
LPL Holdings, Inc. 4.625% 11/15/20271		2,275		2,099
Marsh & McLennan Companies, Inc. 2.375% 12/15/2031		1,096		850
Metropolitan Life Global Funding I 4.30% 8/25/20291		2,000		1,841
Mitsubishi UFJ Financial Group, Inc. 5.354% 9/13/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/13/2027)13		1,500		1,447
Morgan Stanley 2.72% 7/22/2025 (USD-SOFR + 1.152% on 7/22/2024)13		9,225		8,711
Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)13		980		951
Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)13		1,159		1,074
Morgan Stanley 6.296% 10/18/2028 (USD-SOFR + 2.44% on 10/18/2027)13		1,000		1,010
Morgan Stanley 2.943% 1/21/2033 (USD-SOFR + 1.29% on 1/21/2032)13		6,000		4,681
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)13		940		857
Morgan Stanley 6.342% 10/18/2033 (USD-SOFR + 2.565% on 10/18/2032)13		1,000		1,015
Morgan Stanley 5.297% 4/20/2037 (USD-SOFR + 2.62% on 4/20/2032)13		1,345		1,195
MSCI, Inc. 4.00% 11/15/20291		5,000		4,350
MSCI, Inc. 3.875% 2/15/20311		2,000		1,689

Capital Income Builder 23

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
MSCI, Inc. 3.25% 8/15/20331	USD	1,000	$	775
National Australia Bank, Ltd. 2.99% 5/21/20311		3,000		2,255
Navient Corp. 6.75% 6/15/2026		2,000		1,891
Navient Corp. 5.00% 3/15/2027		2,000		1,690
Navient Corp. 5.50% 3/15/2029		1,000		796
Navient Corp. 5.625% 8/1/2033		8,200		5,797
Oxford Finance LLC 6.375% 2/1/20271		2,415		2,214
Rede D’Or Finance SARL 4.50% 1/22/20301		3,000		2,482
Springleaf Finance Corp. 6.125% 3/15/2024		1,000		978
Springleaf Finance Corp. 6.875% 3/15/2025		2,000		1,942
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)13		2,690		1,809
Toronto-Dominion Bank 2.00% 9/10/2031		4,000		2,969
Toronto-Dominion Bank 3.20% 3/10/2032		3,166		2,574
U.S. Bancorp 3.15% 4/27/2027		4,000		3,679
Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)13		2,000		1,896
Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)13		12,800		10,331
Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)13		2,395		2,194
Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)13		1,508		1,205
				344,310
Utilities 0.28%
AES Panama Generation Holdings SRL 4.375% 5/31/20301		1,095		864
Alabama Power Co. 3.94% 9/1/2032		2,500		2,237
Alfa Desarrollo SpA 4.55% 9/27/20511		2,835		1,820
Alliant Energy Finance, LLC 3.60% 3/1/20321		1,155		976
Ameren Corp. 2.50% 9/15/2024		1,616		1,531
Commonwealth Edison Co. 2.95% 8/15/2027		2,450		2,209
Consumers Energy Co. 3.60% 8/15/2032		1,375		1,210
Consumers Energy Co. 4.05% 5/15/2048		6,425		5,003
Consumers Energy Co. 3.75% 2/15/2050		5,625		4,166
Consumers Energy Co. 3.10% 8/15/2050		10,259		6,689
Consumers Energy Co. 3.50% 8/1/2051		360		251
Consumers Energy Co. 2.65% 8/15/2052		1,003		593
DTE Electric Co. 3.65% 3/1/2052		1,500		1,082
DTE Energy Company 3.00% 3/1/2032		1,500		1,246
Duke Energy Corp. 4.30% 3/15/2028		1,000		941
Duke Energy Corp. 4.50% 8/15/2032		4,775		4,309
Duke Energy Corp. 5.00% 8/15/2052		1,500		1,244
Edison International 3.55% 11/15/2024		3,442		3,302
Edison International 4.95% 4/15/2025		700		689
Edison International 5.75% 6/15/2027		5,642		5,507
Edison International 4.125% 3/15/2028		2,158		1,921
Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.901% on 3/15/2027)13		3,000		2,437
Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)13		15,349		14,365
Empresas Publicas de Medellin ESP 4.25% 7/18/2029		1,713		1,226
Empresas Publicas de Medellin ESP 4.375% 2/15/20311		920		626
Enel Finance International SA 7.50% 10/14/20321		1,075		1,078
Enfragen Energia Sur SA 5.375% 12/30/2030		800		410
Entergy Louisiana, LLC 4.20% 9/1/2048		5,950		4,607
Entergy Louisiana, LLC 4.75% 9/15/2052		900		751
Eversource Energy 2.80% 5/1/2023		1,870		1,847
Eversource Energy 3.80% 12/1/2023		15,000		14,758
Exelon Corp. 4.45% 4/15/2046		8,115		6,380
FirstEnergy Corp. 2.05% 3/1/2025		1,502		1,388
FirstEnergy Corp. 1.60% 1/15/2026		2,600		2,267
FirstEnergy Corp. 2.65% 3/1/2030		1,305		1,058
FirstEnergy Corp. 2.25% 9/1/2030		4,837		3,730
FirstEnergy Corp. 3.40% 3/1/2050		15,150		9,446
FirstEnergy Corp., Series B, 4.40% 7/15/2027 (4.15% on 1/15/2023)13		26,785		25,198
Florida Power & Light Company 2.875% 12/4/2051		480		307
IPALCO Enterprises, Inc. 3.70% 9/1/2024		2,000		1,902
ITC Holdings Corp. 4.95% 9/22/20271		950		922
NextEra Energy Capital Holdings, Inc. 2.25% 6/1/2030		3,206		2,548
Oncor Electric Delivery Company, LLC 4.55% 9/15/20321		975		920
Pacific Gas and Electric Co. 3.25% 6/15/2023		16,490		16,234

24 Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Pacific Gas and Electric Co. 3.40% 8/15/2024	USD	3,665	$	3,487
Pacific Gas and Electric Co. 3.15% 1/1/2026		1,365		1,231
Pacific Gas and Electric Co. 2.95% 3/1/2026		12,987		11,502
Pacific Gas and Electric Co. 3.30% 3/15/2027		1,749		1,509
Pacific Gas and Electric Co. 3.30% 12/1/2027		738		626
Pacific Gas and Electric Co. 4.65% 8/1/2028		2,500		2,190
Pacific Gas and Electric Co. 4.55% 7/1/2030		1,100		965
Pacific Gas and Electric Co. 2.50% 2/1/2031		21,190		15,857
Pacific Gas and Electric Co. 3.25% 6/1/2031		1,300		1,013
Pacific Gas and Electric Co. 4.95% 7/1/2050		10,000		7,475
Pacific Gas and Electric Co. 3.50% 8/1/2050		20,610		12,610
PG&E Corp. 5.00% 7/1/2028		2,595		2,345
PG&E Corp. 5.25% 7/1/2030		2,890		2,564
Public Service Electric and Gas Co. 3.20% 5/15/2029		4,000		3,551
Public Service Enterprise Group, Inc. 3.20% 8/1/2049		3,300		2,189
Southern California Edison Co. 2.85% 8/1/2029		1,600		1,342
Southern California Edison Co. 2.25% 6/1/2030		4,515		3,555
Southern California Edison Co. 2.75% 2/1/2032		2,000		1,576
Southern California Edison Co. 4.00% 4/1/2047		6,667		4,769
Southern California Edison Co. 4.125% 3/1/2048		6,667		4,863
Southern California Edison Co. 2.95% 2/1/2051		2,869		1,693
Southern California Edison Co., Series C, 3.60% 2/1/2045		4,463		2,945
Talen Energy Corp. 7.25% 5/15/20271		2,290		2,328
Talen Energy Corp., Term Loan, (3-month USD CME Term SOFR + 4.75%) 7.48% 11/13/20238,15		5,000		5,016
Talen Energy Supply, LLC 7.625% 6/1/20281		705		724
Union Electric Co. 3.90% 4/1/2052		645		486
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20291		3,430		2,950
Virginia Electric and Power Co. 2.40% 3/30/2032		4,670		3,667
WEC Energy Group, Inc. 5.15% 10/1/2027		1,125		1,108
Xcel Energy, Inc. 2.60% 12/1/2029		3,875		3,188
				271,519
Health care 0.26%
AbbVie, Inc. 3.20% 11/21/2029		498		436
Amgen, Inc. 3.00% 2/22/2029		350		306
Amgen, Inc. 4.05% 8/18/2029		10,325		9,540
Amgen, Inc. 4.20% 3/1/2033		9,000		8,116
Amgen, Inc. 4.875% 3/1/2053		2,825		2,408
Anthem, Inc. 2.375% 1/15/2025		1,534		1,442
Avantor Funding, Inc. 4.625% 7/15/20281		1,000		906
Bausch Health Companies, Inc. 6.125% 2/1/20271		1,000		659
Baxter International, Inc. 2.272% 12/1/2028		1,342		1,104
Baxter International, Inc. 2.539% 2/1/2032		2,681		2,046
Becton, Dickinson and Company 4.298% 8/22/2032		3,000		2,717
Catalent Pharma Solutions, Inc. 3.125% 2/15/20291		850		697
Catalent Pharma Solutions, Inc. 3.50% 4/1/20301		1,270		1,028
Centene Corp. 2.45% 7/15/2028		14,495		11,944
Centene Corp. 3.375% 2/15/2030		5,344		4,448
Centene Corp. 3.00% 10/15/2030		2,590		2,089
Centene Corp. 2.50% 3/1/2031		1,500		1,154
Centene Corp. 2.625% 8/1/2031		3,950		3,028
Endo International PLC 5.875% 10/15/20241		225		179
Gilead Sciences, Inc. 2.80% 10/1/2050		935		570
HCA, Inc. 4.125% 6/15/2029		8,450		7,465
HCA, Inc. 3.50% 9/1/2030		4,000		3,319
HCA, Inc. 3.625% 3/15/20321		629		511
HCA, Inc. 5.25% 6/15/2049		2,500		2,030
Humana, Inc. 3.70% 3/23/2029		649		579
Laboratory Corporation of America Holdings 4.70% 2/1/2045		6,900		5,602
Merck & Co., Inc. 1.70% 6/10/2027		11,549		10,070
Merck & Co., Inc. 2.15% 12/10/2031		15,402		12,241
Molina Healthcare, Inc. 4.375% 6/15/20281		2,500		2,246
Molina Healthcare, Inc. 3.875% 5/15/20321		2,500		2,092
Owens & Minor, Inc. 6.625% 4/1/20301		2,135		1,780
Owens & Minor, Inc., Term Loan, (USD-SOFR + 3.75%) 4.25% 3/22/20298,15		3,980		3,910
Perrigo Finance Unlimited Co. 4.375% 3/15/2026		1,500		1,409

Capital Income Builder 25

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030	USD	543	$	410
Shire PLC 2.875% 9/23/2023		1,084		1,060
Shire PLC 3.20% 9/23/2026		25,483		23,439
Tenet Healthcare Corp. 4.875% 1/1/20261		1,000		947
Tenet Healthcare Corp. 6.125% 6/15/20301		4,000		3,699
Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024		34,087		33,759
Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025		5,500		5,458
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026		8,160		6,909
Teva Pharmaceutical Finance Co. BV 4.75% 5/9/2027		4,985		4,405
Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028		25,805		24,384
Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029		7,815		6,725
Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046		34,359		20,878
UnitedHealth Group, Inc. 2.375% 8/15/2024		2,940		2,814
UnitedHealth Group, Inc. 5.30% 2/15/2030		1,200		1,201
UnitedHealth Group, Inc. 4.20% 5/15/2032		767		707
UnitedHealth Group, Inc. 5.35% 2/15/2033		1,700		1,707
UnitedHealth Group, Inc. 4.75% 5/15/2052		750		657
UnitedHealth Group, Inc. 5.875% 2/15/2053		1,200		1,226
Valeant Pharmaceuticals International, Inc. 5.50% 11/1/20251		5,000		4,005
				252,461
Industrials 0.19%
ADT Security Corp. 4.125% 8/1/20291		1,000		860
Allegiant Travel Co. 7.25% 8/15/20271		1,051		990
Allison Transmission Holdings, Inc. 3.75% 1/30/20311		2,650		2,121
American Airlines, Inc., Series 2013-2, Class A, 4.95% 7/15/2024		81		80
Ashtead Capital, Inc. 5.50% 8/11/20321		5,000		4,527
Avis Budget Group, Inc. 4.75% 4/1/20281		1,000		880
Avis Budget Group, Inc. 5.375% 3/1/20291		1,000		869
BNSF Funding Trust I, junior subordinated, 6.613% 12/15/2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)13		6,700		6,255
Boeing Company 4.508% 5/1/2023		25,029		24,929
Boeing Company 5.15% 5/1/2030		4,917		4,548
Boeing Company 3.625% 2/1/2031		3,907		3,249
Boeing Company 3.60% 5/1/2034		5,000		3,737
Boeing Company 5.705% 5/1/2040		5,000		4,347
Boeing Company 5.805% 5/1/2050		4,000		3,447
Burlington Northern Santa Fe, LLC 3.30% 9/15/2051		1,157		791
BWX Technologies, Inc. 4.125% 4/15/20291		1,000		866
Canadian Pacific Railway, Ltd. 2.45% 12/2/2031		8,260		6,561
Canadian Pacific Railway, Ltd. 3.00% 12/2/2041		2,944		2,044
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051		13,250		8,449
Carrier Global Corp. 2.722% 2/15/2030		12,267		10,096
Carrier Global Corp. 3.377% 4/5/2040		1,483		1,061
Carrier Global Corp. 3.577% 4/5/2050		1,289		867
CSX Corp. 2.40% 2/15/2030		7,186		5,895
CSX Corp. 4.50% 11/15/2052		3,000		2,450
Eaton Corp. 4.15% 3/15/2033		1,518		1,348
Eaton Corp. 4.70% 8/23/2052		584		497
General Electric Capital Corp. 4.418% 11/15/2035		7,011		6,195
Hillenbrand, Inc. 3.75% 3/1/2031		4,700		3,767
Howmet Aerospace, Inc. 5.90% 2/1/2027		1,000		984
Howmet Aerospace, Inc. 6.75% 1/15/2028		2,000		2,000
Icahn Enterprises, LP 4.375% 2/1/2029		1,190		997
Lockheed Martin Corp. 5.10% 11/15/2027		951		954
Lockheed Martin Corp. 5.25% 1/15/2033		1,084		1,088
Lockheed Martin Corp. 5.70% 11/15/2054		797		804
Masonite International Corp. 5.375% 2/1/20281		1,000		917
Masonite International Corp. 3.50% 2/15/20301		1,000		796
Mexico City Airport Trust 5.50% 7/31/2047		2,500		1,618
Mileage Plus Holdings, LLC 6.50% 6/20/20271		3,605		3,569
Norfolk Southern Corp. 4.55% 6/1/2053		774		631
Otis Worldwide Corp. 2.056% 4/5/2025		15,629		14,468
Prime Security Services Borrower, LLC 5.75% 4/15/20261		1,000		975
Rolls-Royce PLC 5.75% 10/15/20271		5,415		4,908
SkyMiles IP, Ltd. 4.75% 10/20/20281		1,840		1,713
SkyMiles IP, Ltd., Term Loan, (3-month USD-LIBOR + 3.75%) 7.993% 10/20/20278,15		2,000		2,021

26 Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Spirit AeroSystems, Inc. 5.50% 1/15/20251	USD	4,000	$	3,866
Spirit AeroSystems, Inc. 7.50% 4/15/20251		1,640		1,597
TransDigm, Inc. 8.00% 12/15/20251		2,000		2,037
TransDigm, Inc. 6.25% 3/15/20261		4,700		4,644
Union Pacific Corp. 2.80% 2/14/2032		4,500		3,733
Union Pacific Corp. 2.95% 3/10/2052		1,823		1,152
Union Pacific Corp. 3.95% 8/15/2059		4,500		3,284
United Airlines, Inc. 4.375% 4/15/20261		1,080		988
United Airlines, Inc. 4.625% 4/15/20291		875		750
United Rentals, Inc. 4.875% 1/15/2028		2,000		1,863
United Rentals, Inc. 4.00% 7/15/2030		1,000		853
United Technologies Corp. 3.125% 5/4/2027		12,375		11,305
				186,241
Information technology 0.11%
Analog Devices, Inc. 1.70% 10/1/2028		1,350		1,117
Analog Devices, Inc. 2.10% 10/1/2031		2,576		2,024
Apple, Inc. 3.35% 8/8/2032		5,500		4,854
Apple, Inc. 3.95% 8/8/2052		2,814		2,237
Black Knight, Inc. 3.625% 9/1/20281		1,880		1,633
Block, Inc. 2.75% 6/1/2026		3,000		2,683
Block, Inc. 3.50% 6/1/2031		6,500		5,249
Booz Allen Hamilton, Inc. 3.875% 9/1/20281		1,125		993
Booz Allen Hamilton, Inc. 4.00% 7/1/20291		1,505		1,318
Broadcom, Inc. 4.00% 4/15/20291		302		265
Broadcom, Inc. 4.75% 4/15/2029		5,000		4,651
Broadcom, Inc. 4.15% 11/15/2030		3,000		2,584
Broadcom, Inc. 2.45% 2/15/20311		2,905		2,183
Broadcom, Inc. 4.15% 4/15/20321		1,054		884
Broadcom, Inc. 2.60% 2/15/20331		2,990		2,129
Broadcom, Inc. 3.137% 11/15/20351		205		143
Broadcom, Inc. 3.50% 2/15/20411		2,338		1,545
Broadcom, Inc. 3.75% 2/15/20511		1,203		773
Entegris Escrow Corp. 4.75% 4/15/20291		6,925		6,129
Fair Isaac Corp. 4.00% 6/15/20281		1,000		908
Fidelity National Information Services, Inc. 3.10% 3/1/2041		212		139
Gartner, Inc. 4.50% 7/1/20281		3,600		3,344
Gartner, Inc. 3.625% 6/15/20291		2,000		1,704
Global Payments, Inc. 5.30% 8/15/2029		1,000		943
Global Payments, Inc. 2.90% 11/15/2031		937		716
Lenovo Group, Ltd. 5.875% 4/24/2025		38,190		37,056
Match Group Holdings II, LLC 4.125% 8/1/20301		1,000		818
NortonLifeLock, Inc. 6.75% 9/30/20271		2,000		1,974
Oracle Corp. 2.875% 3/25/2031		7,108		5,609
Oracle Corp. 3.60% 4/1/2050		2,500		1,542
Oracle Corp. 3.95% 3/25/2051		3,029		1,987
salesforce.com, inc. 2.90% 7/15/2051		2,000		1,291
ServiceNow, Inc. 1.40% 9/1/2030		4,090		3,016
Unisys Corp. 6.875% 11/1/20271		1,000		838
VeriSign, Inc. 2.70% 6/15/2031		625		485
				105,764
Consumer staples 0.10%
7-Eleven, Inc. 0.95% 2/10/20261		1,300		1,119
7-Eleven, Inc. 1.80% 2/10/20311		3,540		2,616
7-Eleven, Inc. 2.50% 2/10/20411		2,360		1,438
7-Eleven, Inc. 2.80% 2/10/20511		3,195		1,817
Albertsons Companies, Inc. 3.50% 3/15/20291		4,290		3,562
Altria Group, Inc. 4.40% 2/14/2026		1,173		1,126
Altria Group, Inc. 2.45% 2/4/2032		2,000		1,423
Altria Group, Inc. 3.875% 9/16/2046		1,756		1,081
Altria Group, Inc. 3.70% 2/4/2051		2,604		1,527
Anheuser-Busch InBev NV 4.75% 1/23/2029		15,000		14,603
Anheuser-Busch InBev NV 4.60% 4/15/2048		2,500		2,065
Anheuser-Busch InBev NV 4.50% 6/1/2050		1,500		1,226
ARAMARK Corp. 6.375% 5/1/20251		2,000		1,982
British American Tobacco PLC 4.70% 4/2/2027		7,862		7,293

Capital Income Builder 27

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
British American Tobacco PLC 3.557% 8/15/2027	USD	7,650	$	6,666
British American Tobacco PLC 4.742% 3/16/2032		1,000		840
British American Tobacco PLC 4.39% 8/15/2037		1,300		944
British American Tobacco PLC 3.734% 9/25/2040		4,640		2,928
British American Tobacco PLC 4.54% 8/15/2047		3,138		2,032
British American Tobacco PLC 4.758% 9/6/2049		2,361		1,580
British American Tobacco PLC 5.65% 3/16/2052		713		540
Conagra Brands, Inc. 5.30% 11/1/2038		739		646
Constellation Brands, Inc. 4.35% 5/9/2027		1,919		1,833
Constellation Brands, Inc. 4.75% 5/9/2032		1,016		948
Coty, Inc. 5.00% 4/15/20261		1,000		940
Imperial Tobacco Finance PLC 6.125% 7/27/20271		965		932
Kraft Heinz Company 3.00% 6/1/2026		2,072		1,914
Kraft Heinz Company 3.875% 5/15/2027		2,795		2,621
Kraft Heinz Company 5.20% 7/15/2045		8,000		7,007
Kraft Heinz Company 4.375% 6/1/2046		5,000		3,912
Kraft Heinz Company 5.50% 6/1/2050		2,177		1,998
MARB BondCo PLC 3.95% 1/29/20311		1,677		1,246
NBM US Holdings, Inc. 6.625% 8/6/20297		3,000		2,784
Performance Food Group, Inc. 5.50% 10/15/20271		120		114
Philip Morris International, Inc. 1.75% 11/1/2030		1,000		734
Reckitt Benckiser Treasury Services PLC 2.75% 6/26/20241		2,215		2,125
Reynolds American, Inc. 4.45% 6/12/2025		7,045		6,804
Reynolds American, Inc. 5.85% 8/15/2045		640		504
TreeHouse Foods, Inc. 4.00% 9/1/2028		725		613
				96,083
Real estate 0.07%
American Tower Corp. 2.70% 4/15/2031		1,783		1,392
American Tower Corp. 2.30% 9/15/2031		1,000		746
American Tower Corp. 4.05% 3/15/2032		646		553
Brookfield Property REIT, Inc. 4.50% 4/1/20271		1,975		1,685
Corporacion Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/20311		980		717
Equinix, Inc. 2.90% 11/18/2026		6,572		5,862
FibraSOMA 4.375% 7/22/20311		2,753		1,734
Forestar Group, Inc. 3.85% 5/15/20261		1,000		853
Forestar Group, Inc. 5.00% 3/1/20281		2,000		1,657
Gaming and Leisure Properties, Inc. 4.00% 1/15/2030		2,500		2,067
Hospitality Properties Trust 4.50% 6/15/2023		2,990		2,953
Hospitality Properties Trust 4.50% 3/15/2025		1,965		1,742
Hospitality Properties Trust 7.50% 9/15/2025		906		885
Hospitality Properties Trust 3.95% 1/15/2028		4,150		3,056
Howard Hughes Corp. 5.375% 8/1/20281		9,675		8,300
Howard Hughes Corp. 4.375% 2/1/20311		825		622
Iron Mountain, Inc. 4.875% 9/15/20271		1,000		927
Iron Mountain, Inc. 5.00% 7/15/20281		2,410		2,160
Iron Mountain, Inc. 4.875% 9/15/20291		3,085		2,660
Iron Mountain, Inc. 4.50% 2/15/20311		955		775
Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029		2,150		1,749
Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031		1,125		884
Ladder Capital Corp. 5.25% 10/1/20251		1,000		924
RLJ Lodging Trust, LP 3.75% 7/1/20261		1,000		915
Sun Communities Operating, LP 2.30% 11/1/2028		1,006		802
Sun Communities Operating, LP 2.70% 7/15/2031		3,703		2,730
Sun Communities Operating, LP 4.20% 4/15/2032		8,647		7,104
VICI Properties, LP 3.875% 2/15/20291		1,815		1,532
VICI Properties, LP 4.625% 12/1/20291		3,000		2,616
VICI Properties, LP 4.125% 8/15/20301		10,645		8,806
Westfield Corp., Ltd. 3.50% 6/15/20291		2,083		1,670
				71,078
Materials 0.07%
Alcoa Nederland Holding BV 4.125% 3/31/20291		2,000		1,696
Anglo American Capital PLC 2.625% 9/10/20301		2,819		2,166
Anglo American Capital PLC 3.95% 9/10/20501		803		531
Arconic Corp. 6.00% 5/15/20251		2,000		1,985
Ardagh Metal Packaging Finance USA, LLC 6.00% 6/15/20271		530		509

28 Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Avient Corp. 5.75% 5/15/20251	USD	1,000	$	980
Avient Corp. 7.125% 8/1/20301		730		699
Axalta Coating Systems, LLC 4.75% 6/15/20271		3,675		3,354
Ball Corp. 2.875% 8/15/2030		1,000		778
Braskem Idesa SAPI 7.45% 11/15/20291		2,002		1,537
Braskem SA 5.875% 1/31/20501		2,500		1,823
CAN-PACK Spolka Akcyjna 3.875% 11/15/20291		1,500		1,194
Celanese US Holdings, LLC 6.379% 7/15/2032		874		796
Cleveland-Cliffs, Inc. 6.75% 3/15/20261		3,000		2,983
Cleveland-Cliffs, Inc. 5.875% 6/1/2027		3,000		2,797
CSN Islands XI Corp. 6.75% 1/28/2028		350		301
CSN Resources SA 4.625% 6/10/2031		208		139
CSN Resources SA 5.875% 4/8/2032		1,664		1,206
CSN Resources SA 5.875% 4/8/20321		278		202
Dow Chemical Co. 5.55% 11/30/2048		2,500		2,167
FMG Resources 4.375% 4/1/20311		1,500		1,195
Graphic Packaging International, Inc. 3.50% 3/15/20281		5,000		4,331
International Flavors & Fragrances, Inc. 2.30% 11/1/20301		2,600		1,957
LYB International Finance III, LLC 4.20% 5/1/2050		2,000		1,378
LYB International Finance III, LLC 3.625% 4/1/2051		4,001		2,499
Methanex Corp. 5.125% 10/15/2027		5,430		4,966
Mineral Resources, Ltd. 8.125% 5/1/20271		1,000		997
Mineral Resources, Ltd. 8.00% 11/1/20271		2,075		2,044
Mosaic Co. 4.25% 11/15/2023		1,700		1,681
Nova Chemicals Corp. 4.875% 6/1/20241		1,500		1,462
Nova Chemicals Corp. 5.25% 6/1/20271		4,840		4,332
Nova Chemicals Corp. 4.25% 5/15/20291		6,500		5,316
Novelis Corp. 3.875% 8/15/20311		1,000		777
Olin Corp. 5.00% 2/1/2030		1,850		1,677
Sherwin-Williams Company 3.45% 6/1/2027		5,851		5,379
South32 Treasury (USA), Ltd. 4.35% 4/14/20321		1,246		1,044
				68,878
Total corporate bonds, notes & loans				2,551,088
Asset-backed obligations 0.72%
Aesop Funding, LLC, Series 2019-2A, Class D, 3.04% 9/22/20251,11		5,000		4,514
Aesop Funding, LLC, Series 2020-1A, Class A, 2.33% 8/20/20261,11		12,814		11,626
Aesop Funding, LLC, Series 2020-2, Class A, 2.02% 2/20/20271,11		8,090		7,166
Aesop Funding, LLC, Series 2020-2A, Class B, 2.96% 2/20/20271,11		1,383		1,236
AGL CLO, Ltd., Series 2022-18A, Class A1, (3-month USD CME Term SOFR + 1.32%) 5.308% 4/21/20311,8,11		1,419		1,398
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 3.967% 12/18/20258,11		14,040		14,040
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class A, 2.56% 9/17/20311,11		151		146
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class B, 3.59% 9/17/20311,11		2,000		1,839
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class C, 5.17% 9/17/20311,11		2,000		1,814
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/20461,11		451		337
CarMaxAuto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 3.561% 9/15/20258,11		8,122		8,137
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20371,11		2,853		2,397
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/20411,11		439		381
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20601,11		36,355		32,006
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20601,11		5,845		4,783
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20611,11		27,261		23,406
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/20621,11		45,262		44,149
CLI Funding V, LLC, Series 2020-2A, Class B, 3.56% 9/15/20451,11		280		246
CLI Funding V, LLC, Series 2020-1A, Class B, 3.62% 9/18/20451,11		517		451
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/20451,11		591		511
CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/20451,11		792		681
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 2/15/20291,11		613		613

Capital Income Builder 29

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
CWHEQ Revolving Home Equity Loan Trust, Series 2005-D, Class 2A, FSA insured, (1-month USD-LIBOR + 0.19%) 3.602% 11/15/20358,11	USD	25	$	23
CWHEQ Revolving Home Equity Loan Trust, Series 2006-F, Class 2A1A, FSA insured, (1-month USD-LIBOR + 0.14%) 3.552% 7/15/20368,11		1,486		1,357
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 2A, FSA insured, (1-month USD-LIBOR + 0.14%) 3.552% 1/15/20378,11		1,757		1,608
CWHEQ Revolving Home Equity Loan Trust, Series 2007-B, Class A, FSA insured, (1-month USD-LIBOR + 0.15%) 3.562% 2/15/20378,11		3,752		3,436
Drive Auto Receivables Trust, Series 2020-1, Class D, 2.70% 5/17/202711		6,757		6,621
Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 8/15/202411		4,900		4,884
Exeter Automobile Receivables Trust, Series 2022-4A, Class A2, 3.99% 8/15/202411		4,471		4,460
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 12/15/20251,11		5,710		5,619
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/20371,11		7,839		6,867
Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 3.391% 2/15/20258,11		6,646		6,647
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/20301,11		22,965		22,676
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/20311,11		40,645		38,752
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/20311,11		9,089		8,363
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20451,11		50,617		44,427
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/20461,11		4,930		4,147
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/20391,11		2,252		2,086
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/20401,11		1,170		1,029
Global SC Finance V SRL, Series 2020-1A, Class B, 3.55% 10/17/20401,11		321		286
GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.71%) 3.63% 10/21/20248,11		6,893		6,890
GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 3.391% 9/16/20258,11		7,390		7,391
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 6/30/20231,4,11		1,780		1,712
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20251,11		13,004		11,828
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20251,11		4,878		4,443
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/20251,11		779		699
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class C, 2.63% 6/25/20261,11		1,164		1,021
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20271,11		14,098		11,913
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20271,11		5,267		4,435
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20271,11		826		683
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class C, 2.95% 6/26/20281,11		2,012		1,605
Hyundai Auto Receivables Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.58%) 3.371% 5/15/20258,11		6,830		6,830
Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 9/15/20271,11		2,097		2,040
Mission Lane Credit Card Master Trust, Series 2022-A, Class B, 9.20% 9/15/20271,11		100		97
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/20691,11		2,402		2,031
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20691,11		16,910		14,439
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/20461,11		1,285		1,061
Navigator Aircraft ABS, Ltd., Series 2021-1, Class B, 3.571% 11/15/20461,11		876		596
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20621,11		19,711		17,165
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20621,11		46,096		40,249
Nelnet Student Loan Trust, Series 2021-CA, Class C, 3.36% 4/20/20621,11		1,328		1,005
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 4.229% 4/20/20621,8,11		23,673		22,670
Nelnet Student Loan Trust, Series 2021-CA, Class D, 4.44% 4/20/20621,11		1,889		1,454
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20611,11		93,915		78,854
Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 8/15/202411		18,200		17,611
Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.68%) 3.471% 8/15/20248,11		17,200		17,204
OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class A, 1.59% 5/17/20271,11		7,425		6,841
Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/20311,11		5,757		5,029
Option One Mortgage Loan Trust, Series 2007-FXD2, Class IIA6, 5.68% 3/25/203711		873		824
PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/20271,11		1,364		1,302
Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 7/15/202511		12,800		12,710
Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 3/15/202711		518		502
Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/15/202811		484		465
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/20531,11		5,703		4,747
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/20461,11		699		559
Stonepeak Infrastructure Partners, Series 2021-1A, Class B, 3.821% 2/28/20331,11		1,231		1,061
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/20751,11		2,120		1,919
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/20451,11		326		283

30 Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Textainer Marine Containers, Ltd., Series 2020-2A, Class B, 3.34% 9/20/20451,11	USD	953	$	820
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 5/25/20331,11		5,335		4,800
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/20341,8,11		19,538		17,129
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (1-month USD-SOFR + 0.57%) 3.361% 8/15/20258,11		2,462		2,459
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20451,11		1,646		1,386
Triton Container Finance VIII, LLC, Series 2020-1, Class B, 3.74% 9/20/20451,11		658		566
Verizon Master Trust, Series 2022-3, Class A, 3.01% 5/20/2027 (3.76% on 11/20/2023)11,13		14,780		14,443
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/202411		9,936		9,776
Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 8/15/20251,11		11,208		11,061
Total asset-backed obligations				699,773
Bonds & notes of governments & government agencies outside the U.S. 0.10%
Dominican Republic 4.50% 1/30/20301		401		323
Dominican Republic 6.00% 2/22/20331		510		429
Dominican Republic 5.30% 1/21/20411		571		396
Dominican Republic 5.875% 1/30/20601		700		463
Panama (Republic of) 4.50% 4/1/2056		2,585		1,704
Panama (Republic of) 4.50% 1/19/2063		690		440
Peru (Republic of) 2.783% 1/23/2031		19,165		15,162
Peru (Republic of) 2.78% 12/1/2060		2,950		1,585
Peru (Republic of) 3.23% 7/28/2121		3,600		1,927
Portuguese Republic 5.125% 10/15/2024		41,500		41,561
Qatar (State of) 4.50% 4/23/20281		7,070		6,928
Qatar (State of) 5.103% 4/23/20481		4,800		4,480
Romania 3.50% 4/3/2034	EUR	1,770		1,198
Saudi Arabia (Kingdom of) 3.628% 4/20/20271	USD	5,000		4,728
Saudi Arabia (Kingdom of) 3.625% 3/4/20281		11,435		10,656
United Mexican States 5.00% 4/27/2051		2,370		1,799
United Mexican States 3.75% 4/19/2071		2,550		1,467
Total bonds & notes of governments & government agencies outside the U.S.				95,246
Federal agency bonds & notes 0.04%
Fannie Mae 2.125% 4/24/20269		37,230		34,508
Municipals 0.03%
California 0.00%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034		1,580		1,215
Illinois 0.02%
G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033		22,485		21,036
Ohio 0.00%
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031		4,865		4,240
Higher Educational Facs. Commission, Healthcare Fac. Rev. Bonds (Judson Obligated Group 2020 Project), Series 2020-A, 3.75% 12/1/2023		610		601
				4,841
Texas 0.01%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052		8,155		5,205
Washington 0.00%
Energy Northwest, Electric Rev. Bonds (Columbia Generating Station), Series 2015-B, 2.814% 7/1/2024		800		782
Total municipals				33,079
Total bonds, notes & other debt instruments (cost: $20,456,279,000)				18,872,073

Capital Income Builder 31

Short-term securities 9.16%	Shares		Value (000)
Money market investments 8.94%
Capital Group Central Cash Fund 3.18%3,16		86,281,119	$	8,626,386
Money market investments purchased with collateral from securities on loan 0.22%
Capital Group Central Cash Fund 3.18%3,16,17		918,779		91,860
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.07%16,17		34,935,462		34,935
Goldman Sachs Financial Square Government Fund, Institutional Shares 3.09%16,17		34,842,445		34,842
State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01%16,17		27,900,000		27,900
Dreyfus Treasury Obligations Cash Management, Institutional Shares 3.00%16,17		12,826,780		12,827
BlackRock Liquidity Funds – FedFund, Institutional Shares 2.87%16,17		6,400,000		6,400
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 2.88%16,17		6,400,000		6,400
				215,164
Total short-term securities (cost: $8,841,579,000)				8,841,550
Total investment securities 105.09% (cost: $91,568,859,000)				101,428,164
Other assets less liabilities (5.09)%				(4,914,729	)
Net assets 100.00%			$	96,513,435

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 10/31/2022 (000)
2 Year U.S. Treasury Note Futures	Long	23,559	December 2022		USD4,815,055			$	(68,097	)
5 Year U.S. Treasury Note Futures	Long	29,920	December 2022		3,189,285				(126,646	)
10 Year U.S. Treasury Note Futures	Short	2,925	December 2022		(323,487	)			21,009
10 Year Ultra U.S. Treasury Note Futures	Short	3,814	December 2022		(442,364	)			36,886
20 Year U.S. Treasury Bond Futures	Long	1,033	December 2022		124,476				(16,426	)
30 Year Ultra U.S. Treasury Bond Futures	Long	3,128	December 2022		399,309				(64,856	)
								$	(218,130	)

Forward currency contracts

Contract amount						Unrealized depreciation
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 10/31/2022 (000)
USD	370	EUR	380	JPMorgan Chase	11/16/2022		$(6	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive

Pay

Notional

Value at

Upfront premium

Unrealized (depreciation) appreciation

Rate

Payment frequency

Rate

Payment frequency

Expiration date

amount (000)

10/31/2022 (000)

paid (000)

at 10/31/2022 (000)

3.52647%

Annual

U.S. EFFR

Annual

6/16/2024

USD480,632

$

(8,948

)

$       —

$

(8,948

)

3.5291%

Annual

U.S. EFFR

Annual

6/16/2024

519,368

(9,648

)

—

(9,648

)

32 Capital Income Builder

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

Receive		Pay			Notional		Value at				Upfront premium			Unrealized (depreciation) appreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		10/31/2022 (000)				paid (000)			at 10/31/2022 (000)
3.497%	Annual	U.S. EFFR	Annual	6/16/2024		USD518,700		$	(9,893	)		$	—		$	(9,893	)
3.4585%	Annual	U.S. EFFR	Annual	6/17/2024		80,177			(1,577	)			—			(1,577	)
3.4325%	Annual	U.S. EFFR	Annual	6/17/2024		380,800			(7,643	)			—			(7,643	)
3-month USD-LIBOR	Quarterly	0.619%	Semi-annual	12/20/2029		739,000			160,815				382			160,433
3-month USD-LIBOR	Quarterly	0.811%	Semi-annual	7/27/2050		93,600			48,104				—			48,104
								$	171,210			$	382		$	170,828

Investments in affiliates³

	Value of affiliates at 11/1/2021 (000)		Additions (000)			Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)			Capital gain distributions received (000)
Common stocks 2.23%
Financials 0.06%
Patria Investments, Ltd., Class A	$	—	$	70,223		$	—	$	—		$	(7,190	)	$	63,033	$	1,849		$	—
Industrials 0.32%
Trinity Industries, Inc.		216,322		—			—		—			3,702			220,024		7,095			—
Ventia Services Group Pty, Ltd.		—		60,562			—		—			25,988			86,550		3,038			—
BOC Aviation, Ltd.18		313,999		—			140,096		(18,983	)		(41,259	)		—		5,918			—
															306,574
Real estate 1.85%
VICI Properties, Inc. REIT		1,062,571		589,661			221,203		23,335			231,756			1,686,120		55,080			—
POWERGRID Infrastructure Investment Trust		95,526		—			—		—			3,181			98,707		10,475			—
TAG Immobilien AG18		275,804		5,355			114,213		(69,882	)		(92,935	)		—		7,287			—
															1,784,827
Total common stocks															2,154,434
Investment funds 2.49%
Capital Group Central Corporate Bond Fund		3,057,906		149,083			134,998		(13,757	)		(655,520	)		2,402,714		78,474			26,817
Short-term securities 9.03%
Money market investments 8.94%
Capital Group Central Cash Fund 3.18%16		5,194,573		13,802,473			10,369,470		(826	)		(364	)		8,626,386		88,090			—
Money market investments purchased with collateral from securities on loan 0.09%
Capital Group Central Cash Fund 3.18%16,17		351		91,509	19										91,860		—	20		—
Total short-term securities															8,718,246
Total 13.75%								$	(80,113	)	$	(532,641	)	$	13,275,394	$	257,306		$	26,817

Capital Income Builder 33

Restricted securities⁷

	Acquisition date(s)	Cost (000)		Value (000)			Percent of net assets
NBM US Holdings, Inc. 6.625% 8/6/2029	4/1/2020-4/3/2020	$	2,740	$	2,784			.00	%
Sberbank of Russia PJSC4,5	6/14/2022		56,809		—	6		.00
Gazprom PJSC4	10/4/2022		245,009		—	6		.00
Total		$	304,558	$	2,784			.00	%

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 $2,224,421,000, which represented 2.30% of the net assets of the fund.
2	All or a portion of this security was on loan. The total value of all such securities was $233,621,000, which represented .24% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
4	Value determined using significant unobservable inputs.
5	Security did not produce income during the last 12 months.
6	Amount less than one thousand.
7	Restricted security, other than Rule 144A, subject to legal or contractual restrictions on resale, including securities not registered under the Securities Act of 1933. The total value of all such restricted securities was $2,784,000, which represented less than 0.01% of the net assets of the fund.
8	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.
9	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $171,979,000, which represented .18% of the net assets of the fund.
10	Index-linked bond whose principal amount moves with a government price index.
11	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
12	Purchased on a TBA basis.
13	Step bond; coupon rate may change at a later date.
14	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.
15	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $10,947,000, which represented .01% of the net assets of the fund.
16	Rate represents the seven-day yield at 10/31/2022.
17	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
18	Affiliated issuer during the reporting period but no longer an affiliate at 10/31/2022. Refer to the investment portfolio for the security value at 10/31/2022.
19	Represents net activity. Refer to Note 5 for more information on securities lending.
20	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts
Assn. = Association
Auth. = Authority
CAD = Canadian dollars
CDI = CREST Depository Interest
CLO = Collateralized Loan Obligations
CME = CME Group
CMT = Constant Maturity Treasury
EFFR = Effective Federal Funds Rate
EUR = Euros
Fac. = Facility
Facs. = Facilities
G.O. = General Obligation
GBP = British pounds
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
PIK = Payment In Kind
Ref. = Refunding
REIT = Real Estate Investment Trust
Rev. = Revenue
SDR = Swedish Depositary Receipts
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. dollars

Refer to the notes to financial statements.

34 Capital Income Builder

Financial statements

Statement of assets and liabilities
at October 31, 2022 (dollars in thousands)

Assets:
Investment securities, at value (includes $233,621 of investment securities on loan):
Unaffiliated issuers (cost: $78,118,674)	$	88,152,770
Affiliated issuers (cost: $13,450,185)		13,275,394	$	101,428,164
Cash				21,744
Cash denominated in currencies other than U.S. dollars (cost: $46,033)				45,817
Receivables for:
Sales of investments		3,277,568
Sales of fund’s shares		43,902
Dividends and interest		425,395
Securities lending income		3
Variation margin on futures contracts		3,632
Variation margin on centrally cleared swap contracts		4,368		3,754,868
				105,250,593
Liabilities:
Collateral for securities on loan				215,164
Unrealized depreciation on open forward currency contracts				6
Unrealized depreciation on unfunded commitments				31
Payables for:
Purchases of investments		8,334,161
Repurchases of fund’s shares		70,161
Investment advisory services		14,951
Services provided by related parties		18,344
Trustees’ deferred compensation		2,055
Variation margin on futures contracts		21,462
Variation margin on centrally cleared swap contracts		2,988
Other		57,835		8,521,957
Net assets at October 31, 2022			$	96,513,435
Net assets consist of:
Capital paid in on shares of beneficial interest			$	87,041,692
Total distributable earnings				9,471,743
Net assets at October 31, 2022			$	96,513,435

Refer to the notes to financial statements.

Capital Income Builder 35

Financial statements (continued)

Statement of assets and liabilities
at October 31, 2022 (continued)

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

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (1,596,130 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	58,325,378		964,464		$	60.47
Class C		1,458,291		24,053			60.63
Class T		10		—	*		60.46
Class F-1		2,097,379		34,681			60.48
Class F-2		12,566,072		207,980			60.42
Class F-3		4,857,591		80,348			60.46
Class 529-A		2,157,929		35,697			60.45
Class 529-C		80,379		1,326			60.61
Class 529-E		61,243		1,013			60.48
Class 529-T		13		—	*		60.47
Class 529-F-1		11		—	*		60.44
Class 529-F-2		154,924		2,561			60.49
Class 529-F-3		11		—	*		60.47
Class R-1		56,841		939			60.54
Class R-2		343,747		5,682			60.50
Class R-2E		36,645		609			60.20
Class R-3		612,603		10,128			60.49
Class R-4		430,794		7,125			60.46
Class R-5E		81,317		1,347			60.38
Class R-5		252,238		4,170			60.50
Class R-6		12,940,019		214,007			60.47

* Amount less than one thousand.

Refer to the notes to financial statements.

36 Capital Income Builder

Financial statements (continued)

Statement of operations
for the year ended October 31, 2022 (dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $138,558; also includes $257,306 from affiliates)	$	3,253,803
Interest from unaffiliated issuers		519,614
Securities lending income (net of fees)		5,002		$	3,778,419
Fees and expenses*:
Investment advisory services		233,758
Distribution services		201,174
Transfer agent services		70,581
Administrative services		31,579
529 plan services		1,574
Reports to shareholders		1,267
Registration statement and prospectus		1,274
Trustees’ compensation		119
Auditing and legal		320
Custodian		3,881
Other		441			545,968
Net investment income					3,232,451
Net realized gain and unrealized depreciation:
Net realized gain (loss) on:
Investments (net of non-U.S. taxes of $6,168):
Unaffiliated issuers		1,560,973
Affiliated issuers		(80,113	)
Futures contracts		(346,206	)
Forward currency contracts		80
Swap contracts		139,936
Currency transactions		(7,881	)
Capital gain distributions received from affiliated issuers		26,817			1,293,606
Net unrealized (depreciation) appreciation on:
Investments (net of non-U.S. taxes of $47,171):
Unaffiliated issuers		(13,941,904	)
Affiliated issuers		(532,641	)
Futures contracts		(209,261	)
Forward currency contracts		(10	)
Swap contracts		72,839
Currency translations		(11,942	)		(14,622,919	)
Net realized gain and unrealized depreciation					(13,329,313	)
Net decrease in net assets resulting from operations				$	(10,096,862	)

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

Refer to the notes to financial statements.

Capital Income Builder 37

Financial statements (continued)

Statements of changes in net assets (dollars in thousands)

	Year ended October 31,
	2022			2021
Operations:
Net investment income	$	3,232,451		$	3,399,362
Net realized gain		1,293,606			3,150,917
Net unrealized (depreciation) appreciation		(14,622,919	)		17,014,248
Net (decrease) increase in net assets resulting from operations		(10,096,862	)		23,564,527
Distributions paid to shareholders		(3,677,886	)		(3,013,431	)
Net capital share transactions		221,678			(3,572,504	)
Total (decrease) increase in net assets		(13,553,070	)		16,978,592
Net assets:
Beginning of year		110,066,505			93,087,913
End of year	$	96,513,435		$	110,066,505

Refer to the notes to financial statements.

38 Capital Income Builder

Notes to financial statements

1. Organization

Capital Income Builder (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 level of current income that exceeds the average yield on U.S. stocks generally and a growing stream of income over the years. Growth of capital is a secondary objective.

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 5.75% 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), 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 to shareholders — Income dividends and capital gain distributions are recorded on the ex-dividend date.

Capital Income Builder 39

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

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

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

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 Corporate Bond Fund (“CCBF”), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (collectively the “Central Funds”), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund’s portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds’ statements 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 a third-party pricing vendor. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.

40 Capital Income Builder

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

Processes and structure — The fund’s board of trustees has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “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 team. 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 tables on the following page present the fund’s valuation levels as of October 31, 2022 (dollars in thousands):

Capital Income Builder 41

	Investment securities
	Level 1			Level 2			Level 3			Total
Assets:
Common stocks:
Financials	$	12,821,045		$	—		$	81		$	12,821,126
Consumer staples		9,907,293			—			—			9,907,293
Health care		9,095,153			—			—			9,095,153
Information technology		6,740,467			—			—			6,740,467
Industrials		6,593,003			—			—			6,593,003
Utilities		6,068,345			49,640			—			6,117,985
Energy		6,099,836			—			—	*		6,099,836
Real estate		5,803,809			—			—			5,803,809
Consumer discretionary		2,617,737			—			—			2,617,737
Communication services		2,611,534			—			—			2,611,534
Materials		2,386,642			—			—			2,386,642
Preferred securities		43,521			10,368			—			53,889
Rights & warrants		335			—			—			335
Convertible stocks		463,018			—			—			463,018
Investment funds		2,402,714			—			—			2,402,714
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—			8,557,253			—			8,557,253
Mortgage-backed obligations		—			6,895,680			5,446			6,901,126
Corporate bonds, notes & loans		—			2,551,088			—			2,551,088
Asset-backed obligations		—			698,061			1,712			699,773
Bonds & notes of governments & government agencies outside the U.S.		—			95,246			—			95,246
Federal agency bonds & notes		—			34,508			—			34,508
Municipals		—			33,079			—			33,079
Short-term securities		8,841,550			—			—			8,841,550
Total	$	82,496,002		$	18,924,923		$	7,239		$	101,428,164
	Other investments†
	Level 1			Level 2			Level 3			Total
Assets:
Unrealized appreciation on futures contracts	$	57,895		$	—		$	—		$	57,895
Unrealized appreciation on centrally cleared interest rate swaps		—			208,537			—			208,537
Liabilities:
Unrealized depreciation on futures contracts		(276,025	)		—			—			(276,025	)
Unrealized depreciation on open forward currency contracts		—			(6	)		—			(6	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(37,709	)		—			(37,709	)
Total	$	(218,130	)	$	170,822		$	—		$	(47,308	)

*	Amount less than one thousand.
†	Futures contracts, forward currency contracts and interest rate 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 common stocks, bonds and other securities held by the fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

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

42 Capital Income Builder

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 financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in income-oriented stocks — The value of the fund’s securities and income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

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

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. 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. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

Investing 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, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, 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, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

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

Securities lending — The fund has entered into securities lending transactions in which the fund earns income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

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Securities lending transactions are entered into by the fund under a securities lending agent agreement with the lending agent. The lending agent facilitates the exchange of securities between the fund and approved borrowers, ensures that securities loans are properly coordinated and documented, marks-to-market the value of collateral daily, secures additional collateral from a borrower if it falls below preset terms, and may reinvest cash collateral on behalf of the fund according to agreed parameters. The lending agent provides indemnification to the fund against losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if a borrower fails to return securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote. A borrower is obligated to return loaned securities at the conclusion of a loan or, during the pendency of a loan, on demand from the fund.

As of October 31, 2022, the total value of securities on loan was $233,621,000, and the total value of collateral received was $243,452,000. Collateral received includes cash of $215,164,000 and U.S. government securities of $28,288,000. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

Index-linked bonds — The fund has invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

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

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 October 31, 2022, the fund’s maximum exposure of unfunded bond commitments was $407,000, which would represent less than .01% of the net assets of the fund should such commitments become due. Unrealized depreciation of $31,000 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. 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

44 Capital Income Builder

are recorded in the fund’s statement of operations. The average month-end notional amount of futures contracts while held was $7,065,958,000.

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

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

Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in the fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in the fund’s statement of operations. The average month-end notional amount of open forward currency contracts while held was $408,000.

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:

Interest rate swaps — The fund has entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark, or on an inflation index such as the U.S. Consumer Price Index (which is a measure that examines the weighted average of prices of a basket of consumer goods and services and measures changes in the purchasing power of the U.S. dollar and the rate of inflation). In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the fund’s current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party. The average month-end notional amount of interest rate swaps while held was $2,606,115,000.

Capital Income Builder 45

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, forward currency contracts and interest rate swaps as of, or for the year ended, October 31, 2022 (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*	$	57,895		Unrealized depreciation*	$	276,025
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		—		Unrealized depreciation on open forward currency contracts		6
Swap (centrally cleared)	Interest	Unrealized appreciation*		208,537		Unrealized depreciation*		37,709
			$	266,432			$	313,740
		Net realized (loss) gain				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations		Value		Location on statement of operations		Value
Futures	Interest	Net realized loss on futures contracts	$	(346,206	)	Net unrealized depreciation on futures contracts	$	(209,261	)
Forward currency	Currency	Net realized gain on forward currency contracts		80		Net unrealized depreciation on forward currency contracts		(10	)
Swap	Interest	Net realized gain on swap contracts		139,936		Net unrealized appreciation on swap contracts		72,839
			$	(206,190	)		$	(136,432	)

* Includes cumulative appreciation/depreciation on futures contracts and centrally cleared interest rate 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 securities lending and its use of futures contracts, forward currency contracts, interest rate swaps and future delivery contracts. For securities lending, the fund receives collateral in exchange for lending investment securities. The lending agent may reinvest cash collateral from securities lending transactions according to agreed parameters. Cash collateral reinvested by the lending agent, if any, is disclosed in the fund’s investment portfolio. For futures contracts and centrally cleared interest rate swaps, the fund pledges collateral for initial and variation margin by contract. For forward currency contracts, the fund either receives or pledges collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the fund either receives or pledges collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in the fund’s statement of assets and liabilities.

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

46 Capital Income Builder

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 October 31, 2022, 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:
JPMorgan Chase	$	6	$	—	$	(5	)	$	—	$	1

* Collateral is shown on a settlement basis.

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 October 31, 2022, 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. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended October 31, 2022, the fund recognized $23,226,000 in reclaims (net of $1,105,000 in fees and the effect of realized gain or loss from currency translations) and $463,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. 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; unrealized appreciation of certain investments in securities outside the U.S.; cost of investments sold; net capital losses; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.

During the year ended October 31, 2022, the fund reclassified $59,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting.

As of October 31, 2022, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Undistributed ordinary income	$	887,139
Capital loss carryforward*		(650,581	)
Gross unrealized appreciation on investments		16,908,053
Gross unrealized depreciation on investments		(7,617,890	)
Net unrealized appreciation on investments		9,290,163
Cost of investments		92,090,311

* Reflects the utilization of capital loss carryforward of $842,180,000. The capital loss carryforward will be used to offset any capital gains realized by the fund in future years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

Capital Income Builder 47

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

	Year ended October 31
Share class	2022			2021
Class A	$	2,204,404		$	1,803,887
Class C		48,020			43,976
Class T		—	†		—	†
Class F-1		79,956			81,851
Class F-2		475,799			361,167
Class F-3		193,691			151,534
Class 529-A		81,529			67,657
Class 529-C		2,594			2,541
Class 529-E		2,187			1,904
Class 529-T		—	†		—	†
Class 529-F-1		—	†		1
Class 529-F-2		5,781			4,131
Class 529-F-3		—	†		—	†
Class R-1		1,685			1,372
Class R-2		10,303			8,487
Class R-2E		1,266			1,045
Class R-3		21,533			18,347
Class R-4		17,146			14,759
Class R-5E		2,841			2,032
Class R-5		10,567			9,247
Class R-6		518,584			439,493
Total	$	3,677,886		$	3,013,431

^†  Amount less than one thousand.

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 0.240% on the first $1 billion of daily net assets and decreasing to 0.110% on such assets in excess of $115 billion. The agreement also provides for monthly fees, accrued daily, based on a series of decreasing rates beginning with 3.00% on the first $100,000,000 of the fund’s monthly gross income and decreasing to 2.50% on such income in excess of $100,000,000. For the year ended October 31, 2022, the investment advisory services fees were $233,758,000, which were equivalent to an annualized rate of 0.222% of average daily net assets.

48 Capital Income Builder

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 0.25% 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 October 31, 2022, there were no unreimbursed expenses subject to reimbursement for Class A or 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.

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 fees are based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Virginia529 through ABLEAmerica^®, a tax-advantaged savings program for individuals with disabilities. Virginia529 is not considered a related party to the fund.

Prior to January 1, 2022, the quarterly fees were 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 fees were 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 fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the year ended October 31, 2022, the 529 plan services fees were $1,574,000, which were equivalent to 0.058% of the average daily net assets of each 529 share class.

Capital Income Builder 49

For the year ended October 31, 2022, 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		$162,423		$46,929			$19,262			Not applicable
Class C		17,694		1,310			532			Not applicable
Class T		—		—	*		—	*		Not applicable
Class F-1		5,741		3,218			708			Not applicable
Class F-2		Not applicable		14,034			3,947			Not applicable
Class F-3		Not applicable		39			1,551			Not applicable
Class 529-A		5,514		1,587			718			$1,385
Class 529-C		976		66			29			56
Class 529-E		343		20			21			40
Class 529-T		—		—	*		—	*		—	*
Class 529-F-1		—		—	*		—	*		—	*
Class 529-F-2		Not applicable		63			48			93
Class 529-F-3		Not applicable		—	*		—	*		—	*
Class R-1		637		58			19			Not applicable
Class R-2		2,895		1,326			116			Not applicable
Class R-2E		254		86			13			Not applicable
Class R-3		3,453		1,010			207			Not applicable
Class R-4		1,244		485			149			Not applicable
Class R-5E		Not applicable		120			24			Not applicable
Class R-5		Not applicable		126			85			Not applicable
Class R-6		Not applicable		104			4,150			Not applicable
Total class-specific expenses		$201,174		$70,581			$31,579			$1,574

* Amount less than one thousand.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $119,000 in the fund’s statement of operations reflects $564,000 in current fees (either paid in cash or deferred) and a net decrease of $445,000 in the value of the deferred amounts.

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

Investments in CCBF and CCF — The fund holds shares of CCBF, a corporate bond fund, and CCF, an institutional prime money market fund, which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for the fund’s corporate bond investments. 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. Both CCBF and 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 either CCBF or CCF.

Security transactions with related funds — The fund purchased investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. 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 October 31, 2022, the fund engaged in such purchase and sale transactions with related funds in the amounts of $1,107,443,000 and $900,735,000, respectively, which generated $143,102,000 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 October 31, 2022.

50 Capital Income Builder

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):

	Sales*				Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	3,465,066		52,358	$	2,152,168			32,762		$	(6,529,586	)		(99,587	)	$	(912,352	)		(14,467	)
Class C		159,051		2,387		47,492			717			(569,730	)		(8,621	)		(363,187	)		(5,517	)
Class T		—		—		—			—			—			—			—			—
Class F-1		84,636		1,284		78,736			1,198			(315,063	)		(4,782	)		(151,691	)		(2,300	)
Class F-2		3,259,555		49,796		458,007			6,992			(2,594,158	)		(39,749	)		1,123,404			17,039
Class F-3		1,014,514		15,391		190,957			2,914			(941,761	)		(14,316	)		263,710			3,989
Class 529-A		188,969		2,853		81,502			1,241			(335,197	)		(5,089	)		(64,726	)		(995	)
Class 529-C		17,495		265		2,592			39			(44,346	)		(667	)		(24,259	)		(363	)
Class 529-E		5,185		78		2,187			33			(12,327	)		(185	)		(4,955	)		(74	)
Class 529-T		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-1		—		—		—	†		—	†		—			—			—	†		—	†
Class 529-F-2		37,272		561		5,780			88			(21,821	)		(332	)		21,231			317
Class 529-F-3		—		—		—	†		—	†		—			—			—	†		—	†
Class R-1		11,274		169		1,685			25			(16,586	)		(248	)		(3,627	)		(54	)
Class R-2		62,429		946		10,287			156			(97,827	)		(1,482	)		(25,111	)		(380	)
Class R-2E		7,901		120		1,266			19			(12,763	)		(196	)		(3,596	)		(57	)
Class R-3		101,417		1,533		21,473			326			(168,818	)		(2,558	)		(45,928	)		(699	)
Class R-4		82,790		1,245		17,144			260			(152,062	)		(2,306	)		(52,128	)		(801	)
Class R-5E		26,919		416		2,841			44			(16,208	)		(249	)		13,552			211
Class R-5		34,049		513		10,549			161			(64,713	)		(973	)		(20,115	)		(299	)
Class R-6		1,014,868		15,516		518,577			7,908			(1,061,989	)		(16,080	)		471,456			7,344
Total net increase (decrease)	$	9,573,390		145,431	$	3,603,243			54,883		$	(12,954,955	)		(197,420	)	$	221,678			2,894

Refer to the end of the table for footnotes.

Capital Income Builder 51

	Sales*					Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount		Shares			Amount			Shares			Amount			Shares			Amount			Shares
Year ended October 31, 2021
Class A	$	4,147,577		62,401		$	1,761,839			26,703		$	(7,428,785	)		(112,837	)	$	(1,519,369	)		(23,733	)
Class C		180,636		2,719			43,493			661			(700,412	)		(10,587	)		(476,283	)		(7,207	)
Class T		—		—			—			—			—			—			—			—
Class F-1		88,375		1,338			79,389			1,209			(1,280,260	)		(19,239	)		(1,112,496	)		(16,692	)
Class F-2		2,865,178		43,285			346,551			5,249			(2,435,458	)		(36,912	)		776,271			11,622
Class F-3		972,972		14,726			148,683			2,250			(873,388	)		(13,220	)		248,267			3,756
Class 529-A		206,621		3,129			67,639			1,026			(381,089	)		(5,771	)		(106,829	)		(1,616	)
Class 529-C		20,204		306			2,540			39			(59,112	)		(895	)		(36,368	)		(550	)
Class 529-E		6,284		96			1,904			29			(15,747	)		(238	)		(7,559	)		(113	)
Class 529-T		—		—			—	†		—	†		—			—			—	†		—	†
Class 529-F-1		10		—	†		—	†		—	†		(40	)		(1	)		(30	)		(1	)
Class 529-F-2		37,248		564			4,129			62			(22,175	)		(335	)		19,202			291
Class 529-F-3		—		—			—	†		—	†		—			—			—	†		—	†
Class R-1		7,665		115			1,372			21			(15,342	)		(232	)		(6,305	)		(96	)
Class R-2		63,887		964			8,476			129			(114,272	)		(1,735	)		(41,909	)		(642	)
Class R-2E		10,256		157			1,045			16			(14,070	)		(214	)		(2,769	)		(41	)
Class R-3		108,167		1,635			18,303			278			(197,768	)		(2,997	)		(71,298	)		(1,084	)
Class R-4		89,575		1,350			14,697			223			(134,980	)		(2,051	)		(30,708	)		(478	)
Class R-5E		26,235		400			2,032			31			(17,407	)		(264	)		10,860			167
Class R-5		33,764		507			9,235			140			(67,194	)		(1,027	)		(24,195	)		(380	)
Class R-6		2,287,607		34,864			439,177			6,669			(3,917,770	)		(58,748	)		(1,190,986	)		(17,215	)
Total net increase (decrease)	$	11,152,261		168,556		$	2,950,504			44,735		$	(17,675,269	)		(267,303	)	$	(3,572,504	)		(54,012	)

*	Includes exchanges between share classes of the fund.
†	Amount less than one thousand.

10. Investment transactions

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $84,320,265,000 and $85,840,690,000, respectively, during the year ended October 31, 2022.

52 Capital Income Builder

Financial highlights

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income to average net assets3
Class A:
10/31/2022	$	69.09	$	1.98	$	(8.33	)	$	(6.35	)	$	(2.27	)	$	—		$	(2.27	)	$	60.47		(9.42	)%	$	58,325			.59	%		.59	%		3.00	%
10/31/2021		56.52		2.07		12.33			14.40			(1.83	)		—			(1.83	)		69.09		25.67			67,634			.59			.59			3.12
10/31/2020		61.99		1.96		(4.74	)		(2.78	)		(2.09	)		(.60	)		(2.69	)		56.52		(4.55	)		56,666			.61			.61			3.31
10/31/2019		58.01		1.94		4.18			6.12			(2.14	)		—			(2.14	)		61.99		10.79			65,201			.60			.60			3.23
10/31/2018		62.81		1.95		(3.81	)		(1.86	)		(2.15	)		(.79	)		(2.94	)		58.01		(3.16	)		63,346			.58			.58			3.18
Class C:
10/31/2022		69.23		1.49		(8.34	)		(6.85	)		(1.75	)		—			(1.75	)		60.63		(10.07	)		1,458			1.33			1.33			2.25
10/31/2021		56.63		1.57		12.36			13.93			(1.33	)		—			(1.33	)		69.23		24.72			2,047			1.34			1.34			2.37
10/31/2020		62.07		1.52		(4.73	)		(3.21	)		(1.63	)		(.60	)		(2.23	)		56.63		(5.26	)		2,083			1.35			1.35			2.55
10/31/2019		58.07		1.48		4.19			5.67			(1.67	)		—			(1.67	)		62.07		9.95			3,401			1.36			1.36			2.47
10/31/2018		62.86		1.47		(3.83	)		(2.36	)		(1.64	)		(.79	)		(2.43	)		58.07		(3.94	)		3,889			1.37			1.37			2.39
Class T:
10/31/2022		69.08		2.14		(8.32	)		(6.18	)		(2.44	)		—			(2.44	)		60.46		(9.18	)5		—	6		.33	5		.33	5		3.26	5
10/31/2021		56.52		2.23		12.33			14.56			(2.00	)		—			(2.00	)		69.08		25.96	5		—	6		.34	5		.34	5		3.37	5
10/31/2020		62.00		2.11		(4.75	)		(2.64	)		(2.24	)		(.60	)		(2.84	)		56.52		(4.31	)5		—	6		.35	5		.35	5		3.57	5
10/31/2019		58.02		2.08		4.18			6.26			(2.28	)		—			(2.28	)		62.00		11.06	5		—	6		.36	5		.36	5		3.48	5
10/31/2018		62.83		2.09		(3.83	)		(1.74	)		(2.28	)		(.79	)		(3.07	)		58.02		(2.96	)5		—	6		.36	5		.36	5		3.40	5
Class F-1:
10/31/2022		69.09		1.94		(8.33	)		(6.39	)		(2.22	)		—			(2.22	)		60.48		(9.46	)		2,097			.64			.64			2.95
10/31/2021		56.51		2.02		12.35			14.37			(1.79	)		—			(1.79	)		69.09		25.61			2,555			.65			.65			3.06
10/31/2020		61.98		1.93		(4.74	)		(2.81	)		(2.06	)		(.60	)		(2.66	)		56.51		(4.61	)		3,033			.65			.65			3.26
10/31/2019		58.00		1.90		4.18			6.08			(2.10	)		—			(2.10	)		61.98		10.72			4,013			.66			.66			3.17
10/31/2018		62.81		1.91		(3.83	)		(1.92	)		(2.10	)		(.79	)		(2.89	)		58.00		(3.26	)		3,996			.66			.66			3.11
Class F-2:
10/31/2022		69.03		2.12		(8.32	)		(6.20	)		(2.41	)		—			(2.41	)		60.42		(9.21	)		12,566			.37			.37			3.23
10/31/2021		56.47		2.22		12.32			14.54			(1.98	)		—			(1.98	)		69.03		25.95			13,182			.37			.37			3.34
10/31/2020		61.95		2.09		(4.75	)		(2.66	)		(2.22	)		(.60	)		(2.82	)		56.47		(4.35	)		10,126			.38			.38			3.54
10/31/2019		57.97		2.05		4.19			6.24			(2.26	)		—			(2.26	)		61.95		11.03			11,155			.39			.39			3.43
10/31/2018		62.78		2.06		(3.82	)		(1.76	)		(2.26	)		(.79	)		(3.05	)		57.97		(3.00	)		9,869			.39			.39			3.37
Class F-3:
10/31/2022		69.08		2.19		(8.33	)		(6.14	)		(2.48	)		—			(2.48	)		60.46		(9.12	)		4,858			.26			.26			3.33
10/31/2021		56.50		2.29		12.33			14.62			(2.04	)		—			(2.04	)		69.08		26.09			5,275			.27			.27			3.45
10/31/2020		61.98		2.15		(4.74	)		(2.59	)		(2.29	)		(.60	)		(2.89	)		56.50		(4.24	)		4,102			.28			.28			3.64
10/31/2019		58.01		2.12		4.17			6.29			(2.32	)		—			(2.32	)		61.98		11.12			4,401			.29			.29			3.54
10/31/2018		62.81		2.13		(3.82	)		(1.69	)		(2.32	)		(.79	)		(3.11	)		58.01		(2.88	)		3,723			.29			.29			3.47
Class 529-A:
10/31/2022		69.06		1.96		(8.32	)		(6.36	)		(2.25	)		—			(2.25	)		60.45		(9.45	)		2,158			.61			.61			2.98
10/31/2021		56.49		2.04		12.33			14.37			(1.80	)		—			(1.80	)		69.06		25.61			2,534			.63			.63			3.08
10/31/2020		61.96		1.93		(4.73	)		(2.80	)		(2.07	)		(.60	)		(2.67	)		56.49		(4.59	)		2,164			.65			.65			3.27
10/31/2019		57.99		1.90		4.17			6.07			(2.10	)		—			(2.10	)		61.96		10.71			2,306			.66			.66			3.17
10/31/2018		62.79		1.91		(3.82	)		(1.91	)		(2.10	)		(.79	)		(2.89	)		57.99		(3.24	)		2,238			.66			.66			3.11

Refer to the end of the table for footnotes.

Capital Income Builder 53

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income to average net assets3
Class 529-C:
10/31/2022	$	69.21	$	1.45	$	(8.34	)	$	(6.89	)	$	(1.71	)	$	—		$	(1.71	)	$	60.61		(10.13	)%	$	80			1.38	%		1.38	%		2.19	%
10/31/2021		56.61		1.55		12.36			13.91			(1.31	)		—			(1.31	)		69.21		24.70			117			1.37			1.37			2.33
10/31/2020		62.02		1.50		(4.73	)		(3.23	)		(1.58	)		(.60	)		(2.18	)		56.61		(5.29	)		127			1.38			1.38			2.52
10/31/2019		58.03		1.46		4.17			5.63			(1.64	)		—			(1.64	)		62.02		9.89			375			1.40			1.40			2.44
10/31/2018		62.77		1.43		(3.81	)		(2.38	)		(1.57	)		(.79	)		(2.36	)		58.03		(3.97	)		425			1.42			1.42			2.33
Class 529-E:
10/31/2022		69.09		1.80		(8.32	)		(6.52	)		(2.09	)		—			(2.09	)		60.48		(9.65	)		61			.85			.85			2.74
10/31/2021		56.51		1.89		12.35			14.24			(1.66	)		—			(1.66	)		69.09		25.35			75			.85			.85			2.86
10/31/2020		61.98		1.81		(4.75	)		(2.94	)		(1.93	)		(.60	)		(2.53	)		56.51		(4.80	)		68			.86			.86			3.05
10/31/2019		58.00		1.77		4.18			5.95			(1.97	)		—			(1.97	)		61.98		10.47			82			.88			.88			2.96
10/31/2018		62.79		1.77		(3.81	)		(2.04	)		(1.96	)		(.79	)		(2.75	)		58.00		(3.45	)		84			.88			.88			2.88
Class 529-T:
10/31/2022		69.08		2.12		(8.32	)		(6.20	)		(2.41	)		—			(2.41	)		60.47		(9.22	)5		—	6		.37	5		.37	5		3.22	5
10/31/2021		56.52		2.19		12.33			14.52			(1.96	)		—			(1.96	)		69.08		25.89	5		—	6		.40	5		.40	5		3.31	5
10/31/2020		62.00		2.08		(4.75	)		(2.67	)		(2.21	)		(.60	)		(2.81	)		56.52		(4.37	)5		—	6		.41	5		.41	5		3.51	5
10/31/2019		58.02		2.04		4.19			6.23			(2.25	)		—			(2.25	)		62.00		10.99	5		—	6		.42	5		.42	5		3.41	5
10/31/2018		62.82		2.04		(3.81	)		(1.77	)		(2.24	)		(.79	)		(3.03	)		58.02		(3.01	)5		—	6		.42	5		.42	5		3.33	5
Class 529-F-1:
10/31/2022		69.05		2.06		(8.32	)		(6.26	)		(2.35	)		—			(2.35	)		60.44		(9.30	)5		—	6		.46	5		.46	5		3.13	5
10/31/2021		56.50		2.10		12.39			14.49			(1.94	)		—			(1.94	)		69.05		25.84	5		—	6		.44	5		.44	5		3.17	5
10/31/2020		61.97		2.08		(4.74	)		(2.66	)		(2.21	)		(.60	)		(2.81	)		56.50		(4.36	)5		—	6		.41	5		.41	5		3.51	5
10/31/2019		58.00		2.04		4.17			6.21			(2.24	)		—			(2.24	)		61.97		10.98			115			.42			.42			3.41
10/31/2018		62.81		2.04		(3.82	)		(1.78	)		(2.24	)		(.79	)		(3.03	)		58.00		(3.03	)		104			.42			.42			3.33
Class 529-F-2:
10/31/2022		69.11		2.13		(8.33	)		(6.20	)		(2.42	)		—			(2.42	)		60.49		(9.20	)		155			.36			.36			3.24
10/31/2021		56.52		2.22		12.34			14.56			(1.97	)		—			(1.97	)		69.11		25.97			155			.38			.38			3.34
10/31/20207,8		56.52		—		—			—			—			—			—			56.52		—			110			—			—			—
Class 529-F-3:
10/31/2022		69.09		2.15		(8.33	)		(6.18	)		(2.44	)		—			(2.44	)		60.47		(9.17	)		—	6		.32			.32			3.27
10/31/2021		56.52		2.24		12.34			14.58			(2.01	)		—			(2.01	)		69.09		26.00			—	6		.38			.33			3.38
10/31/20207,8		56.52		—		—			—			—			—			—			56.52		—			—	6		—			—			—
Class R-1:
10/31/2022		69.14		1.48		(8.33	)		(6.85	)		(1.75	)		—			(1.75	)		60.54		(10.11	)		57			1.34			1.34			2.25
10/31/2021		56.56		1.56		12.34			13.90			(1.32	)		—			(1.32	)		69.14		24.70			69			1.36			1.36			2.35
10/31/2020		62.00		1.50		(4.72	)		(3.22	)		(1.62	)		(.60	)		(2.22	)		56.56		(5.29	)		62			1.38			1.38			2.53
10/31/2019		58.00		1.47		4.18			5.65			(1.65	)		—			(1.65	)		62.00		9.89			84			1.39			1.39			2.46
10/31/2018		62.80		1.45		(3.82	)		(2.37	)		(1.64	)		(.79	)		(2.43	)		58.00		(3.94	)		101			1.39			1.39			2.36

Refer to the end of the table for footnotes.

54 Capital Income Builder

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return2,3			Net assets, end of year (in millions)		Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income to average net assets3
Class R-2:
10/31/2022	$	69.10	$	1.47	$	(8.32	)	$	(6.85	)	$	(1.75	)	$	—		$	(1.75	)	$	60.50		(10.10	)%	$	344		1.35	%		1.35	%		2.24	%
10/31/2021		56.53		1.56		12.33			13.89			(1.32	)		—			(1.32	)		69.10		24.72			419		1.36			1.36			2.35
10/31/2020		61.98		1.50		(4.73	)		(3.23	)		(1.62	)		(.60	)		(2.22	)		56.53		(5.30	)		379		1.38			1.38			2.53
10/31/2019		58.00		1.47		4.17			5.64			(1.66	)		—			(1.66	)		61.98		9.91			460		1.38			1.38			2.45
10/31/2018		62.79		1.46		(3.82	)		(2.36	)		(1.64	)		(.79	)		(2.43	)		58.00		(3.93	)		487		1.39			1.39			2.37
Class R-2E:
10/31/2022		68.78		1.66		(8.29	)		(6.63	)		(1.95	)		—			(1.95	)		60.20		(9.85	)		37		1.06			1.06			2.53
10/31/2021		56.27		1.74		12.29			14.03			(1.52	)		—			(1.52	)		68.78		25.08			46		1.07			1.07			2.64
10/31/2020		61.72		1.67		(4.72	)		(3.05	)		(1.80	)		(.60	)		(2.40	)		56.27		(5.03	)		40		1.09			1.09			2.83
10/31/2019		57.77		1.63		4.17			5.80			(1.85	)		—			(1.85	)		61.72		10.25			50		1.09			1.09			2.74
10/31/2018		62.58		1.63		(3.80	)		(2.17	)		(1.85	)		(.79	)		(2.64	)		57.77		(3.66	)		40		1.09			1.09			2.67
Class R-3:
10/31/2022		69.09		1.77		(8.32	)		(6.55	)		(2.05	)		—			(2.05	)		60.49		(9.70	)		613		.91			.91			2.68
10/31/2021		56.52		1.85		12.34			14.19			(1.62	)		—			(1.62	)		69.09		25.26			748		.92			.92			2.80
10/31/2020		61.98		1.77		(4.74	)		(2.97	)		(1.89	)		(.60	)		(2.49	)		56.52		(4.87	)		673		.93			.93			2.98
10/31/2019		58.00		1.74		4.17			5.91			(1.93	)		—			(1.93	)		61.98		10.40			835		.94			.94			2.90
10/31/2018		62.80		1.73		(3.82	)		(2.09	)		(1.92	)		(.79	)		(2.71	)		58.00		(3.52	)		858		.94			.94			2.82
Class R-4:
10/31/2022		69.07		1.96		(8.32	)		(6.36	)		(2.25	)		—			(2.25	)		60.46		(9.43	)		431		.61			.61			2.98
10/31/2021		56.50		2.05		12.34			14.39			(1.82	)		—			(1.82	)		69.07		25.65			547		.62			.62			3.10
10/31/2020		61.97		1.95		(4.74	)		(2.79	)		(2.08	)		(.60	)		(2.68	)		56.50		(4.58	)		475		.62			.62			3.29
10/31/2019		57.99		1.92		4.17			6.09			(2.11	)		—			(2.11	)		61.97		10.73			583		.64			.64			3.21
10/31/2018		62.79		1.91		(3.81	)		(1.90	)		(2.11	)		(.79	)		(2.90	)		57.99		(3.22	)		732		.64			.64			3.12
Class R-5E:
10/31/2022		68.98		2.08		(8.30	)		(6.22	)		(2.38	)		—			(2.38	)		60.38		(9.24	)		81		.41			.41			3.18
10/31/2021		56.43		2.18		12.32			14.50			(1.95	)		—			(1.95	)		68.98		25.90			78		.42			.42			3.29
10/31/2020		61.91		2.07		(4.75	)		(2.68	)		(2.20	)		(.60	)		(2.80	)		56.43		(4.40	)		55		.42			.42			3.51
10/31/2019		57.94		1.98		4.23			6.21			(2.24	)		—			(2.24	)		61.91		10.97			43		.43			.43			3.31
10/31/2018		62.75		2.03		(3.81	)		(1.78	)		(2.24	)		(.79	)		(3.03	)		57.94		(3.04	)		20		.44			.44			3.32
Class R-5:
10/31/2022		69.11		2.16		(8.32	)		(6.16	)		(2.45	)		—			(2.45	)		60.50		(9.16	)		252		.30			.30			3.28
10/31/2021		56.53		2.25		12.34			14.59			(2.01	)		—			(2.01	)		69.11		26.02			309		.31			.31			3.40
10/31/2020		62.01		2.13		(4.75	)		(2.62	)		(2.26	)		(.60	)		(2.86	)		56.53		(4.28	)		274		.32			.32			3.59
10/31/2019		58.04		2.08		4.19			6.27			(2.30	)		—			(2.30	)		62.01		11.07			326		.33			.33			3.47
10/31/2018		62.84		2.10		(3.82	)		(1.72	)		(2.29	)		(.79	)		(3.08	)		58.04		(2.93	)		214		.34			.34			3.42
Class R-6:
10/31/2022		69.08		2.19		(8.32	)		(6.13	)		(2.48	)		—			(2.48	)		60.47		(9.11	)		12,940		.26			.26			3.33
10/31/2021		56.51		2.28		12.34			14.62			(2.05	)		—			(2.05	)		69.08		26.07			14,277		.27			.27			3.45
10/31/2020		61.99		2.16		(4.75	)		(2.59	)		(2.29	)		(.60	)		(2.89	)		56.51		(4.24	)		12,651		.27			.27			3.65
10/31/2019		58.01		2.12		4.19			6.31			(2.33	)		—			(2.33	)		61.99		11.12			12,050		.28			.28			3.54
10/31/2018		62.82		2.13		(3.82	)		(1.69	)		(2.33	)		(.79	)		(3.12	)		58.01		(2.88	)		9,528		.29			.29			3.48

Refer to the end of the table for footnotes.

Capital Income Builder 55

Financial highlights (continued)

	Year ended October 31,
Portfolio turnover rate for all share classes9,10	2022			2021			2020			2019			2018
Excluding mortgage dollar roll transactions		27	%		41	%		55	%		32	%		37	%
Including mortgage dollar roll transactions		87	%		72	%		118	%		45	%		73	%

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 reimbursements from CRMC. During one of the years shown, CRMC reimbursed a portion of transfer agent services fees for Class 529-F-3.
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	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.
6	Amount less than $1 million.
7	Based on operations for a period that is less than a full year.
8	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
9	Refer to Note 5 for more information on mortgage dollar rolls.
10	Rates do not include the fund’s portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.

56 Capital Income Builder

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Capital Income Builder

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Capital Income Builder (the “Fund”) as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, 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 ended October 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements 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 are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California
December 8, 2022

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

Capital Income Builder 57

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 (May 1, 2022, through October 31, 2022).

Actual expenses:

The first line of each share class in the table on the following page 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 table on the following page 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-1, F-2, F-3, 529-F-1, 529-F-2 and 529-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 table on the following page 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.

58 Capital Income Builder

Expense example (continued)

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	933.23	$	2.87		.59	%
Class A – assumed 5% return		1,000.00		1,022.23		3.01		.59
Class C – actual return		1,000.00		929.82		6.47		1.33
Class C – assumed 5% return		1,000.00		1,018.50		6.77		1.33
Class T – actual return		1,000.00		934.47		1.61		.33
Class T – assumed 5% return		1,000.00		1,023.54		1.68		.33
Class F-1 – actual return		1,000.00		933.02		3.12		.64
Class F-1 – assumed 5% return		1,000.00		1,021.98		3.26		.64
Class F-2 – actual return		1,000.00		934.33		1.80		.37
Class F-2 – assumed 5% return		1,000.00		1,023.34		1.89		.37
Class F-3 – actual return		1,000.00		934.83		1.27		.26
Class F-3 – assumed 5% return		1,000.00		1,023.89		1.33		.26
Class 529-A – actual return		1,000.00		933.11		3.02		.62
Class 529-A – assumed 5% return		1,000.00		1,022.08		3.16		.62
Class 529-C – actual return		1,000.00		929.39		6.76		1.39
Class 529-C – assumed 5% return		1,000.00		1,018.20		7.07		1.39
Class 529-E – actual return		1,000.00		932.06		4.14		.85
Class 529-E – assumed 5% return		1,000.00		1,020.92		4.33		.85
Class 529-T – actual return		1,000.00		934.17		1.80		.37
Class 529-T – assumed 5% return		1,000.00		1,023.34		1.89		.37
Class 529-F-1 – actual return		1,000.00		933.86		2.24		.46
Class 529-F-1 – assumed 5% return		1,000.00		1,022.89		2.35		.46
Class 529-F-2 – actual return		1,000.00		934.39		1.76		.36
Class 529-F-2 – assumed 5% return		1,000.00		1,023.39		1.84		.36
Class 529-F-3 – actual return		1,000.00		934.56		1.56		.32
Class 529-F-3 – assumed 5% return		1,000.00		1,023.59		1.63		.32
Class R-1 – actual return		1,000.00		929.65		6.57		1.35
Class R-1 – assumed 5% return		1,000.00		1,018.40		6.87		1.35
Class R-2 – actual return		1,000.00		929.64		6.57		1.35
Class R-2 – assumed 5% return		1,000.00		1,018.40		6.87		1.35
Class R-2E – actual return		1,000.00		931.05		5.16		1.06
Class R-2E – assumed 5% return		1,000.00		1,019.86		5.40		1.06
Class R-3 – actual return		1,000.00		931.73		4.43		.91
Class R-3 – assumed 5% return		1,000.00		1,020.62		4.63		.91
Class R-4 – actual return		1,000.00		933.20		2.97		.61
Class R-4 – assumed 5% return		1,000.00		1,022.13		3.11		.61
Class R-5E – actual return		1,000.00		934.14		2.00		.41
Class R-5E – assumed 5% return		1,000.00		1,023.14		2.09		.41
Class R-5 – actual return		1,000.00		934.51		1.51		.31
Class R-5 – assumed 5% return		1,000.00		1,023.64		1.58		.31
Class R-6 – actual return		1,000.00		934.87		1.27		.26
Class R-6 – assumed 5% return		1,000.00		1,023.89		1.33		.26

* 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).

Capital Income Builder 59

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 October 31, 2022:

Qualified dividend income	$	3,289,162,000
Section 199A dividends	$	121,172,000
Section 163(j) interest dividends	$	858,521,000
Corporate dividends received deduction	$	1,414,469,000
U.S. government income that may be exempt from state taxation	$	519,581,000

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2023, to determine the calendar year amounts to be included on their 2022 tax returns. Shareholders should consult their tax advisors.

60 Capital Income Builder

Approval of Investment Advisory and Service Agreement

The fund’s board has approved the continuation of the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through October 31, 2023. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which the fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the fund under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the fund, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included), and data such as relevant market and fund indexes over various periods (including the fund’s lifetime) through March 31, 2022. They generally placed greater emphasis on investment results over longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses generally compared favorably to those of other similar funds included in the comparable Lipper category. The board and the committee also considered the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the fund and the other clients. The board and the

Capital Income Builder 61

committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing the fund, and that the fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the fund and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the fund’s principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of the fund to facilitate payment to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the fund.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the fund’s advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that the fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.

62 Capital Income Builder

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66 Capital Income Builder

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
Mary Anne Dolan, 1947	2010	Founder and President, MAD Ink (communications company); former Editor-in-Chief, The Los Angeles Herald Examiner (retired 1989)	10	None
John G. Freund, MD, 1953	2016	Founder and former Managing Director, Skyline Ventures (a venture capital investor in health care companies); Co-Founder of Intuitive Surgical, Inc. (1995—2000); Co-Founder and former CEO of Arixa Pharmaceuticals, Inc. (2016—2020)	6	Collegium Pharmaceutical, Inc.; SI – Bone, Inc.; Sutro Biopharma, Inc.
Pedro J. Greer, Jr., 1956	2016	Physician; Professor and Founding Dean, College of Medicine, Roseman University of Health Sciences; former Chairman/Associate Dean, Florida International University	3	None
Merit E. Janow, 1958	2001	Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs	93	Aptiv (autonomous and green vehicle technology); Mastercard Incorporated
Leonade D. Jones, 1947	2010	Retired; former Treasurer, The Washington Post Company (retired 1996)	10	None
Earl Lewis, Jr., 1955	2017	Professor and Director, University of Michigan; former President, The Andrew W. Mellon Foundation	3	2U, Inc. (educational technology company)
Christopher E. Stone, 1956 Chair of the Board (Independent and Non-Executive)	2009	Professor of Practice of Public Integrity, University of Oxford, Blavatnik School of Government; former President, Open Society Foundations	9	None
Kathy J. Williams, 1955	2021	Board Chair, Above & Beyond Teaching	7	None
Amy Zegart, Ph.D., 1967	2021	Senior Fellow, Hoover Institution, Stanford University; Senior Fellow, Freeman Spogli Institute, Stanford University	6	Kratos Defense & Security Solutions

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
Winnie Kwan, 1972 Co-President and Trustee	2017	Partner — Capital Research Global Investors, Capital International, Inc.7	3	None
Sung Lee, 1966 Trustee	2019	Partner — Capital Research Global Investors, Capital International, Inc.7; Director, The Capital Group Companies, Inc.7	3	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 American Funds 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.

Refer to page 68 for footnotes.

Capital Income Builder 67

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
David A. Hoag, 1965 Co-President	2006	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Partner — Capital Fixed Income Investors, Capital Bank and Trust Company7
Steven T. Watson, 1955 Co-President	1998–2006 2017	Partner — Capital International Investors, Capital International, Inc.7; Director, Capital International, Inc.7
Donald Rolfe, 1972 Principal Executive Officer	2008	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Secretary, Capital Research and Management Company
Michael W. Stockton, 1967 Executive Vice President	2013	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Aline Avzaradel, 1978 Senior Vice President	2020	Partner — Capital International Investors, Capital Research and Management Company; Director, Capital Research and Management Company
Alfonso Barroso, 1971 Senior Vice President	2019	Partner — Capital Research Global Investors, Capital Research Company7; Director, Capital Research and Management Company
Grant L. Cambridge, 1962 Senior Vice President	2014	Partner — Capital International Investors, Capital Research and Management Company
Charles E. Ellwein, 1968 Senior Vice President	2022	Partner — Capital Research Global Investors, Capital Research and Management Company; Director, Capital Research and Management Company
James B. Lovelace, 1956 Senior Vice President	1992	Partner — Capital Research Global Investors, Capital Research and Management Company; Partner — Capital Research Global Investors, Capital Bank and Trust Company7
Fergus N. MacDonald, 1969 Senior Vice President	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.7
Caroline Randall, 1974 Senior Vice President	2015	Partner — Capital Research Global Investors, Capital Research Company7; Director, The Capital Group Companies, Inc.7
Bradley J. Vogt, 1965 Senior Vice President	2010	Partner — Capital Research Global Investors, Capital Research and Management Company; Partner — Capital Research Global Investors, Capital Bank and Trust Company7
Philip Winston, 1955 Senior Vice President	2019	Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital International Limited7; Senior Vice President, Capital International Limited7
M. Taylor Hinshaw, 1973 Vice President	2010	Partner — Capital Research Global Investors, Capital Research and Management Company
Jennifer L. Butler, 1966 Secretary	2013	Assistant Vice President — Fund Business Management Group, Capital Research and Management Company
Gregory F. Niland, 1971 Treasurer	2016	Vice President — Investment Operations, Capital Research and Management Company
Michael R. Tom, 1988 Assistant Secretary	2021	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company
W. Michael Pattie, 1981 Assistant Treasurer	2020	Assistant 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, with the exception of M. Taylor Hinshaw, 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.

68 Capital Income Builder

Office of the fund

333 South Hope Street
Los Angeles, CA 90071-1406

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

JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070

Counsel

O’Melveny & Myers LLP
400 South Hope Street
Los Angeles, CA 90071-2899

Independent registered public accounting firm

PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874

Principal underwriter

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

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 American Funds 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 and on the American Funds website.

Capital Income Builder 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 Capital Income Builder, 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 December 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.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by Capital Group. Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

This report, and any product, index or fund referred to herein, is not sponsored, endorsed or promoted in any way by J.P. Morgan or any of its affiliates who provide no warranties whatsoever, express or implied, and shall have no liability to any prospective investor, in connection with this report. J.P. Morgan disclaimer: www.jpmm.com/research/disclosures

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^TM — 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 90% of 10-year periods and 99% 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, 2021.
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, 2021. 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, 2021. 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. S&P 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 63% of the time, based on the 20-year period ended December 31, 2021, 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, 333 South Hope Street, 55th Floor, Los Angeles, California 90071.

ITEM 3 – Audit Committee Financial Expert

The Registrant’s board has determined that John G. Freund, 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

	CIB
Registrant:

a)  Audit Fees:
Audit	2021	164,000
	2022	157,000
b)  Audit-Related Fees:
	2021	None
	2022	None
c)  Tax Fees:
	2021	9,000
	2022	9,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.
d)  All Other Fees:
	2021	None
	2022	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:
	2021	None
	2022	None
	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:
	2021	None
	2022	None

	The tax fees consist of consulting services relating to the Registrant’s investments.
d)  All Other Fees:
	2021	2,000
	2022	None
	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 $11,000 for fiscal year 2021 and $9,000 for fiscal year 2022. 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.

CAPITAL INCOME BUILDER

By __/s/ Donald H. Rolfe________________

Donald H. Rolfe,

Principal Executive Officer

Date: December 30, 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/ Donald H. Rolfe_____________

Donald H. Rolfe,

Principal Executive Officer

Date: December 30, 2022

By ___/s/ Gregory F. Niland__________________

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: December 30, 2022