NPORT-EX 3 edgar.htm

    
American Funds® Multi-Sector Income Fund
Investment portfolio
September 30, 2022
unaudited
Bonds, notes & other debt instruments 88.70%
Corporate bonds, notes & loans 66.73%
Financials 11.39% 		  Principal amount
(000) 		Value
(000)
Advisor Group Holdings, LLC 6.25% 20281 USD7,440 $6,447
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 2.45% 2026 1,322 1,117
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.00% 2028 980 787
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.30% 2032 11,651 8,776
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.40% 2033 300 218
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.85% 2041 41,449 27,606
AG Merger Sub II, Inc. 10.75% 20271 4,643 4,556
AG TTMT Escrow Issuer, LLC 8.625% 20271 14,938 14,116
Alliant Holdings Intermediate, LLC 6.75% 20271 18,918 16,344
Alliant Holdings Intermediate, LLC / Alliant Holdings 4.25% 20271 9,840 8,425
Alliant Holdings Intermediate, LLC / Alliant Holdings 5.875% 20291 10,490 8,541
American Express Co. 4.42% 2033 (USD-SOFR + 1.76% on 8/3/2032)2 19,861 18,081
American International Group, Inc. 4.375% 2050 11,250 9,038
AmWINS Group, Inc. 4.875% 20291 19,105 15,901
Aon Corp. 2.20% 2022 48 48
Aretec Escrow Issuer, Inc. 7.50% 20291 18,309 15,359
Arthur J. Gallagher & Co. 3.50% 2051 3,262 2,225
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 8.813% 20293,4 3,415 3,073
AssuredPartners, Inc. 7.00% 20251 335 310
AssuredPartners, Inc. 8.00% 20271 9,122 8,410
AssuredPartners, Inc. 5.625% 20291 5,773 4,494
Banco Santander, SA 5.147% 2025 1,400 1,359
Banco Santander, SA 5.294% 2027 4,400 4,150
Bangkok Bank PCL 4.45% 2028 200 191
Bangkok Bank PCL 3.733% 2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)2 13,400 11,026
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)2 7,330 6,296
Bank of America Corp. 2.551% 2028 (USD-SOFR + 1.05% on 2/4/2027)2 700 610
Bank of America Corp. 4.948% 2028 (USD-SOFR + 2.04% on 7/22/2027)2 46,160 44,400
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)2 1,042 772
Bank of America Corp. 2.651% 2032 (USD-SOFR + 1.22% on 3/11/2031)2 190 148
Bank of America Corp. 2.972% 2033 (USD-SOFR + 1.33% on 2/4/2032)2 210 164
Bank of America Corp. 4.571% 2033 (USD-SOFR + 1.83% on 4/27/2032)2 1,790 1,606
Bank of America Corp. 5.015% 2033 (USD-SOFR + 2.16% on 7/22/2032)2 16,842 15,646
Bank of Nova Scotia 2.45% 2032 5,911 4,505
BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)1,2 200 157
BNP Paribas 2.871% 2032 (USD-SOFR + 1.387% on 4/19/2031)1,2 6,197 4,694
BNP Paribas 3.132% 2033 (USD-SOFR + 1.561% on 1/20/2032)1,2 3,377 2,567
Canadian Imperial Bank of Commerce (CIBC) 3.60% 2032 2,257 1,912
Charles Schwab Corp. 2.45% 2027 16,130 14,498
China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 2031 2,888 2,116
Chubb INA Holdings, Inc. 2.85% 2051 2,463 1,615
Chubb INA Holdings, Inc. 3.05% 2061 155 98
Citigroup, Inc. 2.561% 2032 (USD-SOFR + 1.167% on 5/1/2031)2 2,208 1,698
Citigroup, Inc. 3.057% 2033 (USD-SOFR + 1.351% on 1/25/2032)2 5,750 4,535
Citigroup, Inc. 3.785% 2033 (USD-SOFR + 1.939% on 3/17/2032)2 2,495 2,095
American Funds Multi-Sector Income Fund — Page 1 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued) 		  Principal amount
(000) 		Value
(000)
Citigroup, Inc. 4.91% 2033 (USD-SOFR + 2.086% on 5/24/2032)2 USD31,880 $29,375
CMB International Leasing Management, Ltd. 2.75% 2030 8,305 6,443
Coinbase Global, Inc. 3.375% 20281 6,702 4,205
Coinbase Global, Inc. 3.625% 20311 6,775 3,770
Compass Diversified Holdings 5.25% 20291 29,720 23,363
Compass Diversified Holdings 5.00% 20321 10,080 7,418
Corebridge Financial, Inc. 3.85% 20291 5,959 5,259
Corebridge Financial, Inc. 3.90% 20321 12,896 10,907
Corebridge Financial, Inc. 4.35% 20421 1,724 1,331
Corebridge Financial, Inc. 4.40% 20521 15,771 12,034
Crédit Agricole SA 1.247% 2027 (USD-SOFR + 0.892% on 1/26/2026)1,2 1,466 1,249
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)1,2 1,400 1,103
Credit Suisse Group AG 3.091% 2032 (USD-SOFR + 1.73% on 5/14/2031)1,2 24,025 16,894
Danske Bank AS 4.298% 2028
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)1,2 		12,485 11,128
Deutsche Bank AG 2.311% 2027 (USD-SOFR + 1.219% on 11/16/2026)2 1,764 1,433
Deutsche Bank AG 2.552% 2028 (USD-SOFR + 1.318% on 1/7/2027)2 30,629 24,904
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)2 1,050 802
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 20263,4,5 3,054 2,746
Digital Currency Group, Inc., Term Loan, 8.75% 20263,5 4,071 3,386
DNB Bank ASA 1.535% 2027
(5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)1,2 		2,550 2,196
FS Energy and Power Fund 7.50% 20231 6,804 6,806
GE Capital Funding, LLC 4.55% 2032 13,100 12,157
Goldman Sachs Group, Inc. 1.948% 2027 (USD-SOFR + 0.913% on 10/21/2026)2 1,995 1,709
Goldman Sachs Group, Inc. 3.615% 2028 (USD-SOFR + 1.846% on 3/15/2027)2 12,000 10,933
Goldman Sachs Group, Inc. 2.383% 2032 (USD-SOFR + 1.248% on 7/21/2031)2 1,827 1,380
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)2 1,562 1,213
Goldman Sachs Group, Inc. 3.102% 2033 (USD-SOFR + 1.41% on 2/24/2032)2 41,560 33,060
Goldman Sachs Group, Inc. 3.436% 2043 (USD-SOFR + 1.632% on 2/24/2042)2 3,010 2,091
Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)1,2 250 217
Groupe BPCE SA 2.277% 2032 (USD-SOFR + 1.312% on 1/20/2031)1,2 9,830 7,100
HDFC Bank, Ltd. 3.70% junior subordinated perpetual bonds
(5-Year UST Yield Curve Rate T Note Constant Maturity + 2.925% on 2/25/2027)1,2 		2,000 1,628
Hightower Holding, LLC 6.75% 20291 6,955 5,687
HSBC Holdings PLC 4.755% 2028 (USD-SOFR + 2.11% on 6/9/2027)2 1,065 980
HSBC Holdings PLC 2.206% 2029 (USD-SOFR + 1.285% on 8/17/2028)2 2,602 2,016
HSBC Holdings PLC 2.804% 2032 (USD-SOFR + 1.187% on 5/24/2031)2 23,383 17,218
HSBC Holdings PLC 5.402% 2033 (USD-SOFR + 2.87% on 8/11/2032)2 8,131 7,241
Huarong Finance 2017 Co., Ltd. (3-month USD-LIBOR + 1.15%) 4.013% 20224 271 271
Huarong Finance 2017 Co., Ltd. (3-month USD-LIBOR + 1.325%) 3.618% 20234 1,360 1,316
Huarong Finance 2017 Co., Ltd. 4.25% 2027 3,500 2,656
Huarong Finance 2017 Co., Ltd. 4.75% 2027 1,000 790
Huarong Finance 2019 Co., Ltd. 2.50% 2023 200 196
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 4.105% 20234 2,151 2,116
Huarong Finance 2019 Co., Ltd. 3.75% 2024 200 184
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 4.23% 20254 1,862 1,604
Huarong Finance II Co., Ltd. 5.00% 2025 200 171
Huarong Finance II Co., Ltd. 5.50% 2025 438 395
Huarong Finance II Co., Ltd. 4.625% 2026 216 182
Huarong Finance II Co., Ltd. 4.875% 2026 698 570
HUB International, Ltd. 7.00% 20261 10,885 10,341
HUB International, Ltd. 5.625% 20291 8,733 7,309
Icahn Enterprises Finance Corp. 5.25% 2027 2,500 2,194
American Funds Multi-Sector Income Fund — Page 2 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued) 		  Principal amount
(000) 		Value
(000)
Icahn Enterprises Finance Corp. 4.375% 2029 USD1,660 $1,340
ICBCIL Finance Co., Ltd. 3.625% 2027 5,800 5,442
ING Groep NV 4.252% 2033 (USD-SOFR + 2.07% on 3/28/2032)2 3,976 3,378
Intercontinental Exchange, Inc. 4.60% 2033 304 284
Intercontinental Exchange, Inc. 2.65% 2040 575 388
Intercontinental Exchange, Inc. 4.95% 2052 24,104 21,476
Intercontinental Exchange, Inc. 3.00% 2060 55 33
Iron Mountain Information Management Services, Inc. 5.00% 20321 14,405 11,171
JPMorgan Chase & Co. 1.561% 2025 (USD-SOFR + 0.605% on 12/10/2024)2 76 70
JPMorgan Chase & Co. 1.578% 2027 (USD-SOFR + 0.885% on 4/22/2026)2 1,126 973
JPMorgan Chase & Co. 2.947% 2028 (USD-SOFR + 1.17% on 2/24/2027)2 5,325 4,715
JPMorgan Chase & Co. 4.851% 2028 (USD-SOFR + 1.99% on 7/25/2027)2 23,410 22,502
JPMorgan Chase & Co. 1.953% 2032 (USD-SOFR + 1.065% on 2/4/2031)2 1,300 963
JPMorgan Chase & Co. 2.58% 2032 (USD-SOFR + 1.25% on 4/22/2031)2 628 487
JPMorgan Chase & Co. 2.963% 2033 (USD-SOFR + 1.26% on 1/25/2032)2 2,326 1,831
JPMorgan Chase & Co. 4.586% 2033 (USD-SOFR + 1.80% on 4/26/2032)2 931 839
JPMorgan Chase & Co. 4.912% 2033 (USD-SOFR + 2.08% on 7/25/2032)2 29,232 26,995
Kasikornbank PCL HK 3.343% 2031
(5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)2 		19,600 17,087
Keb Hana Bank 3.25% 20271 4,110 3,826
Keb Hana Bank 3.25% 2027 3,890 3,621
Ladder Capital Corp. 4.25% 20271 2,820 2,275
LPL Holdings, Inc. 4.625% 20271 2,245 2,039
LPL Holdings, Inc. 4.00% 20291 6,145 5,284
LPL Holdings, Inc. 4.375% 20311 5,945 4,943
Marsh & McLennan Companies, Inc. 2.375% 2031 1,644 1,294
MetLife, Inc. 4.55% 2030 40 38
MetLife, Inc. 5.00% 2052 1,045 955
Metropolitan Life Global Funding I 1.95% 20231 150 149
Mitsubishi UFJ Financial Group, Inc. 5.133% 2033
(1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032)2 		699 654
Morgan Stanley 4.679% 2026 (USD-SOFR + 1.669% on 7/17/2025)2 15,040 14,653
Morgan Stanley 1.512% 2027 (USD-SOFR + 0.858% on 7/20/2026)2 3,160 2,695
Morgan Stanley 2.475% 2028 (USD-SOFR + 1.00% on 1/21/2027)2 1,490 1,304
Morgan Stanley 4.21% 2028 (USD-SOFR + 1.61% on 4/20/2027)2 3,469 3,249
Morgan Stanley 2.511% 2032 (USD-SOFR + 1.20% on 10/20/2031)2 459 351
Morgan Stanley 2.943% 2033 (USD-SOFR + 1.29% on 1/21/2032)2 1,902 1,506
Morgan Stanley 4.889% 2033 (USD-SOFR + 2.077% on 7/20/2032)2 29,495 27,356
Morgan Stanley 5.297% 2037 (USD-SOFR + 2.62% on 4/20/2032)2 2,691 2,422
MSCI, Inc. 4.00% 20291 3,385 2,931
MSCI, Inc. 3.625% 20301 3,680 3,033
MSCI, Inc. 3.875% 20311 6,146 5,187
MSCI, Inc. 3.25% 20331 10,545 8,160
National Financial Partners Corp. 6.875% 20281 14,269 11,153
Navient Corp. 5.00% 2027 7,025 5,755
Navient Corp. 4.875% 2028 1,775 1,359
Navient Corp. 5.625% 2033 16,295 10,986
New York Life Global Funding 3.60% 20251 4,000 3,875
New York Life Global Funding 0.85% 20261 80 70
New York Life Global Funding 3.25% 20271 1,000 934
New York Life Global Funding 1.20% 20301 21 16
NFP Corp. 7.50% 20301 7,000 6,651
Oxford Finance, LLC / Oxford Finance Co-Issuer II, Inc. 6.375% 20271 11,180 10,483
Power Financial Corp., Ltd. 6.15% 2028 1,200 1,184
American Funds Multi-Sector Income Fund — Page 3 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued) 		  Principal amount
(000) 		Value
(000)
Power Financial Corp., Ltd. 4.50% 2029 USD7,100 $6,373
Power Financial Corp., Ltd. 3.35% 2031 8,000 6,302
Rede D’Or Finance SARL 4.50% 20301 2,651 2,152
Ryan Specialty Group, LLC 4.375% 20301 14,500 12,316
Shriram Transport Finance Co. Ltd., 4.40% 2024 5,500 5,128
Shriram Transport Finance Co., Ltd. 4.40% 20241 834 778
Shriram Transport Finance Co., Ltd. 4.15% 2025 2,700 2,400
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)2 		3,843 2,819
Toronto-Dominion Bank 2.45% 2032 185 143
Toronto-Dominion Bank 3.20% 2032 290 238
Toronto-Dominion Bank 4.456% 2032 1,836 1,679
Travelers Companies, Inc. 4.10% 2049 20 16
Travelers Companies, Inc. 2.55% 2050 7,003 4,338
Wells Fargo & Company 4.808% 2028 (USD-SOFR + 1.98% on 7/25/2027)2 5,500 5,251
Wells Fargo & Company 3.35% 2033 (USD-SOFR + 1.50% on 3/2/2032)2 3,255 2,644
Wells Fargo & Company 4.897% 2033 (USD-SOFR + 4.897% on 7/25/2032)2 40,950 37,808
Wells Fargo & Company 4.611% 2053 (USD-SOFR + 2.13% on 4/25/2052)2 3,649 2,970
Xiaomi Best Time International, Ltd., 2.875% 2031 3,500 2,452
Xiaomi Best Time International, Ltd. 2.875% 20311 1,805 1,264
Xiaomi Best Time International, Ltd. 4.10% 20511 1,120 649
      980,492
Energy 9.25%      
AI Candelaria (Spain), SLU 5.75% 20331 2,135 1,456
Antero Resources Corp. 5.375% 20301 3,170 2,857
Apache Corp. 4.625% 2025 985 950
Apache Corp. 4.25% 2030 4,000 3,506
Apache Corp. 6.00% 2037 55 49
Apache Corp. 4.75% 2043 1,760 1,316
Apache Corp. 5.35% 2049 50 39
Ascent Resources - Utica, LLC 7.00% 20261 5,155 4,975
Ascent Resources - Utica, LLC 8.25% 20281 5,077 4,888
Ascent Resources - Utica, LLC 5.875% 20291 3,240 2,889
Baker Hughes Co. 2.061% 2026 2,698 2,375
Blue Racer Midstream, LLC and Blue Racer Finance Corp. 7.625% 20251 7,043 6,772
Bonanza Creek Energy, Inc. 5.00% 20261 12,815 11,655
BP Capital Markets America, Inc. 1.749% 2030 19,500 15,185
California Resources Corp. 7.125% 20261 12,000 11,298
Callon Petroleum Co. 8.00% 20281 4,300 3,975
Callon Petroleum Co. 7.50% 20301 7,165 6,287
Canadian Natural Resources, Ltd. 3.85% 2027 10,070 9,316
Canadian Natural Resources, Ltd. 2.95% 2030 658 542
Canadian Natural Resources, Ltd. 4.95% 2047 65 55
Cenovus Energy, Inc. 5.375% 2025 172 173
Centennial Resource Production, LLC 6.875% 20271 30 29
Cheniere Energy Partners, LP 4.50% 2029 12,157 10,731
Cheniere Energy Partners, LP 4.00% 2031 3,655 3,072
Cheniere Energy Partners, LP 3.25% 2032 6,155 4,739
Cheniere Energy, Inc. 4.625% 2028 13,290 12,223
Chesapeake Energy Corp. 5.50% 20261 3,110 2,982
Chesapeake Energy Corp. 5.875% 20291 15,680 14,563
Chesapeake Energy Corp. 6.75% 20291 1,280 1,230
Chevron Corp. 1.995% 2027 21,734 19,288
American Funds Multi-Sector Income Fund — Page 4 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Energy (continued) 		  Principal amount
(000) 		Value
(000)
Chevron Corp. 2.236% 2030 USD5,035 $4,211
Chevron Corp. 3.078% 2050 5,214 3,706
CNX Resources Corp. 7.25% 20271 5,045 4,918
CNX Resources Corp. 6.00% 20291 8,250 7,547
CNX Resources Corp. 7.375% 20311 5,085 4,985
Comstock Resources, Inc. 6.75% 20291 5,215 4,822
Comstock Resources, Inc. 5.875% 20301 7,635 6,668
Continental Resources, Inc. 5.75% 20311 1,600 1,450
Continental Resources, Inc. 2.875% 20321 3,734 2,739
CQP Holdco, LP / BIP-V Chinook Holdco, LLC 5.50% 20311 13,735 11,645
CrownRock, LP / CrownRock Finance, Inc. 5.00% 20291 6,750 5,973
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20271,4,6 102 94
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20276 92 85
Diamondback Energy, Inc. 4.40% 2051 173 131
Diamondback Energy, Inc. 4.25% 2052 3,354 2,457
DT Midstream, Inc. 4.125% 20291 1,755 1,487
DT Midstream, Inc. 4.375% 20311 4,075 3,367
Ecopetrol SA 6.875% 2030 5,990 5,045
Enbridge, Inc. 3.40% 2051 718 483
Energean Israel Finance, Ltd. 4.50% 20241 805 759
Energean Israel Finance, Ltd. 5.875% 20311 930 765
Energy Transfer Operating, LP 3.75% 2030 2,750 2,332
Energy Transfer Operating, LP 5.00% 2050 15,101 11,837
Energy Transfer Partners, LP 6.125% 2045 20 18
Energy Transfer Partners, LP 5.30% 2047 103 82
Energy Transfer Partners, LP 6.00% 2048 260 225
Energy Transfer Partners, LP 6.25% 2049 200 178
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)2 		1,107 967
Enterprise Products Operating, LLC 3.20% 2052 118 76
EQM Midstream Partners, LP 4.00% 2024 936 872
EQM Midstream Partners, LP 6.00% 20251 3,525 3,264
EQM Midstream Partners, LP 6.50% 20271 7,550 6,988
EQM Midstream Partners, LP 7.50% 20271 232 222
EQM Midstream Partners, LP 4.50% 20291 8,195 6,616
EQM Midstream Partners, LP 7.50% 20301 5,167 4,891
EQM Midstream Partners, LP 4.75% 20311 11,461 9,124
EQT Corp. 6.375% 20252 80 80
EQT Corp. 5.70% 2028 822 807
EQT Corp. 5.00% 2029 1,195 1,117
EQT Corp. 3.625% 20311 3,525 2,944
Exxon Mobil Corp. 2.44% 2029 16,670 14,343
Exxon Mobil Corp. 3.452% 2051 24,555 18,340
Genesis Energy, LP 8.00% 2027 15,212 13,367
Guara Norte SARL 5.198% 2034 5,879 4,691
Guara Norte SARL 5.198% 20341 2,573 2,053
Harvest Midstream I, LP 7.50% 20281 10,520 9,858
Hess Midstream Operations, LP 5.50% 20301 5,480 4,711
Hilcorp Energy I, LP 5.75% 20291 5,380 4,715
Hilcorp Energy I, LP 6.00% 20301 7,441 6,502
Hilcorp Energy I, LP 6.00% 20311 5,340 4,647
Hilcorp Energy I, LP 6.25% 20321 6,940 6,158
Kinder Morgan, Inc. 5.20% 2048 15 13
Kinder Morgan, Inc. 3.25% 2050 669 422
American Funds Multi-Sector Income Fund — Page 5 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Energy (continued) 		  Principal amount
(000) 		Value
(000)
Kinder Morgan, Inc. 5.45% 2052 USD6,191 $5,378
Leviathan Bond, Ltd. 5.75% 20231 5,100 5,044
Leviathan Bond, Ltd. 6.75% 20301 5,870 5,268
Magellan Midstream Partners, LP 3.95% 2050 1,000 713
MPLX, LP 1.75% 2026 1,131 991
MPLX, LP 2.65% 2030 651 511
MPLX, LP 4.95% 2032 19,163 17,433
MPLX, LP 4.70% 2048 5,900 4,511
MPLX, LP 5.50% 2049 561 478
MPLX, LP 4.95% 2052 10,000 7,850
Murphy Oil Corp. 5.875% 2027 4,000 3,747
MV24 Capital BV 6.748% 2034 12,489 10,579
Nabors Industries, Inc. 7.375% 20271 1,520 1,406
New Fortress Energy, Inc. 6.75% 20251 7,680 7,288
New Fortress Energy, Inc. 6.50% 20261 18,500 17,120
NGL Energy Operating, LLC 7.50% 20261 29,450 26,242
NGL Energy Partners, LP 7.50% 2023 7,424 7,204
Northern Oil and Gas, Inc. 8.125% 20281 15,385 14,455
NorthRiver Midstream Finance, LP 5.625% 20261 1,250 1,167
NuStar Logistics, LP 5.75% 2025 700 650
NuStar Logistics, LP 6.00% 2026 1,625 1,491
NuStar Logistics, LP 5.625% 2027 3,600 3,144
Oasis Midstream Partners, LP / OMP Finance Corp. 8.00% 20291 9,580 9,241
Occidental Petroleum Corp. 2.90% 2024 210 202
Occidental Petroleum Corp. 5.875% 2025 3,920 3,937
Occidental Petroleum Corp. 8.00% 2025 660 701
Occidental Petroleum Corp. 6.625% 2030 9,153 9,312
Occidental Petroleum Corp. 8.875% 2030 5,630 6,281
Occidental Petroleum Corp. 6.125% 2031 5,540 5,470
Occidental Petroleum Corp. 6.45% 2036 3,000 3,007
Occidental Petroleum Corp. 4.40% 2049 1,972 1,618
Odebrecht Drilling Norbe 7.72% PIK 20266 48,445 9,507
Oleoducto Central SA 4.00% 20271 5,210 4,029
Oleoducto Central SA 4.00% 2027 1,250 967
ONEOK, Inc. 5.85% 2026 131 132
ONEOK, Inc. 6.35% 2031 715 702
ONEOK, Inc. 4.95% 2047 700 541
ONEOK, Inc. 5.20% 2048 596 476
ONEOK, Inc. 4.45% 2049 1,600 1,149
ONEOK, Inc. 4.50% 2050 2,000 1,451
ONEOK, Inc. 7.15% 2051 36 34
Petrobras Global Finance Co. 8.75% 2026 2,500 2,729
Petrobras Global Finance Co. 7.375% 2027 1,600 1,650
Petróleos Mexicanos 6.875% 2025 6,250 5,887
Petróleos Mexicanos 4.50% 2026 3,220 2,779
Petróleos Mexicanos 6.875% 2026 120 108
Petróleos Mexicanos 6.49% 2027 13,240 11,116
Petróleos Mexicanos 6.50% 2029 1,796 1,387
Petróleos Mexicanos 8.75% 20291 5,791 4,964
Petróleos Mexicanos 6.84% 2030 200 149
Petróleos Mexicanos 5.95% 2031 2,280 1,544
Petróleos Mexicanos 6.70% 2032 26,447 18,596
Petróleos Mexicanos 6.95% 2060 5,000 2,775
Petrorio Luxembourg SARL 6.125% 20261 6,090 5,502
American Funds Multi-Sector Income Fund — Page 6 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Energy (continued) 		  Principal amount
(000) 		Value
(000)
Plains All American Pipeline, LP 3.80% 2030 USD116 $97
Qatar Petroleum 3.125% 20411 15,750 11,523
Qatar Petroleum 3.30% 20511 12,995 9,258
Range Resources Corp. 4.875% 2025 5,110 4,824
Range Resources Corp. 8.25% 2029 5,290 5,394
Range Resources Corp. 4.75% 20301 7,550 6,564
Rattler Midstream Partners, LP 5.625% 20251 350 355
Rockcliff Energy II, LLC 5.50% 20291 5,330 4,679
Sanchez Energy Corp. 7.25% 20231,7 27 —8
Shell International Finance BV 3.875% 2028 2,750 2,575
Shell International Finance BV 2.75% 2030 6,441 5,505
Shell International Finance BV 3.25% 2050 24 17
Shell International Finance BV 3.00% 2051 15,178 10,092
SM Energy Co. 6.625% 2027 85 82
SM Energy Co. 6.50% 2028 1,980 1,886
Southwestern Energy Co. 5.95% 20252 2,825 2,770
Southwestern Energy Co. 7.75% 2027 195 199
Southwestern Energy Co. 8.375% 2028 9,335 9,689
Southwestern Energy Co. 5.375% 2029 7,215 6,558
Southwestern Energy Co. 5.375% 2030 8,305 7,501
Southwestern Energy Co. 4.75% 2032 2,230 1,874
Suburban Propane Partners, LP / Suburban Energy Finance Corp. 5.00% 20311 4,980 4,094
Sunoco, LP 6.00% 2027 5,165 4,933
Sunoco, LP 4.50% 2029 11,160 9,278
Superior Plus, LP and Superior General Partner, Inc. 4.50% 20291 2,210 1,829
Tallgrass Energy Partners, LP 7.50% 20251 2,885 2,839
Targa Resources Partners, LP 6.50% 2027 515 510
Targa Resources Partners, LP 6.875% 2029 15 15
Total Capital International 3.127% 2050 12,551 8,705
Transocean Guardian, Ltd. 5.875% 20241 62 59
Transocean Poseidon, Ltd. 6.875% 20271 216 198
Venture Global Calcasieu Pass, LLC 4.125% 20311 13,480 11,210
Western Gas Partners, LP 4.50% 2028 7,115 6,449
Western Gas Partners, LP 5.45% 2044 112 92
Western Midstream Operating, LP 3.35% 20252 2,165 2,021
Western Midstream Operating, LP 4.75% 2028 3,005 2,741
Western Midstream Operating, LP 4.30% 20302 22 19
Western Midstream Operating, LP 5.50% 20502 200 162
Williams Companies, Inc. 4.65% 2032 15,000 13,626
      796,047
Communication services 7.71%      
Alphabet, Inc. 2.25% 2060 6,030 3,411
Altice France Holding SA 10.50% 20271 1,520 1,194
Altice France SA 5.125% 20291 2,603 1,951
América Móvil, SAB de CV, 4.70% 2032 10,000 9,384
AT&T, Inc. 1.65% 2028 3,900 3,210
AT&T, Inc. 4.30% 2030 14,000 12,807
AT&T, Inc. 2.75% 2031 45 36
AT&T, Inc. 2.25% 2032 500 379
AT&T, Inc. 2.55% 2033 386 286
AT&T, Inc. 3.50% 2053 33,234 22,199
Axiata SPV5 Labuan, Ltd. 3.064% 2050 8,400 5,573
Brightstar Escrow Corp. 9.75% 20251 4,350 4,034
American Funds Multi-Sector Income Fund — Page 7 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Communication services (continued) 		  Principal amount
(000) 		Value
(000)
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.00% 20281 USD2,190 $1,892
CCO Holdings, LLC and CCO Holdings Capital Corp. 6.375% 20291 13,275 12,212
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20301 9,135 7,247
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20301 11,200 9,114
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20311 4,600 3,536
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.30% 2032 6,600 4,723
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 2032 2,445 1,869
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20321 8,000 6,243
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20331 22,030 16,327
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20341 6,500 4,668
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 2049 13 10
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.80% 2050 280 203
CCO Holdings, LLC and CCO Holdings Capital Corp. 3.70% 2051 31,320 19,062
CCO Holdings, LLC and CCO Holdings Capital Corp. 3.90% 2052 710 441
Centerfield Media Parent, Inc. 6.625% 20261 833 660
Cogent Communications Group, Inc. 3.50% 20261 7,815 6,895
Comcast Corp. 2.65% 2030 200 168
Comcast Corp. 1.50% 2031 21,000 15,777
Comcast Corp. 3.75% 2040 15 12
Comcast Corp. 4.00% 2048 35 27
Consolidated Communications, Inc. 5.00% 20281 1,400 976
CSC Holdings, LLC 4.625% 20301 400 273
Diamond Sports Group, LLC 6.625% 20271 3,175 234
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 8.115% 20273,4 4,342 4,056
DIRECTV Holdings, LLC and DIRECTV Financing Co., Inc. 5.875% 20271 7,770 6,716
Embarq Corp. 7.995% 2036 475 239
Front Range BidCo, Inc. 6.125% 20281 7,420 5,216
Frontier Communications Corp. 5.875% 20271 4,535 4,075
Frontier Communications Corp. 5.00% 20281 6,465 5,559
Frontier Communications Corp. 6.75% 20291 1,012 837
Frontier Communications Holdings, LLC 5.875% 2029 9 7
Frontier Communications Holdings, LLC 8.75% 20301 5,105 5,117
Gray Escrow II, Inc. 5.375% 20311 4,810 3,783
Gray Television, Inc. 7.00% 20271 3,570 3,366
Inmarsat PLC 6.75% 20261 230 201
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 8.174% 20263,4 1,728 1,630
Lamar Media Corp. 4.875% 2029 4,530 4,047
Lamar Media Corp. 4.00% 2030 5,930 4,981
Lamar Media Corp. 3.625% 2031 7,090 5,586
Level 3 Financing, Inc. 4.25% 20281 1,710 1,338
Level 3 Financing, Inc. 3.75% 20291 2,670 1,962
Ligado Networks, LLC 15.50% PIK 20231,6 1,445 672
Magallanes, Inc. 4.279% 20321 15,000 12,360
Magallanes, Inc. 5.05% 20421 360 270
Magallanes, Inc. 5.141% 20521 36,401 26,526
Magallanes, Inc. 5.391% 20621 319 232
Meta Platforms, Inc. 3.85% 20321 60,000 52,803
Meta Platforms, Inc. 4.45% 20521 40,000 32,711
Midas OpCo Holdings, LLC 5.625% 20291 8,145 6,715
Netflix, Inc. 4.875% 2028 18,225 17,097
Netflix, Inc. 5.875% 2028 14,758 14,438
Netflix, Inc. 5.375% 20291 11,510 10,844
Netflix, Inc. 4.875% 20301 3,502 3,208
News Corp. 3.875% 20291 22,325 18,997
American Funds Multi-Sector Income Fund — Page 8 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Communication services (continued) 		  Principal amount
(000) 		Value
(000)
News Corp. 5.125% 20321 USD7,010 $6,165
Nexstar Broadcasting, Inc. 4.75% 20281 1,840 1,568
Nexstar Escrow Corp. 5.625% 20271 19,787 18,231
OUTFRONT Media Capital, LLC 4.25% 20291 3,000 2,361
OUTFRONT Media Capital, LLC 4.625% 20301 1,990 1,553
PLDT, Inc. 2.50% 2031 5,500 4,510
SBA Tower Trust 1.631% 20261 4,000 3,415
Scripps Escrow II, Inc. 3.875% 20291 1,500 1,198
Sirius XM Radio, Inc. 5.00% 20271 3,175 2,920
Sirius XM Radio, Inc. 4.00% 20281 9,230 7,870
Sirius XM Radio, Inc. 4.125% 20301 2,185 1,781
Sirius XM Radio, Inc. 3.875% 20311 16,500 12,832
Sprint Corp. 7.625% 2026 837 867
Sprint Corp. 6.875% 2028 11,460 11,796
Sprint Corp. 8.75% 2032 4,330 5,028
Summer (BC) BidCo B, LLC 5.50% 20261 5,420 4,460
Tencent Holdings, Ltd. 3.975% 2029 900 808
Tencent Holdings, Ltd. 3.24% 20501 1,400 854
T-Mobile US, Inc. 3.875% 2030 300 266
T-Mobile US, Inc. 2.55% 2031 32,348 25,658
T-Mobile US, Inc. 2.875% 2031 12,440 10,042
T-Mobile US, Inc. 2.70% 2032 4,597 3,595
T-Mobile US, Inc. 3.30% 2051 246 161
T-Mobile US, Inc. 3.40% 2052 1,160 768
Twitter, Inc. 5.00% 20301 3,350 3,217
Univision Communications, Inc. 4.50% 20291 28,995 23,710
Univision Communications, Inc. 7.375% 20301 14,460 13,832
UPC Broadband Finco BV 4.875% 20311 8,130 6,322
Verizon Communications, Inc. 1.75% 2031 14,534 10,924
Verizon Communications, Inc. 2.55% 2031 14,466 11,565
Verizon Communications, Inc. 2.355% 2032 11,816 9,073
Verizon Communications, Inc. 2.65% 2040 2,473 1,618
Verizon Communications, Inc. 3.40% 2041 3,200 2,344
Verizon Communications, Inc. 2.875% 2050 707 434
VZ Secured Financing BV 5.00% 20321 8,090 6,059
Warner Music Group 3.75% 20291 2,555 2,126
Warner Music Group 3.875% 20301 8,865 7,281
Warner Music Group 3.00% 20311 2,410 1,833
Ziggo Bond Co. BV 5.125% 20301 1,300 932
Ziggo Bond Finance BV 4.875% 20301 1,870 1,480
      664,079
Consumer discretionary 7.28%      
Affinity Gaming 6.875% 20271 1,600 1,307
Alibaba Group Holding, Ltd. 2.125% 2031 5,700 4,395
Allied Universal Holdco, LLC 6.625% 20261 3,540 3,162
Allied Universal Holdco, LLC 9.75% 20271 8,140 6,702
Allied Universal Holdco, LLC 4.625% 20281 12,760 9,852
Allied Universal Holdco, LLC 6.00% 20291 8,665 5,610
Amazon.com, Inc. 1.65% 2028 7,330 6,236
Arcos Dorados BV 6.125% 20291 2,000 1,816
Arcos Dorados BV 6.125% 2029 1,300 1,180
Arcos Dorados Holdings, Inc. 5.875% 2027 6,900 6,595
Asbury Automotive Group, Inc. 4.625% 20291 11,335 9,090
American Funds Multi-Sector Income Fund — Page 9 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued) 		  Principal amount
(000) 		Value
(000)
Asbury Automotive Group, Inc. 5.00% 20321 USD2,325 $1,794
Atlas LuxCo 4 SARL 4.625% 20281 4,810 3,639
AutoNation, Inc. 3.85% 2032 8,000 6,333
Bath & Body Works, Inc. 6.625% 20301 5,470 4,768
Bath & Body Works, Inc. 6.875% 2035 8,667 7,261
Bath & Body Works, Inc. 6.75% 2036 2,370 1,957
Bayerische Motoren Werke AG 3.45% 20271 2,075 1,933
Bayerische Motoren Werke AG 3.70% 20321 1,100 965
Boyd Gaming Corp. 4.75% 2027 11,120 9,863
Boyd Gaming Corp. 4.75% 20311 3,500 2,840
Boyne USA, Inc. 4.75% 20291 16,545 13,884
Caesars Entertainment, Inc. 6.25% 20251 5,655 5,459
Caesars Entertainment, Inc. 4.625% 20291 12,198 9,350
Caesars Resort Collection, LLC 5.75% 20251 4,400 4,251
Carnival Corp. 7.625% 20261 6,000 4,569
Carnival Corp. 5.75% 20271 4,500 3,163
Carnival Corp. 4.00% 20281 3,500 2,829
Carnival Corp. 6.00% 20291 8,000 5,266
Carvana Co. 5.875% 20281 4,350 2,215
CDI Escrow Issuer, Inc. 5.75% 20301 13,925 12,183
Cedar Fair, LP / Canadas Wonderland Co. / Magnum Management Corp. / Millennium Operations,
LLC 5.50% 20251 		11,900 11,463
Clarios Global, LP 6.75% 20251 180 177
Daimler Trucks Finance North America, LLC 2.375% 20281 2,374 1,939
Daimler Trucks Finance North America, LLC 2.50% 20311 4,750 3,604
Empire Resorts, Inc. 7.75% 20261 10,370 8,732
Fertitta Entertainment, Inc. 4.625% 20291 8,000 6,633
Fertitta Entertainment, Inc. 6.75% 20301 10,000 7,619
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00% 20291 15,395 12,505
Ford Motor Co. 6.10% 2032 13,620 12,031
Ford Motor Credit Company, LLC 3.664% 2024 2,500 2,353
Ford Motor Credit Company, LLC 5.125% 2025 5,305 5,014
Ford Motor Credit Company, LLC 2.70% 2026 4,200 3,489
Ford Motor Credit Company, LLC 4.542% 2026 455 406
Ford Motor Credit Company, LLC 3.815% 2027 5,000 4,207
Ford Motor Credit Company, LLC 4.125% 2027 3,680 3,175
Ford Motor Credit Company, LLC 4.95% 2027 8,075 7,227
Ford Motor Credit Company, LLC 5.113% 2029 1,370 1,192
Ford Motor Credit Company, LLC 4.00% 2030 1,720 1,345
Ford Motor Credit Company, LLC 3.625% 2031 2,680 1,995
Grand Canyon University 4.375% 2026 6,750 6,311
Hanesbrands, Inc. 4.625% 20241 7,120 6,799
Hanesbrands, Inc. 4.875% 20261 12,889 11,604
Hilton Worldwide Holdings, Inc. 5.75% 20281 2,070 1,940
Hilton Worldwide Holdings, Inc. 4.875% 2030 3,460 3,018
Hilton Worldwide Holdings, Inc. 4.00% 20311 11,905 9,643
Home Depot, Inc. 2.70% 2030 50 43
Home Depot, Inc. 3.35% 2050 130 93
Home Depot, Inc. 2.375% 2051 10,559 6,208
Hyundai Capital America 1.50% 20261 2,643 2,248
Hyundai Capital America 2.00% 20281 3,827 3,052
International Game Technology PLC 5.25% 20291 18,615 16,528
LCM Investments Holdings II, LLC 4.875% 20291 8,168 6,337
Levi Strauss & Co. 3.50% 20311 3,075 2,403
American Funds Multi-Sector Income Fund — Page 10 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued) 		  Principal amount
(000) 		Value
(000)
Lithia Motors, Inc. 3.875% 20291 USD2,745 $2,207
Lithia Motors, Inc. 4.375% 20311 250 205
Lowe’s Companies, Inc. 5.625% 2053 7,580 7,028
Macy’s Retail Holdings, LLC 5.875% 20301 745 591
Marriott International, Inc. 2.85% 2031 315 248
Marriott International, Inc. 3.50% 2032 7,970 6,424
Marriott International, Inc. 2.75% 2033 1,846 1,343
Marriott Ownership Resorts, Inc. 4.50% 20291 7,540 5,969
McDonald’s Corp. 4.60% 2032 6,560 6,272
McDonald’s Corp. 5.15% 2052 3,425 3,189
Meituan Dianping 3.05% 2030 6,200 4,105
Meituan Dianping 3.05% 20301 1,400 927
Melco International Development, Ltd. 5.375% 20291 8,035 4,897
MercadoLibre, Inc. 2.375% 2026 300 257
MercadoLibre, Inc. 3.125% 2031 8,276 6,014
Merlin Entertainment 5.75% 20261 200 187
MGM Resorts International 6.00% 2023 75 75
MGM Resorts International 5.75% 2025 4,050 3,875
MGM Resorts International 5.50% 2027 53 48
Mohegan Gaming & Entertainment 8.00% 20261 12,960 10,835
Motel 6 Operating, LP, Term Loan B, (1-month USD-LIBOR + 5.00%) 8.052% 20263,4 2,133 2,107
NCL Corp., Ltd. 5.875% 20261 1,250 953
NCL Corp., Ltd. 5.875% 20271 2,280 1,903
NCL Corp., Ltd. 7.75% 20291 2,925 2,211
NCL Finance, Ltd. 6.125% 20281 2,500 1,849
New SK Holdco SUB, LLC, Term Loan,
(30-day Average USD-SOFR + 8.25%) 1.50% PIK and 9.16% Cash 20273,4,6 		10 10
Newell Brands, Inc. 6.375% 2027 5,660 5,618
Newell Rubbermaid, Inc. 4.875% 2025 200 194
Newell Rubbermaid, Inc. 4.70% 2026 180 166
Panther BF Aggregator 2, LP 6.25% 20261 140 134
Panther BF Aggregator 2, LP 8.50% 20271 5,170 4,947
Party City Holdings, Inc. 6.125% 20231 50 34
Party City Holdings, Inc. 8.75% 20261 23,715 13,787
PECF USS Intermediate Holding III Corp. 8.00% 20291 3,130 2,295
Premier Entertainment Sub, LLC 5.625% 20291 6,000 4,162
Premier Entertainment Sub, LLC 5.875% 20311 6,000 4,058
Royal Caribbean Cruises, Ltd. 10.875% 20231 810 829
Royal Caribbean Cruises, Ltd. 4.25% 20261 7,600 5,601
Royal Caribbean Cruises, Ltd. 5.50% 20281 6,800 4,779
Royal Caribbean Cruises, Ltd. 8.25% 20291 7,000 6,825
Sally Holdings, LLC and Sally Capital, Inc. 5.625% 2025 1,600 1,518
Sands China, Ltd. 4.875% 2030 6,700 5,252
Sands China, Ltd. 3.75% 20312 15,000 10,785
Scientific Games Corp. 8.625% 20251 1,915 1,963
Scientific Games Corp. 7.00% 20281 5,555 5,249
Scientific Games Corp. 7.25% 20291 6,815 6,352
Scientific Games Holdings, LP 6.625% 20301 12,685 10,189
Six Flags Theme Parks, Inc. 7.00% 20251 159 159
Sonic Automotive, Inc. 4.625% 20291 13,520 10,629
Sonic Automotive, Inc. 4.875% 20311 7,935 6,024
Stellantis Finance US, Inc. 1.711% 20271 4,125 3,439
Stellantis Finance US, Inc. 2.691% 20311 8,745 6,250
Stellantis Finance US, Inc. 6.375% 20321 7,200 6,671
American Funds Multi-Sector Income Fund — Page 11 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued) 		  Principal amount
(000) 		Value
(000)
Studio City Co., Ltd. 7.00% 20271 USD6,705 $5,612
Toyota Motor Credit Corp. 1.90% 2027 9,470 8,360
Toyota Motor Credit Corp. 1.90% 2028 1,792 1,527
Universal Entertainment Corp. 8.50% 20241 8,580 7,906
Vail Resorts, Inc. 6.25% 20251 9,932 9,812
VICI Properties, LP / VICI Note Co., Inc. 4.625% 20251 325 306
VICI Properties, LP / VICI Note Co., Inc. 3.875% 20291 3,880 3,263
VICI Properties, LP / VICI Note Co., Inc. 4.125% 20301 145 121
Volkswagen Group of America Finance, LLC 3.125% 20231 248 245
WASH Multifamily Acquisition, Inc. 5.75% 20261 19,855 18,328
Wheel Pros, Inc. 6.50% 20291 6,750 3,101
Wyndham Worldwide Corp. 4.375% 20281 13,385 11,785
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20231 13,241 12,991
Wynn Macau, Ltd. 5.625% 20281 925 618
Wynn Resorts Finance, LLC 7.75% 20251 5,020 4,909
Wynn Resorts Finance, LLC 5.125% 20291 5,910 4,790
      627,112
Industrials 5.97%      
Allegiant Travel Co. 7.25% 20271 10,511 9,930
Ashtead Capital, Inc. 5.50% 20321 21,460 19,952
Atkore, Inc. 4.25% 20311 5,750 4,606
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 2.75%) 5.865% 20283,4 3,970 3,801
ATS Automation Tooling Systems, Inc. 4.125% 20281 225 187
Boeing Company 2.196% 2026 25 22
Boeing Company 2.75% 2026 500 453
Boeing Company 3.25% 2028 1,078 942
Boeing Company 5.15% 2030 13,333 12,349
Boeing Company 3.625% 2031 4,738 3,940
Boeing Company 3.50% 2039 7,463 4,996
Boeing Company 5.705% 2040 14,095 12,347
Boeing Company 3.75% 2050 83 54
Boeing Company 5.805% 2050 7,924 6,904
Bombardier, Inc. 7.125% 20261 14,795 13,590
Bombardier, Inc. 7.875% 20271 13,400 12,358
Bombardier, Inc. 6.00% 20281 10,940 9,170
Builders FirstSource, Inc. 4.25% 20321 1,780 1,369
Burlington Northern Santa Fe, LLC 3.55% 2050 750 565
Burlington Northern Santa Fe, LLC 3.30% 2051 479 343
Burlington Northern Santa Fe, LLC 2.875% 2052 23,990 15,731
BWX Technologies, Inc. 4.125% 20281 8,135 7,122
BWX Technologies, Inc. 4.125% 20291 3,415 2,961
Canadian Pacific Railway, Ltd. 1.75% 2026 435 381
Canadian Pacific Railway, Ltd. 2.45% 2031 469 376
Canadian Pacific Railway, Ltd. 3.00% 2041 423 301
Canadian Pacific Railway, Ltd. 3.10% 2051 23,487 15,486
Clarivate Science Holdings Corp. 3.875% 20281 4,910 4,061
Clarivate Science Holdings Corp. 4.875% 20291 4,470 3,507
CoreLogic, Inc. 4.50% 20281 12,144 8,276
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 9.625% 20293,4 4,225 3,190
Cornerstone Building Brands, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 6.068% 20283,4 144 120
Covanta Holding Corp. 4.875% 20291 8,120 6,577
CSX Corp. 4.50% 2049 25 21
CSX Corp. 2.50% 2051 37,495 22,535
American Funds Multi-Sector Income Fund — Page 12 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Industrials (continued) 		  Principal amount
(000) 		Value
(000)
Dun & Bradstreet Corp. 5.00% 20291 USD13,398 $11,081
Eaton Corp. 4.15% 2033 7,589 6,868
Eaton Corp. 4.70% 2052 3,778 3,328
Empresa de Transporte de Pasajeros Metro SA 4.70% 20501 400 302
General Dynamics Corp. 1.15% 2026 5,600 4,912
General Dynamics Corp. 3.625% 2030 5,230 4,793
General Electric Capital Corp. 4.418% 2035 14,100 12,651
General Electric Capital Corp., Series A, 6.75% 2032 200 216
GFL Environmental, Inc. 4.00% 20281 4,500 3,760
Gol Finance SA 8.00% 2026 823 505
Harsco Corp. 5.75% 20271 11,774 7,378
Honeywell International, Inc. 2.70% 2029 7,040 6,168
Howmet Aerospace, Inc. 6.875% 2025 3 3
JELD-WEN Holding, Inc. 4.875% 20271 2,050 1,468
Labl Escrow Issuer, LLC 10.50% 20271 665 567
Lima Metro Line 2 Finance, Ltd. 5.875% 20341 4,369 4,151
Lima Metro Line 2 Finance, Ltd. 5.875% 2034 3,840 3,649
Lockheed Martin Corp. 1.85% 2030 250 203
Lockheed Martin Corp. 2.80% 2050 2,815 1,870
LSC Communications, Inc. 8.75% 20231,5,7 45 —8
Masco Corp. 2.00% 2031 48 36
Mexico City Airport Trust 4.25% 2026 5,400 4,812
Mexico City Airport Trust 3.875% 2028 5,800 4,797
Mexico City Airport Trust 5.50% 2047 7,300 4,572
Moog, Inc. 4.25% 20271 5,516 4,893
Mueller Water Products, Inc. 4.00% 20291 1,200 1,024
Nielsen Finance, LLC and Nielsen Finance Co. 5.625% 20281 3,235 3,218
Nielsen Finance, LLC and Nielsen Finance Co. 5.875% 20301 3,800 3,793
Nielsen Finance, LLC and Nielsen Finance Co. 4.75% 20311 3,785 3,716
Norfolk Southern Corp. 3.05% 2050 16,043 10,501
PGT Innovations, Inc. 4.375% 20291 7,830 6,438
PM General Purchaser, LLC 9.50% 20281 8,000 6,707
Raytheon Technologies Corp. 1.90% 2031 1,515 1,159
Raytheon Technologies Corp. 2.82% 2051 28,515 17,966
Republic Services, Inc. 1.45% 2031 18,975 14,193
Republic Services, Inc. 2.375% 2033 1,390 1,068
Roller Bearing Company of America, Inc. 4.375% 20291 2,830 2,391
Rolls-Royce PLC 5.75% 20271 6,230 5,425
Sensata Technologies Holding BV 4.00% 20291 13,995 11,612
Sensata Technologies, Inc. 3.75% 20311 150 118
SkyMiles IP, Ltd. 4.75% 20281 770 718
SkyMiles IP, Ltd., Term Loan, (3-month USD-LIBOR + 3.75%) 6.46% 20273,4 750 754
Spirit AeroSystems, Inc. 4.60% 2028 7,005 5,073
SRS Distribution, Inc. 4.625% 20281 5,810 4,998
Stericycle, Inc. 3.875% 20291 11,010 9,129
TransDigm, Inc. 6.25% 20261 5,095 4,951
TransDigm, Inc. 5.50% 2027 3,400 2,965
TransDigm, Inc. 4.625% 2029 8,765 7,078
TransDigm, Inc. 4.875% 2029 1,990 1,612
Triumph Group, Inc. 6.25% 20241 5,000 4,564
Uber Technologies, Inc. 8.00% 20261 9,760 9,758
Union Pacific Corp. 2.80% 2032 27,480 22,926
Union Pacific Corp. 4.30% 2049 75 63
Union Pacific Corp. 3.25% 2050 13 9
American Funds Multi-Sector Income Fund — Page 13 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Industrials (continued) 		  Principal amount
(000) 		Value
(000)
Union Pacific Corp. 2.95% 2052 USD26,515 $17,553
United Airlines Holdings, Inc. 6.50% 20271 6,341 6,218
United Airlines, Inc. 4.375% 20261 1,620 1,449
United Airlines, Inc. 4.625% 20291 1,450 1,203
United Rentals, Inc. 5.25% 2030 5,300 4,804
United Rentals, Inc. 3.75% 2032 4,600 3,621
Waste Management, Inc. 4.15% 2032 940 871
Waste Management, Inc. 2.50% 2050 6,715 4,106
WESCO Distribution, Inc. 7.125% 20251 1,975 1,979
WESCO Distribution, Inc. 7.25% 20281 6,985 6,856
      514,093
Utilities 5.55%      
AEP Transmission Co., LLC 2.75% 2051 2,476 1,553
AES Panama Generation Holdings SRL 4.375% 2030 3,893 3,074
AES Panama Generation Holdings SRL 4.375% 20301 875 691
Alabama Power Co. 3.94% 2032 15,000 13,570
Alabama Power Co. 3.00% 2052 2,700 1,770
Alfa Desarrollo SpA 4.55% 20511 7,119 4,715
Alliant Energy Finance, LLC 3.60% 20321 5,629 4,816
American Electric Power Company, Inc. 1.00% 2025 25 22
AmeriGas Partners, LP 5.625% 2024 175 167
Calpine Corp. 5.125% 20281 1,070 921
CenterPoint Energy, Inc. 2.90% 2050 15,735 10,424
CenterPoint Energy, Inc. 3.35% 2051 7,907 5,691
CenterPoint Energy, Inc. 3.60% 2052 432 324
Cleveland Electric Illuminating Co. 4.55% 20301 205 191
Connecticut Light and Power Co. 2.05% 2031 175 138
Consorcio Transmantaro SA 4.70% 2034 1,000 865
Consumers Energy Co. 3.80% 2028 2,000 1,876
Consumers Energy Co. 3.60% 2032 10,000 8,934
Consumers Energy Co. 3.25% 2046 1,841 1,340
Consumers Energy Co. 3.10% 2050 1,760 1,193
Consumers Energy Co. 3.50% 2051 5,125 3,788
Consumers Energy Co. 2.65% 2052 13,038 8,111
DPL, Inc. 4.125% 2025 7,600 7,004
DTE Electric Co. 2.625% 2031 11,525 9,606
DTE Electric Co. 3.65% 2052 2,100 1,592
DTE Energy Company 1.90% 2028 1,010 860
DTE Energy Company 3.00% 2032 4,595 3,878
Duke Energy Carolinas, LLC 2.45% 2029 11,006 9,354
Duke Energy Corp. 4.50% 2032 16,000 14,491
Duke Energy Corp. 5.00% 2052 10,080 8,612
Duke Energy Florida, LLC 1.75% 2030 74 58
Duke Energy Progress, LLC 2.00% 2031 3,925 3,039
Duke Energy Progress, LLC 2.50% 2050 1,099 653
Edison International 4.95% 2025 130 128
Edison International 5.75% 2027 4,454 4,368
Edison International 4.125% 2028 2,779 2,484
Edison International 5.00% junior subordinated perpetual bonds
(5-year UST Yield Curve Rate T Note Constant Maturity + 3.901% on 3/15/2027)2 		4,000 3,170
Emera US Finance, LP 2.639% 2031 3,395 2,647
Empresas Publicas de Medellin ESP 4.25% 20291 500 364
Empresas Publicas de Medellin ESP 4.25% 2029 200 146
American Funds Multi-Sector Income Fund — Page 14 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Utilities (continued) 		  Principal amount
(000) 		Value
(000)
Empresas Publicas de Medellin ESP 4.375% 20311 USD950 $669
Enfragen Energia Sur SA 5.375% 2030 6,300 3,759
ENN Clean Energy International Investment, Ltd. 3.375% 20261 7,170 6,152
ENN Energy Holdings, Ltd. 2.625% 20301 3,000 2,428
ENN Energy Holdings, Ltd. 2.625% 2030 1,000 809
Entergy Corp. 2.40% 2031 6,150 4,708
Entergy Louisiana, LLC 2.35% 2032 10,000 7,763
Entergy Louisiana, LLC 4.75% 2052 6,650 5,803
FirstEnergy Corp. 4.10% 20281 834 774
FirstEnergy Corp. 2.25% 2030 1,518 1,173
FirstEnergy Corp. 2.65% 2030 13,862 11,212
FirstEnergy Corp., Series B, 4.40% 2027 (4.15% on 1/15/2023)2 180 167
FirstEnergy Transmission, LLC 4.35% 20251 7,792 7,521
FirstEnergy Transmission, LLC 2.866% 20281 2,961 2,520
Florida Power & Light Company 2.45% 2032 1,246 1,013
Florida Power & Light Company 2.875% 2051 18,685 12,379
Instituto Costarricense de Electricidad 6.75% 2031 4,900 4,643
Investment Energy Resources, Ltd. 6.25% 20291 350 297
ITC Holdings Corp. 4.95% 20271 4,900 4,788
Jersey Central Power & Light Co. 4.30% 20261 50 48
Jersey Central Power & Light Co. 2.75% 20321 4,202 3,340
Monongahela Power Co. 3.55% 20271 1,775 1,637
NextEra Energy Capital Holdings, Inc. 2.25% 2030 14,465 11,562
NextEra Energy Capital Holdings, Inc. 2.44% 2032 4,779 3,726
NiSource Finance Corp. 5.00% 2052 3,049 2,670
Northern States Power Co. 2.60% 2051 2,870 1,793
Northern States Power Co. 4.50% 2052 138 122
Oncor Electric Delivery Company, LLC 4.55% 20321 6,175 5,949
Oncor Electric Delivery Company, LLC 3.75% 2045 8,121 6,361
Oncor Electric Delivery Company, LLC 3.10% 2049 2,850 1,978
Oncor Electric Delivery Company, LLC 2.70% 2051 7,441 4,770
Pacific Gas and Electric Co. 2.95% 2026 258 228
Pacific Gas and Electric Co. 2.10% 2027 17,728 14,356
Pacific Gas and Electric Co. 3.30% 2027 373 324
Pacific Gas and Electric Co. 3.30% 2027 183 154
Pacific Gas and Electric Co. 3.00% 2028 54 45
Pacific Gas and Electric Co. 3.75% 2028 1,094 923
Pacific Gas and Electric Co. 4.65% 2028 125 110
Pacific Gas and Electric Co. 4.55% 2030 13,487 11,573
Pacific Gas and Electric Co. 2.50% 2031 14,836 10,814
Pacific Gas and Electric Co. 3.25% 2031 9,497 7,260
Pacific Gas and Electric Co. 3.30% 2040 920 591
Pacific Gas and Electric Co. 3.75% 2042 850 541
Pacific Gas and Electric Co. 3.50% 2050 11,405 6,968
PG&E Corp. 5.00% 2028 1,610 1,388
PG&E Corp. 5.25% 2030 11,890 10,145
Progress Energy, Inc. 7.00% 2031 2,389 2,536
Progress Energy, Inc. 7.75% 2031 4,359 4,829
Public Service Company of Colorado 1.875% 2031 6,542 5,119
Public Service Company of Colorado 1.90% 2031 2,784 2,210
Public Service Electric and Gas Co. 3.20% 2029 2,231 2,005
Public Service Electric and Gas Co. 1.90% 2031 300 235
Public Service Electric and Gas Co. 3.10% 2032 4,663 3,980
Public Service Electric and Gas Co. 2.05% 2050 3,087 1,682
American Funds Multi-Sector Income Fund — Page 15 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Utilities (continued) 		  Principal amount
(000) 		Value
(000)
Southern California Edison Co. 0.975% 2024 USD2,240 $2,077
Southern California Edison Co. 4.70% 2027 22,772 22,120
Southern California Edison Co. 3.65% 2028 1,000 913
Southern California Edison Co. 2.85% 2029 1,352 1,142
Southern California Edison Co. 4.20% 2029 165 153
Southern California Edison Co. 2.25% 2030 1,588 1,260
Southern California Edison Co. 2.50% 2031 10,354 8,189
Southern California Edison Co. 2.75% 2032 4,175 3,313
Southern California Edison Co. 3.45% 2052 5,000 3,375
Southern California Edison Co., Series C, 3.60% 2045 2,000 1,374
Southwestern Electric Power Co. 3.25% 2051 4,154 2,650
State Grid Overseas Investment, Ltd. 4.375% 2043 2,800 2,577
State Grid Overseas Investment, Ltd. 4.85% 2044 2,000 1,973
Talen Energy Corp. 10.50% 20261,7 7,960 6,543
Talen Energy Corp. 7.25% 20271 1,255 1,286
Talen Energy Corp., Term Loan,
(3-month USD CME Term SOFR + 4.75%) 7.48% 20233,4 		2,840 2,851
Tampa Electric Co. 5.00% 2052 2,625 2,419
Union Electric Co. 2.15% 2032 2,850 2,205
Union Electric Co. 3.90% 2052 2,395 1,888
Venture Global Calcasieu Pass, LLC 3.875% 20291 12,680 10,903
Virginia Electric and Power Co. 2.875% 2029 4,080 3,543
Virginia Electric and Power Co. 2.30% 2031 8,380 6,655
Virginia Electric and Power Co. 2.40% 2032 8,881 7,090
Virginia Electric and Power Co. 2.45% 2050 205 121
WEC Energy Group, Inc. 5.15% 2027 3,350 3,324
Wisconsin Power and Light Co. 1.95% 2031 2,240 1,755
Wisconsin Power and Light Co. 3.95% 2032 1,660 1,503
Xcel Energy, Inc. 3.35% 2026 1,130 1,050
Xcel Energy, Inc. 1.75% 2027 4,217 3,649
Xcel Energy, Inc. 2.60% 2029 181 151
Xcel Energy, Inc. 3.40% 2030 10,948 9,515
Xcel Energy, Inc. 2.35% 2031 1,660 1,286
Xcel Energy, Inc. 3.50% 2049 2,360 1,696
      477,727
Health care 5.15%      
AbbVie Inc. 4.05% 2039 1,500 1,211
AmerisourceBergen Corp. 2.70% 2031 5,134 4,135
Amgen, Inc. 3.00% 2029 425 372
Amgen, Inc. 4.05% 2029 11,250 10,364
Amgen, Inc. 4.20% 2033 14,000 12,689
Amgen, Inc. 3.00% 2052 100 63
Amgen, Inc. 4.875% 2053 10,675 9,407
AstraZeneca Finance, LLC 1.75% 2028 5,266 4,432
AstraZeneca Finance, LLC 2.25% 2031 65 53
AstraZeneca PLC 1.375% 2030 56 43
Avantor Funding, Inc. 4.625% 20281 5,615 5,009
Avantor Funding, Inc. 3.875% 20291 18,375 14,960
Bausch Health Americas, Inc. 9.25% 20261 1,670 993
Bausch Health Americas, Inc. 8.50% 20271 75 32
Bausch Health Companies, Inc. 9.00% 20251 2,430 1,546
Bausch Health Companies, Inc. 5.75% 20271 200 137
Bausch Health Companies, Inc. 5.00% 20281 660 244
American Funds Multi-Sector Income Fund — Page 16 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Health care (continued) 		  Principal amount
(000) 		Value
(000)
Bausch Health Companies, Inc. 7.00% 20281 USD2,375 $910
Bausch Health Companies, Inc. 5.25% 20301 1,220 458
Bausch Health Companies, Inc. 5.25% 20311 13,299 5,027
Baxter International, Inc. 1.915% 2027 2,150 1,874
Baxter International, Inc. 2.539% 2032 21,380 16,657
Becton, Dickinson and Company 4.298% 2032 10,000 9,137
Boston Scientific Corp. 2.65% 2030 499 415
Catalent Pharma Solutions, Inc. 5.00% 20271 2,105 1,880
Catalent Pharma Solutions, Inc. 3.125% 20291 12,090 9,337
Catalent Pharma Solutions, Inc. 3.50% 20301 6,015 4,739
Centene Corp. 2.45% 2028 24,620 20,087
Centene Corp. 4.625% 2029 30,621 27,588
Centene Corp. 3.00% 2030 610 484
Centene Corp. 3.375% 2030 644 528
Centene Corp. 2.50% 2031 3,280 2,479
Centene Corp. 2.625% 2031 4,440 3,355
Charles River Laboratories International, Inc. 4.25% 20281 3,618 3,158
Charles River Laboratories International, Inc. 3.75% 20291 5,730 4,774
Charles River Laboratories International, Inc. 4.00% 20311 2,340 1,890
Cigna Corp. 2.375% 2031 46 37
Community Health Systems, Inc. 5.625% 20271 180 139
Community Health Systems, Inc. 6.00% 20291 165 122
Community Health Systems, Inc. 6.875% 20291 1,200 582
CVS Health Corp. 1.75% 2030 3,625 2,778
DaVita, Inc. 4.625% 20301 3,470 2,693
Encompass Health Corp. 4.50% 2028 3,442 2,955
Encompass Health Corp. 4.75% 2030 3,490 2,877
Endo DAC / Endo Finance, LLC / Endo Finco 6.00% 20281,7 1,100 63
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 20291 3,610 2,855
Gilead Sciences, Inc. 2.80% 2050 225 139
Grifols Escrow Issuer SA 4.75% 20281 1,510 1,170
HCA, Inc. 5.375% 2026 425 412
HCA, Inc. 5.625% 2028 4,360 4,162
HCA, Inc. 5.875% 2029 2,870 2,795
HCA, Inc. 2.375% 2031 10,953 8,119
HCA, Inc. 4.625% 20521 2,771 2,087
HealthEquity, Inc. 4.50% 20291 5,910 5,000
Humana, Inc. 3.70% 2029 225 202
IMS Health Holdings, Inc. 5.00% 20261 10,395 9,918
Johnson & Johnson 2.10% 2040 108 72
Kaiser Foundation Hospitals 2.81% 2041 355 249
Molina Healthcare, Inc. 4.375% 20281 5,681 5,139
Molina Healthcare, Inc. 3.875% 20321 11,930 9,789
Mozart Debt Merger Sub, Inc. 3.875% 20291 2,000 1,607
Mozart Debt Merger Sub, Inc. 5.25% 20291 13,995 10,593
Novartis Capital Corp. 1.75% 2025 32 30
Novartis Capital Corp. 2.00% 2027 329 296
Option Care Health, Inc. 4.375% 20291 3,560 3,015
Organon Finance 1, LLC 5.125% 20311 5,740 4,712
Owens & Minor, Inc. 6.625% 20301 4,480 3,954
Par Pharmaceutical, Inc. 7.50% 20271 450 357
Partners HealthCare System, Inc. 3.192% 2049 42 29
Pfizer, Inc. 3.45% 2029 383 353
Radiology Partners, Inc. 9.25% 20281 12,830 8,390
American Funds Multi-Sector Income Fund — Page 17 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Health care (continued) 		  Principal amount
(000) 		Value
(000)
Rede D’Or Finance SARL 4.95% 2028 USD2,298 $2,030
Rede D’Or Finance SARL 4.50% 2030 7,045 5,718
Roche Holdings, Inc. 1.93% 20281 4,670 3,930
Roche Holdings, Inc. 2.076% 20311 7,228 5,800
Roche Holdings, Inc. 2.607% 20511 791 518
RP Escrow Issuer, LLC 5.25% 20251 5,735 4,747
Select Medical Holdings Corp. 6.25% 20261 6,196 5,838
Summa Health 3.511% 2051 1,325 907
Surgery Center Holdings 10.00% 20271 6,475 6,305
Syneos Health, Inc. 3.625% 20291 1,559 1,243
Tenet Healthcare Corp. 4.625% 20241 5,000 4,844
Tenet Healthcare Corp. 4.625% 2024 771 746
Tenet Healthcare Corp. 4.875% 20261 2,135 1,987
Tenet Healthcare Corp. 5.125% 20271 3,270 2,941
Tenet Healthcare Corp. 6.125% 20281 10,640 9,339
Tenet Healthcare Corp. 4.375% 20301 6,000 5,021
Teva Pharmaceutical Finance Co. BV 6.00% 2024 788 766
Teva Pharmaceutical Finance Co. BV 3.15% 2026 24,675 20,279
Teva Pharmaceutical Finance Co. BV 4.75% 2027 21,075 17,926
Teva Pharmaceutical Finance Co. BV 6.75% 2028 24,260 22,321
Teva Pharmaceutical Finance Co. BV 5.125% 2029 22,085 18,272
Teva Pharmaceutical Finance Co. BV 4.10% 2046 5,694 3,411
UnitedHealth Group, Inc. 2.90% 2050 10,868 7,170
UnitedHealth Group, Inc. 3.25% 2051 221 154
UnitedHealth Group, Inc. 4.75% 2052 1,210 1,085
UnitedHealth Group, Inc. 4.95% 2062 297 266
Valeant Pharmaceuticals International, Inc. 5.50% 20251 14,460 11,510
      443,231
Materials 4.50%      
Alcoa Nederland Holding BV 5.50% 20271 300 280
Allegheny Technologies, Inc. 4.875% 2029 12,115 10,090
Allegheny Technologies, Inc. 5.125% 2031 6,060 4,962
Alpek, S.A.B. de C.V 3.25% 2031 3,000 2,224
Alpek, SAB de CV, 3.25% 20311 1,100 815
Anglo American Capital PLC 2.625% 20301 5,960 4,595
Anglo American Capital PLC 2.875% 20311 561 435
Anglo American Capital PLC 3.95% 20501 206 141
Arconic Corp. 6.00% 20251 115 111
Ardagh Group SA 6.50% Cash 20271,6 7,753 5,324
Ardagh Metal Packaging Finance USA, LLC 4.00% 20291 2,980 2,188
Ardagh Packaging Finance 5.25% 20251 700 656
Axalta Coating Systems, LLC 4.75% 20271 11,005 9,824
Bluestar Finance Holdings, Ltd. 3.875% perpetual bonds
(3-year UST Yield Curve Rate T Note Constant Maturity + 6.651% on 6/24/2023)2 		4,580 4,537
Braskem Idesa SAPI 7.45% 2029 4,900 3,724
Braskem Idesa SAPI 7.45% 20291 2,150 1,634
Braskem Idesa SAPI 6.99% 2032 11,200 7,504
Braskem Idesa SAPI 6.99% 20321 5,880 3,940
Braskem Netherlands Finance BV 4.50% 20301 1,170 948
Braskem SA 4.50% 2030 850 688
Braskem SA 5.875% 20501 400 284
BWAY Parent Co., Inc. 5.50% 20241 1,995 1,898
Can-Pack SA / Canpack US, LLC 3.875% 20291 12,535 9,819
American Funds Multi-Sector Income Fund — Page 18 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Materials (continued) 		  Principal amount
(000) 		Value
(000)
Celanese US Holdings, LLC 6.379% 2032 USD7,286 $6,780
Cleveland-Cliffs, Inc. 6.75% 20261 260 256
Cleveland-Cliffs, Inc. 5.875% 2027 160 144
Cleveland-Cliffs, Inc. 4.875% 20311 1,850 1,531
CSN Islands XI Corp. 6.75% 2028 2,080 1,806
CSN Resources SA 4.625% 2031 1,250 854
CSN Resources SA 5.875% 2032 10,003 7,302
CSN Resources SA 5.875% 20321 1,667 1,217
CVR Partners, LP 6.125% 20281 5,965 5,202
Diamond (BC) BV 4.625% 20291 2,395 1,671
Ecolab, Inc. 2.125% 2032 3,435 2,717
Element Solutions, Inc. 3.875% 20281 11,735 9,474
First Quantum Minerals, Ltd. 6.50% 20241 15,245 14,959
First Quantum Minerals, Ltd. 6.875% 20271 18,782 16,946
FMG Resources 4.375% 20311 9,580 7,377
Fresnillo PLC 4.25% 20501 1,100 758
FXI Holdings, Inc. 7.875% 20241 2,536 2,006
FXI Holdings, Inc. 12.25% 20261 15,106 11,990
GC Treasury Center Co., Ltd. 4.40% 2032 11,500 9,922
GC Treasury Center Co., Ltd. 4.40% 20321 1,600 1,380
Glencore Funding, LLC 2.625% 20311 2,000 1,502
Glencore Funding, LLC 3.875% 20511 2,000 1,343
GPC Merger Sub, Inc. 7.125% 20281 2,017 1,624
Gran Colombia Gold Corp. 6.875% 20261 1,860 1,354
International Flavors & Fragrances, Inc. 1.832% 20271 24 20
International Flavors & Fragrances, Inc. 2.30% 20301 1,044 803
International Flavors & Fragrances, Inc. 3.468% 20501 22,705 14,908
Labl, Inc. 8.25% 20291 2,535 1,847
LSB Industries, Inc. 6.25% 20281 3,295 2,833
LYB International Finance III, LLC 2.25% 2030 521 406
LYB International Finance III, LLC 3.375% 2040 1,500 1,031
LYB International Finance III, LLC 3.625% 2051 3,676 2,407
Mercer International, Inc. 5.125% 2029 685 547
Methanex Corp. 5.125% 2027 5,150 4,335
Methanex Corp. 5.25% 2029 3,000 2,392
Mineral Resources, Ltd. 8.50% 20301 11,900 11,526
Nova Chemicals Corp. 5.25% 20271 3,100 2,642
Nova Chemicals Corp. 4.25% 20291 14,955 11,702
Novelis Corp. 4.75% 20301 9,726 8,000
Novelis Corp. 3.875% 20311 10,781 8,065
Olin Corp. 5.00% 2030 3,000 2,494
Praxair, Inc. 2.00% 2050 18 10
Rio Tinto Finance (USA), Ltd. 2.75% 2051 7,587 4,932
SCIH Salt Holdings, Inc. 4.875% 20281 22,390 18,532
SCIH Salt Holdings, Inc. 6.625% 20291 13,505 10,400
Scotts Miracle-Gro Co. 4.50% 2029 6,308 4,588
Scotts Miracle-Gro Co. 4.375% 2032 9,015 6,426
Sealed Air Corp. 4.00% 20271 11,364 9,858
Sherwin-Williams Company 2.90% 2052 20,925 12,608
Silgan Holdings, Inc. 4.125% 2028 5,374 4,778
South32 Treasury (USA), Ltd. 4.35% 20321 1,753 1,511
Summit Materials, Inc. 6.50% 20271 270 259
Summit Materials, Inc. 5.25% 20291 9,060 7,984
Trivium Packaging BV 5.50% 20261 2,115 1,894
American Funds Multi-Sector Income Fund — Page 19 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Materials (continued) 		  Principal amount
(000) 		Value
(000)
Trivium Packaging BV 8.50% 20271 USD3,165 $2,801
Valvoline, Inc. 4.25% 20301 5,960 5,645
Valvoline, Inc. 3.625% 20311 9,015 6,652
Venator Materials Corp. 5.75% 20251 3,015 2,041
Venator Materials Corp. 9.50% 20251 8,610 8,289
W. R. Grace Holdings, LLC 4.875% 20271 2,035 1,752
W. R. Grace Holdings, LLC 5.625% 20291 2,055 1,546
Warrior Met Coal, Inc. 7.875% 20281 12,415 12,083
      387,283
Consumer staples 4.31%      
7-Eleven, Inc. 0.95% 20261 365 315
7-Eleven, Inc. 1.30% 20281 445 359
7-Eleven, Inc. 1.80% 20311 21,519 16,020
7-Eleven, Inc. 2.50% 20411 900 561
7-Eleven, Inc. 2.80% 20511 10,815 6,331
Albertsons Companies, Inc. 3.50% 20291 4,175 3,374
Altria Group, Inc. 4.80% 2029 2,000 1,848
Altria Group, Inc. 3.40% 2030 800 649
Altria Group, Inc. 3.875% 2046 18,606 11,806
Altria Group, Inc. 4.45% 2050 13,286 8,905
Altria Group, Inc. 3.70% 2051 12,559 7,606
Anheuser-Busch Co. / InBev Worldwide 4.90% 2046 90 79
Anheuser-Busch InBev NV 4.439% 2048 180 147
Anheuser-Busch InBev NV 4.60% 2048 600 499
Anheuser-Busch InBev NV 4.50% 2050 37,290 30,797
B&G Foods, Inc. 5.25% 2025 10,870 9,470
B&G Foods, Inc. 5.25% 2027 5,735 4,658
British American Tobacco PLC 2.726% 2031 2,750 2,051
British American Tobacco PLC 4.54% 2047 186 124
British American Tobacco PLC 4.758% 2049 512 350
British American Tobacco PLC 3.984% 2050 34,940 21,452
British American Tobacco PLC 5.65% 2052 2,532 1,935
Central Garden & Pet Co. 4.125% 2030 3,600 2,873
Central Garden & Pet Co. 4.125% 20311 18,275 14,407
Conagra Brands, Inc. 1.375% 2027 5,135 4,149
Conagra Brands, Inc. 5.30% 2038 2 2
Conagra Brands, Inc. 5.40% 2048 15,000 12,971
Constellation Brands, Inc. 2.875% 2030 1,040 864
Constellation Brands, Inc. 2.25% 2031 20,750 15,963
Constellation Brands, Inc. 4.75% 2032 244 229
Darling Ingredients, Inc. 5.25% 20271 2,055 1,941
Darling Ingredients, Inc. 6.00% 20301 16,970 16,189
Edgewell Personal Care Co. 5.50% 20281 5,550 4,970
Energizer Holdings, Inc. 4.375% 20291 3,320 2,470
Imperial Tobacco Finance PLC 6.125% 20271 5,470 5,398
Ingles Markets, Inc. 4.00% 20311 11,345 9,280
InRetail Consumer 3.25% 20281 1,100 917
Kraft Heinz Company 4.375% 2046 10,880 8,481
Kraft Heinz Company 5.50% 2050 4,500 4,058
Kroger Co. 3.95% 2050 11,840 9,066
Kronos Acquisition Holdings, Inc. 5.00% 20261 6,070 5,334
Kronos Acquisition Holdings, Inc. 7.00% 20271 12,010 9,212
Lamb Weston Holdings, Inc. 4.125% 20301 7,985 6,771
American Funds Multi-Sector Income Fund — Page 20 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Consumer staples (continued) 		  Principal amount
(000) 		Value
(000)
MARB BondCo PLC 3.95% 20311 USD2,577 $1,869
Marfrig Global Foods SA 3.95% 2031 5,000 3,627
Minerva Luxembourg SA 4.375% 2031 5,300 4,024
Natura Cosmeticos SA 4.125% 20281 3,800 3,008
NBM US Holdings, Inc. 6.625% 20299 500 457
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 7.424% 20263,4 13,576 12,672
PepsiCo, Inc. 1.625% 2030 6 5
PepsiCo, Inc. 1.40% 2031 34 26
PepsiCo, Inc. 1.95% 2031 2,459 1,960
PepsiCo, Inc. 2.75% 2051 7,077 4,830
Performance Food Group, Inc. 5.50% 20271 3,815 3,476
Performance Food Group, Inc. 4.25% 20291 12,433 10,376
Philip Morris International, Inc. 3.375% 2029 37 32
Philip Morris International, Inc. 1.75% 2030 2,713 1,986
Philip Morris International, Inc. 4.125% 2043 12 8
Philip Morris International, Inc. 4.25% 2044 15 11
Post Holdings, Inc. 5.625% 20281 7,370 6,740
Post Holdings, Inc. 5.50% 20291 8,255 7,149
Post Holdings, Inc. 4.625% 20301 12,811 10,550
Post Holdings, Inc. 4.50% 20311 2,000 1,614
Prestige Brands International, Inc. 5.125% 20281 5,345 4,820
Prestige Brands International, Inc. 3.75% 20311 5,985 4,656
PT Indofood CBP Sukses Makmur Tbk 3.398% 2031 445 334
PT Indofood CBP Sukses Makmur Tbk 4.745% 2051 560 358
Simmons Foods, Inc. 4.625% 20291 16,820 13,788
US Foods, Inc. 4.625% 20301 7,670 6,364
Wal-Mart Stores, Inc. 4.15% 2032 1,350 1,295
Wal-Mart Stores, Inc. 4.50% 2052 680 639
      371,555
Information technology 3.23%      
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 20253,4 3,080 2,535
Analog Devices, Inc. 1.70% 2028 398 333
Analog Devices, Inc. 2.10% 2031 19,575 15,543
Analog Devices, Inc. 2.95% 2051 3,709 2,481
Apple, Inc. 3.35% 2032 19,000 16,941
Apple, Inc. 2.65% 2051 18,405 12,140
Apple, Inc. 3.95% 2052 6,568 5,498
Block, Inc. 3.50% 2031 15,000 11,659
BMC Software, Inc. 7.125% 20251 5,900 5,789
BMC Software, Inc. 9.125% 20261 90 87
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 20263,4 7,150 6,699
Booz Allen Hamilton, Inc. 3.875% 20281 5,265 4,540
Booz Allen Hamilton, Inc. 4.00% 20291 7,907 6,780
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.875% 2027 53 49
Broadcom, Inc. 4.00% 20291 992 875
Broadcom, Inc. 4.75% 2029 220 205
Broadcom, Inc. 4.15% 2030 350 303
Broadcom, Inc. 2.45% 20311 8,141 6,147
Broadcom, Inc. 4.15% 20321 3,121 2,617
Broadcom, Inc. 4.30% 2032 1,000 841
Broadcom, Inc. 2.60% 20331 6,660 4,768
Broadcom, Inc. 3.469% 20341 474 356
Broadcom, Inc. 3.137% 20351 802 564
American Funds Multi-Sector Income Fund — Page 21 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Information technology (continued) 		  Principal amount
(000) 		Value
(000)
Broadcom, Inc. 3.187% 20361 USD111 $76
Broadcom, Inc. 4.926% 20371 9,780 8,083
Broadcom, Inc. 3.50% 20411 4,787 3,239
Broadcom, Inc. 3.75% 20511 4,334 2,851
CDK Global, Inc. 7.25% 20291 14,770 14,073
CommScope, Inc. 7.125% 20281 5,000 3,870
Diebold Nixdorf, Inc. 9.375% 20251 6,000 4,575
Entegris Escrow Corp. 4.75% 20291 1,795 1,585
Fair Isaac Corp. 4.00% 20281 8,495 7,256
Gartner, Inc. 4.50% 20281 3,270 2,929
Gartner, Inc. 3.625% 20291 5,330 4,449
Gartner, Inc. 3.75% 20301 5,165 4,239
Global Payments, Inc. 2.90% 2030 67 54
Mastercard, Inc. 1.90% 2031 18,110 14,472
Mastercard, Inc. 3.85% 2050 100 81
Mastercard, Inc. 2.95% 2051 1,755 1,198
MoneyGram International, Inc. 5.375% 20261 12,555 12,322
NCR Corp. 5.00% 20281 1,000 789
NCR Corp. 5.125% 20291 10,171 7,649
NCR Corp. 5.25% 20301 2,554 1,932
Oracle Corp. 2.875% 2031 5,479 4,328
Oracle Corp. 3.60% 2050 50 31
Oracle Corp. 3.95% 2051 212 141
PayPal Holdings, Inc. 2.85% 2029 1,060 908
PayPal Holdings, Inc. 5.05% 2052 12,655 11,312
PayPal Holdings, Inc. 5.25% 2062 3,995 3,578
Rocket Software, Inc. 6.50% 20291 8,750 6,493
salesforce.com, inc. 2.90% 2051 25,015 16,572
ServiceNow, Inc. 1.40% 2030 18,684 13,784
SK hynix, Inc. 1.50% 2026 4,300 3,728
SK hynix, Inc. 1.50% 20261 200 173
SK hynix, Inc. 2.375% 2031 7,600 5,631
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 7.535% 20273,4 7,405 7,016
VeriSign, Inc. 2.70% 2031 729 567
Visa, Inc. 2.70% 2040 120 87
      277,821
Real estate 2.39%      
American Tower Corp. 2.30% 2031 10,000 7,498
American Tower Corp. 2.70% 2031 331 260
American Tower Corp. 4.05% 2032 1,676 1,447
American Tower Corp. 2.95% 2051 25,025 15,069
Brookfield Property REIT, Inc. 5.75% 20261 3,770 3,413
Brookfield Property REIT, Inc. 4.50% 20271 3,780 3,106
Corporacion Inmobiliaria Vesta, SAB de CV, 3.625% 20311 3,240 2,440
Equinix, Inc. 1.45% 2026 2,260 1,960
Equinix, Inc. 2.90% 2026 68 61
Equinix, Inc. 1.55% 2028 105 85
Equinix, Inc. 2.00% 2028 894 733
Equinix, Inc. 3.20% 2029 75 64
Equinix, Inc. 2.15% 2030 7,030 5,400
Equinix, Inc. 2.50% 2031 1,645 1,269
Equinix, Inc. 3.90% 2032 1,150 979
Equinix, Inc. 2.95% 2051 3,250 1,954
American Funds Multi-Sector Income Fund — Page 22 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Real estate (continued) 		  Principal amount
(000) 		Value
(000)
Equinix, Inc. 3.40% 2052 USD819 $541
Essex Portfolio, LP 2.55% 2031 1,762 1,384
Extra Space Storage, Inc. 2.35% 2032 168 124
FibraSOMA 4.375% 20311 3,933 2,776
Howard Hughes Corp. 5.375% 20281 2,466 2,050
Howard Hughes Corp. 4.125% 20291 9,840 7,623
Howard Hughes Corp. 4.375% 20311 12,035 8,664
Iron Mountain, Inc. 5.00% 20281 2,224 1,917
Iron Mountain, Inc. 5.25% 20281 3,185 2,798
Iron Mountain, Inc. 4.875% 20291 7,610 6,263
Iron Mountain, Inc. 5.25% 20301 3,000 2,489
Iron Mountain, Inc. 4.50% 20311 2,665 2,065
Kennedy-Wilson Holdings, Inc. 4.75% 2029 10,210 7,816
Kennedy-Wilson Holdings, Inc. 4.75% 2030 19,620 14,597
Kennedy-Wilson Holdings, Inc. 5.00% 2031 3,020 2,196
Ladder Capital Corp. 4.75% 20291 5,500 4,127
Medical Properties Trust, Inc. 5.00% 2027 90 78
Medical Properties Trust, Inc. 3.50% 2031 16,215 11,324
Park Intermediate Holdings, LLC 5.875% 20281 9,000 7,722
Park Intermediate Holdings, LLC 4.875% 20291 10,330 8,383
Public Storage 1.95% 2028 417 348
Public Storage 2.25% 2031 8,155 6,429
Realogy Corp. 5.75% 20291 2,525 1,824
Realogy Corp. 5.25% 20301 6,220 4,235
RHP Hotel Properties, LP / RHP Finance Corp. 4.50% 20291 5,755 4,782
RLJ Lodging Trust, LP 3.75% 20261 2,610 2,233
RLJ Lodging Trust, LP 4.00% 20291 3,380 2,655
Sun Communities Operating, LP 2.30% 2028 198 159
Sun Communities Operating, LP 2.70% 2031 3,382 2,561
Sun Communities Operating, LP 4.20% 2032 24,225 20,324
VICI Properties, LP 4.75% 2028 876 807
VICI Properties, LP 4.95% 2030 8,380 7,591
VICI Properties, LP 5.125% 2032 6,694 5,948
VICI Properties, LP 5.625% 2052 4,250 3,526
Westfield Corp., Ltd. 3.50% 20291 10 8
Xenia Hotels & Resorts, Inc. 4.875% 20291 2,120 1,752
      205,857
Total corporate bonds, notes & loans     5,745,297
Bonds & notes of governments & government agencies outside the U.S. 8.33%      
Abu Dhabi (Emirate of) 2.50% 20291 15,000 13,087
Abu Dhabi (Emirate of) 3.125% 2030 6,500 5,889
Abu Dhabi (Emirate of) 1.70% 20311 12,800 10,177
Abu Dhabi (Emirate of) 1.875% 2031 1,500 1,202
Abu Dhabi (Emirate of) 3.875% 2050 9,900 8,098
Angola (Republic of) 8.25% 2028 2,500 1,977
Angola (Republic of) 8.00% 2029 25,240 19,059
Angola (Republic of) 8.75% 2032 3,100 2,307
Argentine Republic 1.00% 2029 5,233 1,013
Argentine Republic 0.50% 2030 (0.75% on 7/9/2023)2 62,185 12,560
Argentine Republic 1.50% 2035 (3.625% on 7/9/2023)2 71,472 13,018
Armenia (Republic of) 7.15% 2025 200 196
Bahrain (Kingdom of) 6.125% 2023 1,300 1,309
American Funds Multi-Sector Income Fund — Page 23 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Bonds & notes of governments & government agencies outside the U.S. (continued) 		  Principal amount
(000) 		Value
(000)
Belarus (Republic of) 6.875% 20237 USD460 $150
Belarus (Republic of) 5.875% 20267 6,100 1,525
Brazil (Federative Republic of) 4.75% 2050 12,300 8,412
Chile (Republic of) 3.10% 2041 10,120 6,882
Chile (Republic of) 4.34% 2042 1,815 1,442
Colombia (Republic of) 4.50% 2029 300 247
Colombia (Republic of) 3.00% 2030 8,686 6,242
Colombia (Republic of) 3.125% 2031 1,311 911
Colombia (Republic of) 3.25% 2032 10,720 7,272
Colombia (Republic of) 7.375% 2037 300 261
Colombia (Republic of) 5.625% 2044 902 600
Colombia (Republic of) 5.00% 2045 11,144 6,787
Colombia (Republic of) 5.20% 2049 200 124
Colombia (Republic of) 4.125% 2051 400 216
Costa Rica (Republic of) 6.125% 2031 4,228 3,883
Costa Rica (Republic of) 6.125% 20311 1,700 1,561
Costa Rica (Republic of) 7.158% 2045 1,200 1,017
Cote d’Ivoire (Republic of) 5.75% 20322 2,978 2,554
Cote d’Ivoire (Republic of) 6.125% 2033 7,000 5,355
Development Bank of Mongolia, LLC 7.25% 2023 6,210 5,962
Dominican Republic 5.50% 2025 1,400 1,362
Dominican Republic 6.875% 2026 1,000 977
Dominican Republic 5.95% 2027 1,650 1,540
Dominican Republic 5.50% 2029 3,000 2,593
Dominican Republic 4.50% 2030 11,100 8,779
Dominican Republic 4.50% 20301 5,789 4,578
Dominican Republic 6.00% 2033 5,120 4,180
Dominican Republic 6.00% 20331 1,285 1,049
Dominican Republic 5.30% 2041 3,600 2,446
Dominican Republic 5.30% 20411 412 280
Dominican Republic 6.85% 2045 1,100 860
Dominican Republic 5.875% 2060 18,700 12,412
Dominican Republic 5.875% 20601 1,700 1,128
Egypt (Arab Republic of) 6.588% 2028 7,100 4,998
Egypt (Arab Republic of) 6.588% 20281 1,200 845
Egypt (Arab Republic of) 7.60% 2029 3,600 2,531
Egypt (Arab Republic of) 5.875% 2031 18,000 10,510
Egypt (Arab Republic of) 5.875% 20311 6,930 4,046
Egypt (Arab Republic of) 7.625% 20321 4,200 2,545
Egypt (Arab Republic of) 8.75% 2051 1,600 886
Egypt (Arab Republic of) 8.15% 2059 18,200 9,876
Ethiopia (Federal Democratic Republic of) 6.625% 2024 9,000 4,600
Export-Import Bank of India 3.25% 2030 14,100 11,803
Gabonese Republic 6.95% 2025 7,400 6,144
Gabonese Republic 7.00% 20311 6,000 3,974
Gabonese Republic 7.00% 2031 2,200 1,457
Georgia (Republic of) 2.75% 20261 2,880 2,463
Georgia (Republic of) 2.75% 2026 2,667 2,281
Ghana (Republic of) 0% 2025 2,000 856
Ghana (Republic of) 8.125% 2026 1,210 613
Ghana (Republic of) 6.375% 2027 14,090 5,685
Ghana (Republic of) 6.375% 20271 4,000 1,614
Ghana (Republic of) 7.75% 20291 5,100 1,956
Ghana (Republic of) 8.125% 2032 15,400 5,831
Ghana (Republic of) 8.125% 20321 1,500 568
American Funds Multi-Sector Income Fund — Page 24 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Bonds & notes of governments & government agencies outside the U.S. (continued) 		  Principal amount
(000) 		Value
(000)
Ghana (Republic of) 8.95% 2051 USD1,500 $559
Honduras (Republic of) 6.25% 2027 10,360 8,550
Honduras (Republic of) 5.625% 20301 6,175 4,491
Honduras (Republic of) 5.625% 2030 5,548 4,035
Indonesia (Republic of) 8.50% 2035 3,000 3,645
Indonesia (Republic of) 6.625% 2037 900 934
Indonesia (Republic of) 5.25% 2042 10,210 9,269
Indonesia (Republic of) 4.625% 2043 5,800 4,940
Indonesia (Republic of) 6.75% 2044 575 603
Indonesia (Republic of) 5.125% 2045 1,515 1,328
Israel (State of) 3.375% 2050 2,500 1,858
Jordan (Hashemite Kingdom of) 5.75% 20271 10,100 9,116
Jordan (Hashemite Kingdom of) 5.85% 20301 2,100 1,714
Kazakhstan (Republic of) 4.875% 2044 3,200 2,484
Kenya (Republic of) 6.875% 20241 200 171
Kenya (Republic of) 7.25% 2028 13,400 9,803
Kenya (Republic of) 7.25% 20281 2,600 1,902
Kenya (Republic of) 8.00% 2032 2,000 1,362
Kenya (Republic of) 6.30% 20341 2,700 1,664
Kenya (Republic of) 6.30% 2034 2,000 1,233
Kenya (Republic of) 8.25% 2048 1,200 729
Mozambique (Republic of) 5.00% 2031 (9.00% on 9/15/2023)2 13,260 9,124
Nigeria (Republic of) 8.25% 20511 15,000 8,488
Oman (Sultanate of) 5.375% 2027 16,650 15,685
Oman (Sultanate of) 6.75% 2027 7,350 7,269
Pakistan (Islamic Republic of) 5.625% 2022 2,188 1,876
Pakistan (Islamic Republic of) 8.25% 2024 400 169
Pakistan (Islamic Republic of) 6.00% 2026 6,244 2,452
Pakistan (Islamic Republic of) 6.00% 20261 3,510 1,379
Pakistan (Islamic Republic of) 6.875% 2027 3,850 1,477
Panama (Republic of) 7.125% 2026 200 211
Panama (Republic of) 3.16% 2030 5,000 4,088
Panama (Republic of) 4.50% 2050 2,400 1,678
Panama (Republic of) 4.30% 2053 2,800 1,878
Panama (Republic of) 4.50% 2056 2,000 1,357
Panama (Republic of) 3.87% 2060 5,450 3,255
Panama (Republic of) 4.50% 2063 14,545 9,647
Paraguay (Republic of) 4.70% 20271 400 379
Paraguay (Republic of) 4.95% 2031 25,800 23,051
Peru (Republic of) 4.125% 2027 300 285
Peru (Republic of) 2.783% 2031 2,200 1,747
Peru (Republic of) 1.862% 2032 4,000 2,818
Peru (Republic of) 3.00% 2034 4,990 3,759
Peru (Republic of) 6.55% 2037 9,500 9,769
Peru (Republic of) 3.55% 2051 1,200 807
Peru (Republic of) 2.78% 2060 4,949 2,703
Peru (Republic of) 3.23% 2121 1,400 762
PETRONAS Capital, Ltd. 3.50% 2030 9,700 8,861
PETRONAS Capital, Ltd. 3.50% 20301 1,300 1,188
PETRONAS Capital, Ltd. 4.55% 20501 800 717
Philippines (Republic of) 3.00% 2028 8,300 7,574
Philippines (Republic of) 1.648% 2031 1,200 905
Philippines (Republic of) 3.95% 2040 9,200 7,330
Philippines (Republic of) 3.70% 2042 2,500 1,912
Philippines (Republic of) 2.95% 2045 12,600 8,229
American Funds Multi-Sector Income Fund — Page 25 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Bonds & notes of governments & government agencies outside the U.S. (continued) 		  Principal amount
(000) 		Value
(000)
Philippines (Republic of) 3.20% 2046 USD4,800 $3,212
Philippines (Republic of) 4.20% 2047 4,000 3,124
PT Indonesia Asahan Aluminium Tbk 5.45% 2030 10,000 8,964
Qatar (State of) 3.75% 20301 14,100 13,272
Qatar (State of) 4.625% 2046 1,500 1,382
Qatar (State of) 5.103% 2048 1,600 1,554
Qatar (State of) 4.40% 20501 16,100 14,200
Republika Srpska 4.75% 2026 EUR835 769
Romania 2.00% 2032 3,300 1,999
Romania 2.00% 2033 2,720 1,587
Romania 3.50% 2034 30 20
Romania 5.125% 2048 USD2,900 2,027
Romania 5.125% 20481 300 210
Romanian Government 2.00% 2032 EUR7,500 4,542
Russian Federation 4.75% 20267 USD1,600 712
Russian Federation 4.25% 20277 4,200 1,869
Russian Federation 4.375% 20297 1,000 405
Russian Federation 5.10% 20357 6,400 2,592
Russian Federation 5.25% 20477 1,800 801
Senegal (Republic of) 4.75% 2028 EUR4,500 3,574
Senegal (Republic of) 4.75% 2028 1,500 1,191
Senegal (Republic of) 6.75% 2048 USD8,000 5,011
South Africa (Republic of) 4.875% 2026 8,200 7,673
South Africa (Republic of) 4.30% 2028 7,900 6,594
South Africa (Republic of) 5.875% 2030 500 432
South Africa (Republic of) 5.875% 2032 11,300 9,363
South Africa (Republic of) 5.00% 2046 7,500 4,590
South Africa (Republic of) 6.30% 2048 12,200 8,606
Sri Lanka (Democratic Socialist Republic of) 5.75% 20237 3,798 989
Sri Lanka (Democratic Socialist Republic of) 6.125% 20257 2,300 646
Sri Lanka (Democratic Socialist Republic of) 6.85% 20257 20,400 5,498
Sri Lanka (Democratic Socialist Republic of) 6.20% 20277 1,780 455
Sri Lanka (Democratic Socialist Republic of) 7.85% 20297 3,271 834
Sri Lanka (Democratic Socialist Republic of) 7.55% 20307 14,029 3,573
Tunisia (Republic of) 6.75% 2023 EUR200 150
Tunisia (Republic of) 5.75% 2025 USD17,990 10,814
Turkey (Republic of) 6.375% 2025 5,700 5,170
Turkey (Republic of) 5.125% 20261 4,000 3,652
Turkey (Republic of) 7.625% 2029 2,450 2,092
Turkey (Republic of) 5.875% 2031 21,050 15,336
Turkey (Republic of) 6.50% 2033 2,000 1,455
Turkey (Republic of) 6.00% 2041 200 124
Turkey (Republic of) 5.75% 2047 12,100 7,312
Ukraine 8.994% 20267 6,377 1,371
Ukraine 7.75% 20287 4,500 949
Ukraine 7.75% 20297 200 43
Ukraine 9.75% 2030 200 44
Ukraine 6.876% 20311 4,800 899
Ukraine 7.375% 20347 4,500 863
United Mexican States 3.75% 2028 200 184
United Mexican States 4.50% 2029 18,100 16,773
United Mexican States 2.659% 2031 649 499
United Mexican States 4.875% 2033 2,338 2,060
United Mexican States 3.50% 2034 7,500 5,718
United Mexican States 6.05% 2040 13,600 12,618
American Funds Multi-Sector Income Fund — Page 26 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Bonds & notes of governments & government agencies outside the U.S. (continued) 		  Principal amount
(000) 		Value
(000)
United Mexican States 4.75% 2044 USD200 $154
United Mexican States 5.00% 2051 1,200 926
United Mexican States 4.40% 2052 550 381
United Mexican States 3.75% 2071 4,770 2,779
      717,416
Mortgage-backed obligations 6.89%
Commercial mortgage-backed securities 4.17% 		     
Arbor Multi Family Mortgage Securities Trust, Series 2020-MF1, Class B, 3.719% 20534,10 500 416
Banc of America Commercial Mortgage, Inc., Series 2016-UB10, Class C, 5.00% 20494,10 3,560 3,265
Banc of America Commercial Mortgage, Inc., Series 2017-BNK3, Class A4, 3.574% 205010 10 9
Bank Commercial Mortgage Trust, Series 2017-BNK9, Class A4, 3.538% 205410 10 9
Bank Commercial Mortgage Trust, Series 2022-BNK43, Class B, 5.328% 20554,10 5,250 4,949
Bank Commercial Mortgage Trust, Series 2019-BN19, Class B, 3.647% 206110 4,000 3,380
Barclays Commercial Mortgage Securities, LLC, Series 2022-C17, Class B, 4.889% 20554,10 11,003 10,057
Barclays Commercial Mortgage Securities, LLC, Series 2022-C17, Class C, 5.45% 20554,10 10,858 9,916
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 205110 25 23
Benchmark Mortgage Trust, Series 2018-B3, Class A5, 4.025% 205110 10 9
Benchmark Mortgage Trust, Series 2018-B4, Class A5, 4.121% 20514,10 10 9
Benchmark Mortgage Trust, Series 2018-B3, Class B, 4.295% 20514,10 1,445 1,309
Benchmark Mortgage Trust, Series 2021-B25, Class B, 2.635% 205410 5,500 4,221
Benchmark Mortgage Trust, Series 2022-B35, Class C, 4.594% 20554,10 11,500 9,406
Benchmark Mortgage Trust, Series 2022-B36, Class B, 4.87% 20554,10 7,500 6,845
Benchmark Mortgage Trust, Series 2022-B36, Class C, 5.29% 20554,10 6,501 5,759
Benchmark Mortgage Trust, Series 2019-B13, Class A4, 2.952% 205710 20 17
Boca Commercial Mortgage Trust, Series 2022-BOCA, Class B,
(1-month USD CME Term SOFR + 2.319%) 5.164% 20391,4,10 		2,694 2,627
BX Trust, Series 2022-CSMO, Class B, (1-month USD CME Term SOFR + 3.141%) 5.986% 20271,4,10 10,000 9,896
BX Trust, Series 2021-SDMF, Class B, (1-month USD-LIBOR + 0.738%) 3.556% 20341,4,10 3,000 2,812
BX Trust, Series 2021-SDMF, Class C, (1-month USD-LIBOR + 0.888%) 3.706% 20341,4,10 2,100 1,937
BX Trust, Series 2021-MFM1, Class B, (1-month USD-LIBOR + 0.95%) 3.768% 20341,4,10 4,000 3,813
BX Trust, Series 2021-SDMF, Class D, (1-month USD-LIBOR + 1.387%) 4.205% 20341,4,10 2,000 1,847
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 3.518% 20361,4,10 1,733 1,657
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 3.717% 20361,4,10 1,992 1,894
BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 3.768% 20361,4,10 2,696 2,533
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 4.115% 20361,4,10 1,989 1,860
BX Trust, Series 2021-ARIA, Class C, (1-month USD-LIBOR + 1.646%) 4.464% 20361,4,10 1,992 1,858
BX Trust, Series 2021-ARIA, Class D, (1-month USD-LIBOR + 1.895%) 4.713% 20361,4,10 1,380 1,284
BX Trust, Series 2022-IND, Class D, (1-month USD CME Term SOFR + 2.839%) 5.684% 20371,4,10 787 739
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 3.668% 20381,4,10 2,102 2,021
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 3.688% 20381,4,10 811 772
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 3.918% 20381,4,10 731 691
BX Trust, Series 2021-ACNT, Class B, (1-month USD-LIBOR + 1.25%) 4.068% 20381,4,10 12,188 11,646
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 4.218% 20381,4,10 9,259 8,725
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 4.318% 20381,4,10 1,962 1,859
BX Trust, Series 2021-ACNT, Class D, (1-month USD-LIBOR + 1.85%) 4.668% 20381,4,10 2,982 2,819
BX Trust, Series 2022-AHP, Class B, (1-month USD CME Term SOFR + 1.84%) 4.685% 20391,4,10 3,000 2,885
BX Trust, Series 2022-LP2, Class D, (1-month USD CME Term SOFR + 1.961%) 4.883% 20391,4,10 2,801 2,615
BX Trust, Series 2022-AHP, Class C, (1-month USD CME Term SOFR + 2.09%) 4.935% 20391,4,10 4,000 3,832
BX Trust, Series 2022-GPA, Class B, (1-month USD CME Term SOFR + 2.664%) 5.164% 20391,4,10 7,858 7,754
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 5.296% 20391,4,10 5,771 5,765
BX Trust, Series 2022-GPA, Class C, (1-month USD CME Term SOFR + 3.213%) 5.713% 20391,4,10 4,977 4,944
BX Trust, Series 2022-PSB, Class B, (1-month USD CME Term SOFR + 2.949%) 5.794% 20391,4,10 6,667 6,630
BX Trust, Series 2022-PSB, Class C, (1-month USD CME Term SOFR + 3.697%) 6.542% 20391,4,10 8,173 8,128
BX Trust, Series 2022-GPA, Class D, (1-month USD CME Term SOFR + 4.061%) 6.561% 20391,4,10 1,855 1,833
American Funds Multi-Sector Income Fund — Page 27 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued) 		  Principal amount
(000) 		Value
(000)
BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D,
(1-month USD CME Term SOFR + 3.188%) 6.033% 20351,4,10 		USD2,485 $2,358
CD Commercial Mortgage Trust, Series 2017-CD6, Class A5, 3.456% 205010 10 9
Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class B, 4.285% 20451,10 419 413
Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class B, 3.732% 20464,10 893 880
Citigroup Commercial Mortgage Trust, Series 2013-GC11, Class C, 4.134% 20464,10 2,000 1,966
Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class AS, 4.017% 204710 438 420
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class AS, 4.026% 204710 420 408
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class B, 4.328% 20474,10 1,900 1,806
Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class B, 3.772% 204810 7,892 7,384
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class C, 4.279% 20484,10 2,660 2,463
Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class C, 4.565% 20484,10 3,656 3,423
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A3, 3.515% 205810 303 288
Commercial Mortgage Trust, Series 2012-CR3, Class AM, 3.416% 20451,10 500 499
Commercial Mortgage Trust, Series 2012-CR2, Class B, 4.393% 204510 351 350
Commercial Mortgage Trust, Series 2013-CR7, Class AM, 3.314% 20461,10 560 554
Commercial Mortgage Trust, Series 2013-CR6, Class B, 3.397% 20461,10 1,505 1,487
Commercial Mortgage Trust, Series 2013-CRE7, Class B, 3.613% 20461,10 500 491
Commercial Mortgage Trust, Series 2013-LC6, Class B, 3.739% 204610 80 79
Commercial Mortgage Trust, Series 2013-CR6, Class C, 3.777% 20461,4,10 1,310 1,294
Commercial Mortgage Trust, Series 2013-LC13, Class B, 5.009% 20461,4,10 429 423
Commercial Mortgage Trust, Series 2013-CR10, Class C, 5.031% 20461,4,10 1,309 1,281
Commercial Mortgage Trust, Series 2014-UBS4, Class AM, 3.968% 204710 108 104
Commercial Mortgage Trust, Series 2014-CR19, Class AM, 4.08% 204710 500 482
Commercial Mortgage Trust, Series 2014-CR18, Class B, 4.456% 20474,10 381 365
Commercial Mortgage Trust, Series 2014-LC17, Class B, 4.49% 20474,10 950 909
Commercial Mortgage Trust, Series 2014-UBS6, Class C, 4.587% 20474,10 605 560
Commercial Mortgage Trust, Series 2014-UBS4, Class B, 4.701% 204710 1,024 998
Commercial Mortgage Trust, Series 2014-CR16, Class C, 5.081% 20474,10 460 437
Commercial Mortgage Trust, Series 2015-CR26, Class B, 4.619% 20484,10 8,035 7,556
Commercial Mortgage Trust, Series 2015-CCRE-26, Class C, 4.619% 20484,10 860 788
Commercial Mortgage Trust, Series 2016-COR1, Class A4, 3.091% 204910 25 23
Commercial Mortgage Trust, Series 2015-PC1, Class AM, 4.29% 20504,10 250 239
Commercial Mortgage Trust, Series 2013-CR11, Class B, 5.276% 20504,10 570 563
Commercial Mortgage Trust, Series 2013-CR11, Class C, 5.284% 20501,4,10 1,250 1,224
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 3.898% 20381,4,10 417 405
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 4.198% 20381,4,10 381 367
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 4.518% 20381,4,10 2,386 2,299
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 5.068% 20381,4,10 8,648 8,303
FREMF Mortgage Trust, Series 2017-K67, Class B, 4.08% 20491,4,10 2,000 1,857
Great Wolf Trust, Series 2019-WOLF, Class D, (1-month USD-LIBOR + 1.933%) 4.751% 20361,4,10 1,213 1,158
GS Mortgage Securities Trust, Series 2022-SHIP, Class C,
(1-month USD CME Term SOFR + 1.919%) 4.226% 20241,4,10 		757 743
GS Mortgage Securities Trust, Series 2022-SHIP, Class B,
(1-month USD CME Term SOFR + 1.424%) 4.269% 20241,4,10 		1,464 1,439
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 3.738% 20251,4,10 2,287 2,221
GS Mortgage Securities Trust, Series 2013-GC12, Class B, 3.777% 20464,10 650 639
GS Mortgage Securities Trust, Series 2013-GC16, Class A3, 4.244% 204610 87 86
GS Mortgage Securities Trust, Series 2020-GS1, Class A2, 3.47% 204810 200 190
Hilton USA Trust, Series 2016-HHV, Class D, 4.194% 20381,10 1,230 1,054
Ilpt Commercial Mortgage Pass-through Certificates, Series 2022-LPF2, Class B,
(1-month USD CME Term SOFR + 2.744%) 4.994% 20391,4,10 		3,273 3,273
Ilpt Commercial Mortgage Pass-through Certificates, Series 2022-LPF2, Class C,
(1-month USD CME Term SOFR + 3.493%) 5.743% 20391,4,10 		4,364 4,343
American Funds Multi-Sector Income Fund — Page 28 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued) 		  Principal amount
(000) 		Value
(000)
Intown 2022-Stay Mortgage Trust, Series 2022-STAY, Class B,
(1-month USD CME TERM SOFR + 3.286%) 6.131% 20371,4,10 		USD7,882 $7,695
Intown 2022-Stay Mortgage Trust, Series 2022-STAY, Class C,
(1-month USD CME TERM SOFR + 3.685%) 6.53% 20371,4,10 		3,120 3,047
JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class B, 4.394% 20474,10 920 887
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 20391,10 2,602 2,217
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 20391,4,10 2,092 1,727
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 20421,10 768 639
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class B, 3.499% 204610 2,000 1,951
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class AS, 3.372% 204710 500 496
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class B, 3.674% 20474,10 650 637
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class C, 4.357% 20474,10 500 479
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 3.868% 20381,4,10 1,374 1,330
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD-LIBOR + 1.40%) 4.218% 20381,4,10 1,142 1,098
LUXE Commercial Mortgage Trust, Series 21-TRIP, Class C, (1-month USD-LIBOR + 1.75%) 4.568% 20381,4,10 5,000 4,738
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A,
(1-month USD-LIBOR + 0.801%) 3.619% 20261,4,10 		1,534 1,479
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class B, 3.708% 20464,10 923 899
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.295% 20464,10 2,876 2,841
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12, Class AS, 4.482% 20464,10 500 492
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A4, 3.443% 204710 151 147
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class B, 4.00% 20474,10 3,197 3,017
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class AS, 4.11% 20474,10 195 187
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class C, 5.211% 20474,10 5,800 5,698
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class B, 4.16% 204810 18,113 17,101
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class B, 4.677% 20484,10 74 70
Morgan Stanley Capital I Trust, Series 2017-H1, Class A5, 3.53% 205010 45 42
Morgan Stanley Capital I Trust, Series 2019-L3, Class B, 3.781% 20524,10 5,300 4,466
Multi Family Connecticut Avenue Securities, Series 2019-1, Class M10,
(1-month USD-LIBOR + 3.25%) 6.334% 20491,4,10 		415 394
Multi Family Connecticut Avenue Securities, Series 2020-1, Class M10,
(1-month USD-LIBOR + 3.75%) 6.834% 20501,4,10 		3,400 3,190
One Market Plaza Trust, Series 2017-1MKT, Class C, 4.016% 20321,10 3,000 2,867
SREIT Trust, Series 2021-FLWR, Class A, (1-month USD-LIBOR + 0.577%) 3.394% 20361,4,10 1,558 1,486
SREIT Trust, Series 2021-FLWR, Class B, (1-month USD-LIBOR + 0.926%) 3.744% 20361,4,10 8,000 7,595
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 3.549% 20381,4,10 1,442 1,378
SREIT Trust, Series 2021-MFP, Class B, (1-month USD-LIBOR + 1.079%) 3.898% 20381,4,10 1,545 1,471
SREIT Trust, Series 2021-MFP, Class C, (1-month USD-LIBOR + 1.329%) 4.147% 20381,4,10 2,077 1,968
SREIT Trust, Series 2021-MFP, Class D, (1-month USD-LIBOR + 1.578%) 4.396% 20381,4,10 2,500 2,350
Storagemart Commercial Mortgage Trust, Series 2022-MINI, Class D,
(1-month USD CME Term SOFR + 1.95%) 4.796% 20391,4,10 		9,500 8,935
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class C, 3.848% 20484,10 1,000 913
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class C, 4.219% 20484,10 500 458
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class A4, 3.096% 204910 25 23
Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class C, 4.457% 20504,10 2,154 1,879
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS3, Class D, 3.153% 20571,10 3,561 2,965
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS3, Class B, 4.647% 20574,10 4,100 3,855
Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class B, 4.708% 20584,10 6,750 6,383
Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class C, 4.708% 20584,10 110 102
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class B, 5.115% 20594,10 5,760 5,446
WF-RBS Commercial Mortgage Trust, Series 2012-C10, Class AS, 3.241% 204510 740 728
WF-RBS Commercial Mortgage Trust, Series 2013-C16, Class B, 5.148% 20464,10 1,251 1,226
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class AS, 4.271% 204710 417 406
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class B, 4.723% 20474,10 512 494
American Funds Multi-Sector Income Fund — Page 29 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued) 		  Principal amount
(000) 		Value
(000)
WF-RBS Commercial Mortgage Trust, Series 2013-C12, Class B, 3.863% 20484,10 USD500 $494
WF-RBS Commercial Mortgage Trust, Series 2014-C22, Class AS, 4.069% 20574,10 100 96
      358,658
Collateralized mortgage-backed obligations (privately originated) 2.72%      
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 4.684% 20291,4,10 189 188
Binom Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 20611,4,10 1,224 1,104
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 20591,4,10 203 185
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 20611,10 1,653 1,486
BRAVO Residential Funding Trust, Series 2022-R1, Class A, 3.125% 2070 (6.125% on 1/29/2025)1,2,10 11,376 10,108
Cascade Funding Mortgage Trust, Series 2020-HB4, Class M3, 2.72% 20301,4,10 225 208
Cascade Funding Mortgage Trust, Series 2021-HB5, Class A, 0.801% 20311,4,10 159 153
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 20311,4,10 775 732
Cascade Funding Mortgage Trust, Series 2021-HB7, Class M1, 2.125% 20311,4,10 1,296 1,193
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 20361,4,10 891 850
Cascade Funding Mortgage Trust, Series 2018-RM2, Class B, 4.00% 20681,4,10 988 934
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 20681,4,10 898 869
Cascade Funding Mortgage Trust, Series 2018-RM2, Class C, 4.00% 20681,4,10 727 684
Cascade Funding Mortgage Trust, Series 2018-RM2, Class D, 4.00% 20681,4,10 727 673
Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% 2054 (5.25% on 11/25/2027)1,2,10 15,936 13,942
CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A2, 3.585% 205410 182 170
Citigroup Mortgage Loan Trust, Inc., Series 2020-EXP1, Class A1A, 1.804% 20601,4,10 45 42
Connecticut Avenue Securities, Series 2021-R01, Class 1M1,
(30-day Average USD-SOFR + 0.75%) 3.031% 20411,4,10 		1,389 1,376
Connecticut Avenue Securities, Series 2021-R03, Class 1M1,
(30-day Average USD-SOFR + 0.85%) 3.131% 20411,4,10 		6,151 6,017
Connecticut Avenue Securities, Series 2022-R01, Class 1M1,
(30-day Average USD-SOFR + 1.00%) 3.281% 20411,4,10 		4,262 4,183
Connecticut Avenue Securities, Series 2022-R04, Class 1M1,
(30-day Average USD-SOFR + 2.00%) 4.281% 20421,4,10 		1,143 1,130
Connecticut Avenue Securities, Series 2022-R06, Class 1M1,
(30-day Average USD-SOFR + 2.75%) 5.031% 20421,4,10 		9,803 9,799
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 20371,10 111 100
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 20601,4,10 551 481
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 20511,4,10 771 616
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2013-DN1, Class M2,
(1-month USD-LIBOR + 7.15%) 10.234% 20234,10 		11,901 12,233
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA5, Class M2,
(30-day Average USD-SOFR + 1.65%) 3.931% 20341,4,10 		717 700
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA6, Class M1,
(30-day Average USD-SOFR + 0.80%) 3.081% 20411,4,10 		9,711 9,522
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA2, Class M1A,
(30-day Average USD-SOFR + 1.30%) 3.581% 20421,4,10 		21,359 20,989
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A,
(30-day Average USD-SOFR + 2.00%) 4.281% 20421,4,10 		2,267 2,246
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A,
(30-day Average USD-SOFR + 2.15%) 4.435% 20421,4,10 		649 646
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A,
(30-day Average USD-SOFR + 2.20%) 4.481% 20421,4,10 		8,748 8,675
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A,
(30-day Average USD-SOFR + 2.95%) 5.231% 20421,4,10 		11,358 11,371
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B,
(30-day Average USD-SOFR + 3.70%) 5.985% 20421,4,10 		1,460 1,420
American Funds Multi-Sector Income Fund — Page 30 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued) 		  Principal amount
(000) 		Value
(000)
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA6, Class M2,
(30-day Average USD-SOFR + 2.00%) 4.281% 20501,4,10 		USD4,623 $4,548
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2,
(1-month USD-LIBOR + 1.70%) 4.784% 20501,4,10 		2,268 2,245
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2,
(1-month USD-LIBOR + 1.85%) 4.934% 20501,4,10 		5,177 5,100
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA5, Class M2,
(30-day Average USD-SOFR + 2.80%) 5.081% 20501,4,10 		1,942 1,942
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1,
(1-month USD-LIBOR + 5.10%) 8.184% 20501,4,10 		12,317 12,465
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1,
(1-month USD-LIBOR + 6.00%) 9.084% 20501,4,10 		4,000 4,141
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 20261,10 2,159 1,876
Hundred Acre Wood Trust, Series 2021-INV1, Class A9, 2.50% 20511,4,10 2,581 2,253
Hundred Acre Wood Trust, Series 2021-INV1, Class A27, 2.50% 20511,4,10 2,565 1,992
JPMorgan Mortgage Trust, Series 2018-3, Class A1, 3.50% 20481,4,10 201 180
JPMorgan Mortgage Trust, Series 2020-1, Class A15, 3.50% 20501,4,10 821 724
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 20591,4,10 216 216
Legacy Mortgage Asset Trust, Series 2020-GS4, Class A1, 3.25% 20601,4,10 251 246
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 20611,4,10 878 819
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2061 (7.00% on 4/25/2025)1,2,10 12,474 11,864
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 2067 (5.25% on 11/25/2024)1,2,10 2,733 2,517
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 3.934% 20551,4,10 1,616 1,557
MRA Issuance Trust, Series 2020-10, Class A3, (1-month USD-LIBOR + 1.30%) 3.864% 20221,4,10 1,775 1,698
New Residential Mortgage Loan Trust, Series 2018-1A, Class A1A, 4.00% 20571,4,10 49 47
New Residential Mortgage Loan Trust, Series 2019-2A, Class A1, 4.25% 20571,4,10 139 134
New Residential Mortgage Loan Trust, Series 2018-5A, Class A1, 4.75% 20571,4,10 111 108
NewRez Warehouse Securitization Trust, Series 2021-1, Class A,
(1-month USD-LIBOR + 0.75%) 3.834% 20551,4,10 		2,250 2,204
Progress Residential Trust, Series 2019-SFR3, Class A, 2.271% 20361,10 396 374
Progress Residential Trust, Series 2020-SFR2, Class A, 2.078% 20371,10 100 92
Progress Residential Trust, Series 2021-SFR4, Class F, 3.407% 20381,10 4,305 3,699
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 20311,4,10 750 717
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 20631,4,10 65 63
Sequoia Mortgage Trust, Series 2013-2, Class A, 1.874% 20434,10 40 34
Sequoia Mortgage Trust, Series 2018-CH1, Class A2, 3.50% 20481,4,10 66 61
Towd Point Mortgage Trust, Series 2015-3, Class B1, 4.184% 20541,4,10 2,504 2,475
Towd Point Mortgage Trust, Series 2017-2, Class B2, 4.072% 20571,4,10 2,400 2,185
Towd Point Mortgage Trust, Series 2018-1, Class A2, 3.25% 20581,4,10 2,477 2,299
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 20581,4,10 274 266
Towd Point Mortgage Trust, Series 2019-4, Class M1B, 3.00% 20591,4,10 3,000 2,418
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 20331,5 22,184 19,673
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 20381,10 2,342 2,059
Tricorn American Homes, Series 2017-SFR2, Class E, 4.216% 20361,10 6,500 6,336
VM Fund I, LLC 8.625% 20281,5 7,828 7,711
      234,363
Total mortgage-backed obligations     593,021
Asset-backed obligations 5.37%      
Aesop Funding, LLC, Series 2020-1A, Class D, 3.34% 20261,10 10,000 8,694
Aesop Funding, LLC, Series 2021-1A, Class B, 1.63% 20271,10 1,062 905
Aesop Funding, LLC, Series 2021-1A, Class C, 2.13% 20271,10 551 462
Aesop Funding, LLC, Series 2020-2A, Class B, 2.96% 20271,10 100 90
American Funds Multi-Sector Income Fund — Page 31 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Aesop Funding, LLC, Series 2021-1A, Class D, 3.71% 20271,10 USD8,000 $6,640
Aesop Funding, LLC, Series 2020-2A, Class C, 4.25% 20271,10 6,550 5,927
Affirm Asset Securitization Trust, Series 2021-A, Class A, 0.88% 20251,10 408 406
Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 20261,10 2,597 2,451
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 3.462% 20301,4,10 2,939 2,899
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 3.69% 20301,4,10 477 468
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 20261,10 66 65
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 20271,10 97 96
American Credit Acceptance Receivables Trust, Series 2021-3, Class C, 0.98% 20271,10 5,000 4,834
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 20271,10 100 95
American Credit Acceptance Receivables Trust, Series 2022-1, Class C, 2.12% 20281,10 2,000 1,866
American Credit Acceptance Receivables Trust, Series 2022-1, Class D, 2.46% 20281,10 2,000 1,822
American Credit Acceptance Receivables Trust, Series 2022-1, Class E, 3.64% 20281,10 1,236 1,099
American Credit Acceptance Receivables Trust, Series 2022-3, Class C, 4.86% 20281,10 7,009 6,869
American Credit Acceptance Receivables Trust, Series 2022-3, Class D, 5.83% 20281,10 1,663 1,608
American Credit Acceptance Receivables Trust, Series 2022-2, Class F, 7.74% 20291,10 8,782 8,276
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 3.984% 20301,4,10 1,290 1,266
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class A, 2.56% 20311,10 147 143
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class B, 3.59% 20311,10 300 281
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class C, 5.17% 20311,10 300 278
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 20331,10 613 571
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class B, 2.79% 20331,10 4,733 4,076
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class C, 3.69% 20331,10 1,420 1,231
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 20341,10 570 541
Bankers Healthcare Group Securitization Trust, Series 2022-A, Class A, 1.71% 20351,10 3,538 3,314
Bankers Healthcare Group Securitization Trust, Series 2022-A, Class B, 2.70% 20351,10 5,000 4,316
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 20461,10 2,346 1,898
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 20461,10 753 567
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 202810 757 724
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 20371,10 2,579 2,186
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 20411,10 628 559
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 3.739% 20301,4,10 1,418 1,393
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 20601,10 1,574 1,400
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 20601,10 320 267
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 20611,10 96 83
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 20621,10 26,629 25,634
CFG Investments, Ltd., Series 2021-1, Class B, 5.82% 20321,10 3,000 2,853
CIFC Funding, Ltd., CLO, Series 2017-1A, Class B, (3-month USD-LIBOR + 1.70%) 2.798% 20291,4,10 1,750 1,697
CLI Funding V, LLC, Series 2020-2A, Class B, 3.56% 20451,10 223 197
CLI Funding V, LLC, Series 2020-1A, Class B, 3.62% 20451,10 287 254
CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 20261,10 176 173
CPS Auto Receivables Trust, Series 2020-B, Class C, 3.30% 20261,10 17 17
CPS Auto Receivables Trust, Series 2020-B, Class D, 4.75% 20261,10 100 100
CPS Auto Receivables Trust, Series 2021-B, Class C, 1.23% 20271,10 2,250 2,161
CPS Auto Receivables Trust, Series 2021-B, Class D, 1.52% 20271,10 2,000 1,859
CPS Auto Receivables Trust, Series 2022-B, Class D, 5.19% 20281,10 6,000 5,584
CPS Auto Receivables Trust, Series 2022-C, Class C, 5.28% 20301,10 3,770 3,681
CPS Auto Receivables Trust, Series 2022-C, Class D, 6.45% 20301,10 3,377 3,281
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class B, 1.38% 20301,10 2,000 1,816
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class C, 1.63% 20301,10 3,000 2,672
Credit Acceptance Auto Loan Trust, Series 2022-1A, Class C, 5.70% 20321,10 6,000 5,816
Credit Acceptance Auto Loan Trust, Series 2022-1A, Class D, 6.63% 20321,10 8,000 7,677
Drive Auto Receivables Trust, Series 2020-2, Class D, 3.05% 202810 200 196
American Funds Multi-Sector Income Fund — Page 32 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Drivetime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 20261,10 USD100 $96
Drivetime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 20261,10 100 92
Drivetime Auto Owner Trust, Series 2020-2A, Class D, 4.73% 20261,10 850 843
Drivetime Auto Owner Trust, Series 2021-3A, Class C, 0.87% 20271,10 2,000 1,878
Drivetime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 20271,10 616 587
Drivetime Auto Owner Trust, Series 2021-3A, Class D, 1.31% 20271,10 2,000 1,783
Drivetime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 20271,10 277 257
Dryden Senior Loan Fund, Series 2017-47A, Class A2R, CLO, (3-month USD-LIBOR + 1.27%) 3.782% 20281,4,10 2,000 1,955
Dryden Senior Loan Fund, Series 2017-47A, Class BR, CLO, (3-month USD-LIBOR + 1.47%) 3.982% 20281,4,10 2,000 1,939
Dryden Senior Loan Fund, Series 2017-47A, Class CR, CLO, (3-month USD-LIBOR + 2.05%) 4.562% 20281,4,10 2,000 1,898
Dryden Senior Loan Fund, Series 2013-28A, Class A2LR, CLO, (3-month USD-LIBOR + 1.65%) 4.555% 20301,4,10 3,000 2,901
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 20451,10 148 127
Exeter Automobile Receivables Trust, Series 2020-2A, Class C, 3.28% 20251,10 56 56
Exeter Automobile Receivables Trust, Series 2020-2, Class D, 4.73% 20261,10 100 99
Exeter Automobile Receivables Trust, Series 2021-4A, Class E, 4.02% 20281,10 8,000 7,099
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 202810 469 441
Exeter Automobile Receivables Trust, Series 2022-4A, Class C, 4.92% 202810 9,678 9,407
Exeter Automobile Receivables Trust, Series 2022-4A, Class D, 5.98% 202810 5,907 5,668
Exeter Automobile Receivables Trust, Series 2022-2A, Class E, 6.34% 20291,10 9,625 8,745
Exeter Automobile Receivables Trust, Series 2022-4A, Class E, 8.23% 20301,10 5,833 5,550
Exeter Automobile Receivables Trust, Series 2022-3A, Class E, 9.09% 20301,10 10,000 9,928
First Investors Auto Owner Trust, Series 2021-1A, Class B, 0.89% 20271,10 300 289
First Investors Auto Owner Trust, Series 2021-1A, Class D, 1.62% 20271,10 300 276
FirstKey Homes Trust, Series 2022-SFR2, Class S, 5.197% 20391,10 3,043 2,862
Freedom Financial, Series 2022-1FP, Class A, 0.94% 20291,10 289 286
Freedom Financial, Series 2022-1FP, Class B, 1.91% 20291,10 2,462 2,366
GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 20451,10 125 111
GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 20461,10 2,667 2,246
Global SC Finance SRL, Series 2021-1A, Class B, 2.76% 20411,10 1,686 1,438
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 20391,10 346 322
Global SC Finance V SRL, Series 2020-1A, Class B, 3.55% 20401,10 389 349
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 20411,10 700 591
GSAMP Trust, Series 2005-SD2, Class M3, (1-month USD-LIBOR + 1.35%) 4.434% 20351,4,10 797 781
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 20231,5,10 7,110 6,839
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 20251,10 1,220 1,117
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 20251,10 2,336 2,106
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class B, 2.19% 20261,10 1,776 1,612
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class C, 2.63% 20261,10 3,492 3,126
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 20271,10 1,317 1,127
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 20271,10 826 692
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class C, 2.95% 20281,10 4,025 3,350
KKR Static CLO I, Ltd., Series 2022-1A, Class B,
(3-month USD CME Term SOFR + 2.60%) 5.077% 20311,4,10 		16,000 15,652
LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94% 20261,10 751 698
LAD Auto Receivables Trust, Series 2021-1A, Class C, 2.35% 20271,10 3,000 2,731
LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 20301,10 4,463 4,296
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 3.512% 20291,4,10 1,436 1,426
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 3.732% 20301,4,10 2,000 1,971
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 3.662% 20291,4,10 1,300 1,285
Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54% 20261,10 1,500 1,426
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 20261,10 1,140 1,100
Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 20271,10 11,934 11,679
Mission Lane Credit Card Master Trust, Series 2022-A, Class B, 9.20% 20271,10 500 490
Mission Lane Credit Card Master Trust, Series 2022-A, Class C, 11.82% 20271,10 9,600 9,343
Navient Student Loan Trust, Series 2021-FA, Class A, 1.11% 20701,10 3,128 2,646
American Funds Multi-Sector Income Fund — Page 33 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 20461,10 USD3,879 $3,305
Navigator Aircraft ABS, Ltd., Series 2021-1, Class B, 3.571% 20461,10 881 652
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 20621,10 3,106 2,775
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20621,10 2,815 2,482
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20621,10 2,347 2,095
Nelnet Student Loan Trust, Series 2021-CA, Class C, 3.36% 20621,10 1,328 1,036
Nelnet Student Loan Trust, Series 2021-CA, Class D, 4.44% 20621,10 1,889 1,503
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20611,10 4,653 3,945
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R,
(3-month USD-LIBOR + 0.97%) 3.753% 20301,4,10 		640 629
OCP CLO, Ltd., Series 2016-11A, Class A2R, (3-month USD-LIBOR + 1.75%) 4.516% 20301,4,10 1,000 970
OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class A, 1.59% 20271,10 2,475 2,285
OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class B, 2.28% 20271,10 1,167 1,056
OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class C, 2.97% 20271,10 1,150 1,029
OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class D, 4.94% 20271,10 1,150 1,026
Oportun Funding, LLC, Series 2021-A, Class A, 1.21% 20281,10 2,722 2,529
Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 20311,10 1,727 1,535
Oportun Funding, LLC, Series 2021-B, Class B, 1.96% 20311,10 2,958 2,628
Oportun Funding, LLC, Series 2021-B, Class C, 3.65% 20311,10 2,525 2,285
Oportun Funding, LLC, Series 2022-A, Class B, 5.25% 20311,10 8,500 8,044
Oportun Funding, LLC, Series 2021-B, Class D, 5.41% 20311,10 1,000 893
Palmer Square Loan Funding, CLO, Series 2021-2A, Class A1, (3-month USD-LIBOR + 0.80%) 3.784% 20291,4,10 359 353
Palmer Square Loan Funding, CLO, Series 2021-1, Class A2, (3-month USD-LIBOR + 1.25%) 3.96% 20291,4,10 500 483
Palmer Square Loan Funding, CLO, Series 2021-2A, Class B, (3-month USD-LIBOR + 1.40%) 4.384% 20291,4,10 500 469
Palmer Square Loan Funding, CLO, Series 2021-1, Class B, (3-month USD-LIBOR + 1.80%) 4.51% 20291,4,10 890 843
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2,
(3-month USD-LIBOR + 1.40%) 3.912% 20291,4,10 		4,278 4,072
Palmer Square Loan Funding, CLO, Series 2021-2A, Class A2, (3-month USD-LIBOR + 1.25%) 4.234% 20291,4,10 1,000 962
Palmer Square Loan Funding, CLO, Series 2022-5, Class A2,
(3-month USD CME Term SOFR + 2.65%) 5.174% 20311,4,10 		15,000 14,625
PFS Financing Corp., Series 2022-D, Class A, 4.27% 20271,10 4,546 4,409
PFS Financing Corp., Series 2022-D, Class B, 4.90% 20271,10 3,594 3,477
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 3.452% 20301,4,10 1,266 1,244
Regatta VIII Funding, Ltd., CLO, Series 2017-1A, Class B, (3-month USD-LIBOR + 1.70%) 4.44% 20301,4,10 3,000 2,895
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class A, 5.38% 20301,10 18,285 18,201
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class B, 6.58% 20301,10 13,833 13,397
Rockford Tower CLO, Ltd., Series 2018-2A, Class B, (3-month USD-LIBOR + 1.80%) 4.51% 20311,4,10 1,260 1,210
Santander Consumer Auto Receivables Trust, Series 2020-A, Class C, 3.71% 20261,10 200 198
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 202710 1,105 1,068
Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 202710 1,474 1,385
Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 202710 2,589 2,535
Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 202810 8,222 8,012
Shackleton CLO, Ltd., Series 2013-4RA, Class A2A, (3-month USD-LIBOR + 1.60%) 4.055% 20311,4,10 2,275 2,183
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 20531,10 390 332
SMB Private Education Loan Trust, Series 2022-A, Class D, 4.75% 20541,10 2,083 1,884
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 20461,10 2,810 2,327
Sound Point CLO, Ltd., Series 2015-1RA, Class AR,
(3-month USD-LIBOR + 1.08%) 3.592% 20301,4,10 		1,050 1,034
Sprite, Ltd., Series 2021-1, Class A, 3.75% 20461,10 1,853 1,568
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 20411,10 1,700 1,459
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 20331,10 1,635 1,453
Stonepeak Infrastructure Partners, Series 2021-1A, Class B, 3.821% 20331,10 1,508 1,321
Stratus CLO, Series 2022-1A, Class B, (3-month USD CME Term SOFR + 2.35%) 4.632% 20301,4,10 11,140 10,888
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 20751,10 3,454 3,135
Textainer Marine Containers, Ltd., Series 2020-2A, Class B, 3.34% 20451,10 393 342
American Funds Multi-Sector Income Fund — Page 34 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Textainer Marine Containers, Ltd., Series 2020-1A, Class B, 4.94% 20451,10 USD2,051 $1,927
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 20461,10 322 270
Textainer Marine Containers, Ltd., Series 2021-2A, Class B, 2.82% 20461,10 887 747
TIF Funding II, LLC, Series 2020-1A, Class B, 3.82% 20451,10 1,174 1,046
TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 20461,10 1,916 1,586
Triton Container Finance VIII, LLC, Series 2020-1, Class B, 3.74% 20451,10 365 323
Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 20461,10 3,172 2,641
Voya CLO, Ltd., Series 2016-3A, Class A3R, 4.49% 20311,4,10 1,750 1,653
Westlake Automobile Receivables Trust, Series 2022-2A, Class D, 5.48% 20271,10 7,813 7,583
      462,554
U.S. Treasury bonds & notes 1.00%
U.S. Treasury 1.00% 		     
U.S. Treasury 4.125% 2027 15,520 15,556
U.S. Treasury 2.75% 203211 32,738 29,933
U.S. Treasury 2.875% 205211 48,535 40,719
Total U.S. Treasury bonds & notes     86,208
Municipals 0.38%
California 0.04% 		     
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B-1, 1.85% 2031 165 162
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 2034 65 51
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 3.487% 2036 1,490 1,193
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 3.714% 2041 2,235 1,701
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.614% 2030 35 27
      3,134
Florida 0.00%      
County of Broward, Airport System Rev. Ref. Bonds, Series 2019-C, 3.477% 2043 75 58
Illinois 0.05%      
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A,
Assured Guaranty Municipal insured, 5.00% 2034 		150 150
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2022-A, 4.00% 2047 4,020 3,173
G.O. Bonds, Series 2017-A, 5.00% 2022 270 271
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033 90 86
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds,
Capital Appreciation Bonds, Series 2017-A, Assured Guaranty Municipal insured, 0% 2056 		1,810 290
      3,970
Kansas 0.03%      
City of Manhattan, Health Care Facs. Rev. Bonds (Meadowlark Hills), Series 2021-B, 2.44% 2025 2,760 2,645
American Funds Multi-Sector Income Fund — Page 35 of 41
unaudited
Bonds, notes & other debt instruments (continued)
Municipals (continued)
Ohio 0.07% 		  Principal amount
(000) 		Value
(000)
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project),
Series 2021, 4.425% 2031 		USD6,370 $5,623
Higher Educational Facs. Commission, Healthcare Fac. Rev. Bonds (Judson Obligated Group 2020 Project),
Series 2020-A, 3.75% 2023 		605 597
      6,220
Puerto Rico 0.17%      
G.O. Restructured Bonds, Series 2022-A-1, 5.25% 2023 490 492
G.O. Restructured Bonds, Series 2022-A-1, 5.375% 2025 977 987
G.O. Restructured Bonds, Series 2022-A-1, 5.625% 2027 968 990
G.O. Restructured Bonds, Series 2022-A-1, 5.625% 2029 953 976
G.O. Restructured Bonds, Series 2022-A-1, 5.75% 2031 925 945
G.O. Restructured Bonds, Series 2022-A-1, 4.00% 2033 877 773
G.O. Restructured Bonds, Series 2022-A-1, 4.00% 2035 789 676
G.O. Restructured Bonds, Series 2022-A-1, 4.00% 2037 677 557
G.O. Restructured Bonds, Series 2022-A-1, 4.00% 2041 920 721
G.O. Restructured Bonds, Series 2022-A-1, 4.00% 2046 957 719
G.O. Restructured Bonds, Capital Appreciation Bonds, Series 2022-A-1, 0% 2024 293 270
G.O. Restructured Bonds, Capital Appreciation Bonds, Series 2022-A-1, 0% 2033 1,129 624
G.O. Restructured Bonds, Capital Appreciation Bonds, Series 2022-A-1, 0% 2043 4,369 2,190
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Capital Appreciation Bonds, Series 2018-A-1, 0% 2046 14,745 3,343
      14,263
Washington 0.02%      
Econ. Dev. Fin. Auth., Environmental Facs. Rev. Bonds (North Pacific Paper Co. Recycling Project), Series 2020-B, 9.00% 20361 2,000 1,902
Total municipals     32,192
Total bonds, notes & other debt instruments (cost: $8,608,489,000)     7,636,688
Convertible bonds & notes 0.00%
Energy 0.00% 		     
Mesquite Energy, Inc., convertible notes, 13.14% Cash 20231,5,6 3 3
Total convertible bonds & notes (cost: $3,000)     3
Common stocks 0.09%
Energy 0.09% 		  Shares  
Chesapeake Energy Corp. 75,595 7,122
California Resources Corp. 633 24
Mesquite Energy, Inc.5,12 126 1
      7,147
Consumer discretionary 0.00%      
NMG Parent, LLC12 309 56
MYT Holding Co., Class B5,12 8,984 16
      72
Total common stocks (cost: $3,902,000)     7,219
American Funds Multi-Sector Income Fund — Page 36 of 41
unaudited
Preferred securities 0.00%
Industrials 0.00% 		  Shares Value
(000)
ACR III LSC Holdings, LLC, Series B, preferred shares1,5,12 5 $1
Total preferred securities (cost: $5,000)     1
Rights & warrants 0.00%
Consumer discretionary 0.00% 		     
NMG Parent, LLC, warrants, expire 202712 374 19
Carnelian Point Holdings, LP, warrants, expire 20275,12 11 —8
Total rights & warrants (cost: $2,000)     19
Short-term securities 10.47%
Money market investments 10.47% 		     
Capital Group Central Cash Fund 2.81%13,14 9,016,032 901,513
Total short-term securities (cost: $901,248,000)     901,513
Total investment securities 99.26% (cost: $9,513,649,000)     8,545,443
Other assets less liabilities 0.74%     64,105
Net assets 100.00%     $8,609,548
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
90 Day Eurodollar Futures Long 3,288 September 2023 USD784,353 $(30,492)
90 Day Eurodollar Futures Short 3,597 December 2023 (858,874) 31,487
2 Year U.S. Treasury Note Futures Long 7,434 December 2022 1,526,874 (16,478)
5 Year U.S. Treasury Note Futures Short 2,853 December 2022 (306,720) 9,684
10 Year Euro-Bund Futures Short 35 December 2022 (4,750) 223
10 Year U.S. Treasury Note Futures Long 946 December 2022 106,011 (5,265)
10 Year Ultra U.S. Treasury Note Futures Short 7,124 December 2022 (844,083) 52,448
20 Year U.S. Treasury Bond Futures Long 2,405 December 2022 304,007 (23,781)
30 Year Ultra U.S. Treasury Bond Futures Short 1,844 December 2022 (252,628) 21,995
          $39,821
Forward currency contracts
Contract amount Counterparty Settlement
date 		Unrealized
appreciation
at 9/30/2022
(000)
Currency purchased
(000) 		Currency sold
(000)
USD 11,459 EUR 11,488 JPMorgan Chase 10/13/2022 $190
USD 193 EUR 195 JPMorgan Chase 10/26/2022 1
            $191
American Funds Multi-Sector Income Fund — Page 37 of 41
unaudited
Swap contracts
Credit default swaps
Centrally cleared credit default swaps on credit indices — buy protection
Reference
index 		Financing
rate paid 		Payment
frequency 		Expiration
date 		Notional
amount
(000) 		Value at
9/30/2022
(000) 		Upfront
premium
paid
(000) 		Unrealized
appreciation
at 9/30/2022
(000)
CDX.NA.IG.39 1.00% Quarterly 12/20/2027 USD385,028 $1,366 $1,201 $165
Centrally cleared credit default swaps on credit indices — sell protection
Financing
rate received 		Payment
frequency 		Reference
index 		Expiration
date 		Notional
amount15
(000) 		Value at
9/30/202216
(000) 		  Upfront
premium
paid
(000) 		  Unrealized
depreciation
at 9/30/2022
(000)
5.00% Quarterly CDX.NA.HY.37 12/20/2026 USD43,387 $(432)   $283   $(715)
5.00% Quarterly CDX.NA.HY.38 6/20/2027 178,200 (4,204)   2,295   (6,499)
          $(4,636)   $2,578   $(7,214)
Investments in affiliates14
  Value of
affiliate at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
gain
(000) 		Net
unrealized
appreciation
(000) 		Value of
affiliate at
9/30/2022
(000) 		Dividend
income
(000)
Short-term securities 10.47%
Money market investments 10.47%              
Capital Group Central Cash Fund 2.81%13 $143,838 $4,770,787 $4,013,370 $5 $253 $901,513 $5,413
Restricted security9
  Acquisition
date 		Cost
(000) 		Value
(000) 		Percent
of net
assets
NBM US Holdings, Inc. 6.625% 2029 9/22/2020 $530 $457 .01%
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 $3,696,586,000, which represented 42.94% of the net assets of the fund.
2 Step bond; coupon rate may change at a later date.
3 Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $56,646,000, which represented .66% of the net assets of the fund.
4 Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
5 Value determined using significant unobservable inputs.
6 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.
7 Scheduled interest and/or principal payment was not received.
8 Amount less than one thousand.
9 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 $457,000, which represented .01% of the net assets of the fund.
10 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
11 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $36,858,000, which represented .43% of the net assets of the fund.
12 Security did not produce income during the last 12 months.
13 Rate represents the seven-day yield at 9/30/2022.
14 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
15 The maximum potential amount the fund may pay as a protection seller should a credit event occur.
16 The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.
American Funds Multi-Sector Income Fund — Page 38 of 41
unaudited
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. 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. Security transactions are recorded by the fund as of the date the trades are executed with brokers.
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 Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. The average month-end notional amount of futures contracts while held was $4,250,975,000. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. The average month-end notional amount of open forward currency contracts while held was $10,665,000. 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. As of September 30, 2022, the fund did not have any total return swaps.  The average month-end notional amounts of credit default swaps and total reurn swaps while held were $285,980,000 and $750,000, respectively.
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,
American Funds Multi-Sector Income Fund — Page 39 of 41
unaudited
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 following tables present the fund’s valuation levels as of September 30, 2022 (dollars in thousands):
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Bonds, notes & other debt instruments:              
Corporate bonds, notes & loans $—   $5,739,165   $6,132   $5,745,297
Bonds & notes of governments & government agencies outside the U.S. —   717,416   —   717,416
Mortgage-backed obligations —   565,637   27,384   593,021
Asset-backed obligations —   455,715   6,839   462,554
U.S. Treasury bonds & notes —   86,208   —   86,208
Municipals —   32,192   —   32,192
Convertible bonds & notes —   —   3   3
Common stocks 7,146   56   17   7,219
Preferred securities —   —   1   1
Rights & warrants —   19   —*   19
Short-term securities 901,513   —   —   901,513
Total $908,659   $7,596,408   $40,376   $8,545,443
    
American Funds Multi-Sector Income Fund — Page 40 of 41
unaudited
  Other investments†
  Level 1   Level 2   Level 3   Total
Assets:              
Unrealized appreciation on futures contracts $115,837   $—   $—   $115,837
Unrealized appreciation on open forward currency contracts —   191   —   191
Unrealized appreciation on centrally cleared credit default swaps —   165   —   165
Liabilities:              
Unrealized depreciation on futures contracts (76,016)   —   —   (76,016)
Unrealized depreciation on centrally cleared credit default swaps —   (7,214)   —   (7,214)
Total $39,821   $(6,858)   $—   $32,963
* Amount less than one thousand.
† Futures contracts, forward currency contracts and credit default swaps are not included in the fund’s investment portfolio.
Key to abbreviations
Auth. = Authority
CLO = Collateralized Loan Obligations
CME = CME Group
CMO = Collateralized Mortgage Obligations
DAC = Designated Activity Company
Dev. = Development
Econ. = Economic
EUR = Euros
Fac. = Facility
Facs. = Facilities
 
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
PIK = Payment In Kind
Ref. = Refunding
REIT = Real Estate Investment Trust
Rev. = Revenue
SOFR = Secured Overnight Financing Rate
USD = U.S. dollars
 
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
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.
American Funds Distributors, Inc., member FINRA.
© 2022 Capital Group. All rights reserved.
MFGEFP3-126-1122O-S89838 American Funds Multi-Sector Income Fund — Page 41 of 41