Form N-CSRS CAPITAL INCOME BUILDER For: Apr 30

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June 30, 2022 1:25 PM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-05085

Capital Income Builder

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street, 55^th Floor

Los Angeles, California 90071

(Address of Principal Executive Offices)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2022

Gregory F. Niland

Capital Income Builder

5300 Robin Hood Road

Norfolk, Virginia 23513

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

Capital Income Builder^®

Semi-annual report
for the six months ended
April 30, 2022

Seeking income growth
opportunities from
around the world

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

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

Fund results shown in this report, unless otherwise indicated, are for Class F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge (maximum 5.75%) had been deducted from Class A shares, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

Here are the average annual total returns on a $1,000 investment for periods ended March 31, 2022 (the most recent calendar quarter-end):

	1 year	5 years	10 years

Class F-2 shares	7.84%	7.01%	7.19%
Class A shares (reflecting 5.75% maximum sales charge)	1.39	5.53	6.34

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

The total annual fund operating expense ratios were 0.37% for Class F-2 shares and 0.59% for Class A shares as of the prospectus dated January 1, 2022.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com for more information.

The fund’s 30-day yield as of April 30, 2022, was 2.69% for Class F-2 shares and 2.33% for Class A shares, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The Class A share results reflect the 5.75% maximum sales charge.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Investing outside the United States may be subject to additional risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

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

Fellow investors

Results for Capital Income Builder for the periods ended April 30, 2022, are shown in the table below, as well as results of the fund’s benchmarks.

For additional information about the fund, its investment results, holdings and portfolio managers, visit capitalgroup.com/individual/investments/fund/CAIFX. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

Contents

1	Results at a glance

2	Investment portfolio

29	Financial statements

33	Notes to financial statements

47	Financial highlights

Results at a glance

For periods ended April 30, 2022, with all distributions reinvested

	Cumulative total returns						Average annual total returns
	6 months			1 year			5 years			10 years			Lifetime (since 7/30/87)

Capital Income Builder (Class F-2 shares)¹		–2.83	%		0.78	%		5.96	%		6.68	%		8.94	%
Capital Income Builder (Class A shares)		–2.93			0.57			5.74			6.47			8.75
70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index^2,3,4		–10.91			–6.25			7.18			7.12			7.08
MSCI ACWI (All Country World Index)^2,3		–11.63			–5.44			9.46			9.21			7.24
Bloomberg U.S. Aggregate Index³		–9.47			–8.51			1.20			1.73			5.68


¹	Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
²	From July 30, 1987, through December 31, 1987, the MSCI World Index was used because the MSCI ACWI did not exist. MSCI World Index results reflect dividends net of withholding taxes, and MSCI ACWI results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter.
³	The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. Sources: MSCI, Bloomberg Index Services Ltd.
⁴	The 70%/30% MSCI ACWI/Bloomberg Index blends the MSCI ACWI with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Results assume the blend is rebalanced monthly. Effective January 1, 2021, the fund’s primary benchmark became the 70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index. MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. These indexes are unmanaged, and their results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.


Capital Income Builder	1

Investment portfolio April 30, 2022	unaudited

Sector diversification	Percent of net assets

Country diversification by domicile	Percent of net assets
United States		63.20	%
United Kingdom		7.04
Eurozone*		5.94
Canada		5.34
Switzerland		3.59
Taiwan		1.76
Brazil		1.33
Hong Kong		1.22
China		1.20
Other countries		5.32
Short-term securities & other assets less liabilities		4.06

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

Common stocks 74.98%	Shares		Value (000)
Financials 13.23%
Zurich Insurance Group AG¹		3,411,188	$	1,551,534
Toronto-Dominion Bank (CAD denominated)		16,935,898		1,223,276
CME Group, Inc., Class A		5,019,168		1,100,904
PNC Financial Services Group, Inc.		5,394,781		896,073
Münchener Rückversicherungs-Gesellschaft AG¹		2,703,493		646,919
Morgan Stanley		7,838,387		631,696
JPMorgan Chase & Co.		4,843,438		578,113
DNB Bank ASA^1,2		26,715,932		521,519
Power Corporation of Canada, subordinate voting shares		16,459,500		484,310
American International Group, Inc.		6,491,864		379,839
Principal Financial Group, Inc.		5,367,900		365,769
KeyCorp		17,134,300		330,863
DBS Group Holdings, Ltd.¹		12,369,729		299,609
Tryg A/S¹		12,378,904		293,422
Webster Financial Corp.²		5,808,514		290,368
Ping An Insurance (Group) Company of China, Ltd., Class H¹		40,490,700		260,392
Ping An Insurance (Group) Company of China, Ltd., Class A¹		2,953,145		19,819
Great-West Lifeco, Inc.		9,680,688		267,064
B3 SA-Brasil, Bolsa, Balcao		94,751,330		254,896
KBC Groep NV¹		3,405,278		231,937
AIA Group, Ltd.¹		22,469,800		219,528
Kaspi.kz JSC^1,3		3,156,042		200,633
East West Bancorp, Inc.		2,575,200		183,612
BlackRock, Inc.		292,756		182,879
ING Groep NV¹		19,385,102		181,410
Travelers Companies, Inc.		1,001,700		171,351
OneMain Holdings, Inc.		3,542,856		162,723
Swedbank AB, Class A¹		9,228,025		145,618
National Bank of Canada		2,053,000		143,382
Citizens Financial Group, Inc.		3,587,962		141,366
PICC Property and Casualty Co., Ltd., Class H¹		125,146,000		127,169
Truist Financial Corp.		2,020,500		97,691
State Street Corp.		1,415,000		94,762
Franklin Resources, Inc.		3,799,500		93,430
China Pacific Insurance (Group) Co., Ltd., Class H¹		38,356,545		84,733
BNP Paribas SA^1,2		1,607,000		82,417
Hang Seng Bank, Ltd.¹		4,630,800		81,768
Euronext NV¹		999,658		80,257
Marsh & McLennan Companies, Inc.		476,909		77,116
Citigroup, Inc.		1,460,000		70,387
Hong Kong Exchanges and Clearing, Ltd.¹		1,619,200		68,671
TPG, Inc., Class A^2,4		2,401,693		61,003
Patria Investments, Ltd., Class A⁵		3,482,700		56,803


2	Capital Income Builder

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Vontobel Holding AG¹		760,100	$	55,577
Banco Santander, SA¹		18,170,300		53,244
China Merchants Bank Co., Ltd., Class H¹		8,228,000		49,529
Macquarie Group, Ltd.¹		342,817		49,126
Intesa Sanpaolo SpA¹		22,581,929		45,413
EFG International AG¹		5,929,168		44,548
Wells Fargo & Company		904,400		39,459
Cullen/Frost Bankers, Inc.		196,700		26,021
Blackstone, Inc., nonvoting shares		238,622		24,237
Bank Central Asia Tbk PT¹		42,738,200		23,903
UniCredit SpA¹		2,350,394		21,436
SouthState Corp.		273,800		21,203
CaixaBank, SA¹		5,803,644		18,521
IIFL Wealth Management, Ltd.¹		760,130		17,062
Jonah Energy Parent LLC^1,4,6		1,631		66
Sberbank of Russia PJSC (ADR)^1,6		4,831,868		—	⁷
Moscow Exchange MICEX-RTS PJSC^1,6		85,235,374		—	⁷
				13,926,376

Consumer staples 10.29%
Philip Morris International, Inc.		25,244,968		2,524,497
British American Tobacco PLC¹		36,481,759		1,537,453
British American Tobacco PLC (ADR)		5,339,964		223,104
Nestlé SA¹		7,369,348		951,423
PepsiCo, Inc.		4,783,591		821,390
Altria Group, Inc.		13,830,482		768,560
General Mills, Inc.		10,246,760		724,753
Kimberly-Clark Corp.		4,456,644		618,716
Unilever PLC (GBP denominated)¹		7,862,621		365,203
ITC, Ltd.¹		92,963,836		313,605
Coca-Cola Company		4,645,585		300,151
Carlsberg A/S, Class B¹		1,905,276		241,161
Imperial Brands PLC¹		11,432,697		238,660
Danone SA¹		3,574,281		214,877
Keurig Dr Pepper, Inc.		5,079,438		189,971
Anheuser-Busch InBev SA/NV¹		2,456,583		141,635
Kraft Heinz Company		2,880,637		122,802
Mondelez International, Inc.		1,289,056		83,118
Vector Group, Ltd.		6,328,252		80,495
Seven & i Holdings Co., Ltd.¹		1,730,200		76,155
Procter & Gamble Company		450,469		72,323
Inner Mongolia Yili Industrial Group Co., Ltd., Class A¹		8,358,985		48,455
Reckitt Benckiser Group PLC¹		602,632		47,012
Wuliangye Yibin Co., Ltd., Class A¹		1,569,956		38,182
Scandinavian Tobacco Group A/S¹		1,402,300		29,391
Hilton Food Group PLC¹		1,776,500		27,043
Viscofan, SA, non-registered shares¹		484,500		26,659
				10,826,794

Information technology 9.12%
Broadcom, Inc.		5,452,422		3,022,767
Microsoft Corp.		7,134,992		1,980,103
Taiwan Semiconductor Manufacturing Company, Ltd.¹		59,838,456		1,091,453
QUALCOMM, Inc.		3,681,859		514,319
Intel Corp.		7,806,869		340,302
Automatic Data Processing, Inc.		1,453,400		317,103
MediaTek, Inc.¹		9,713,000		266,145
Apple, Inc.		1,585,456		249,947
GlobalWafers Co., Ltd.¹		12,495,660		217,208
NetApp, Inc.		2,886,334		211,424
Texas Instruments, Inc.		1,198,011		203,961
Vanguard International Semiconductor Corp.¹		55,793,249		196,107
KLA Corp.		607,414		193,923
Paychex, Inc.		1,520,436		192,685
Tokyo Electron, Ltd.¹		314,000		133,203
Western Union Company		6,010,700		100,739
SAP SE¹		893,916		92,201
Fidelity National Information Services, Inc.		877,955		87,049


Capital Income Builder	3

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Analog Devices, Inc.		418,785	$	64,652
Tripod Technology Corp.¹		13,300,000		55,619
International Business Machines Corp.		227,619		30,094
SINBON Electronics Co., Ltd.¹		2,698,000		23,653
BE Semiconductor Industries NV^1,2		326,200		19,753
				9,604,410

Health care 8.32%
AbbVie, Inc.		11,158,856		1,639,013
Amgen, Inc.		5,041,895		1,175,719
GlaxoSmithKline PLC¹		42,210,595		950,460
Gilead Sciences, Inc.		15,006,083		890,461
AstraZeneca PLC¹		5,748,053		763,582
Medtronic PLC		7,006,154		731,162
Abbott Laboratories		5,414,500		614,546
Novartis AG¹		6,628,923		586,444
UnitedHealth Group, Inc.		695,945		353,923
Pfizer, Inc.		4,661,493		228,739
Roche Holding AG, nonvoting non-registered shares¹		611,242		226,384
Bristol-Myers Squibb Company		2,649,809		199,451
Royalty Pharma PLC, Class A		3,759,287		160,070
CVS Health Corp.		705,181		67,789
Merck & Co., Inc.		702,500		62,305
Hikma Pharmaceuticals PLC¹		2,556,540		60,187
EBOS Group, Ltd.¹		1,200,968		32,658
Koninklijke Philips NV (EUR denominated)¹		310,789		8,153
Organon & Co.		70,250		2,271
				8,753,317

Real estate 7.05%
Crown Castle International Corp. REIT		13,009,191		2,409,432
VICI Properties, Inc. REIT⁵		58,043,534		1,730,278
Digital Realty Trust, Inc. REIT		4,767,856		696,679
Gaming and Leisure Properties, Inc. REIT		8,788,793		390,047
Federal Realty Investment Trust REIT		2,500,000		292,650
Link Real Estate Investment Trust REIT¹		32,738,146		282,286
CK Asset Holdings, Ltd.¹		28,272,934		191,403
TAG Immobilien AG^1,5		7,532,760		151,345
Equinix, Inc. REIT		205,490		147,764
Charter Hall Group REIT¹		13,076,087		138,590
American Tower Corp. REIT		559,766		134,915
Longfor Group Holdings, Ltd.¹		23,067,500		112,394
Powergrid Infrastructure Investment Trust^1,5		59,148,100		107,556
Embassy Office Parks REIT¹		21,328,000		106,919
Mindspace Business Parks REIT¹		21,491,600		97,894
Alexandria Real Estate Equities, Inc. REIT		472,920		86,147
Americold Realty Trust REIT		2,889,800		76,233
Boston Properties, Inc. REIT		647,000		76,087
Sun Hung Kai Properties, Ltd.¹		5,568,353		64,154
CTP NV¹		4,563,062		64,143
PSP Swiss Property AG¹		217,600		27,451
Douglas Elliman, Inc.		3,164,126		19,175
CubeSmart REIT		326,797		15,526
				7,419,068

Utilities 6.94%
Dominion Energy, Inc.		10,120,293		826,221
National Grid PLC¹		53,444,582		794,623
DTE Energy Company		5,899,350		773,051
Power Grid Corporation of India, Ltd.¹		181,618,289		539,008
Enel SpA¹		75,335,261		486,896
Iberdrola SA, non-registered shares¹		41,313,196		472,033
E.ON SE¹		44,766,741		469,183
Southern Co.		5,832,500		428,047
Edison International		4,916,426		338,201
Duke Energy Corp.		2,812,000		309,770
Public Service Enterprise Group, Inc.		4,404,121		306,791
Evergy, Inc.		3,646,847		247,438


4	Capital Income Builder

Common stocks (continued)	Shares		Value (000)
Utilities (continued)
Entergy Corp.		1,770,049	$	210,370
AES Corp.		9,541,613		194,840
Exelon Corp.		3,889,222		181,938
Engie SA¹		10,562,531		124,076
ENGIE SA, bonus dividend¹		3,818,624		44,857
SSE PLC¹		6,716,533		156,455
Sempra Energy		745,519		120,297
CenterPoint Energy, Inc.		3,095,000		94,738
Centrica PLC^1,4		64,659,813		63,824
Power Assets Holdings, Ltd.¹		9,434,000		63,387
CMS Energy Corp.		352,820		24,235
American Electric Power Company, Inc.		241,044		23,890
NextEra Energy, Inc.		128,036		9,093
				7,303,262

Industrials 5.65%
Raytheon Technologies Corp.		18,908,691		1,794,624
Lockheed Martin Corp.		1,217,324		526,030
Honeywell International, Inc.		1,883,320		364,441
BAE Systems PLC¹		38,357,093		357,278
Singapore Technologies Engineering, Ltd.¹		100,226,700		295,216
RELX PLC¹		8,263,277		246,786
RELX PLC (ADR)		759,134		22,357
L3Harris Technologies, Inc.		1,046,435		243,045
Kone OYJ, Class B¹		4,809,800		230,797
VINCI SA¹		2,343,943		226,154
Trinity Industries, Inc.⁵		7,712,016		213,931
ABB, Ltd.^1,2		6,292,066		188,481
BOC Aviation, Ltd.¹		22,572,856		176,548
Siemens AG¹		1,388,319		172,686
CCR SA, ordinary nominative shares		41,229,778		103,493
Ventia Services Group Pty, Ltd.^1,2,5		48,847,735		98,502
United Parcel Service, Inc., Class B		517,900		93,212
Grupo Aeroportuario del Pacífico, SAB de CV, Class B		5,918,422		91,077
Compañia de Distribución Integral Logista Holdings, SA, non-registered shares¹		4,444,000		81,241
LIXIL Corp.¹		4,098,600		72,140
Waste Management, Inc.		382,611		62,917
General Dynamics Corp.		224,400		53,077
Trelleborg AB., Class B¹		2,410,000		52,526
Deutsche Post AG¹		988,500		42,671
Airbus SE, non-registered shares¹		319,385		34,732
Union Pacific Corp.		120,350		28,197
Norfolk Southern Corp.		86,215		22,233
Sulzer AG¹		237,832		17,756
Atlas Corp.²		1,321,800		16,338
Melrose Industries PLC¹		11,230,258		16,154
				5,944,640

Energy 5.34%
Canadian Natural Resources, Ltd. (CAD denominated)		22,325,875		1,381,801
TC Energy Corp. (CAD denominated)		18,873,561		998,294
TC Energy Corp.		1,387,400		73,393
Chevron Corp.		4,491,390		703,666
ConocoPhillips		3,630,289		346,765
Shell PLC (GBP denominated)¹		10,681,981		289,120
Shell PLC (ADR)		738,100		39,436
BP PLC¹		62,547,112		305,392
TotalEnergies SE¹		6,098,479		300,482
EOG Resources, Inc.		2,452,413		286,344
Enbridge, Inc. (CAD denominated)		4,457,700		194,527
Exxon Mobil Corp.		1,797,500		153,237
Equitrans Midstream Corp.		18,872,981		148,342
Baker Hughes Co., Class A		4,650,800		144,268
Schlumberger, Ltd.		3,258,133		127,100
Pioneer Natural Resources Company		483,880		112,487


Capital Income Builder	5

Common stocks (continued)	Shares		Value (000)
Energy (continued)
DT Midstream, Inc.		340,200	$	18,286
Diamond Offshore Drilling, Inc.^3,4		187,562		1,472
Gazprom PJSC (ADR)^1,6		42,367,995		—	⁷
				5,624,412

Communication services 3.44%
Comcast Corp., Class A		24,701,035		982,113
BCE, Inc.		10,646,893		566,055
SoftBank Corp.¹		34,307,533		398,681
Koninklijke KPN NV¹		106,810,457		369,424
Verizon Communications, Inc.		7,403,006		342,759
HKT Trust and HKT, Ltd., units¹		127,173,060		182,269
Nippon Telegraph and Telephone Corp.¹		6,109,000		180,467
WPP PLC¹		10,313,598		127,922
Singapore Telecommunications, Ltd.¹		52,739,200		104,827
Pearson PLC¹		7,596,556		73,885
Omnicom Group, Inc.		931,500		70,915
TELUS Corp.		2,609,420		65,284
Indus Towers, Ltd.^1,4		18,916,173		50,729
ITV PLC¹		53,372,812		49,342
ProSiebenSat.1 Media SE¹		3,562,000		41,356
Vodafone Group PLC¹		12,232,124		18,506
				3,624,534

Materials 3.10%
Vale SA, ordinary nominative shares (ADR)		32,443,725		547,974
Vale SA, ordinary nominative shares		22,970,077		386,974
Rio Tinto PLC¹		7,366,036		522,487
BHP Group, Ltd. (CDI)¹		13,223,826		444,606
LyondellBasell Industries NV		3,314,423		351,428
Linde PLC		748,489		233,499
Air Products and Chemicals, Inc.		755,988		176,954
Evonik Industries AG¹		4,972,487		131,492
BASF SE^1,4		1,925,521		102,356
Fortescue Metals Group, Ltd.¹		5,733,788		86,925
Asahi Kasei Corp.¹		8,589,800		70,689
UPM-Kymmene Oyj¹		1,766,300		60,671
Nexa Resources SA		4,624,901		43,289
International Flavors & Fragrances, Inc.		319,000		38,695
Dow, Inc.		532,650		35,421
WestRock Co.		662,600		32,818
				3,266,278

Consumer discretionary 2.50%
McDonald’s Corp.		1,815,766		452,416
Home Depot, Inc.		1,138,335		341,956
Midea Group Co., Ltd., Class A¹		35,495,297		304,576
Industria de Diseño Textil, SA¹		12,616,477		264,567
Kering SA¹		315,401		167,526
Starbucks Corp.		2,037,274		152,062
Hasbro, Inc.		1,721,274		151,575
VF Corp.		2,471,219		128,503
Cie. Financière Richemont SA, Class A¹		1,029,301		119,649
YUM! Brands, Inc.		902,600		105,613
Darden Restaurants, Inc.		764,696		100,734
Galaxy Entertainment Group, Ltd.¹		17,447,000		99,658
LVMH Moët Hennessy-Louis Vuitton SE¹		132,018		84,478
Restaurant Brands International, Inc.		1,393,243		79,540
OPAP SA¹		1,551,400		22,670
Inchcape PLC¹		2,093,100		18,421
Thule Group AB¹		505,811		17,479
Kindred Group PLC (SDR)^1,2		1,933,000		16,943
				2,628,366

Total common stocks (cost: $60,361,405,000)				78,921,457


6	Capital Income Builder

Preferred securities 0.07%	Shares		Value (000)
Information technology 0.06%
Samsung Electronics Co., Ltd., nonvoting preferred shares¹		1,370,475	$	63,999

Financials 0.01%
CoBank, ACB, Class E, 2.169% noncumulative preferred shares³		13,000		10,790

Total preferred securities (cost: $57,734,000)				74,789

Rights & warrants 0.00%
Consumer discretionary 0.00%
Compagnie Financière Richemont SA, Class A, warrants, expire 2023⁴		684,470		486

Total rights & warrants (cost: $0)				486

Convertible stocks 0.76%
Information technology 0.38%
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		226,317		394,810

Utilities 0.22%
AES Corp., convertible preferred units, 6.875% 2024		913,000		79,066
Dominion Energy, Inc., Series A, convertible preferred shares, 7.25% 2022²		609,350		61,477
American Electric Power Company, Inc., convertible preferred units, 6.125% 2023²		938,000		52,528
NextEra Energy, Inc., convertible preferred units, 6.219% 2023²		854,800		40,441
				233,512
Health care 0.14%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023²		108,000		148,997

Consumer discretionary 0.02%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023		197,211		24,377

Total convertible stocks (cost: $603,387,000)				801,696

Investment funds 2.55%
Capital Group Central Corporate Bond Fund⁵		310,139,747		2,679,607

Total investment funds (cost: $3,133,264,000)				2,679,607

Bonds, notes & other debt instruments 17.58%	Principal amount (000)
U.S. Treasury bonds & notes 9.03%
U.S. Treasury 5.97%
U.S. Treasury 7.25% 2022	USD	182,500		185,739
U.S. Treasury 7.625% 2022		39,700		40,989
U.S. Treasury 6.25% 2023		350,000		367,241
U.S. Treasury 7.125% 2023		299,800		312,104
U.S. Treasury 2.25% 2024		300,000		297,349
U.S. Treasury 7.50% 2024⁸		331,274		369,132
U.S. Treasury 2.875% 2025		100,000		99,821
U.S. Treasury 6.875% 2025		145,145		163,186
U.S. Treasury 7.625% 2025		250,000		281,956
U.S. Treasury 1.125% 2026		616,000		568,122
U.S. Treasury 6.00% 2026		206,000		228,497
U.S. Treasury 6.50% 2026		178,000		204,423
U.S. Treasury 6.75% 2026		35,000		40,315
U.S. Treasury 2.25% 2027		75		73
U.S. Treasury 2.50% 2027		136,000		133,179
U.S. Treasury 6.125% 2027⁸		412,800		478,631
U.S. Treasury 6.375% 2027		85,000		99,064
U.S. Treasury 6.625% 2027		65,000		75,495
U.S. Treasury 1.25% 2028		284,000		257,310
U.S. Treasury 2.875% 2028		160,000		158,921


Capital Income Builder	7

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 5.25% 2028	USD	89,000	$	101,051
U.S. Treasury 5.50% 2028		140,000		160,146
U.S. Treasury 5.25% 2029		25,000		28,507
U.S. Treasury 6.125% 2029		30,000		36,265
U.S. Treasury 6.25% 2030		193,000		238,966
U.S. Treasury 1.875% 2032		446,605		407,589
U.S. Treasury 1.125% 2040		228,288		164,384
U.S. Treasury 2.50% 2046		29,300		25,934
U.S. Treasury 2.875% 2046		20,300		19,309
U.S. Treasury 3.00% 2047		116,000		113,079
U.S. Treasury 2.875% 2049		41,800		40,500
U.S. Treasury 3.00% 2049⁸		228,388		226,259
U.S. Treasury 1.375% 2050		77,000		52,918
U.S. Treasury 1.625% 2050⁸		56,000		41,105
U.S. Treasury 1.875% 2051		58,498		45,804
U.S. Treasury 2.00% 2051		40,000		32,272
U.S. Treasury 2.25% 2052⁸		220,000		188,581
				6,284,216

U.S. Treasury inflation-protected securities 3.06%
U.S. Treasury Inflation-Protected Security 0.125% 2023⁹		292,573		301,112
U.S. Treasury Inflation-Protected Security 0.375% 2023⁹		229,438		238,522
U.S. Treasury Inflation-Protected Security 0.625% 2023⁹		306,402		317,031
U.S. Treasury Inflation-Protected Security 0.125% 2024⁹		576,923		600,632
U.S. Treasury Inflation-Protected Security 0.125% 2024⁹		444,888		461,560
U.S. Treasury Inflation-Protected Security 0.50% 2024⁹		142,870		149,080
U.S. Treasury Inflation-Protected Security 0.625% 2024⁹		293,117		306,080
U.S. Treasury Inflation-Protected Security 0.25% 2025⁹		50,362		52,344
U.S. Treasury Inflation-Protected Security 0.125% 2026⁹		216,198		222,550
U.S. Treasury Inflation-Protected Security 0.50% 2028⁹		143,733		150,114
U.S. Treasury Inflation-Protected Security 0.125% 2031⁹		190,673		193,668
U.S. Treasury Inflation-Protected Security 2.125% 2041⁹		959		1,268
U.S. Treasury Inflation-Protected Security 1.00% 2049^8,9		151,827		172,994
U.S. Treasury Inflation-Protected Security 0.25% 2050⁹		3,199		3,028
U.S. Treasury Inflation-Protected Security 0.125% 2051⁹		56,976		52,345
				3,222,328

Total U.S. Treasury bonds & notes				9,506,544

Mortgage-backed obligations 5.22%
Federal agency mortgage-backed obligations 4.47%
BX Trust, Series 2021-ACNT, Class D, (1-month USD-LIBOR + 1.85%) 2.405% 2038^3,10,11		1,121		1,096
Fannie Mae Pool #AA8755 4.50% 2024¹⁰		819		836
Fannie Mae Pool #AA8211 4.50% 2024¹⁰		139		142
Fannie Mae Pool #930337 6.00% 2024¹⁰		1		1
Fannie Mae Pool #AX9959 3.50% 2029¹⁰		241		242
Fannie Mae Pool #BA2999 3.50% 2030¹⁰		303		304
Fannie Mae Pool #MA3438 3.50% 2033¹⁰		318		319
Fannie Mae Pool #CA1299 3.50% 2033¹⁰		115		115
Fannie Mae Pool #683351 5.50% 2033¹⁰		96		101
Fannie Mae Pool #CA4490 3.50% 2034¹⁰		621		625
Fannie Mae Pool #MA3658 3.50% 2034¹⁰		428		431
Fannie Mae Pool #903076 6.00% 2036¹⁰		1,604		1,773
Fannie Mae Pool #887695 6.00% 2036¹⁰		1,207		1,334
Fannie Mae Pool #902164 6.00% 2036¹⁰		1,135		1,233
Fannie Mae Pool #902503 6.00% 2036¹⁰		826		913
Fannie Mae Pool #894308 6.00% 2036¹⁰		172		182
Fannie Mae Pool #AS9772 3.50% 2037¹⁰		39		39
Fannie Mae Pool #AD0249 5.50% 2037¹⁰		122		130
Fannie Mae Pool #256960 6.50% 2037¹⁰		420		457
Fannie Mae Pool #256845 6.50% 2037¹⁰		76		83
Fannie Mae Pool #966172 7.00% 2037¹⁰		191		205
Fannie Mae Pool #963269 5.50% 2038¹⁰		1,269		1,351
Fannie Mae Pool #963454 5.50% 2038¹⁰		1,047		1,114
Fannie Mae Pool #963796 5.50% 2038¹⁰		370		392
Fannie Mae Pool #963341 5.50% 2038¹⁰		303		324
Fannie Mae Pool #970772 5.50% 2038¹⁰		49		51
Fannie Mae Pool #929964 6.00% 2038¹⁰		581		642


8	Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #257137 7.00% 2038¹⁰	USD	24	$	27
Fannie Mae Pool #AE0392 5.50% 2039¹⁰		73		77
Fannie Mae Pool #AE8073 4.00% 2040¹⁰		237		241
Fannie Mae Pool #AL0152 6.00% 2040¹⁰		4,053		4,483
Fannie Mae Pool #AB4050 4.00% 2041¹⁰		434		441
Fannie Mae Pool #AJ4189 4.00% 2041¹⁰		268		273
Fannie Mae Pool #AJ4154 4.00% 2041¹⁰		229		233
Fannie Mae Pool #AJ0257 4.00% 2041¹⁰		85		86
Fannie Mae Pool #AL1571 5.00% 2041¹⁰		3,231		3,445
Fannie Mae Pool #AL0913 6.00% 2041¹⁰		2,861		3,165
Fannie Mae Pool #AO6721 4.00% 2042¹⁰		11,303		11,471
Fannie Mae Pool #AJ9165 4.00% 2042¹⁰		5,854		5,941
Fannie Mae Pool #AL2745 4.00% 2042¹⁰		1,825		1,856
Fannie Mae Pool #890445 4.00% 2042¹⁰		1,373		1,393
Fannie Mae Pool #AO1820 4.00% 2042¹⁰		1,128		1,145
Fannie Mae Pool #890407 4.00% 2042¹⁰		629		639
Fannie Mae Pool #AS0831 4.50% 2043¹⁰		595		610
Fannie Mae Pool #AX2782 4.00% 2044¹⁰		2,889		2,910
Fannie Mae Pool #AW4026 4.00% 2044¹⁰		2,697		2,730
Fannie Mae Pool #AW4156 4.00% 2044¹⁰		2,194		2,218
Fannie Mae Pool #AY1313 4.00% 2045¹⁰		5,654		5,715
Fannie Mae Pool #AL8522 3.50% 2046¹⁰		1,029		1,016
Fannie Mae Pool #AS7759 4.00% 2046¹⁰		15,143		15,310
Fannie Mae Pool #AS7939 4.00% 2046¹⁰		10,543		10,657
Fannie Mae Pool #AS6840 4.00% 2046¹⁰		6,748		6,821
Fannie Mae Pool #AS7760 4.00% 2046¹⁰		6,611		6,686
Fannie Mae Pool #AS7598 4.00% 2046¹⁰		6,402		6,471
Fannie Mae Pool #BC4712 4.00% 2046¹⁰		6,203		6,257
Fannie Mae Pool #BC4801 4.00% 2046¹⁰		3,763		3,795
Fannie Mae Pool #BC8719 4.00% 2046¹⁰		2,652		2,681
Fannie Mae Pool #BD1967 4.00% 2046¹⁰		2,120		2,140
Fannie Mae Pool #BC8720 4.00% 2046¹⁰		1,965		1,984
Fannie Mae Pool #AL9190 4.00% 2046¹⁰		1,871		1,881
Fannie Mae Pool #BD5477 4.00% 2046¹⁰		50		51
Fannie Mae Pool #MA2691 4.50% 2046¹⁰		1,151		1,191
Fannie Mae Pool #AS9313 4.00% 2047¹⁰		5,162		5,218
Fannie Mae Pool #BJ1668 4.00% 2047¹⁰		3,451		3,502
Fannie Mae Pool #MA3058 4.00% 2047¹⁰		3,366		3,384
Fannie Mae Pool #BH2491 4.00% 2047¹⁰		2,691		2,710
Fannie Mae Pool #BE3229 4.00% 2047¹⁰		1,878		1,895
Fannie Mae Pool #MA3211 4.00% 2047¹⁰		627		630
Fannie Mae Pool #MA2907 4.00% 2047¹⁰		32		32
Fannie Mae Pool #BD7165 4.00% 2047¹⁰		29		30
Fannie Mae Pool #AS9454 4.00% 2047¹⁰		22		22
Fannie Mae Pool #BM4187 4.50% 2047¹⁰		18,521		19,342
Fannie Mae Pool #CA0243 4.50% 2047¹⁰		17,945		18,465
Fannie Mae Pool #CA2157 4.00% 2048¹⁰		24,228		24,414
Fannie Mae Pool #CA2033 4.00% 2048¹⁰		11,447		11,534
Fannie Mae Pool #BJ2751 4.50% 2048¹⁰		9,088		9,296
Fannie Mae Pool #BO2264 3.00% 2049¹⁰		11,868		11,253
Fannie Mae Pool #FM1262 4.00% 2049¹⁰		20,585		20,740
Fannie Mae Pool #CA4819 4.00% 2049¹⁰		9,629		9,702
Fannie Mae Pool #FM2675 4.00% 2049¹⁰		6,969		7,025
Fannie Mae Pool #BF0320 5.50% 2049¹⁰		14,724		16,039
Fannie Mae Pool #FM2872 3.00% 2050¹⁰		40,564		38,483
Fannie Mae Pool #CA5216 3.00% 2050¹⁰		18,151		17,218
Fannie Mae Pool #BO6274 3.00% 2050¹⁰		17,940		17,010
Fannie Mae Pool #CA5226 3.00% 2050¹⁰		7,817		7,415
Fannie Mae Pool #FM2676 4.00% 2050¹⁰		6,883		6,935
Fannie Mae Pool #FM9632 3.00% 2051¹⁰		47,809		45,175
Fannie Mae Pool #CB2414 3.00% 2051¹⁰		23,009		21,893
Fannie Mae Pool #FM9631 3.00% 2051¹⁰		20,111		19,015
Fannie Mae Pool #FS0972 3.50% 2052¹⁰		25,101		24,698
Fannie Mae Pool #BF0142 5.50% 2056¹⁰		43,754		47,147
Fannie Mae Pool #BF0145 3.50% 2057¹⁰		34,984		34,412
Fannie Mae Pool #BF0379 3.50% 2059¹⁰		86,132		84,405
Fannie Mae Pool #BF0339 5.00% 2059¹⁰		41,125		44,519


Capital Income Builder	9

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BF0342 5.50% 2059¹⁰	USD	29,003	$	31,665
Fannie Mae Pool #BF0497 3.00% 2060¹⁰		18,786		17,938
Fannie Mae, Series 2001-25, Class ZA, 6.50% 2031¹⁰		227		240
Fannie Mae, Series 2006-65, Class PF, (1-month USD-LIBOR + 0.28%) 0.948% 2036^10,11		644		641
Fannie Mae, Series 2001-50, Class BA, 7.00% 2041¹⁰		32		35
Fannie Mae, Series 2002-W3, Class A5, 7.50% 2041¹⁰		43		49
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2027^10,11		2,844		2,825
Fannie Mae, Series 2006-32, Class OA, principal only, 0% 2036¹⁰		647		557
Fannie Mae, Series 2006-51, Class PO, principal only, 0% 2036¹⁰		354		326
Fannie Mae, Series 2006-96, Class OP, principal only, 0% 2036¹⁰		145		129
Fannie Mae, Series 2006-56, Class OG, principal only, 0% 2036¹⁰		82		72
Freddie Mac Pool #G13173 5.50% 2023¹⁰		22		22
Freddie Mac Pool #ZK3460 3.50% 2026¹⁰		30		30
Freddie Mac Pool #RD5008 3.50% 2029¹⁰		193		193
Freddie Mac Pool #ZS7148 3.50% 2030¹⁰		10		11
Freddie Mac Pool #V62089 3.50% 2033¹⁰		304		306
Freddie Mac Pool #ZS8716 3.50% 2033¹⁰		266		267
Freddie Mac Pool #G18723 3.50% 2034¹⁰		4,395		4,427
Freddie Mac Pool #ZT1799 3.50% 2034¹⁰		612		616
Freddie Mac Pool #J40379 3.50% 2034¹⁰		78		78
Freddie Mac Pool #QN3000 1.50% 2035¹⁰		217		199
Freddie Mac Pool #ZA2505 3.50% 2038¹⁰		341		334
Freddie Mac Pool #A76884 5.00% 2038¹⁰		255		265
Freddie Mac Pool #G04697 5.50% 2038¹⁰		993		1,057
Freddie Mac Pool #A87873 5.00% 2039¹⁰		3,677		3,902
Freddie Mac Pool #G06061 4.00% 2040¹⁰		573		580
Freddie Mac Pool #G06789 6.00% 2040¹⁰		42		47
Freddie Mac Pool #Q00232 4.50% 2041¹⁰		5,686		5,926
Freddie Mac Pool #Q00850 4.50% 2041¹⁰		187		195
Freddie Mac Pool #G08456 5.00% 2041¹⁰		101		104
Freddie Mac Pool #G06841 5.50% 2041¹⁰		1,956		2,084
Freddie Mac Pool #G60546 4.00% 2042¹⁰		4,461		4,518
Freddie Mac Pool #Q21442 4.50% 2043¹⁰		321		329
Freddie Mac Pool #760014 2.814% 2045^10,11		678		678
Freddie Mac Pool #G60138 3.50% 2045¹⁰		17,085		16,901
Freddie Mac Pool #G60279 4.00% 2045¹⁰		5,234		5,281
Freddie Mac Pool #T65389 3.50% 2046¹⁰		66		63
Freddie Mac Pool #Q41088 4.00% 2046¹⁰		11,032		11,143
Freddie Mac Pool #Q41905 4.00% 2046¹⁰		4,279		4,308
Freddie Mac Pool #Q42626 4.00% 2046¹⁰		4,102		4,133
Freddie Mac Pool #Q44227 4.00% 2046¹⁰		956		964
Freddie Mac Pool #ZS4735 3.50% 2047¹⁰		3,181		3,122
Freddie Mac Pool #G08793 4.00% 2047¹⁰		19,685		19,773
Freddie Mac Pool #Q49716 4.50% 2047¹⁰		562		574
Freddie Mac Pool #Q52596 4.50% 2047¹⁰		375		386
Freddie Mac Pool #K39018 6.50% 2047¹⁰		50		51
Freddie Mac Pool #SI2002 4.00% 2048¹⁰		1,012		1,015
Freddie Mac Pool #Q55986 4.50% 2048¹⁰		10,678		10,944
Freddie Mac Pool #SD0214 3.00% 2049¹⁰		41,712		39,562
Freddie Mac Pool #QA5741 3.00% 2049¹⁰		5,444		5,177
Freddie Mac Pool #QA5125 3.50% 2049¹⁰		1,595		1,565
Freddie Mac Pool #ZT1704 4.50% 2049¹⁰		174,086		180,092
Freddie Mac, Series 2122, Class QM, 6.25% 2029¹⁰		573		603
Freddie Mac, Series K023, Class A2, Multi Family, 2.307% 2022¹⁰		16,628		16,651
Freddie Mac, Series K021, Class A2, Multi Family, 2.396% 2022¹⁰		16,351		16,342
Freddie Mac, Series K024, Class A2, Multi Family, 2.573% 2022¹⁰		5,598		5,612
Freddie Mac, Series KS01, Class A2, Multi Family, 2.522% 2023¹⁰		1,289		1,290
Freddie Mac, Series K030, Class A2, Multi Family, 3.25% 2023¹⁰		9,245		9,300
Freddie Mac, Series K036, Class A2, Multi Family, 3.527% 2023¹⁰		10,000		10,074
Freddie Mac, Series K050, Class A2, Multi Family, 3.334% 2025¹⁰		11,250		11,301
Freddie Mac, Series K055, Class A2, Multi Family, 2.673% 2026¹⁰		3,500		3,434
Freddie Mac, Series K066, Class A2, Multi Family, 3.117% 2027¹⁰		4,360		4,349
Freddie Mac, Series K069, Class A2, Multi Family, 3.187% 2027^10,11		8,906		8,864
Freddie Mac, Series K067, Class A2, Multi Family, 3.194% 2027¹⁰		4,810		4,791
Freddie Mac, Series K064, Class A2, Multi Family, 3.224% 2027^10,11		4,390		4,383
Freddie Mac, Series K068, Class A2, Multi Family, 3.244% 2027¹⁰		2,350		2,353
Freddie Mac, Series 3135, Class OP, principal only, 0% 2026¹⁰		134		126


10	Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac, Series 3136, Class OP, principal only, 0% 2036¹⁰	USD	776	$	684
Freddie Mac, Series 3155, Class FO, principal only, 0% 2036¹⁰		514		450
Freddie Mac, Series 3147, Class OD, principal only, 0% 2036¹⁰		307		272
Freddie Mac, Series 3149, Class MO, principal only, 0% 2036¹⁰		179		161
Freddie Mac, Series 3149, Class AO, principal only, 0% 2036¹⁰		138		122
Freddie Mac, Series 3117, Class OG, principal only, 0% 2036¹⁰		83		74
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056¹⁰		9,992		9,810
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 2056^10,11		9,909		9,674
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 2056¹⁰		9,089		8,690
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 2056¹⁰		1,821		1,767
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 2057¹⁰		9,902		9,433
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 2057^10,11		15,061		14,683
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 2057¹⁰		14,895		14,867
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057¹⁰		10,468		10,269
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057¹⁰		8,515		8,357
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class M45T, 4.50% 2057¹⁰		16,307		16,591
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 2058¹⁰		4,883		4,790
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 2058¹⁰		4,082		4,004
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 2058¹⁰		2,555		2,507
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 2058¹⁰		1,642		1,637
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2059¹⁰		34,765		34,093
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 2028¹⁰		766		757
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 2029¹⁰		45,902		44,708
Government National Mortgage Assn. 4.00% 2052^10,12		382,342		383,014
Government National Mortgage Assn. 4.00% 2052^10,12		200,000		199,664
Government National Mortgage Assn. 4.50% 2052^10,12		128,671		130,601
Government National Mortgage Assn. 4.50% 2052^10,12		14,402		14,683
Government National Mortgage Assn. 4.50% 2052^10,12		11,150		11,271
Government National Mortgage Assn. 5.00% 2052^10,12		39,327		40,612
Government National Mortgage Assn. Pool #736682 4.50% 2037¹⁰		667		694
Government National Mortgage Assn. Pool #783690 6.00% 2039¹⁰		949		1,030
Government National Mortgage Assn. Pool #738938 6.50% 2039¹⁰		152		163
Government National Mortgage Assn. Pool #751708 3.50% 2040¹⁰		79		78
Government National Mortgage Assn. Pool #783539 5.00% 2040¹⁰		1,062		1,104
Government National Mortgage Assn. Pool #783689 5.50% 2040¹⁰		1,290		1,413
Government National Mortgage Assn. Pool #783687 4.50% 2041¹⁰		1,119		1,160
Government National Mortgage Assn. Pool #783688 5.00% 2041¹⁰		1,198		1,282
Government National Mortgage Assn. Pool #005198 6.50% 2041¹⁰		360		389
Government National Mortgage Assn. Pool #MA3246 4.50% 2045¹⁰		1,667		1,756
Government National Mortgage Assn. Pool #MA2894 4.50% 2045¹⁰		1,293		1,365
Government National Mortgage Assn. Pool #MA5077 3.50% 2048¹⁰		5,029		4,969
Government National Mortgage Assn. Pool #MA5652 4.50% 2048¹⁰		682		698
Government National Mortgage Assn. Pool #MA5468 5.00% 2048¹⁰		528		549
Government National Mortgage Assn. Pool #MA5530 5.00% 2048¹⁰		126		130
Government National Mortgage Assn. Pool #MA5764 4.50% 2049¹⁰		2,469		2,527
Government National Mortgage Assn. Pool #MA5711 4.50% 2049¹⁰		1,156		1,185
Government National Mortgage Assn. Pool #MA5878 5.00% 2049¹⁰		15,070		15,627
Government National Mortgage Assn. Pool #MA6042 5.00% 2049¹⁰		9,594		9,963
Government National Mortgage Assn. Pool #MA5712 5.00% 2049¹⁰		1,488		1,543
Government National Mortgage Assn. Pool #773426 4.70% 2061¹⁰		9		9


Capital Income Builder	11

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Government National Mortgage Assn. Pool #795485 4.691% 2062¹⁰	USD	29	$	29
Government National Mortgage Assn. Pool #AG8193 4.742% 2064¹⁰		3		3
Government National Mortgage Assn. Pool #AG8207 4.742% 2064¹⁰		3		3
Government National Mortgage Assn. Pool #AG8088 4.744% 2064¹⁰		3		3
Government National Mortgage Assn. Pool #AG8117 4.929% 2064¹⁰		2		2
Government National Mortgage Assn. Pool #AG8244 4.817% 2065¹⁰		3		3
Government National Mortgage Assn., Series 2005-7, Class AO, principal only, 0% 2035¹⁰		564		497
Government National Mortgage Assn., Series 2007-8, Class LO, principal only, 0% 2037¹⁰		434		399
JPMorgan Structured Financing Trust, Series 2021-EBO1, Class A, (1-month USD-LIBOR + 1.00%) 1.749% 2022^1,3,6,10,11		848		848
Uniform Mortgage-Backed Security 2.50% 2037^10,12		150,000		143,549
Uniform Mortgage-Backed Security 3.00% 2052^10,12		458,602		431,606
Uniform Mortgage-Backed Security 4.00% 2052^10,12		849,922		842,718
Uniform Mortgage-Backed Security 4.00% 2052^10,12		49		49
Uniform Mortgage-Backed Security 4.50% 2052^10,12		955,358		967,284
Uniform Mortgage-Backed Security 4.50% 2052^10,12		102,704		103,633
				4,705,710

Collateralized mortgage-backed obligations (privately originated) 0.42%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 2048^3,10,11		16,926		15,845
Bear Stearns ARM Trust, Series 2003-8, Class IIIA, 2.791% 2034^10,11		310		277
BRAVO Residential Funding Trust, Series 2022-R1, Class A, 3.125% 2070 (6.125% on 1/29/2025)^3,10,13		3,211		3,022
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 2030^3,10,11		8,210		8,135
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 2031^3,10,11		16,192		15,928
Cascade Funding Mortgage Trust, Series 2021-HB7, Class M1, 2.125% 2031^3,10,11		1,296		1,242
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 2036^3,10,11		13,027		12,877
CS First Boston Mortgage Securities Corp., Series 2002-30, Class IA1, 7.50% 2032¹⁰		130		133
CS First Boston Mortgage Securities Corp., Series 2002-34, Class IA1, 7.50% 2032¹⁰		83		82
CS First Boston Mortgage Securities Corp., Series 2003-21, Class VA1, 6.50% 2033¹⁰		114		112
Finance of America HECM Buyout, Series 2020-HB2, Class A, 1.71% 2030^3,10,11		7,914		7,822
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 2069^3,10		9,498		9,641
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 2051^3,10,11		28,079		24,785
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA6, Class M2, (30-day Average USD-SOFR + 1.50%) 1.789% 2041^3,10,11		6,172		5,956
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 2.251% 2042^3,10,11		12,820		12,827
Home Partners of America Trust, Series 2022-1, Class A, 3.93% 2039^3,10		19,286		18,940
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 2059^3,10,11		3,055		3,056
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 2061^3,10,11		2,333		2,220
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 2067 (5.25% on 11/25/2024)^3,10,13		9,774		9,271
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 1.468% 2053^3,10,11		9,325		9,292
Mello Warehouse Securitization Trust, Series 2021-2, Class A, (1-month USD-LIBOR + 0.75%) 1.418% 2055^3,10,11		13,171		13,035
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 1.518% 2055^3,10,11		24,241		23,915
Mill City Mortgage Trust, Series 2018-1, Class A1, 3.25% 2062^3,10,11		206		205
MRA Issuance Trust, Series 2020-10, Class A3, (1-month USD-LIBOR + 1.30%) 1.755% 2022^3,10,11		24,607		24,421
MRA Issuance Trust, Series 2021-16, Class A1, (1-month USD-LIBOR + 1.55%) 1.677% 2051^3,10,11		52,297		52,302
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 1.418% 2055^3,10,11		25,007		24,839
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 2031^3,10,11		10,130		9,762
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 2056^3,10,11		4,128		4,123
Towd Point Mortgage Trust, Series 2017-5, Class A1, 1.268% 2057^3,10,11		915		911
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 2057^3,10,11		1,188		1,170
Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75% 2057^3,10,11		786		774
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 2057^3,10,11		468		467
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 2058^3,10,11		1,549		1,541
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 2058^3,10,11		382		380
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 2060^3,10		80,397		74,968


12	Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Tricon Residential, Series 2021-SFR1, Class A, 1.943% 2038^3,10	USD	19,563	$	17,909
Verus Securitization Trust, Series 2021-7, Class A1, 1.829% 2066^3,10,11		22,366		20,871
ZH Trust, Series 2021-1, Class A, 2.253% 2027^3,10		671		668
ZH Trust, Series 2021-2, Class A, 2.349% 2027^3,10		3,375		3,370
				437,094

Commercial mortgage-backed securities 0.33%
Barclays Commercial Mortgage Securities LLC, Series 2017-DELC, Class A, 1.404% 2036^3,10,11		14,672		14,468
Boca Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.7696%) 2.270% 2039^3,10,11		10,389		10,374
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.189%) 2.248% 2037^3,10,11		31,327		31,339
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 1.254% 2036^3,10,11		55,444		54,336
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 1.453% 2036^3,10,11		26,562		25,937
BX Trust, Series 2021-ARIA, Class C, (1-month USD-LIBOR + 1.646%) 2.20% 2036^3,10,11		3,984		3,883
BX Trust, Series 2021-ARIA, Class D, (1-month USD-LIBOR + 1.895%) 2.449% 2036^3,10,11		1,380		1,345
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 1.841% 2037^3,10,11		15,617		15,627
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 1.224% 2038^3,10,11		11,596		11,317
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 1.654% 2038^3,10,11		983		956
BX Trust, Series 2021-ACNT, Class B, (1-month USD-LIBOR + 1.25%) 1.805% 2038^3,10,11		1,996		1,950
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 1.954% 2038^3,10,11		3,732		3,627
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 2.055% 2038^3,10,11		392		383
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 1.635% 2038^3,10,11		10,432		10,302
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 2.255% 2038^3,10,11		1,194		1,177
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 2.805% 2038^3,10,11		1,250		1,231
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 1.474% 2025^3,10,11		13,721		13,498
GS Mortgage Securities Trust, Series 2019-BOCA, Class A, (1-month USD-LIBOR + 1.20%) 1.755% 2038^3,10,11		27,772		27,761
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 1.704% 2038^3,10,11		35,000		34,624
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 2039^3,10		1,301		1,222
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 2039^3,10,11		1,046		962
La Quinta Mortgage Trust, Series 2022-LAQ, Class A, (1-month USD CME Term SOFR + 1.724%) 1.984% 2039^3,10,11		18,901		18,924
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 1.604% 2038^3,10,11		17,861		17,531
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class A4, 3.102% 2046¹⁰		3,000		2,983
Motel 6 Trust, Series 2021-MTL6, Class A, (1-month USD-LIBOR + 0.90%) 1.454% 2038^3,10,11		2,404		2,369
Multi Family Connecticut Avenue Securities, Series 2019-1, Class M10, (1-month USD-LIBOR + 3.25%) 3.918% 2049^3,10,11		4,500		4,293
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 1.285% 2038^3,10,11		36,060		35,400
SREIT Trust, Series 2021-MFP, Class C, (1-month USD-LIBOR + 1.329%) 1.883% 2038^3,10,11		1,038		1,007
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101% 2047¹⁰		4,000		4,027
				352,853

Total mortgage-backed obligations				5,495,657

Corporate bonds, notes & loans 2.61%
Energy 0.47%
AI Candelaria (Spain), SLU 7.50% 2028³		430		417
AI Candelaria (Spain), SLU 5.75% 2033³		1,495		1,247
Apache Corp. 4.25% 2030		19,930		18,544
Apache Corp. 5.35% 2049		1,250		1,099
Baker Hughes Co. 2.061% 2026		802		744
Bonanza Creek Energy, Inc. 5.00% 2026³		2,070		1,969
BP Capital Markets America, Inc. 2.721% 2032		3,000		2,646


Capital Income Builder	13

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Canadian Natural Resources, Ltd. 2.95% 2023	USD	2,390	$	2,395
Canadian Natural Resources, Ltd. 3.80% 2024		1,975		1,983
Canadian Natural Resources, Ltd. 3.85% 2027		1,000		979
Canadian Natural Resources, Ltd. 2.95% 2030		3,873		3,478
Cenovus Energy, Inc. 5.25% 2037		2,150		2,153
Cenovus Energy, Inc. 5.40% 2047		5,935		6,033
Cheniere Energy Partners LP 4.50% 2029		3,000		2,877
Cheniere Energy, Inc. 4.625% 2028		1,000		969
Chesapeake Energy Corp. 5.50% 2026³		5,070		5,033
Chesapeake Energy Corp. 5.875% 2029³		920		911
CNX Resources Corp. 7.25% 2027³		1,000		1,023
ConocoPhillips 3.80% 2052		5,795		5,223
Constellation Oil Services Holding SA 10.00% PIK 2024^3,14,15		638		233
Continental Resources, Inc. 5.75% 2031³		2,000		2,047
Continental Resources, Inc. 2.875% 2032³		2,296		1,901
CrownRock LP / CrownRock Finance, Inc. 5.00% 2029³		3,000		2,940
DCP Midstream Operating LP 5.625% 2027		5,000		5,079
DCP Midstream Operating LP 3.25% 2032		2,250		1,912
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 2027^3,11,15		443		443
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 2027^11,15		402		402
Diamondback Energy, Inc. 3.125% 2031		1,000		893
Diamondback Energy, Inc. 4.25% 2052		3,789		3,323
DT Midstream, Inc. 4.125% 2029³		1,000		911
DT Midstream, Inc. 4.375% 2031³		2,915		2,616
Enbridge Energy Partners LP 7.375% 2045		5,459		6,850
Enbridge, Inc. 3.40% 2051		718		565
Endeavor Energy Resources LP 6.625% 2025³		2,850		2,932
Endeavor Energy Resources, L.P. 5.75% 2028³		2,000		2,007
Energean Israel Finance, Ltd. 4.50% 2024³		1,915		1,866
Energean Israel Finance, Ltd. 5.875% 2031³		1,060		957
Energy Transfer Operating LP 3.75% 2030		3,000		2,770
Energy Transfer Operating LP 5.00% 2050		2,270		2,025
Energy Transfer Partners LP 5.30% 2047		600		544
Energy Transfer Partners LP 6.00% 2048		700		687
Energy Transfer Partners LP 6.25% 2049		1,120		1,133
Energy Transfer Partners LP 6.25% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.028% on 2/15/2023)¹³		5,000		4,256
Energy Transfer Partners LP 6.50% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.694% on 11/15/2026)¹³		791		754
Energy Transfer Partners LP 6.625% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.155% on 2/15/2028)¹³		5,220		4,535
Enterprise Products Operating LLC 4.20% 2050		2,795		2,455
EQM Midstream Partners LP 6.00% 2025³		2,500		2,481
EQM Midstream Partners LP 4.125% 2026		2,000		1,860
EQM Midstream Partners LP 6.50% 2027³		1,255		1,269
EQM Midstream Partners LP 4.50% 2029³		2,290		2,065
EQT Corp. 6.625% 2025¹³		2,000		2,084
EQT Corp. 3.90% 2027		7,020		6,730
EQT Corp. 5.00% 2029		155		155
EQT Corp. 7.50% 2030¹³		15,000		16,637
EQT Corp. 3.625% 2031³		5,945		5,389
Equinor ASA 3.625% 2028		13,165		13,021
Equinor ASA 3.25% 2049		7,583		6,312
Exxon Mobil Corp. 2.61% 2030		22,000		20,091
Gray Oak Pipeline, LLC 2.60% 2025³		1,952		1,850
Guara Norte SARL 5.198% 2034³		1,220		1,077
Harbour Energy PLC 5.50% 2026³		1,000		973
Harvest Midstream I, LP 7.50% 2028³		3,000		3,049
Hess Midstream Operations LP 5.50% 2030³		310		306
Hess Midstream Partners LP 5.625% 2026³		1,000		1,001
Hilcorp Energy I, LP 6.25% 2028³		1,000		998
Hilcorp Energy I, LP 5.75% 2029³		665		653
Hilcorp Energy I, LP 6.00% 2030³		1,925		1,913
Hilcorp Energy I, LP 6.00% 2031³		450		436
Hilcorp Energy I, LP 6.25% 2032³		2,125		2,075
Kinder Morgan, Inc. 3.25% 2050		2,007		1,449
Leviathan Bond, Ltd. 6.75% 2030³		1,390		1,374


14	Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Magellan Midstream Partners LP 3.95% 2050	USD	4,000	$	3,344
Marathon Oil Corp. 4.40% 2027		3,375		3,375
Marathon Oil Corp. 5.20% 2045		3,000		2,932
MPLX LP 1.75% 2026		1,846		1,687
MPLX LP 2.65% 2030		1,994		1,716
MPLX LP 5.20% 2047		505		480
MPLX LP 5.50% 2049		2,500		2,448
Murphy Oil Corp. 5.875% 2027		2,005		1,992
Neptune Energy Group Holdings, Ltd. 6.625% 2025³		5,955		5,910
New Fortress Energy, Inc. 6.75% 2025³		1,800		1,772
New Fortress Energy, Inc. 6.50% 2026³		8,085		7,834
NGL Energy Operating LLC 7.50% 2026³		7,435		7,017
NGPL PipeCo LLC 7.768% 2037³		2,000		2,329
NorthRiver Midstream Finance LP 5.625% 2026³		3,000		2,931
Occidental Petroleum Corp. 5.50% 2025		1,400		1,426
Occidental Petroleum Corp. 5.875% 2025		2,880		2,961
Occidental Petroleum Corp. 3.00% 2027		4,000		3,725
Occidental Petroleum Corp. 3.50% 2029		7,555		7,063
Occidental Petroleum Corp. 6.125% 2031		5,000		5,262
Occidental Petroleum Corp. 4.40% 2049		6,000		5,099
Oleoducto Central SA 4.00% 2027³		1,065		965
ONEOK, Inc. 5.85% 2026		3,635		3,832
ONEOK, Inc. 4.55% 2028		203		202
ONEOK, Inc. 4.35% 2029		360		350
ONEOK, Inc. 3.10% 2030		2,234		1,991
ONEOK, Inc. 6.35% 2031		11,384		12,449
ONEOK, Inc. 4.95% 2047		628		574
ONEOK, Inc. 7.15% 2051		2,319		2,653
Pemex Project Funding Master Trust, Series 13, 6.625% 2035		10,000		8,128
Petróleos Mexicanos 6.875% 2025		5,500		5,565
Petróleos Mexicanos 4.50% 2026		2,032		1,901
Petróleos Mexicanos 6.50% 2029		60		55
Petróleos Mexicanos 6.84% 2030		2,500		2,283
Petróleos Mexicanos 5.95% 2031		580		489
Petróleos Mexicanos 6.70% 2032		6,205		5,359
Petróleos Mexicanos 6.75% 2047		944		684
Petróleos Mexicanos 6.95% 2060		1,275		927
Petrorio Luxembourg SARL 6.125% 2026³		2,370		2,281
Pioneer Natural Resources Company 1.90% 2030		3,933		3,274
Plains All American Pipeline LP 3.80% 2030		1,135		1,053
Qatar Petroleum 3.30% 2051³		1,710		1,423
Range Resources Corp. 4.75% 2030³		445		425
Rattler Midstream Partners LP 5.625% 2025³		1,875		1,880
SA Global Sukuk, Ltd. 2.694% 2031³		2,645		2,385
Sabine Pass Liquefaction, LLC 5.625% 2025		6,450		6,684
Sabine Pass Liquefaction, LLC 5.00% 2027		4,575		4,685
Sabine Pass Liquefaction, LLC 4.20% 2028		1,275		1,253
Schlumberger BV 4.00% 2025³		24,405		24,491
Southwestern Energy Co. 5.95% 2025¹³		1,000		1,016
Southwestern Energy Co. 8.375% 2028		320		346
Southwestern Energy Co. 5.375% 2029		5,455		5,396
Southwestern Energy Co. 5.375% 2030		975		964
Southwestern Energy Co. 4.75% 2032		1,550		1,468
Sunoco Logistics Operating Partners LP 5.40% 2047		1,536		1,415
Sunoco LP 6.00% 2027		1,000		1,009
Sunoco LP 4.50% 2029		3,700		3,332
Superior Plus LP and Superior General Partner, Inc. 4.50% 2029³		1,000		915
Targa Resources Partners LP 6.875% 2029		3,110		3,284
Targa Resources Partners LP 5.50% 2030		5,190		5,152
TransCanada Corp. 5.875% 2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)¹³		49,286		49,524
TransCanada Corp., junior subordinated, (3-month USD-LIBOR + 2.21%) 2.716% 2067¹¹		1,000		842
TransCanada PipeLines, Ltd. 4.10% 2030		11,939		11,694
Transportadora de Gas Peru SA 4.25% 2028³		1,090		1,056
Valaris, Ltd. 8.25% Cash 2028¹⁵		221		227
Venture Global Calcasieu Pass, LLC 4.125% 2031³		1,985		1,804
Venture Global Calcasieu Pass, LLC 3.875% 2033³		1,000		872


Capital Income Builder	15

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Weatherford International, Ltd. 6.50% 2028³	USD	1,000	$	1,011
Western Gas Partners LP 3.95% 2025		1,520		1,468
Western Gas Partners LP 4.65% 2026		3,105		3,066
Western Midstream Operating, LP 3.60% 2025 (3.35% on 8/1/2022)¹³		5,040		4,826
Western Midstream Operating, LP 4.55% 2030 (4.30% on 8/1/2022)¹³		4,755		4,375
Western Midstream Operating, LP 5.75% 2050 (5.50% on 8/1/2022)¹³		3,956		3,493
				490,106

Consumer discretionary 0.40%
AutoNation, Inc. 3.85% 2032		5,750		5,192
Bayerische Motoren Werke AG 3.45% 2027³		1,075		1,058
Bayerische Motoren Werke AG 3.70% 2032³		850		820
Booking Holdings, Inc. 4.625% 2030		5,000		5,121
Burger King Corp. 3.875% 2028³		1,000		922
Burger King Corp. 4.00% 2030³		1,000		856
Carnival Corp. 10.50% 2026³		11,000		12,114
Carnival Corp. 4.00% 2028³		5,000		4,507
Carnival Corp. 6.00% 2029³		1,500		1,349
Daimler Trucks Finance North America, LLC 1.125% 2023³		50,000		48,356
Daimler Trucks Finance North America, LLC 1.625% 2024³		18,450		17,539
Daimler Trucks Finance North America, LLC 2.375% 2028³		1,850		1,632
Daimler Trucks Finance North America, LLC 2.50% 2031³		4,550		3,803
Empire Resorts, Inc. 7.75% 2026³		3,225		3,111
Ford Motor Co. 2.30% 2025		20,695		19,245
Ford Motor Co. 2.90% 2029		8,500		7,089
Ford Motor Co. 7.45% 2031		2,000		2,178
Ford Motor Co. 3.25% 2032		5,000		4,072
Ford Motor Credit Company LLC 5.125% 2025		5,010		5,003
Ford Motor Credit Company LLC 2.70% 2026		3,990		3,562
Ford Motor Credit Company LLC 4.125% 2027		1,000		928
Ford Motor Credit Company LLC 4.95% 2027		9,335		9,102
Ford Motor Credit Company LLC 4.00% 2030		4,495		3,895
General Motors Company 6.80% 2027		3,226		3,474
General Motors Financial Co. 4.30% 2025		5,000		5,020
Grand Canyon University 4.125% 2024		20,000		19,520
Grand Canyon University 4.375% 2026		3,000		3,008
Grupo Axo, SAPI de CV 5.75% 2026³		559		513
Hanesbrands, Inc. 4.875% 2026³		1,000		979
Harley-Davidson, Inc. 3.35% 2025³		3,135		3,053
Hilton Worldwide Holdings, Inc. 5.75% 2028³		6,000		6,092
Hilton Worldwide Holdings, Inc. 4.875% 2030		4,000		3,864
Hilton Worldwide Holdings, Inc. 4.00% 2031³		2,000		1,792
Home Depot, Inc. 2.95% 2029		4,775		4,478
International Game Technology PLC 4.125% 2026³		1,000		944
International Game Technology PLC 6.25% 2027³		7,000		7,116
International Game Technology PLC 5.25% 2029³		1,000		950
Las Vegas Sands Corp. 3.20% 2024		2,000		1,923
Las Vegas Sands Corp. 3.90% 2029		5,000		4,307
Lithia Motors, Inc. 3.875% 2029³		2,000		1,809
Lowe’s Companies, Inc. 3.75% 2032		5,173		4,887
Lowe’s Companies, Inc. 4.05% 2047		4		4
Lowe’s Companies, Inc. 4.25% 2052		974		877
Macy’s Retail Holdings, LLC 5.875% 2030³		555		522
Marriott International, Inc. 2.85% 2031		3,300		2,841
Marriott International, Inc. 2.75% 2033		670		551
McDonald’s Corp. 3.70% 2026		7,015		7,036
McDonald’s Corp. 2.125% 2030		4,136		3,582
McDonald’s Corp. 4.45% 2047		2,100		2,024
McDonald’s Corp. 3.625% 2049		4,898		4,104
Melco International Development, Ltd. 4.875% 2025³		2,000		1,791
Melco International Development, Ltd. 5.375% 2029³		4,415		3,555
MercadoLibre, Inc. 3.125% 2031		1,055		855
MGM Growth Properties LLC 5.625% 2024		2,245		2,277
MGM Growth Properties LLC 3.875% 2029³		1,815		1,723
MGM Resorts International 6.00% 2023		4,000		4,050
MGM Resorts International 5.75% 2025		2,000		1,989
MGM Resorts International 6.75% 2025		1,500		1,537


16	Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
MGM Resorts International 4.75% 2028	USD	2,000	$	1,840
Newell Rubbermaid, Inc. 4.35% 2023		1,750		1,753
Nordstrom, Inc. 2.30% 2024		1,000		959
Nordstrom, Inc. 4.25% 2031		4,000		3,398
QVC, Inc. 4.45% 2025		1,000		971
Royal Caribbean Cruises, Ltd. 10.875% 2023³		26,540		27,802
Royal Caribbean Cruises, Ltd. 11.50% 2025³		15,640		17,022
Royal Caribbean Cruises, Ltd. 4.25% 2026³		2,155		1,954
Sally Holdings LLC and Sally Capital, Inc. 5.625% 2025		2,000		2,010
Sally Holdings LLC and Sally Capital, Inc. 8.75% 2025³		6,007		6,308
Sands China, Ltd. 5.40% 2028		2,000		1,889
Sands China, Ltd. 2.85% 2029³		10,000		8,126
Sonic Automotive, Inc. 4.625% 2029³		1,560		1,344
Sonic Automotive, Inc. 4.875% 2031³		3,030		2,590
Starbucks Corp. 3.10% 2023		18,233		18,349
Starbucks Corp. 4.50% 2048		5,690		5,418
Stellantis Finance US, Inc. 1.711% 2027³		5,675		5,041
Stellantis Finance US, Inc. 2.691% 2031³		4,525		3,746
Tempur Sealy International, Inc. 4.00% 2029³		1,000		868
Tempur Sealy International, Inc. 3.875% 2031³		520		432
The Gap, Inc. 3.625% 2029³		1,000		815
VICI Properties LP 4.625% 2029³		3,000		2,821
VICI Properties LP / VICI Note Co., Inc. 3.75% 2027³		3,390		3,130
VICI Properties LP / VICI Note Co., Inc. 4.125% 2030³		10,645		9,579
Wyndham Worldwide Corp. 4.375% 2028³		3,560		3,323
Wynn Resorts, Ltd. 7.75% 2025³		2,325		2,399
Wynn Resorts, Ltd. 5.125% 2029³		6,000		5,261
YUM! Brands, Inc. 4.75% 2030³		4,000		3,810
YUM! Brands, Inc. 3.625% 2031		1,000		861
YUM! Brands, Inc. 4.625% 2032		1,000		910
YUM! Brands, Inc. 5.375% 2032		2,000		1,914
				421,144

Communication services 0.37%
América Móvil, SAB de CV, 6.45% 2022	MXN	45,000		2,172
América Móvil, SAB de CV, 8.46% 2036		147,200		6,178
AT&T, Inc. 2.25% 2032	USD	1,000		834
AT&T, Inc. 2.55% 2033		5,181		4,305
AT&T, Inc. 3.30% 2052		1,000		759
AT&T, Inc. 3.50% 2053		5,957		4,674
Cablevision Systems Corp. 5.50% 2027³		2,000		1,933
Cablevision Systems Corp. 5.75% 2030³		4,250		3,535
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 2027³		6,000		5,856
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.00% 2028³		6,000		5,722
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 2030³		3,950		3,453
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 2030³		2,475		2,216
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 2031		3,000		2,494
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 2031³		3,650		3,083
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 2032³		5,675		4,887
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 2033³		24,425		20,029
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 2034³		18,300		14,580
CCO Holdings, LLC and CCO Holdings Capital Corp. 3.90% 2052		3,000		2,169
Comcast Corp. 2.65% 2030		20,000		18,114
DIRECTV Holdings, LLC and DIRECTV Financing Co., Inc. 5.875% 2027³		4,000		3,773
Embarq Corp. 7.995% 2036		725		654
Frontier Communications Corp. 5.875% 2027³		4,000		3,837
Frontier Communications Holdings, LLC 5.875% 2029		731		636
Gray Television, Inc. 7.00% 2027³		1,000		1,035
Lamar Media Corp. 4.875% 2029		6,650		6,351
Level 3 Communications, Inc. 5.375% 2025		5,000		4,963
Level 3 Communications, Inc. 5.25% 2026		1,000		974
Level 3 Communications, Inc. 3.875% 2029³		2,500		2,210
Level 3 Financing, Inc. 3.75% 2029³		2,015		1,640
Magallanes, Inc. 4.279% 2032³		3,638		3,382
Magallanes, Inc. 5.05% 2042³		4,499		4,107
Magallanes, Inc. 5.141% 2052³		5,934		5,301
Match Group, Inc. 4.625% 2028³		1,000		934


Capital Income Builder	17

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Match Group, Inc. 4.125% 2030³	USD	1,000	$	895
Netflix, Inc. 3.625% 2025³		5,575		5,455
Netflix, Inc. 4.875% 2028		275		270
Netflix, Inc. 5.875% 2028		4,569		4,717
Netflix, Inc. 5.375% 2029³		150		150
Netflix, Inc. 4.875% 2030³		6,650		6,494
News Corp. 5.125% 2032³		4,000		3,826
OUTFRONT Media Capital LLC 4.625% 2030³		6,650		5,959
SBA Tower Trust 1.631% 2026³		22,469		20,740
Scripps Escrow II, Inc. 3.875% 2029³		1,250		1,113
Sirius XM Radio, Inc. 4.00% 2028³		4,775		4,322
Sirius XM Radio, Inc. 3.875% 2031³		2,850		2,411
Sprint Corp. 7.625% 2026		2,000		2,174
Sprint Corp. 6.875% 2028		40,170		44,151
Sprint Corp. 8.75% 2032		18,210		23,172
TEGNA, Inc. 4.625% 2028		2,675		2,578
T-Mobile US, Inc. 3.50% 2025		6,550		6,464
T-Mobile US, Inc. 3.75% 2027		10,000		9,736
T-Mobile US, Inc. 3.875% 2030		8,975		8,510
T-Mobile US, Inc. 2.55% 2031		2,700		2,296
T-Mobile US, Inc. 3.50% 2031		25,000		22,193
T-Mobile US, Inc. 3.00% 2041		4,200		3,206
T-Mobile US, Inc. 3.30% 2051		3,316		2,486
T-Mobile US, Inc. 3.40% 2052³		5,200		3,949
Twitter, Inc. 5.00% 2030³		2,975		3,043
Verizon Communications, Inc. 2.55% 2031		23,150		20,168
Verizon Communications, Inc. 2.355% 2032³		14,186		11,920
Verizon Communications, Inc. 2.875% 2050		4,250		3,110
Verizon Communications, Inc. 3.55% 2051		5,000		4,115
Verizon Communications, Inc. 3.875% 2052		5,000		4,365
Virgin Media Secured Finance PLC 5.50% 2029³		1,000		927
Vodafone Group PLC 4.25% 2050		4,575		3,985
Warner Music Group 3.75% 2029³		4,665		4,187
				389,877

Financials 0.34%
ACE Capital Trust II, junior subordinated, 9.70% 2030		7,210		9,783
ACE INA Holdings, Inc. 4.35% 2045		3,230		3,181
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.00% 2028		2,000		1,741
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.30% 2032		5,314		4,424
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.85% 2041		3,079		2,383
Aon Corp. / Aon Global Holdings PLC 3.90% 2052		4,000		3,455
Australia & New Zealand Banking Group, Ltd. 2.625% 2022		15,000		15,005
Bank of America Corp. 2.551% 2028 (USD-SOFR + 1.05% on 2/4/2027)¹³		1,500		1,387
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)¹³		8,000		6,515
Bank of America Corp. 2.972% 2033 (USD-SOFR + 1.33% on 2/4/2032)¹³		3,789		3,302
Bank of America Corp. 3.846% 2037 (5-year CMT + 2.00% on 3/8/2032)¹³		5,000		4,456
Bank of Nova Scotia 2.45% 2032		2,217		1,884
BNP Paribas 3.50% 2023³		25,000		25,128
BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)^3,13		1,275		1,088
Charles Schwab Corp. 2.45% 2027		1,775		1,672
China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 2031		766		638
Citigroup, Inc. 3.057% 2033 (USD-SOFR + 1.351% on 1/25/2032)¹³		8,537		7,466
CME Group, Inc. 2.65% 2032		2,500		2,229
Coinbase Global, Inc. 3.375% 2028³		1,700		1,323
Coinbase Global, Inc. 3.625% 2031³		5,525		4,092
Commonwealth Bank of Australia 3.784% 2032³		3,000		2,720
Corebridge Financial, Inc. 3.65% 2027³		1,462		1,420
Corebridge Financial, Inc. 3.85% 2029³		3,227		3,086
Corebridge Financial, Inc. 3.90% 2032³		3,084		2,897
Corebridge Financial, Inc. 4.35% 2042³		658		596
Corebridge Financial, Inc. 4.40% 2052³		4,688		4,188
Credit Suisse Group AG 3.80% 2023		12,050		12,091
Danske Bank AS 3.875% 2023³		9,250		9,292
Danske Bank AS 4.298% 2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)^3,13		6,250		6,044
FS Energy and Power Fund 7.50% 2023³		4,980		5,071


18	Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Goldman Sachs Group, Inc. 2.64% 2028 (USD-SOFR + 1.114% on 2/24/2027)¹³	USD	4,000	$	3,681
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)¹³		1,785		1,716
Goldman Sachs Group, Inc. 2.60% 2030		2,128		1,853
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)¹³		3,125		2,646
Goldman Sachs Group, Inc. 2.65% 2032 (USD-SOFR + 1.264% on 10/21/2031)¹³		7,500		6,333
Goldman Sachs Group, Inc. 3.102% 2033 (USD-SOFR + 1.41% on 2/24/2032)¹³		12,500		10,936
Goldman Sachs Group, Inc. 3.436% 2043 (USD-SOFR + 1.632% on 2/24/2042)¹³		971		807
Groupe BPCE SA 2.75% 2023³		22,675		22,683
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)¹³		12,500		12,282
Huarong Finance 2017 Co., Ltd. 4.25% 2027		3,500		3,216
Icahn Enterprises Finance Corp. 4.375% 2029		3,580		3,095
ING Groep NV 4.252% 2033 (USD-SOFR + 2.07% on 3/28/2032)¹³		1,988		1,902
Intercontinental Exchange, Inc. 2.65% 2040		2,275		1,756
Intesa Sanpaolo SpA 3.375% 2023³		4,100		4,099
Intesa Sanpaolo SpA 5.017% 2024³		9,100		8,891
Iron Mountain Information Management Services, Inc. 5.00% 2032³		2,470		2,181
JPMorgan Chase & Co. 2.947% 2028 (USD-SOFR + 1.17% on 2/24/2027)¹³		2,750		2,592
JPMorgan Chase & Co. 4.323% 2028 (USD-SOFR + 1.56% on 4/26/2027)¹³		2,500		2,492
JPMorgan Chase & Co. 3.509% 2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)¹³		7,650		7,280
JPMorgan Chase & Co. 1.953% 2032 (USD-SOFR + 1.065% on 2/4/2031)¹³		2,775		2,269
JPMorgan Chase & Co. 2.545% 2032 (USD-SOFR + 1.18% on 11/8/2031)¹³		3,008		2,550
JPMorgan Chase & Co. 2.58% 2032 (USD-SOFR + 1.25% on 4/22/2031)¹³		785		673
JPMorgan Chase & Co. 2.963% 2033 (USD-SOFR + 1.26% on 1/25/2032)¹³		10,763		9,483
JPMorgan Chase & Co. 4.586% 2033 (USD-SOFR + 1.80% on 4/26/2032)¹³		299		301
JPMorgan Chase & Co., Series I, (3-month USD-LIBOR + 3.47%) 3.769% junior subordinated perpetual bonds¹¹		10,416		10,292
Ladder Capital Corp. 4.25% 2027³		3,000		2,761
Lloyds Banking Group PLC 4.375% 2028		5,375		5,327
LPL Holdings, Inc. 4.625% 2027³		7,275		6,911
LPL Holdings, Inc. 4.00% 2029³		2,500		2,278
Marsh & McLennan Companies, Inc. 2.375% 2031		1,096		948
Morgan Stanley 2.72% 2025 (USD-SOFR + 1.152% on 7/22/2024)¹³		9,225		8,977
Morgan Stanley 2.475% 2028 (USD-SOFR + 1.00% on 1/21/2027)¹³		4,000		3,686
Morgan Stanley 4.21% 2028 (USD-SOFR + 1.61% on 4/20/2027)¹³		1,159		1,151
Morgan Stanley 2.943% 2033 (USD-SOFR + 1.29% on 1/21/2032)¹³		6,000		5,237
Morgan Stanley 5.297% 2037 (USD-SOFR + 2.62% on 4/20/2032)¹³		1,345		1,346
MSCI, Inc. 4.00% 2029³		5,250		4,843
MSCI, Inc. 3.875% 2031³		2,575		2,328
MSCI, Inc. 3.25% 2033³		1,000		846
National Australia Bank, Ltd. 2.99% 2031³		3,000		2,566
Navient Corp. 5.00% 2027		1,000		912
Navient Corp. 5.625% 2033		6,200		4,910
Oxford Finance, LLC / Oxford Finance Co-Issuer II, Inc. 6.375% 2027³		2,415		2,447
Rede D’Or Finance SARL 4.50% 2030³		3,000		2,626
Springleaf Finance Corp. 6.125% 2024		1,000		1,005
Springleaf Finance Corp. 8.875% 2025		1,000		1,050
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)¹³		2,690		2,214
Toronto-Dominion Bank 2.00% 2031		4,000		3,331
Toronto-Dominion Bank 3.20% 2032		3,166		2,891
U.S. Bancorp 3.15% 2027		4,000		3,902
Vigorous Champion International, Ltd. 4.25% 2029		200		188
Wells Fargo & Company 3.35% 2033 (USD-SOFR + 1.50% on 3/2/2032)¹³		12,800		11,646
Wells Fargo & Company 4.611% 2053 (USD-SOFR + 2.13% on 4/25/2052)¹³		1,508		1,488
				362,381

Utilities 0.29%
AES Panama Generation Holdings SRL 4.375% 2030³		1,095		976
Alfa Desarrollo SpA 4.55% 2051³		2,837		2,229
Alliant Energy Finance, LLC 3.60% 2032³		3,155		2,914
Ameren Corp. 2.50% 2024		1,616		1,587
Commonwealth Edison Co. 2.95% 2027		2,450		2,353
Consumers Energy Co. 4.05% 2048		6,425		6,133
Consumers Energy Co. 3.10% 2050		10,000		8,031
Consumers Energy Co. 3.75% 2050		5,625		5,159
Consumers Energy Co. 2.65% 2052		538		395


Capital Income Builder	19

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
DTE Electric Co. 3.65% 2052	USD	1,500	$	1,333
DTE Energy Company 3.00% 2032		1,500		1,373
Edison International 3.55% 2024		4,600		4,549
Edison International 4.95% 2025		700		713
Edison International 5.75% 2027		5,642		5,855
Edison International 4.125% 2028		2,158		2,083
Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.901% on 3/15/2027)¹³		3,000		2,723
Emera, Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)¹³		15,349		15,618
Empresas Publicas de Medellin ESP 4.25% 2029		1,713		1,436
Empresas Publicas de Medellin ESP 4.375% 2031³		920		758
Enfragen Energia Sur SA 5.375% 2030		400		288
Entergy Louisiana, LLC 4.20% 2048		5,950		5,699
Eversource Energy 2.375% 2022		1,410		1,411
Eversource Energy 2.80% 2023		1,870		1,865
Eversource Energy 3.80% 2023		15,000		15,150
Exelon Corp. 4.45% 2046		8,115		7,604
Exelon Corp., junior subordinated, 3.497% 2022¹³		12,000		12,000
FirstEnergy Corp. 2.05% 2025		1,502		1,422
FirstEnergy Corp. 1.60% 2026		2,600		2,382
FirstEnergy Corp. 2.25% 2030		4,837		4,047
FirstEnergy Corp. 2.65% 2030		1,305		1,109
FirstEnergy Corp. 7.375% 2031		3,300		3,790
FirstEnergy Corp. 3.40% 2050		13,650		10,192
FirstEnergy Corp., Series B, 4.40% 2027¹³		27,785		26,989
Florida Power & Light Company 2.875% 2051		480		376
IPALCO Enterprises, Inc. 3.70% 2024		2,000		1,991
NextEra Energy Capital Holdings, Inc. 2.44% 2032		2,800		2,378
Pacific Gas and Electric Co. 3.25% 2023		16,490		16,382
Pacific Gas and Electric Co. 3.40% 2024		3,665		3,587
Pacific Gas and Electric Co. 2.95% 2026		12,987		12,033
Pacific Gas and Electric Co. 3.15% 2026		1,365		1,284
Pacific Gas and Electric Co. 3.30% 2027		1,749		1,619
Pacific Gas and Electric Co. 3.30% 2027		738		672
Pacific Gas and Electric Co. 4.65% 2028		2,500		2,388
Pacific Gas and Electric Co. 4.55% 2030		6,100		5,662
Pacific Gas and Electric Co. 2.50% 2031		21,190		16,793
Pacific Gas and Electric Co. 3.25% 2031		1,300		1,091
Pacific Gas and Electric Co. 3.50% 2050		19,610		13,698
Pacific Gas and Electric Co. 4.95% 2050		5,000		4,181
PG&E Corp. 5.00% 2028		4,595		4,234
PG&E Corp. 5.25% 2030		2,890		2,632
Public Service Electric and Gas Co. 3.20% 2029		4,000		3,827
Public Service Enterprise Group, Inc. 3.20% 2049		3,300		2,742
Southern California Edison Co. 2.85% 2029		1,600		1,445
Southern California Edison Co. 2.25% 2030		4,515		3,870
Southern California Edison Co. 2.75% 2032		2,000		1,735
Southern California Edison Co. 4.00% 2047		6,667		5,719
Southern California Edison Co. 4.125% 2048		6,667		5,783
Southern California Edison Co. 2.95% 2051		2,869		2,069
Southern California Edison Co., Series C, 3.60% 2045		4,463		3,607
Talen Energy Corp. 7.25% 2027³		2,290		2,196
Talen Energy Supply, LLC 7.625% 2028³		705		677
Union Electric Co. 3.90% 2052		645		588
Venture Global Calcasieu Pass, LLC 3.875% 2029³		3,430		3,134
Virginia Electric and Power Co. 2.40% 2032		4,670		4,034
Xcel Energy, Inc. 2.60% 2029		3,875		3,431
Xcel Energy, Inc. 6.50% 2036		3,000		3,511
				299,535

Health care 0.23%
AbbVie, Inc. 3.20% 2029		498		464
Amgen, Inc. 3.35% 2032		1,153		1,064
Anthem, Inc. 2.375% 2025		1,534		1,487
Baxter International, Inc. 2.272% 2028³		1,342		1,196
Baxter International, Inc. 2.539% 2032³		2,681		2,287
Catalent Pharma Solutions, Inc. 3.125% 2029³		850		739


20	Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Catalent Pharma Solutions, Inc. 3.50% 2030³	USD	1,270	$	1,106
Centene Corp. 4.25% 2027		8,875		8,619
Centene Corp. 2.45% 2028		14,495		12,664
Centene Corp. 4.625% 2029		4,000		3,880
Centene Corp. 3.00% 2030		2,590		2,257
Centene Corp. 3.375% 2030		5,344		4,782
Centene Corp. 2.50% 2031		2,500		2,082
Centene Corp. 2.625% 2031		3,950		3,287
Charles River Laboratories International, Inc. 3.75% 2029³		445		403
Charles River Laboratories International, Inc. 4.00% 2031³		750		671
Endo International PLC 5.875% 2024³		225		208
Gilead Sciences, Inc. 2.80% 2050		935		672
HCA, Inc. 4.125% 2029		8,450		8,102
HCA, Inc. 3.50% 2030		4,000		3,589
HCA, Inc. 3.625% 2032³		629		564
HCA, Inc. 5.25% 2049		2,500		2,389
Humana, Inc. 3.70% 2029		1,082		1,040
Jazz Securities DAC 4.375% 2029³		1,000		923
Laboratory Corporation of America Holdings 4.70% 2045		6,900		6,611
Merck & Co., Inc. 1.70% 2027		11,549		10,571
Merck & Co., Inc. 2.15% 2031		16,493		14,376
Molina Healthcare, Inc. 4.375% 2028³		2,500		2,340
Molina Healthcare, Inc. 3.875% 2032³		2,500		2,199
Owens & Minor, Inc. 6.625% 2030³		2,990		2,930
Owens & Minor, Inc., Term Loan, (USD-SOFR + 3.75%) 4.25% 2029^11,16		4,000		4,018
Perrigo Finance Unlimited Co., 4.375% 2026		1,500		1,451
Regeneron Pharmaceuticals, Inc. 1.75% 2030		543		442
Shire PLC 2.875% 2023		1,084		1,082
Shire PLC 3.20% 2026		25,483		24,604
Teva Pharmaceutical Finance Co. BV 6.00% 2024		34,087		34,130
Teva Pharmaceutical Finance Co. BV 7.125% 2025		3,500		3,551
Teva Pharmaceutical Finance Co. BV 3.15% 2026		11,660		10,017
Teva Pharmaceutical Finance Co. BV 4.75% 2027		4,985		4,568
Teva Pharmaceutical Finance Co. BV 6.75% 2028		24,805		25,228
Teva Pharmaceutical Finance Co. BV 5.125% 2029		8,215		7,470
Teva Pharmaceutical Finance Co. BV 4.10% 2046		28,359		20,301
UnitedHealth Group, Inc. 2.375% 2024		2,940		2,897
Valeant Pharmaceuticals International, Inc. 5.50% 2025³		1,000		969
				244,230

Industrials 0.17%
ADT Security Corp. 4.125% 2029³		1,000		851
Allison Transmission Holdings, Inc. 3.75% 2031³		2,650		2,297
American Airlines, Inc., Series 2013-2, Class A, 4.95% 2024		86		85
Avis Budget Group, Inc. 4.75% 2028³		1,000		929
BNSF Funding Trust I, junior subordinated, 6.613% 2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)¹³		6,700		6,901
Boeing Company 4.508% 2023		25,029		25,266
Boeing Company 5.15% 2030		4,917		4,888
Boeing Company 3.625% 2031		8,907		8,046
Boeing Company 3.60% 2034		5,000		4,210
Boeing Company 5.805% 2050		3,000		3,006
Burlington Northern Santa Fe, LLC 3.30% 2051		1,157		962
BWX Technologies, Inc. 4.125% 2029³		1,000		926
Canadian Pacific Railway, Ltd. 2.45% 2031		8,260		7,190
Canadian Pacific Railway, Ltd. 3.00% 2041		2,944		2,397
Canadian Pacific Railway, Ltd. 3.10% 2051		12,250		9,508
Carrier Global Corp. 2.722% 2030		12,267		10,821
Carrier Global Corp. 3.377% 2040		1,483		1,220
Carrier Global Corp. 3.577% 2050		1,289		1,036
CSX Corp. 2.40% 2030		7,186		6,394
General Electric Capital Corp. 4.418% 2035		6,011		5,882
GFL Environmental, Inc. 3.75% 2025³		1,000		949
Hillenbrand, Inc. 3.75% 2031		4,700		4,155
Howmet Aerospace, Inc. 6.75% 2028		1,000		1,061
Masonite International Corp. 5.375% 2028³		1,000		959
Masonite International Corp. 3.50% 2030³		1,000		844


Capital Income Builder	21

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Mexico City Airport Trust 5.50% 2047	USD	2,500	$	1,999
Nielsen Finance LLC and Nielsen Finance Co. 5.625% 2028³		2,000		1,941
Otis Worldwide Corp. 2.056% 2025		15,629		14,892
Prime Security Services Borrower, LLC 5.75% 2026³		1,000		961
Rolls-Royce PLC 5.75% 2027³		5,415		5,229
SkyMiles IP, Ltd. 4.75% 2028³		1,840		1,821
SkyMiles IP, Ltd., Term Loan, (3-month USD-LIBOR + 3.75%) 4.75% 2027^11,16		2,000		2,070
Spirit AeroSystems, Inc. 7.50% 2025³		1,640		1,663
TransDigm, Inc. 6.25% 2026³		4,700		4,682
Union Pacific Corp. 2.80% 2032		4,500		4,051
Union Pacific Corp. 2.95% 2052		1,823		1,400
Union Pacific Corp. 3.95% 2059		4,500		4,020
United Airlines Holdings, Inc. 6.50% 2027³		3,795		3,875
United Airlines, Inc. 4.375% 2026³		1,080		1,044
United Airlines, Inc. 4.625% 2029³		875		804
United Rentals, Inc. 4.875% 2028		6,000		5,845
United Rentals, Inc. 4.00% 2030		1,000		896
United Rentals, Inc. 5.25% 2030		1,000		971
United Technologies Corp. 3.125% 2027		12,375		12,017
				180,964

Consumer staples 0.10%
7-Eleven, Inc. 0.95% 2026³		1,300		1,164
7-Eleven, Inc. 1.80% 2031³		3,540		2,865
7-Eleven, Inc. 2.50% 2041³		2,360		1,700
7-Eleven, Inc. 2.80% 2051³		3,195		2,214
Albertsons Companies, Inc. 3.25% 2026³		1,000		914
Albertsons Companies, Inc. 4.625% 2027³		4,000		3,751
Albertsons Companies, Inc. 5.875% 2028³		1,000		973
Albertsons Companies, Inc. 3.50% 2029³		3,000		2,531
Altria Group, Inc. 4.40% 2026		1,173		1,187
Altria Group, Inc. 2.45% 2032		2,000		1,603
Altria Group, Inc. 3.70% 2051		2,360		1,686
Anheuser-Busch InBev NV 4.75% 2029		15,000		15,453
Anheuser-Busch InBev NV 4.60% 2048		2,500		2,359
ARAMARK Corp. 6.375% 2025³		2,000		2,039
British American Tobacco PLC 3.557% 2027		7,650		7,141
British American Tobacco PLC 4.70% 2027		7,862		7,804
British American Tobacco PLC 4.448% 2028		3,000		2,893
British American Tobacco PLC 4.742% 2032		1,000		939
British American Tobacco PLC 4.39% 2037		1,300		1,108
British American Tobacco PLC 3.734% 2040		4,640		3,473
British American Tobacco PLC 4.54% 2047		3,138		2,492
British American Tobacco PLC 4.758% 2049		2,361		1,930
British American Tobacco PLC 5.65% 2052		713		648
Conagra Brands, Inc. 5.30% 2038		739		737
Kraft Heinz Company 3.00% 2026		2,072		1,982
Kraft Heinz Company 3.875% 2027		2,795		2,737
Kraft Heinz Company 3.75% 2030		1,000		952
Kraft Heinz Company 5.20% 2045		8,000		7,842
Kraft Heinz Company 4.375% 2046		5,000		4,388
Kraft Heinz Company 5.50% 2050		2,177		2,198
MARB BondCo PLC 3.95% 2031³		1,677		1,396
NBM US Holdings, Inc. 6.625% 2029³		3,000		3,067
Philip Morris International, Inc. 1.75% 2030		1,000		818
Reckitt Benckiser Group PLC 2.375% 2022³		2,870		2,872
Reckitt Benckiser Treasury Services PLC 2.75% 2024³		2,215		2,186
Reynolds American, Inc. 4.45% 2025		7,045		7,104
Reynolds American, Inc. 5.85% 2045		640		598
TreeHouse Foods, Inc. 4.00% 2028		725		592
				108,336

Information technology 0.10%
Analog Devices, Inc. 1.70% 2028		1,350		1,184
Analog Devices, Inc. 2.10% 2031		2,576		2,222
Black Knight, Inc. 3.625% 2028³		3,880		3,604
Booz Allen Hamilton, Inc. 3.875% 2028³		1,125		1,038


22	Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Booz Allen Hamilton, Inc. 4.00% 2029³	USD	1,505	$	1,390
Broadcom, Inc. 4.00% 2029³		1,006		961
Broadcom, Inc. 4.75% 2029		5,000		5,002
Broadcom, Inc. 4.15% 2030		3,000		2,845
Broadcom, Inc. 2.45% 2031³		2,905		2,424
Broadcom, Inc. 4.15% 2032³		1,054		979
Broadcom, Inc. 2.60% 2033³		2,990		2,405
Broadcom, Inc. 3.50% 2041³		2,338		1,821
Broadcom, Inc. 3.75% 2051³		1,203		924
CommScope Finance LLC 6.00% 2026³		1,000		945
Entegris Escrow Corp. 4.75% 2029³		6,925		6,684
Fidelity National Information Services, Inc. 3.10% 2041		212		166
Gartner, Inc. 4.50% 2028³		3,600		3,455
Gartner, Inc. 3.625% 2029³		2,000		1,793
Global Payments, Inc. 2.90% 2031		937		805
Lenovo Group, Ltd. 5.875% 2025		38,190		39,825
Oracle Corp. 2.875% 2031		7,108		6,038
Oracle Corp. 3.60% 2050		2,500		1,802
Oracle Corp. 3.95% 2051		3,029		2,306
ServiceNow, Inc. 1.40% 2030		4,090		3,284
Square, Inc. 2.75% 2026³		3,000		2,739
Square, Inc. 3.50% 2031³		6,500		5,454
Unisys Corp. 6.875% 2027³		1,000		1,005
VeriSign, Inc. 2.70% 2031		625		540
				103,640

Materials 0.07%
Alcoa Nederland Holding BV 4.125% 2029³		2,000		1,875
Anglo American Capital PLC 2.625% 2030³		2,819		2,403
Anglo American Capital PLC 3.95% 2050³		803		656
Arconic Corp. 6.00% 2025³		2,000		2,012
Axalta Coating Systems, LLC 4.75% 2027³		3,675		3,496
Braskem Idesa SAPI 7.45% 2029³		2,002		1,878
Braskem SA 5.875% 2050³		2,500		2,240
Canpack SA / Canpack US, LLC 3.875% 2029³		5,950		5,118
Cleveland-Cliffs, Inc. 6.75% 2026³		3,000		3,148
Cleveland-Cliffs, Inc. 5.875% 2027		1,000		996
Dow Chemical Co. 5.55% 2048		2,500		2,738
FMG Resources 4.375% 2031³		1,500		1,329
Freeport-McMoRan, Inc. 4.25% 2030		1,000		942
Graphic Packaging International, Inc. 3.50% 2028³		5,000		4,508
International Flavors & Fragrances, Inc. 2.30% 2030³		2,600		2,184
LYB International Finance III, LLC 4.20% 2050		2,000		1,746
LYB International Finance III, LLC 3.625% 2051		4,001		3,221
Mercer International, Inc. 5.125% 2029		1,325		1,233
Methanex Corp. 5.125% 2027		5,430		5,219
Methanex Corp. 5.25% 2029		2,000		1,903
Mineral Resources, Ltd. 8.00% 2027³		1,075		1,072
Mineral Resources, Ltd. 8.125% 2027³		1,000		1,017
Mosaic Co. 4.25% 2023		1,700		1,721
Nova Chemicals Corp. 4.875% 2024³		1,500		1,481
Nova Chemicals Corp. 5.25% 2027³		4,840		4,592
Nova Chemicals Corp. 4.25% 2029³		3,500		3,034
Novelis Corp. 3.875% 2031³		1,000		859
Olin Corp. 5.125% 2027		1,000		992
Olin Corp. 5.00% 2030		1,850		1,751
Sealed Air Corp. 5.00% 2029³		1,000		994
Sherwin-Williams Company 3.45% 2027		5,851		5,680
South32 Treasury USA 4.35% 2032³		1,246		1,203
Valvoline, Inc. 3.625% 2031³		2,290		1,865
Westlake Chemical Corp. 5.00% 2046		1,985		1,968
Westlake Chemical Corp. 4.375% 2047		415		378
				77,452


Capital Income Builder	23

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate 0.06%
American Campus Communities, Inc. 3.875% 2031	USD	1,240	$	1,256
American Tower Corp. 2.30% 2031		1,000		815
American Tower Corp. 2.70% 2031		1,783		1,499
American Tower Corp. 4.05% 2032		646		607
Corporacion Inmobiliaria Vesta, SAB de CV, 3.625% 2031³		980		861
Equinix, Inc. 2.90% 2026		6,572		6,212
Equinix, Inc. 3.90% 2032		2,000		1,878
FibraSOMA 4.375% 2031³		2,753		2,225
Forestar Group, Inc. 5.00% 2028³		2,000		1,811
Gaming and Leisure Properties, Inc. 4.00% 2030		2,500		2,329
Hospitality Properties Trust 4.50% 2023		2,990		2,920
Hospitality Properties Trust 4.50% 2025		1,965		1,781
Hospitality Properties Trust 7.50% 2025		906		905
Hospitality Properties Trust 3.95% 2028		4,150		3,296
Howard Hughes Corp. 5.375% 2028³		8,675		8,421
Howard Hughes Corp. 4.375% 2031³		825		735
Iron Mountain, Inc. 4.875% 2027³		1,000		956
Iron Mountain, Inc. 5.00% 2028³		2,410		2,286
Iron Mountain, Inc. 4.875% 2029³		3,085		2,832
Iron Mountain, Inc. 4.50% 2031³		955		820
Kennedy-Wilson Holdings, Inc. 4.75% 2029		2,150		1,986
Kennedy-Wilson Holdings, Inc. 5.00% 2031		1,125		1,017
Ladder Capital Corp. 5.25% 2025³		1,000		984
RLJ Lodging Trust, LP 3.75% 2026³		2,000		1,852
Sun Communities Operating LP 2.30% 2028		1,006		883
Sun Communities Operating LP 2.70% 2031		3,703		3,157
Sun Communities Operating LP 4.20% 2032		8,647		8,197
Westfield Corp., Ltd. 3.50% 2029³		2,083		1,908
				64,429

Collateralized mortgage-backed obligations 0.01%
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 2033^1,3,6		6,473		6,042

Total corporate bonds, notes & loans				2,748,136

Asset-backed obligations 0.54%
Aesop Funding LLC, Series 2019-2A, Class D, 3.04% 2025^3,10		5,000		4,698
Aesop Funding LLC, Series 2020-1A, Class A, 2.33% 2026^3,10		12,814		12,248
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 2027^3,10		8,090		7,581
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 2027^3,10		1,383		1,324
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class A, 2.56% 2031^3,10		215		214
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class B, 3.59% 2031^3,10		2,000		1,946
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class C, 5.17% 2031^3,10		2,000		1,948
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 2046^3,10		452		379
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 2037^3,10		2,928		2,650
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 2041^3,10		506		444
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 2060^3,10		36,599		33,981
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 2060^3,10		5,906		5,288
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 2060^3,10		1,215		1,133
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 2060^3,10		226		203
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 2061^3,10		27,444		25,020
CLI Funding V LLC, Series 2020-2A, Class B, 3.56% 2045^3,10		298		283
CLI Funding V LLC, Series 2020-1A, Class B, 3.62% 2045^3,10		550		522
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 2045^3,10		631		580
CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 2045^3,10		842		773
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 2029^3,10		6,688		6,683
CWHEQ Revolving Home Equity Loan Trust, Series 2005-D, Class 2A, FSA insured, (1-month USD-LIBOR + 0.19%) 0.744% 2035^10,11		28		26
CWHEQ Revolving Home Equity Loan Trust, Series 2006-F, Class 2A1A, FSA insured, (1-month USD-LIBOR + 0.14%) 0.694% 2036^10,11		1,706		1,595
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 2A, FSA insured, (1-month USD-LIBOR + 0.14%) 0.694% 2037^10,11		1,970		1,877
CWHEQ Revolving Home Equity Loan Trust, Series 2007-B, Class A, FSA insured, (1-month USD-LIBOR + 0.15%) 0.704% 2037^10,11		4,402		4,171
Drive Auto Receivables Trust, Series 2021-1, Class A3, 0.44% 2024¹⁰		5,440		5,439


24	Capital Income Builder

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Drive Auto Receivables Trust, Series 2020-1, Class D, 2.70% 2027¹⁰	USD	6,757	$	6,723
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 2025^3,10		5,710		5,656
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 2037^3,10		7,877		7,177
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 2030^3,10		22,965		23,110
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 2031^3,10		9,089		8,719
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 2031^3,10		40,645		40,358
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 2045^3,10		56,037		52,530
GCI Funding I LLC, Series 2021-1, Class A, 2.38% 2046^3,10		5,259		4,771
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 2039^3,10		2,416		2,409
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 2040^3,10		1,256		1,171
Global SC Finance V SRL, Series 2020-1A, Class B, 3.55% 2040^3,10		345		329
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 2023^1,3,6,10		1,780		1,734
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 2025^3,10		13,004		12,232
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 2025^3,10		4,878		4,590
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 2025^3,10		779		734
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 2027^3,10		14,098		12,629
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 2027^3,10		5,267		4,768
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 2027^3,10		826		750
Hertz Vehicle Financing, LLC, Series 2022-1A, Class C, 2.63% 2026^3,10		1,164		1,091
Hertz Vehicle Financing, LLC, Series 2022-2A, Class C, 2.95% 2028^3,10		2,012		1,810
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 2069^3,10		2,718		2,528
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 2069^3,10		18,618		17,524
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 2046^3,10		1,334		1,212
Navigator Aircraft ABS, Ltd., Series 2021-1, Class B, 3.571% 2046^3,10		909		757
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 1.334% 2062^3,10,11		27,076		26,767
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 2062^3,10		22,192		20,570
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 2062^3,10		52,099		48,132
Nelnet Student Loan Trust, Series 2021-CA, Class C, 3.36% 2062^3,10		1,328		1,155
Nelnet Student Loan Trust, Series 2021-CA, Class D, 4.44% 2062^3,10		1,889		1,651
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 2061^3,10		93,915		84,405
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class B1, 2.41% 2061^3,10		3,500		3,174
OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class A, 1.59% 2027^3,10		7,425		7,060
Oportun Funding LLC, Series 2021-B, Class A, 1.47% 2031^3,10		5,757		5,402
Option One Mortgage Loan Trust, Series 2007-FXD2, Class IIA6, 5.68% 2037¹⁰		1,081		1,068
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 2053^3,10		6,603		6,002
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 2046^3,10		724		659
Stonepeak Infrastructure Partners, Series 2021-1A, Class B, 3.821% 2033^3,10		1,300		1,189
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 2075^3,10		2,393		2,257
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 2045^3,10		347		320
Textainer Marine Containers, Ltd., Series 2020-2A, Class B, 3.34% 2045^3,10		1,013		951
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 2033^3,10		5,335		4,994
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2034^3,10,11		19,538		17,841
Triton Container Finance VIII LLC, Series 2020-1, Class A, 2.11% 2045^3,10		1,731		1,581
Triton Container Finance VIII LLC, Series 2020-1, Class B, 3.74% 2045^3,10		692		641
				572,137

Bonds & notes of governments & government agencies outside the U.S. 0.10%
Dominican Republic 4.50% 2030³		401		347
Dominican Republic 6.00% 2033³		510		465
Dominican Republic 5.30% 2041³		571		452
Dominican Republic 5.875% 2060³		700		534
Panama (Republic of) 4.50% 2056		2,585		2,208
Panama (Republic of) 4.50% 2063		690		574
Peru (Republic of) 2.783% 2031		19,165		16,652
Peru (Republic of) 2.78% 2060		2,950		1,917
Peru (Republic of) 3.23% 2121		3,600		2,298
Portuguese Republic 5.125% 2024		41,500		43,327
Qatar (State of) 4.50% 2028³		7,070		7,455
Qatar (State of) 5.103% 2048³		4,800		5,354
Romania 3.50% 2034	EUR	1,770		1,553
Saudi Arabia (Kingdom of) 3.628% 2027³	USD	5,000		5,032
Saudi Arabia (Kingdom of) 3.625% 2028³		11,435		11,435
United Mexican States 5.00% 2051		2,370		2,113
United Mexican States 3.75% 2071		1,760		1,216
				102,932


Capital Income Builder	25

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Municipals 0.04%
California 0.00%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 2034	USD	1,580	$	1,373

Illinois 0.02%
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033		22,485		23,023

Ohio 0.01%
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 2031		4,915		4,663
Higher Educational Facs. Commission, Healthcare Fac. Rev. Bonds (Judson Obligated Group 2020 Project), Series 2020-A, 3.75% 2023		610		606
				5,269

Texas 0.01%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052		8,155		6,702

Washington 0.00%
Energy Northwest, Electric Rev. Bonds (Columbia Generating Station), Series 2015-B, 2.814% 2024		1,185		1,182

Total municipals				37,549

Federal agency bonds & notes 0.04%
Fannie Mae 2.125% 2026⁸		37,230		36,050

Total bonds, notes & other debt instruments (cost: $19,176,903,000)				18,499,005

Short-term securities 7.66%		Shares
Money market investments 6.90%
Capital Group Central Cash Fund 0.32%^5,17		72,567,637		7,256,764

Money market investments purchased with collateral from securities on loan 0.76%
Capital Group Central Cash Fund 0.32%^5,17,18		2,413,018		241,302
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.32%^17,18		152,800,000		152,800
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.31%^17,18		128,600,000		128,600
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.35%^17,18		98,358,875		98,359
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.30%^17,18		80,400,000		80,400
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.29%^17,18		80,400,000		80,400
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.21%^17,18		14,400,000		14,400
Fidelity Investments Money Market Government Portfolio, Class I 0.15%^17,18		8,000,000		8,000
				804,261

Total short-term securities (cost: $8,060,732,000)				8,061,025
Total investment securities 103.60% (cost: $91,393,425,000)				109,038,065
Other assets less liabilities (3.60)%				(3,784,061	)

Net assets 100.00%			$	105,254,004


26	Capital Income Builder

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 4/30/2022 (000)
90 Day Euro Dollar Futures	Long		9,390	September 2022	USD	2,282,709			$	(50,579	)
2 Year U.S. Treasury Note Futures	Long		5,039	June 2022		1,062,284				(8,117	)
5 Year U.S. Treasury Note Futures	Long		13,663	June 2022		1,539,436				(56,995	)
10 Year Ultra U.S. Treasury Note Futures	Long		635	June 2022		81,915				(5,486	)
10 Year U.S. Treasury Note Futures	Short		3,023	June 2022		(360,209	)			22,149
20 Year U.S. Treasury Bond Futures	Long		1,033	June 2022		145,330				(14,006	)
30 Year Ultra U.S. Treasury Bond Futures	Long		3,458	June 2022		554,793				(81,519	)
									$	(194,553	)

Forward currency contracts

Contract amount						Unrealized appreciation
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 4/30/2022 (000)
USD	417	EUR	380	JPMorgan Chase	5/9/2022	$16

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional		Value at		Upfront premium			Unrealized appreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		4/30/2022 (000)		paid (000)			at 4/30/2022 (000)
3-month USD-LIBOR	Quarterly	0.619%	Semi-annual	12/20/2029	USD	739,000	$	119,432		$	382		$	119,050
3-month USD-LIBOR	Quarterly	0.811%	Semi-annual	7/27/2050		187,800		73,081			—			73,081
							$	192,513		$	382		$	192,131

Investments in affiliates⁵

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 4/30/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Common stocks 2.24%
Financials 0.05%
Patria Investments, Ltd., Class A	$	—	$	57,709	$	—	$	—		$	(906	)	$	56,803	$	557	$	—
Real estate 1.89%
VICI Properties, Inc. REIT		1,062,571		567,258		—		—			100,449			1,730,278		32,213		—
TAG Immobilien AG¹		275,804		—		46,480		(5,129	)		(72,850	)		151,345		—		—
Powergrid Infrastructure Investment Trust¹		95,526		—		—		—			12,030			107,556		5,948		—
														1,989,179
Industrials 0.30%
Trinity Industries, Inc.		216,322		—		—		—			(2,391	)		213,931		3,548		—
Ventia Services Group Pty, Ltd.^1,2		—		60,562		—		—			37,940			98,502		519		—
BOC Aviation, Ltd.^1,19		313,999		—		104,512		(10,644	)		(22,295	)		—		—		—
														312,433
Total common stocks														2,358,415


Capital Income Builder	27

Investments in affiliates⁵(continued)

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 4/30/2022 (000)		Dividend income (000)			Capital gain distributions received (000)
Investment funds 2.55%
Capital Group Central Corporate Bond Fund	$	3,057,906	$	107,628	$	50,000	$	(480	)	$	(435,447	)	$	2,679,607	$	37,020		$	26,816
Short-term securities 7.13%
Money market investments 6.90%
Capital Group Central Cash Fund 0.32%¹⁷		5,194,573		8,029,782		5,967,520		(29	)		(42	)		7,256,764		4,680			—
Money market investments purchased with collateral from securities on loan 0.23%
Capital Group Central Cash Fund 0.32%^17,18		351		240,95120										241,302		—	²¹		—
Total short-term securities														7,498,066
Total 11.92%							$	(16,282	)	$	(383,512	)	$	12,536,088	$	84,485		$	26,816


¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $26,464,267,000, which represented 25.14% of the net assets of the fund. This amount includes $26,410,720,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.
²	All or a portion of this security was on loan. The total value of all such securities was $777,974,000, which represented .74% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $2,438,917,000, which represented 2.32% of the net assets of the fund.
⁴	Security did not produce income during the last 12 months.
⁵	Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended.
⁶	Value determined using significant unobservable inputs.
⁷	Amount less than one thousand.
⁸	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $133,107,000, which represented .13% of the net assets of the fund.
⁹	Index-linked bond whose principal amount moves with a government price index.
¹⁰	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
¹¹	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.
¹²	Purchased on a TBA basis.
¹³	Step bond; coupon rate may change at a later date.
¹⁴	Scheduled interest and/or principal payment was not received.
¹⁵	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.
¹⁶	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $6,088,000, which represented .01% of the net assets of the fund.
¹⁷	Rate represents the seven-day yield at 4/30/2022.
¹⁸	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁹	Affiliated issuer during the reporting period but no longer an affiliate at 4/30/2022. Refer to the investment portfolio for the security value at 4/30/2022.
²⁰	Represents net activity. Refer to Note 5 for more information on securities lending.
²¹	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

Assn. = Association

Auth. = Authority

CAD = Canadian dollars

CDI = CREST Depository Interest

CME = CME Group

CMT = Constant Maturity Treasury

DAC = Designated Activity Company

EUR = Euros

Fac. = Facility

Facs. = Facilities

G.O. = General Obligation

GBP = British pounds

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

Ref. = Refunding

Rev. = Revenue

SDR = Swedish Depositary Receipts

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

See notes to financial statements.


28	Capital Income Builder

Financial statements

Statement of assets and liabilities	unaudited
at April 30, 2022	(dollars in thousands)

Assets:
Investment securities, at value (includes $777,974 of investment securities on loan):
Unaffiliated issuers (cost: $78,812,203)	$	96,501,977
Affiliated issuers (cost: $12,581,222)		12,536,088	$	109,038,065
Cash				3,737
Cash denominated in currencies other than U.S. dollars (cost: $27,245)				27,256
Unrealized appreciation on open forward currency contracts				16
Receivables for:
Sales of investments		3,626,776
Sales of fund’s shares		67,972
Dividends and interest		490,952
Securities lending income		252
Variation margin on futures contracts		614
Variation margin on centrally cleared swap contracts		2,169		4,188,735
				113,257,809
Liabilities:
Collateral for securities on loan				804,261
Payables for:
Purchases of investments		7,016,944
Repurchases of fund’s shares		52,639
Investment advisory services		20,592
Services provided by related parties		20,839
Trustees’ deferred compensation		2,388
Variation margin on futures contracts		8,375
Variation margin on centrally cleared swap contracts		34
Other		77,733		7,199,544
Net assets at April 30, 2022			$	105,254,004

Net assets consist of:
Capital paid in on shares of beneficial interest			$	87,448,587
Total distributable earnings				17,805,417
Net assets at April 30, 2022			$	105,254,004

See notes to financial statements.

Capital Income Builder

Financial statements (continued)

Statement of assets and liabilities
at April 30, 2022 (continued)	unaudited

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

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (1,602,983 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	64,218,979		977,927		$	65.67
Class C		1,770,020		26,891			65.82
Class T		11		—	*		65.65
Class F-1		2,349,504		35,779			65.67
Class F-2		13,131,072		200,133			65.61
Class F-3		5,147,772		78,412			65.65
Class 529-A		2,403,474		36,614			65.64
Class 529-C		97,118		1,476			65.81
Class 529-E		68,675		1,046			65.67
Class 529-T		13		—	*		65.66
Class 529-F-1		12		—	*		65.63
Class 529-F-2		161,749		2,463			65.68
Class 529-F-3		12		—	*		65.66
Class R-1		64,003		974			65.72
Class R-2		384,627		5,855			65.69
Class R-2E		42,872		656			65.37
Class R-3		689,544		10,499			65.68
Class R-4		497,650		7,580			65.65
Class R-5E		81,489		1,243			65.56
Class R-5		282,411		4,299			65.69
Class R-6		13,862,997		211,136			65.66

*Amount less than one thousand.

See notes to financial statements.

30	Capital Income Builder

Financial statements (continued)

Statement of operations	unaudited
for the six months ended April 30, 2022	(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $87,883; also includes $84,485 from affiliates)	$	1,678,865
Interest		234,372
Securities lending income (net of fees)		1,127		$	1,914,364
*Fees and expenses:**
Investment advisory services		119,708
Distribution services		106,704
Transfer agent services		35,231
Administrative services		16,382
529 plan services		806
Reports to shareholders		1,105
Registration statement and prospectus		816
Trustees’ compensation		302
Auditing and legal		66
Custodian		2,103
Other		101			283,324
Net investment income					1,631,040

Net realized gain and unrealized depreciation:
Net realized gain (loss) on:
Investments (net of non-U.S. taxes of $4,617):
Unaffiliated issuers		2,007,228
Affiliated issuers		(16,282	)
Futures contracts		(76,864	)
Forward currency contracts		28
Swap contracts		85,823
Currency transactions		(320	)
Capital gain distributions received from affiliated issuers		26,816			2,026,429
Net unrealized (depreciation) appreciation on:
Investments (net of non-U.S. taxes of $53,149):
Unaffiliated issuers		(6,311,645	)
Affiliated issuers		(383,512	)
Futures contracts		(185,684	)
Forward currency contracts		12
Swap contracts		94,142
Currency translations		(10,310	)		(6,796,997	)
Net realized gain and unrealized depreciation					(4,770,568	)

Net decrease in net assets resulting from operations				$	(3,139,528	)

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

See notes to financial statements.

Capital Income Builder

Financial statements (continued)

Statements of changes in net assets

(dollars in thousands)

	Six months ended April 30, 2022*			Year ended October 31, 2021
Operations:
Net investment income	$	1,631,040		$	3,399,362
Net realized gain		2,026,429			3,150,917
Net unrealized (depreciation) appreciation		(6,796,997	)		17,014,248
Net (decrease) increase in net assets resulting from operations		(3,139,528	)		23,564,527

Distributions paid to shareholders		(2,301,605	)		(3,013,431	)

Net capital share transactions		628,632			(3,572,504	)

Total (decrease) increase in net assets		(4,812,501	)		16,978,592

Net assets:
Beginning of period		110,066,505			93,087,913
End of period	$	105,254,004		$	110,066,505

*Unaudited.

See notes to financial statements.

32	Capital Income Builder

Notes to financial statements

unaudited

1. Organization

Capital Income Builder (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company. The fund seeks to provide a level of current income that exceeds the average yield on U.S. stocks generally and a growing stream of income over the years. Growth of capital is a secondary objective.

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

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Classes A and 529-A	Up to 5.75% for Class A; up to 3.50% for Class 529-A	None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Classes C and 529-C	None	1.00% for redemptions within one year of purchase	Class C converts to Class A after eight years and Class 529-C converts to Class 529-A after five years
Class 529-E	None	None	None
Classes T and 529-T*	Up to 2.50%	None	None
Classes F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

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

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

2. Significant accounting policies

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

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

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

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on the ex-dividend date.

Capital Income Builder

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

3. Valuation

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

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

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

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

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

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

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Corporate Bond Fund (“CCBF”), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (collectively the “Central Funds”), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund’s portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds’ statements of additional information. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from one or more pricing vendors. Interest rate swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency.

34	Capital Income Builder

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

Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The tables on the following page present the fund’s valuation levels as of April 30, 2022 (dollars in thousands):

Capital Income Builder

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Financials	$	8,450,596	$	5,475,714	$	66		$	13,926,376
Consumer staples		6,529,880		4,296,914		—			10,826,794
Information technology		7,509,068		2,095,342		—			9,604,410
Health care		6,125,449		2,627,868		—			8,753,317
Real estate		6,074,933		1,344,135		—			7,419,068
Utilities		4,088,920		3,214,342		—			7,303,262
Industrials		3,634,972		2,309,668		—			5,944,640
Energy		4,729,418		894,994		—	*		5,624,412
Communication services		2,027,126		1,597,408		—			3,624,534
Materials		1,847,052		1,419,226		—			3,266,278
Consumer discretionary		1,512,399		1,115,967		—			2,628,366
Preferred securities		—		74,789		—			74,789
Rights & warrants		486		—		—			486
Convertible stocks		801,696		—		—			801,696
Investment funds		2,679,607		—		—			2,679,607
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—		9,506,544		—			9,506,544
Mortgage-backed obligations		—		5,494,809		848			5,495,657
Corporate bonds, notes & loans		—		2,742,094		6,042			2,748,136
Asset-backed obligations		—		570,403		1,734			572,137
Bonds & notes of governments & government agencies outside the U.S.		—		102,932		—			102,932
Municipals		—		37,549		—			37,549
Federal agency bonds & notes		—		36,050		—			36,050
Short-term securities		8,061,025		—		—			8,061,025
Total	$	64,072,627	$	44,956,748	$	8,690		$	109,038,065


	Other investments^†
		Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	22,149		$	—	$	—	$	22,149
Unrealized appreciation on open forward currency contracts		—			16		—		16
Unrealized appreciation on centrally cleared interest rate swaps		—			192,131		—		192,131
Liabilities:
Unrealized depreciation on futures contracts		(216,702	)		—		—		(216,702	)
Total	$	(194,553	)	$	192,147	$	—	$	(2,406	)


*	Amount less than one thousand.
^†	Futures contracts, forward currency contracts and interest rate swaps are not included in the fund’s investment portfolio.

4. Risk factors

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

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by the fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in

36	Capital Income Builder

securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

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

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

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

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

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting and auditing practices and standards and different regulatory, legal and reporting requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

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

5. Certain investment techniques

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

Securities lending transactions are entered into by the fund under a securities lending agent agreement with the lending agent. The lending agent facilitates the exchange of securities between the fund and approved borrowers, ensures that securities loans are properly coordinated and documented, marks-to-market the value of collateral daily, secures additional collateral from a borrower if it falls below

Capital Income Builder

preset terms, and may reinvest cash collateral on behalf of the fund according to agreed parameters. The lending agent provides indemnification to the fund against losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if a borrower fails to return securities, collateral investments decline in value or the lending agent fails to perform.

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

As of April 30, 2022, the total value of securities on loan was $777,974,000, and the total value of collateral received was $814,014,000. Collateral received includes cash of $804,261,000 and U.S. government securities of $9,753,000. Investment securities purchased from cash collateral are disclosed in the fund’s investment portfolio as short-term securities. Securities received as collateral are not recognized as fund assets. The contractual maturity of cash collateral received under the securities lending agreement is classified as overnight and continuous.

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

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

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

Unfunded commitments — The fund has participated in transactions that involve unfunded commitments, which may obligate the fund to purchase new or additional bonds if certain contingencies are met. As of April 30, 2022, the fund’s maximum exposure of unfunded bond commitments was $407,000, which would represent less than .01% of the net assets of the fund should such commitments become due.

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

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

On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. In addition, the fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund’s statement of assets and liabilities. The fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund’s statement of operations. The average month-end notional amount of futures contracts while held was $5,572,514,000.

Forward currency contracts — The fund has entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The fund’s investment adviser uses forward currency contracts to manage the fund’s

38	Capital Income Builder

exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

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

Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in the fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in the fund’s statement of operations. The average month-end notional amount of open forward currency contracts while held was $440,000.

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

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

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

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

Interest rate swaps — The fund has entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the fund’s current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party. The average month-end notional amount of interest rate swaps while held was $3,161,050,000.

Capital Income Builder

The following tables identify the location and fair value amounts on the fund’s statement of assets and liabilities and the effect on the fund’s statement of operations resulting from the fund’s use of futures contracts, forward currency contracts and interest rate swaps as of, or for the six months ended, April 30, 2022 (dollars in thousands):

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation*

22,149

Unrealized depreciation*

216,702

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

Unrealized depreciation on open forward currency contracts

—

Swap (centrally cleared)

Interest

Unrealized appreciation*

192,131

Unrealized depreciation*

—

214,296

216,702

		Net realized (loss) gain				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(76,864	)	Net unrealized depreciation on futures contracts	$	(185,684	)
Forward currency	Currency	Net realized gain on forward currency contracts		28		Net unrealized appreciation on forward currency contracts		12
Swap	Interest	Net realized gain on swap contracts		85,823		Net unrealized appreciation on swap contracts		94,142
			$	8,987			$	(91,530	)


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

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

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

40	Capital Income Builder

The following table presents the fund’s forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the fund’s statement of assets and liabilities. The net amount column shows the impact of offsetting on the fund’s statement of assets and liabilities as of April 30, 2022, if close-out netting was exercised (dollars in thousands):

	Gross amounts recognized in the statement of assets and liabilities		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty			Available to offset		Non-cash collateral*		Cash collateral*		Net amount
Assets:
JPMorgan Chase	$	16	$	—	$	—	$	—	$	16

*	Collateral is shown on a settlement basis.

6. Taxation and distributions

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

As of and during the period ended April 30, 2022, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.

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

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the six months ended April 30, 2022, the fund recognized $333,000 in reclaims (net of $756,000 in fees and the effect of realized gain or loss from currency translations) and $75,000 in interest related to European court rulings, which is included in dividend income and interest income, respectively, in the fund’s statement of operations. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the fund records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

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

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of October 31, 2021, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

Undistributed ordinary income	$	1,095,973
Capital loss carryforward*		(1,492,761	)

*	The capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

Capital Income Builder

As of April 30, 2022, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Gross unrealized appreciation on investments	$	21,955,279
Gross unrealized depreciation on investments		(5,029,244	)
Net unrealized appreciation on investments		16,926,035
Cost of investments		92,109,242

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

Share class	Six months ended April 30, 2022			Year ended October 31, 2021
Class A	$	1,388,291		$	1,803,887
Class C		32,900			43,976
Class T		—	^†		—	^†
Class F-1		51,063			81,851
Class F-2		290,328			361,167
Class F-3		118,537			151,534
Class 529-A		51,634			67,657
Class 529-C		1,791			2,541
Class 529-E		1,414			1,904
Class 529-T		—	^†		—	^†
Class 529-F-1		—	^†		1
Class 529-F-2		3,490			4,131
Class 529-F-3		—	^†		—	^†
Class R-1		1,127			1,372
Class R-2		6,879			8,487
Class R-2E		828			1,045
Class R-3		13,967			18,347
Class R-4		10,994			14,759
Class R-5E		1,719			2,032
Class R-5		6,657			9,247
Class R-6		319,986			439,493
Total	$	2,301,605		$	3,013,431


^†	Amount less than one thousand.

7. Fees and transactions with related parties

CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the principal underwriter of the fund’s shares, and American Funds Service Company^® (“AFS”), the fund’s transfer agent. CRMC, AFD and AFS are considered related parties to the fund.

Investment advisory services — The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.240% on the first $1 billion of daily net assets and decreasing to 0.110% on such assets in excess of $115 billion. The agreement also provides for monthly fees, accrued daily, based on a series of decreasing rates beginning with 3.00% on the first $100,000,000 of the fund’s monthly gross income and decreasing to 2.50% on such income in excess of $100,000,000. For the six months ended April 30, 2022, the investment advisory services fees were $119,708,000, which were equivalent to an annualized rate of 0.219% of average daily net assets.

42	Capital Income Builder

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

Distribution services — The fund has plans of distribution for all share classes, except Class F-2, F-3, 529-F-2, 529-F-3, R-5E, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.

Share class	Currently approved limits			Plan limits
Class A		0.30	%		0.30	%
Class 529-A		0.30			0.50
Classes C, 529-C and R-1		1.00			1.00
Class R-2		0.75			1.00
Class R-2E		0.60			0.85
Classes 529-E and R-3		0.50			0.75
Classes T, F-1, 529-T, 529-F-1 and R-4		0.25			0.50

For Class A and 529-A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. These share classes reimburse AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limits are not exceeded. As of April 30, 2022, there were no unreimbursed expenses subject to reimbursement for Class A or 529-A shares.

Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

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

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

Prior to January 1, 2022, the quarterly fees were based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. Effective January 1, 2022, the quarterly fees were amended to a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the six months ended April 30, 2022, the 529 plan services fees were $806,000, which were equivalent to 0.057% of the average daily net assets of each 529 share class.

Capital Income Builder

For the six months ended April 30, 2022, class-specific expenses under the agreements were as follows (dollars in thousands):

Share class	Distribution services		Transfer agent services			Administrative services			529 plan services
Class A		$85,902		$23,465			$10,031		Not applicable
Class C		9,669		686			290		Not applicable
Class T		—		—	*		—	*	Not applicable
Class F-1		3,083		1,661			373		Not applicable
Class F-2		Not applicable		6,781			1,998		Not applicable
Class F-3		Not applicable		20			795		Not applicable
Class 529-A		2,872		793			375		$709
Class 529-C		531		35			16		30
Class 529-E		180		10			11		21
Class 529-T		—		—	*		—	*	—	*
Class 529-F-1		—		—	*		—	*	—	*
Class 529-F-2		Not applicable		32			24		46
Class 529-F-3		Not applicable		—	*		—	*	—	*
Class R-1		336		30			10		Not applicable
Class R-2		1,520		702			61		Not applicable
Class R-2E		134		46			7		Not applicable
Class R-3		1,817		533			109		Not applicable
Class R-4		660		257			79		Not applicable
Class R-5E		Not applicable		61			12		Not applicable
Class R-5		Not applicable		65			45		Not applicable
Class R-6		Not applicable		54			2,146		Not applicable
Total class-specific expenses		$106,704		$35,231			$16,382		$806


*	Amount less than one thousand.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation of $302,000 in the fund’s statement of operations reflects $335,000 in current fees (either paid in cash or deferred) and a net decrease of $33,000 in the value of the deferred amounts.

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

Investments in CCBF and CCF — The fund holds shares of CCBF, a corporate bond fund, and CCF, an institutional prime money market fund, which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for the fund’s corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund’s short-term instruments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

Security transactions with related funds — The fund purchased securities from, and sold securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended April 30, 2022, the fund engaged in such purchase and sale transactions with related funds in the amounts of $589,575,000 and $722,447,000, respectively, which generated $109,997,000 of net realized gains from such sales.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended April 30, 2022.

44	Capital Income Builder

8. Indemnifications

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

9. Capital share transactions

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

	Sales*				Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Six months ended April 30, 2022

Class A	$	2,017,536		29,305	$	1,355,338			20,080		$	(3,463,280	)		(50,389	)	$	(90,406	)		(1,004	)
Class C		99,278		1,438		32,541			480			(317,288	)		(4,597	)		(185,469	)		(2,679	)
Class T		—		—		—			—			—			—			—			—
Class F-1		43,987		640		50,279			745			(177,695	)		(2,587	)		(83,429	)		(1,202	)
Class F-2		1,600,954		23,267		279,286			4,145			(1,250,770	)		(18,220	)		629,470			9,192
Class F-3		532,778		7,734		116,654			1,730			(510,762	)		(7,411	)		138,670			2,053
Class 529-A		109,366		1,587		51,617			765			(167,673	)		(2,430	)		(6,690	)		(78	)
Class 529-C		9,663		140		1,789			27			(26,289	)		(380	)		(14,837	)		(213	)
Class 529-E		3,006		44		1,414			21			(7,274	)		(106	)		(2,854	)		(41	)
Class 529-T		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-1		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 529-F-2		22,250		323		3,489			52			(10,742	)		(156	)		14,997			219
Class 529-F-3		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class R-1		8,593		126		1,127			17			(11,120	)		(162	)		(1,400	)		(19	)
Class R-2		35,864		521		6,866			101			(57,326	)		(829	)		(14,596	)		(207	)
Class R-2E		4,700		68		828			12			(6,233	)		(90	)		(705	)		(10	)
Class R-3		60,517		879		13,931			206			(97,425	)		(1,413	)		(22,977	)		(328	)
Class R-4		51,002		739		10,992			162			(86,196	)		(1,247	)		(24,202	)		(346	)
Class R-5E		13,734		199		1,719			26			(8,112	)		(118	)		7,341			107
Class R-5		20,232		294		6,644			98			(38,787	)		(562	)		(11,911	)		(170	)
Class R-6		533,949		7,775		319,981			4,746			(556,300	)		(8,048	)		297,630			4,473
Total net increase (decrease)	$	5,167,409		75,079	$	2,254,495			33,413		$	(6,793,272	)		(98,745	)	$	628,632			9,747

See end of table for footnotes.

Capital Income Builder

	Sales*					Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount		Shares			Amount			Shares			Amount			Shares			Amount			Shares

Year ended October 31, 2021

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


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

10. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $30,752,547,000 and $32,527,765,000, respectively, during the six months ended April 30, 2022.

46	Capital Income Builder

Financial highlights

			(Loss) income from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments⁴			Ratio of expenses to average net assets after reimburse- ments^3,4			Ratio of net income to average net assets³
Class A:
4/30/2022^5,6	$	69.09	$	1.00	$	(2.99	)	$	(1.99	)	$	(1.43	)	$	—		$	(1.43	)	$	65.67		(2.93	)%⁷	$	64,219			.58	%⁸		.58	%⁸		2.92	%⁸
10/31/2021		56.52		2.07		12.33			14.40			(1.83	)		—			(1.83	)		69.09		25.67			67,634			.59			.59			3.12
10/31/2020		61.99		1.96		(4.74	)		(2.78	)		(2.09	)		(.60	)		(2.69	)		56.52		(4.55	)		56,666			.61			.61			3.31
10/31/2019		58.01		1.94		4.18			6.12			(2.14	)		—			(2.14	)		61.99		10.79			65,201			.60			.60			3.23
10/31/2018		62.81		1.95		(3.81	)		(1.86	)		(2.15	)		(.79	)		(2.94	)		58.01		(3.16	)		63,346			.58			.58			3.18
10/31/2017		57.48		2.07		5.29			7.36			(2.03	)		—			(2.03	)		62.81		13.00			71,498			.59			.59			3.43
Class C:
4/30/2022^5,6		69.23		.74		(2.99	)		(2.25	)		(1.16	)		—			(1.16	)		65.82		(3.29	)⁷		1,770			1.33	⁸		1.33	⁸		2.16	⁸
10/31/2021		56.63		1.57		12.36			13.93			(1.33	)		—			(1.33	)		69.23		24.72			2,047			1.34			1.34			2.37
10/31/2020		62.07		1.52		(4.73	)		(3.21	)		(1.63	)		(.60	)		(2.23	)		56.63		(5.26	)		2,083			1.35			1.35			2.55
10/31/2019		58.07		1.48		4.19			5.67			(1.67	)		—			(1.67	)		62.07		9.95			3,401			1.36			1.36			2.47
10/31/2018		62.86		1.47		(3.83	)		(2.36	)		(1.64	)		(.79	)		(2.43	)		58.07		(3.94	)		3,889			1.37			1.37			2.39
10/31/2017		57.51		1.59		5.30			6.89			(1.54	)		—			(1.54	)		62.86		12.12			5,065			1.39			1.39			2.64
Class T:
4/30/2022^5,6		69.08		1.08		(2.99	)		(1.91	)		(1.52	)		—			(1.52	)		65.65		(2.82	)^7,9		—	¹⁰		.32	^8,9		.32	^8,9		3.17	^8,9
10/31/2021		56.52		2.23		12.33			14.56			(2.00	)		—			(2.00	)		69.08		25.96	⁹		—	¹⁰		.34	⁹		.34	⁹		3.37	⁹
10/31/2020		62.00		2.11		(4.75	)		(2.64	)		(2.24	)		(.60	)		(2.84	)		56.52		(4.31	)⁹		—	¹⁰		.35	⁹		.35	⁹		3.57	⁹
10/31/2019		58.02		2.08		4.18			6.26			(2.28	)		—			(2.28	)		62.00		11.06	⁹		—	¹⁰		.36	⁹		.36	⁹		3.48	⁹
10/31/2018		62.83		2.09		(3.83	)		(1.74	)		(2.28	)		(.79	)		(3.07	)		58.02		(2.96	)⁹		—	¹⁰		.36	⁹		.36	⁹		3.40	⁹
10/31/2017^5,11		59.80		1.26		2.83			4.09			(1.06	)		—			(1.06	)		62.83		6.87	^7,9		—	¹⁰		.38	^8,9		.38	^8,9		3.59	^8,9
Class F-1:
4/30/2022^5,6		69.09		.98		(2.99	)		(2.01	)		(1.41	)		—			(1.41	)		65.67		(2.96	)⁷		2,349			.64	⁸		.64	⁸		2.86	⁸
10/31/2021		56.51		2.02		12.35			14.37			(1.79	)		—			(1.79	)		69.09		25.61			2,555			.65			.65			3.06
10/31/2020		61.98		1.93		(4.74	)		(2.81	)		(2.06	)		(.60	)		(2.66	)		56.51		(4.61	)		3,033			.65			.65			3.26
10/31/2019		58.00		1.90		4.18			6.08			(2.10	)		—			(2.10	)		61.98		10.72			4,013			.66			.66			3.17
10/31/2018		62.81		1.91		(3.83	)		(1.92	)		(2.10	)		(.79	)		(2.89	)		58.00		(3.26	)		3,996			.66			.66			3.11
10/31/2017		57.48		2.02		5.30			7.32			(1.99	)		—			(1.99	)		62.81		12.92			4,716			.67			.67			3.35
Class F-2:
4/30/2022^5,6		69.03		1.08		(3.00	)		(1.92	)		(1.50	)		—			(1.50	)		65.61		(2.83	)⁷		13,131			.36	⁸		.36	⁸		3.16	⁸
10/31/2021		56.47		2.22		12.32			14.54			(1.98	)		—			(1.98	)		69.03		25.95			13,182			.37			.37			3.34
10/31/2020		61.95		2.09		(4.75	)		(2.66	)		(2.22	)		(.60	)		(2.82	)		56.47		(4.35	)		10,126			.38			.38			3.54
10/31/2019		57.97		2.05		4.19			6.24			(2.26	)		—			(2.26	)		61.95		11.03			11,155			.39			.39			3.43
10/31/2018		62.78		2.06		(3.82	)		(1.76	)		(2.26	)		(.79	)		(3.05	)		57.97		(3.00	)		9,869			.39			.39			3.37
10/31/2017		57.45		2.18		5.29			7.47			(2.14	)		—			(2.14	)		62.78		13.22			8,922			.41			.41			3.61
Class F-3:
4/30/2022^5,6		69.08		1.11		(3.00	)		(1.89	)		(1.54	)		—			(1.54	)		65.65		(2.79	)⁷		5,148			.26	⁸		.26	⁸		3.25	⁸
10/31/2021		56.50		2.29		12.33			14.62			(2.04	)		—			(2.04	)		69.08		26.09			5,275			.27			.27			3.45
10/31/2020		61.98		2.15		(4.74	)		(2.59	)		(2.29	)		(.60	)		(2.89	)		56.50		(4.24	)		4,102			.28			.28			3.64
10/31/2019		58.01		2.12		4.17			6.29			(2.32	)		—			(2.32	)		61.98		11.12			4,401			.29			.29			3.54
10/31/2018		62.81		2.13		(3.82	)		(1.69	)		(2.32	)		(.79	)		(3.11	)		58.01		(2.88	)		3,723			.29			.29			3.47
10/31/2017^5,12		58.52		1.66		4.27			5.93			(1.64	)		—			(1.64	)		62.81		10.23	⁷		3,085			.30	⁸		.30	⁸		3.53	⁸
Class 529-A:
4/30/2022^5,6		69.06		.99		(2.99	)		(2.00	)		(1.42	)		—			(1.42	)		65.64		(2.95	)⁷		2,403			.61	⁸		.61	⁸		2.90	⁸
10/31/2021		56.49		2.04		12.33			14.37			(1.80	)		—			(1.80	)		69.06		25.61			2,534			.63			.63			3.08
10/31/2020		61.96		1.93		(4.73	)		(2.80	)		(2.07	)		(.60	)		(2.67	)		56.49		(4.59	)		2,164			.65			.65			3.27
10/31/2019		57.99		1.90		4.17			6.07			(2.10	)		—			(2.10	)		61.96		10.71			2,306			.66			.66			3.17
10/31/2018		62.79		1.91		(3.82	)		(1.91	)		(2.10	)		(.79	)		(2.89	)		57.99		(3.24	)		2,238			.66			.66			3.11
10/31/2017		57.47		2.02		5.29			7.31			(1.99	)		—			(1.99	)		62.79		12.91			2,304			.67			.67			3.36

See end of table for footnotes.

Capital Income Builder

Financial highlights (continued)

			(Loss) income from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments⁴			Ratio of expenses to average net assets after reimburse- ments^3,4			Ratio of net income to average net assets³
Class 529-C:
4/30/2022^5,6	$	69.21	$	.72	$	(2.98	)	$	(2.26	)	$	(1.14	)	$	—		$	(1.14	)	$	65.81		(3.31	)%⁷	$	97			1.37	%⁸		1.37	%⁸		2.10	%⁸
10/31/2021		56.61		1.55		12.36			13.91			(1.31	)		—			(1.31	)		69.21		24.70			117			1.37			1.37			2.33
10/31/2020		62.02		1.50		(4.73	)		(3.23	)		(1.58	)		(.60	)		(2.18	)		56.61		(5.29	)		127			1.38			1.38			2.52
10/31/2019		58.03		1.46		4.17			5.63			(1.64	)		—			(1.64	)		62.02		9.89			375			1.40			1.40			2.44
10/31/2018		62.77		1.43		(3.81	)		(2.38	)		(1.57	)		(.79	)		(2.36	)		58.03		(3.97	)		425			1.42			1.42			2.33
10/31/2017		57.44		1.56		5.29			6.85			(1.52	)		—			(1.52	)		62.77		12.06			687			1.44			1.44			2.59
Class 529-E:
4/30/2022^5,6		69.09		.91		(2.99	)		(2.08	)		(1.34	)		—			(1.34	)		65.67		(3.06	)⁷		69			.84	⁸		.84	⁸		2.66	⁸
10/31/2021		56.51		1.89		12.35			14.24			(1.66	)		—			(1.66	)		69.09		25.35			75			.85			.85			2.86
10/31/2020		61.98		1.81		(4.75	)		(2.94	)		(1.93	)		(.60	)		(2.53	)		56.51		(4.80	)		68			.86			.86			3.05
10/31/2019		58.00		1.77		4.18			5.95			(1.97	)		—			(1.97	)		61.98		10.47			82			.88			.88			2.96
10/31/2018		62.79		1.77		(3.81	)		(2.04	)		(1.96	)		(.79	)		(2.75	)		58.00		(3.45	)		84			.88			.88			2.88
10/31/2017		57.47		1.88		5.29			7.17			(1.85	)		—			(1.85	)		62.79		12.65			95			.90			.90			3.13
Class 529-T:
4/30/2022^5,6		69.08		1.07		(2.99	)		(1.92	)		(1.50	)		—			(1.50	)		65.66		(2.82	)^7,9		—	¹⁰		.36	^8,9		.36	^8,9		3.14	^8,9
10/31/2021		56.52		2.19		12.33			14.52			(1.96	)		—			(1.96	)		69.08		25.89	⁹		—	¹⁰		.40	⁹		.40	⁹		3.31	⁹
10/31/2020		62.00		2.08		(4.75	)		(2.67	)		(2.21	)		(.60	)		(2.81	)		56.52		(4.37	)⁹		—	¹⁰		.41	⁹		.41	⁹		3.51	⁹
10/31/2019		58.02		2.04		4.19			6.23			(2.25	)		—			(2.25	)		62.00		10.99	⁹		—	¹⁰		.42	⁹		.42	⁹		3.41	⁹
10/31/2018		62.82		2.04		(3.81	)		(1.77	)		(2.24	)		(.79	)		(3.03	)		58.02		(3.01	)⁹		—	¹⁰		.42	⁹		.42	⁹		3.33	⁹
10/31/2017^5,11		59.80		1.24		2.83			4.07			(1.05	)		—			(1.05	)		62.82		6.84	^7,9		—	¹⁰		.42	^8,9		.42	^8,9		3.55	^8,9
Class 529-F-1:
4/30/2022^5,6		69.05		1.04		(2.99	)		(1.95	)		(1.47	)		—			(1.47	)		65.63		(2.87	)^7,9		—	¹⁰		.45	^8,9		.45	^8,9		3.06	^8,9
10/31/2021		56.50		2.10		12.39			14.49			(1.94	)		—			(1.94	)		69.05		25.84	⁹		—	¹⁰		.44	⁹		.44	⁹		3.17	⁹
10/31/2020		61.97		2.08		(4.74	)		(2.66	)		(2.21	)		(.60	)		(2.81	)		56.50		(4.36	)⁹		—	¹⁰		.41	⁹		.41	⁹		3.51	⁹
10/31/2019		58.00		2.04		4.17			6.21			(2.24	)		—			(2.24	)		61.97		10.98			115			.42			.42			3.41
10/31/2018		62.81		2.04		(3.82	)		(1.78	)		(2.24	)		(.79	)		(3.03	)		58.00		(3.03	)		104			.42			.42			3.33
10/31/2017		57.48		2.16		5.29			7.45			(2.12	)		—			(2.12	)		62.81		13.17			93			.44			.44			3.58
Class 529-F-2:
4/30/2022^5,6		69.11		1.08		(3.01	)		(1.93	)		(1.50	)		—			(1.50	)		65.68		(2.83	)⁷		162			.35	⁸		.35	⁸		3.17	⁸
10/31/2021		56.52		2.22		12.34			14.56			(1.97	)		—			(1.97	)		69.11		25.97			155			.38			.38			3.34
10/31/2020^5,13		56.52		—		—			—			—			—			—			56.52		—			110			—			—			—
Class 529-F-3:
4/30/2022^5,6		69.09		1.09		(3.00	)		(1.91	)		(1.52	)		—			(1.52	)		65.66		(2.81	)⁷		—	¹⁰		.32	⁸		.32	⁸		3.19	⁸
10/31/2021		56.52		2.24		12.34			14.58			(2.01	)		—			(2.01	)		69.09		26.00			—	¹⁰		.38			.33			3.38
10/31/2020^5,13		56.52		—		—			—			—			—			—			56.52		—			—	¹⁰		—			—			—
Class R-1:
4/30/2022^5,6		69.14		.74		(3.00	)		(2.26	)		(1.16	)		—			(1.16	)		65.72		(3.30	)⁷		64			1.34	⁸		1.34	⁸		2.17	⁸
10/31/2021		56.56		1.56		12.34			13.90			(1.32	)		—			(1.32	)		69.14		24.70			69			1.36			1.36			2.35
10/31/2020		62.00		1.50		(4.72	)		(3.22	)		(1.62	)		(.60	)		(2.22	)		56.56		(5.29	)		62			1.38			1.38			2.53
10/31/2019		58.00		1.47		4.18			5.65			(1.65	)		—			(1.65	)		62.00		9.89			84			1.39			1.39			2.46
10/31/2018		62.80		1.45		(3.82	)		(2.37	)		(1.64	)		(.79	)		(2.43	)		58.00		(3.94	)		101			1.39			1.39			2.36
10/31/2017		57.46		1.58		5.30			6.88			(1.54	)		—			(1.54	)		62.80		12.10			123			1.39			1.39			2.63

See end of table for footnotes.

48	Capital Income Builder

Financial highlights (continued)

			(Loss) income from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return^2,3			Net assets, end of year (in millions)		Ratio of expenses to average net assets before reimburse- ments⁴			Ratio of expenses to average net assets after reimburse- ments^3,4			Ratio of net income to average net assets³
Class R-2:
4/30/2022^5,6	$	69.10	$	.73	$	(2.98	)	$	(2.25	)	$	(1.16	)	$	—		$	(1.16	)	$	65.69		(3.30	)%⁷	$	385		1.35	%⁸		1.35	%⁸		2.15	%⁸
10/31/2021		56.53		1.56		12.33			13.89			(1.32	)		—			(1.32	)		69.10		24.72			419		1.36			1.36			2.35
10/31/2020		61.98		1.50		(4.73	)		(3.23	)		(1.62	)		(.60	)		(2.22	)		56.53		(5.30	)		379		1.38			1.38			2.53
10/31/2019		58.00		1.47		4.17			5.64			(1.66	)		—			(1.66	)		61.98		9.91			460		1.38			1.38			2.45
10/31/2018		62.79		1.46		(3.82	)		(2.36	)		(1.64	)		(.79	)		(2.43	)		58.00		(3.93	)		487		1.39			1.39			2.37
10/31/2017		57.46		1.59		5.28			6.87			(1.54	)		—			(1.54	)		62.79		12.10			586		1.39			1.39			2.64
Class R-2E:
4/30/2022^5,6		68.78		.83		(2.98	)		(2.15	)		(1.26	)		—			(1.26	)		65.37		(3.17	)⁷		43		1.06	⁸		1.06	⁸		2.44	⁸
10/31/2021		56.27		1.74		12.29			14.03			(1.52	)		—			(1.52	)		68.78		25.08			46		1.07			1.07			2.64
10/31/2020		61.72		1.67		(4.72	)		(3.05	)		(1.80	)		(.60	)		(2.40	)		56.27		(5.03	)		40		1.09			1.09			2.83
10/31/2019		57.77		1.63		4.17			5.80			(1.85	)		—			(1.85	)		61.72		10.25			50		1.09			1.09			2.74
10/31/2018		62.58		1.63		(3.80	)		(2.17	)		(1.85	)		(.79	)		(2.64	)		57.77		(3.66	)		40		1.09			1.09			2.67
10/31/2017		57.30		1.72		5.32			7.04			(1.76	)		—			(1.76	)		62.58		12.44			33		1.08			1.08			2.86
Class R-3:
4/30/2022^5,6		69.09		.89		(2.99	)		(2.10	)		(1.31	)		—			(1.31	)		65.68		(3.08	)⁷		690		.90	⁸		.90	⁸		2.60	⁸
10/31/2021		56.52		1.85		12.34			14.19			(1.62	)		—			(1.62	)		69.09		25.26			748		.92			.92			2.80
10/31/2020		61.98		1.77		(4.74	)		(2.97	)		(1.89	)		(.60	)		(2.49	)		56.52		(4.87	)		673		.93			.93			2.98
10/31/2019		58.00		1.74		4.17			5.91			(1.93	)		—			(1.93	)		61.98		10.40			835		.94			.94			2.90
10/31/2018		62.80		1.73		(3.82	)		(2.09	)		(1.92	)		(.79	)		(2.71	)		58.00		(3.52	)		858		.94			.94			2.82
10/31/2017		57.47		1.86		5.29			7.15			(1.82	)		—			(1.82	)		62.80		12.61			1,026		.94			.94			3.08
Class R-4:
4/30/2022^5,6		69.07		.99		(2.99	)		(2.00	)		(1.42	)		—			(1.42	)		65.65		(2.95	)⁷		498		.60	⁸		.60	⁸		2.89	⁸
10/31/2021		56.50		2.05		12.34			14.39			(1.82	)		—			(1.82	)		69.07		25.65			547		.62			.62			3.10
10/31/2020		61.97		1.95		(4.74	)		(2.79	)		(2.08	)		(.60	)		(2.68	)		56.50		(4.58	)		475		.62			.62			3.29
10/31/2019		57.99		1.92		4.17			6.09			(2.11	)		—			(2.11	)		61.97		10.73			583		.64			.64			3.21
10/31/2018		62.79		1.91		(3.81	)		(1.90	)		(2.11	)		(.79	)		(2.90	)		57.99		(3.22	)		732		.64			.64			3.12
10/31/2017		57.46		2.04		5.29			7.33			(2.00	)		—			(2.00	)		62.79		12.94			838		.64			.64			3.38
Class R-5E:
4/30/2022^5,6		68.98		1.06		(2.99	)		(1.93	)		(1.49	)		—			(1.49	)		65.56		(2.85	)⁷		81		.41	⁸		.41	⁸		3.11	⁸
10/31/2021		56.43		2.18		12.32			14.50			(1.95	)		—			(1.95	)		68.98		25.90			78		.42			.42			3.29
10/31/2020		61.91		2.07		(4.75	)		(2.68	)		(2.20	)		(.60	)		(2.80	)		56.43		(4.40	)		55		.42			.42			3.51
10/31/2019		57.94		1.98		4.23			6.21			(2.24	)		—			(2.24	)		61.91		10.97			43		.43			.43			3.31
10/31/2018		62.75		2.03		(3.81	)		(1.78	)		(2.24	)		(.79	)		(3.03	)		57.94		(3.04	)		20		.44			.44			3.32
10/31/2017		57.45		2.18		5.27			7.45			(2.15	)		—			(2.15	)		62.75		13.18			11		.43			.43			3.60
Class R-5:
4/30/2022^5,6		69.11		1.09		(2.99	)		(1.90	)		(1.52	)		—			(1.52	)		65.69		(2.79	)⁷		282		.30	⁸		.30	⁸		3.20	⁸
10/31/2021		56.53		2.25		12.34			14.59			(2.01	)		—			(2.01	)		69.11		26.02			309		.31			.31			3.40
10/31/2020		62.01		2.13		(4.75	)		(2.62	)		(2.26	)		(.60	)		(2.86	)		56.53		(4.28	)		274		.32			.32			3.59
10/31/2019		58.04		2.08		4.19			6.27			(2.30	)		—			(2.30	)		62.01		11.07			326		.33			.33			3.47
10/31/2018		62.84		2.10		(3.82	)		(1.72	)		(2.29	)		(.79	)		(3.08	)		58.04		(2.93	)		214		.34			.34			3.42
10/31/2017		57.50		2.22		5.30			7.52			(2.18	)		—			(2.18	)		62.84		13.29			242		.34			.34			3.69
Class R-6:
4/30/2022^5,6		69.08		1.11		(2.99	)		(1.88	)		(1.54	)		—			(1.54	)		65.66		(2.77	)⁷		13,863		.26	⁸		.26	⁸		3.25	⁸
10/31/2021		56.51		2.28		12.34			14.62			(2.05	)		—			(2.05	)		69.08		26.07			14,277		.27			.27			3.45
10/31/2020		61.99		2.16		(4.75	)		(2.59	)		(2.29	)		(.60	)		(2.89	)		56.51		(4.24	)		12,651		.27			.27			3.65
10/31/2019		58.01		2.12		4.19			6.31			(2.33	)		—			(2.33	)		61.99		11.12			12,050		.28			.28			3.54
10/31/2018		62.82		2.13		(3.82	)		(1.69	)		(2.33	)		(.79	)		(3.12	)		58.01		(2.88	)		9,528		.29			.29			3.48
10/31/2017		57.49		2.24		5.30			7.54			(2.21	)		—			(2.21	)		62.82		13.33			8,249		.30			.30			3.72

See end of table for footnotes.

Capital Income Builder

Financial highlights (continued)

Portfolio turnover rate for all share classes^14,15	Six months ended			Year ended October 31,
Portfolio turnover rate for all share classes^14,15	April 30, 2022^5,6,7			2021			2020			2019			2018			2017
Excluding mortgage dollar roll transactions		15	%		41	%		55	%		32	%		37	%		51	%
Including mortgage dollar roll transactions		32	%		72	%		118	%		45	%		73	%		73	%

¹		Based on average shares outstanding.
²		Total returns exclude any applicable sales charges, including contingent deferred sales charges.
³		This column reflects the impact, if any, of certain reimbursements from CRMC. During one of the years shown, CRMC reimbursed a portion of transfer agent services fees for Class 529-F-3.
⁴		Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
⁵		Based on operations for a period that is less than a full year.
⁶		Unaudited.
⁷		Not annualized.
⁸		Annualized.
⁹		All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
¹⁰		Amount less than $1 million.
¹¹		Class T and 529-T shares began investment operations on April 7, 2017.
¹²		Class F-3 shares began investment operations on January 27, 2017.
¹³		Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
¹⁴		Refer to Note 5 for more information on mortgage dollar rolls.
¹⁵		Rates do not include the fund’s portfolio activity with respect to any Central Funds.

See notes to financial statements.

50	Capital Income Builder

Expense example

unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (November 1, 2021, through April 30, 2022).

Actual expenses:

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

Hypothetical example for comparison purposes:

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

Notes:

Retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2, F-3, 529-F-1, 529-F-2 and 529-F-3 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

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

Capital Income Builder

Expense example (continued)

	Beginning account value 11/1/2021		Ending account value 4/30/2022		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	970.67	$	2.83		.58	%
Class A – assumed 5% return		1,000.00		1,021.92		2.91		.58
Class C – actual return		1,000.00		967.09		6.49		1.33
Class C – assumed 5% return		1,000.00		1,018.20		6.66		1.33
Class T – actual return		1,000.00		971.82		1.56		.32
Class T – assumed 5% return		1,000.00		1,023.21		1.61		.32
Class F-1 – actual return		1,000.00		970.41		3.13		.64
Class F-1 – assumed 5% return		1,000.00		1,021.62		3.21		.64
Class F-2 – actual return		1,000.00		971.75		1.76		.36
Class F-2 – assumed 5% return		1,000.00		1,023.01		1.81		.36
Class F-3 – actual return		1,000.00		972.15		1.27		.26
Class F-3 – assumed 5% return		1,000.00		1,023.51		1.30		.26
Class 529-A – actual return		1,000.00		970.49		2.98		.61
Class 529-A – assumed 5% return		1,000.00		1,021.77		3.06		.61
Class 529-C – actual return		1,000.00		966.95		6.68		1.37
Class 529-C – assumed 5% return		1,000.00		1,018.00		6.85		1.37
Class 529-E – actual return		1,000.00		969.35		4.10		.84
Class 529-E – assumed 5% return		1,000.00		1,020.63		4.21		.84
Class 529-T – actual return		1,000.00		971.77		1.76		.36
Class 529-T – assumed 5% return		1,000.00		1,023.01		1.81		.36
Class 529-F-1 – actual return		1,000.00		971.26		2.20		.45
Class 529-F-1 – assumed 5% return		1,000.00		1,022.56		2.26		.45
Class 529-F-2 – actual return		1,000.00		971.67		1.71		.35
Class 529-F-2 – assumed 5% return		1,000.00		1,023.06		1.76		.35
Class 529-F-3 – actual return		1,000.00		971.90		1.56		.32
Class 529-F-3 – assumed 5% return		1,000.00		1,023.21		1.61		.32
Class R-1 – actual return		1,000.00		966.95		6.54		1.34
Class R-1 – assumed 5% return		1,000.00		1,018.15		6.71		1.34
Class R-2 – actual return		1,000.00		966.96		6.58		1.35
Class R-2 – assumed 5% return		1,000.00		1,018.10		6.76		1.35
Class R-2E – actual return		1,000.00		968.33		5.17		1.06
Class R-2E – assumed 5% return		1,000.00		1,019.54		5.31		1.06
Class R-3 – actual return		1,000.00		969.17		4.39		.90
Class R-3 – assumed 5% return		1,000.00		1,020.33		4.51		.90
Class R-4 – actual return		1,000.00		970.50		2.93		.60
Class R-4 – assumed 5% return		1,000.00		1,021.82		3.01		.60
Class R-5E – actual return		1,000.00		971.53		2.00		.41
Class R-5E – assumed 5% return		1,000.00		1,022.76		2.06		.41
Class R-5 – actual return		1,000.00		972.08		1.47		.30
Class R-5 – assumed 5% return		1,000.00		1,023.31		1.51		.30
Class R-6 – actual return		1,000.00		972.29		1.27		.26
Class R-6 – assumed 5% return		1,000.00		1,023.51		1.30		.26

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

52	Capital Income Builder

Liquidity Risk Management Program

unaudited

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

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

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

Capital Income Builder