Form N-CSRS INCOME FUND OF AMERICA For: Jan 31

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March 31, 2023 12:58 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: 811-01880

The Income Fund of America

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

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

Date of fiscal year end: July 31

Date of reporting period: January 31, 2023

Hong T. Le

The Income Fund of America

6455 Irvine Center Drive

Irvine, California 92620

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

The Income Fund of America^®

Semi-annual report
for the six months ended
January 31, 2023

Seeking current
income through
a flexible mix of
stocks and bonds

The Income Fund of America seeks current income while secondarily striving for capital growth.

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 December 31, 2022 (the most recent calendar quarter-end):

	1 year		5 years		10 years

Class F-2 shares	–6.22	%	5.61	%	7.69	%
Class A shares (reflecting 5.75% maximum sales charge)	–11.80		4.16		6.86

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

The total annual fund operating expense ratios are 0.36% for Class F-2 shares and 0.56% for Class A shares as of the prospectus dated October 1, 2022.

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

The fund’s 30-day yield as of January 31, 2023, was 3.18% for Class F-2 shares and 2.79% for Class A shares, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The fund’s 12-month distribution rates for Class F-2 shares and Class A shares as of that date were 3.37% and 2.99%, respectively. The Class A share results reflect the 5.75% maximum sales charge. The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund’s SEC yield and distribution rate may differ.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/ Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. 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 The Income Fund of America for the periods ended January 31, 2023, are shown in the table below, as well as results of the fund’s primary benchmark, the blended 65%/35% S&P 500 Index/Bloomberg U.S. Aggregate Index, and its secondary benchmarks, the S&P 500 Index and Bloomberg U.S. Aggregate Index.

For additional information about the fund, its investment results, holdings and portfolio managers, visit capitalgroup.com/individual/investments/fund/amefx. 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	The portfolio at a glance
3	Investment portfolio
51	Financial statements
55	Notes to financial statements
69	Financial highlights

Results at a glance

For periods ended January 31, 2023, with all distributions reinvested

	Cumulative total returns						Average annual total returns
	6 months			1 year			5 years			10 years			Lifetime (since Class A inception on 12/1/73)¹

The Income Fund of America (Class F-2 shares)		3.42	%		–1.95	%		5.63	%		7.69	%		10.72	%
The Income Fund of America (Class A shares)		3.32			–2.10			5.44			7.49			10.54
65%/35% S&P 500 Index/Bloomberg U.S. Aggregate Index²		–0.95			–7.93			6.79			8.87			9.77
S&P 500 Index³		–0.44			–8.22			9.54			12.68			11.05
Bloomberg U.S. Aggregate Index⁴		–2.37			–8.36			0.86			1.43			6.64

Past results are not predictive of results in future periods.

The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

¹	Date Capital Research and Management Company became the fund’s investment adviser.
²	The 65%/35% S&P 500 Index/Bloomberg U.S. Aggregate Index blends the S&P 500 Index with the Bloomberg U.S. Aggregate Index by weighting their total returns at 65% and 35%, respectively. Results assume the blend is rebalanced monthly.
³	Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. This index is unmanaged, and its 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.
⁴	Source: Bloomberg Index Services Ltd. From December 1, 1973, through December 31, 1975, the Bloomberg U.S. Government/Credit Index was used because the Bloomberg U.S. Aggregate Index did not yet exist. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. This index is unmanaged, and its 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.


The Income Fund of America	1

The portfolio at a glance

January 31, 2023

Investment mix by security type	Percent of net assets

Five largest sectors in common stock holdings

	Percent of net assets
Financials		12.09	%
Consumer staples		9.15
Health care		9.13
Energy		6.47
Industrials		6.43

Ten largest common stock holdings

	Percent of net assets
Philip Morris International		2.82	%
Gilead Sciences		2.23
Pfizer		1.91
Broadcom		1.62
JPMorgan Chase		1.60
Lockheed Martin		1.59
ConocoPhillips		1.16
AstraZeneca		1.16
BAE Systems		1.11
Microsoft		1.07

Country diversification by domicile

	Percent of net assets
United States		68.31	%
Eurozone*		6.33
Canada		5.40
United Kingdom		4.66
Switzerland		1.84
Japan		1.30
Taiwan		1.15
China		1.09
Other countries		3.15
Short-term securities & other assets less liabilities		6.77


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

July 31, 2022

Investment mix by security type	Percent of net assets

Five largest sectors in common stock holdings

	Percent of net assets
Consumer staples		9.85	%
Financials		9.74
Health care		8.62
Energy		6.25
Real estate		5.83

Ten largest common stock holdings

	Percent of net assets
Pfizer		2.64	%
Philip Morris International		2.37
Broadcom		1.71
CME Group		1.54
Lockheed Martin		1.50
Microsoft		1.36
Crown Castle International		1.26
VICI Properties		1.25
AstraZeneca		1.19
Home Depot		1.08

Country diversification by domicile

	Percent of net assets
United States		69.95	%
United Kingdom		5.08
Canada		4.89
Eurozone^†		4.41
Switzerland		1.59
Taiwan		1.12
Other countries		3.69
Short-term securities & other assets less liabilities		9.27


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


2	The Income Fund of America

Investment portfolio January 31, 2023	unaudited

Common stocks 67.99%	Shares		Value (000)
Financials 12.09%
JPMorgan Chase & Co.		13,873,228	$	1,941,697
CME Group, Inc., Class A		6,952,266		1,228,187
Zurich Insurance Group AG		1,782,129		881,396
Goldman Sachs Group, Inc.		2,298,200		840,705
Morgan Stanley		6,478,093		630,513
DBS Group Holdings, Ltd.		20,636,900		564,942
Ping An Insurance (Group) Company of China, Ltd., Class H		71,680,000		559,502
Toronto-Dominion Bank (CAD denominated)		7,608,387		526,420
Fifth Third Bancorp		13,635,000		494,814
PNC Financial Services Group, Inc.		2,581,165		427,002
Apollo Asset Management, Inc.		5,915,679		418,712
Synchrony Financial		11,302,951		415,157
Ares Management Corp., Class A		4,990,000		414,120
T&D Holdings, Inc. (Japan)		24,100,600		386,984
Postal Savings Bank of China Co., Ltd., Class H¹		460,417,000		312,958
China Merchants Bank Co., Ltd., Class H		35,272,500		228,968
China Merchants Bank Co., Ltd., Class A		13,686,300		83,869
BlackRock, Inc.		405,980		308,224
Canadian Imperial Bank of Commerce (CAD denominated)		6,667,000		304,350
Blackstone, Inc., nonvoting shares		2,929,100		281,076
Power Corporation of Canada, subordinate voting shares		9,625,253		261,077
B3 SA-Brasil, Bolsa, Balcao		99,956,000		255,192
Regions Financial Corp.		10,069,900		237,045
Manulife Financial Corp.		11,245,400		222,533
Tryg A/S		8,288,203		190,037
Progressive Corp.		1,315,000		179,300
Franklin Resources, Inc.		5,303,503		165,469
ABN AMRO Bank NV		9,765,620		161,715
ING Groep NV		10,430,350		150,545
American International Group, Inc.		2,353,000		148,757
KeyCorp		7,620,000		146,228
DNB Bank ASA		7,247,760		135,402
Brookfield Asset Management, Ltd., Class A		3,712,805		121,223
Truist Financial Corp.		2,316,800		114,427
Citizens Financial Group, Inc.		1,936,578		83,893
Principal Financial Group, Inc.		900,000		83,295
Carlyle Group, Inc.		2,217,000		79,745
National Bank of Canada		975,000		73,241
Tokio Marine Holdings, Inc.		3,327,000		69,639
3i Group PLC		3,231,878		63,021
Citigroup, Inc.		1,200,000		62,664
Qualitas Controladora, SAB de CV¹		10,711,900		59,082
Grupo Financiero Banorte, SAB de CV, Series O		6,705,000		55,615
China Pacific Insurance (Group) Co., Ltd., Class H		18,545,200		51,129
AXA SA		1,505,000		46,916
Islandsbanki hf.		54,814,905		45,744
Münchener Rückversicherungs-Gesellschaft AG		117,000		42,139
Bank Leumi Le Israel BM		4,406,487		38,917
TISCO Financial Group PCL, foreign registered shares		10,000,000		31,274
BB Seguridade Participações SA		3,300,000		24,560
Jonah Energy Parent, LLC²		275,936		16,313
ICICI Securities, Ltd.		2,337,232		14,073
Wells Fargo & Company		257,318		12,060
Brookfield Corp., Class A		207,530		7,720
Great-West Lifeco, Inc.		179,500		4,761
Sberbank of Russia PJSC^2,3		25,683,200		—	⁴
				14,704,347

Consumer staples 9.15%
Philip Morris International, Inc.		32,916,006		3,431,165
Altria Group, Inc.		27,891,305		1,256,224
General Mills, Inc.		11,847,544		928,373
Procter & Gamble Company		6,024,489		857,767
British American Tobacco PLC		20,520,000		784,771
PepsiCo, Inc.		3,457,312		591,269


The Income Fund of America	3

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Kraft Heinz Company		12,974,240	$	525,846
Nestlé SA		4,237,617		517,123
Coca-Cola Company		8,333,900		511,035
Bunge, Ltd.		4,263,175		422,481
Kimberly-Clark Corp.		2,285,000		297,073
Walgreens Boots Alliance, Inc.		7,057,000		260,121
Archer Daniels Midland Company		2,078,000		172,162
Conagra Brands, Inc.		4,527,100		168,363
Kellogg Co.		1,770,000		121,387
Imperial Brands PLC		4,508,000		113,015
Mondelez International, Inc.		784,000		51,305
Scandinavian Tobacco Group A/S		2,878,531		50,087
Danone SA		875,000		47,885
Viva Wine Group AB¹		4,081,633		17,659
				11,125,111

Health care 9.13%
Gilead Sciences, Inc.		32,377,334		2,717,753
Pfizer, Inc.		52,679,748		2,326,338
AstraZeneca PLC		10,792,800		1,412,112
Merck & Co., Inc.		9,030,232		969,937
AbbVie, Inc.		6,106,742		902,271
Johnson & Johnson		3,961,870		647,449
CVS Health Corp.		7,314,349		645,272
Novartis AG		4,789,328		433,150
Takeda Pharmaceutical Company, Ltd.		9,878,300		311,090
Medtronic PLC		3,572,509		298,983
Sanofi		1,584,600		155,713
Danaher Corp.		246,538		65,180
Rotech Healthcare, Inc.^2,3,5,6		543,172		58,119
Bayer AG		897,900		55,694
Amgen, Inc.		215,310		54,344
Bristol-Myers Squibb Company		709,449		51,542
Organon & Co.		264,123		7,958
				11,112,905

Energy 6.47%
ConocoPhillips		11,615,860		1,415,625
Exxon Mobil Corp.		10,235,137		1,187,378
TotalEnergies SE		14,224,460		883,727
TC Energy Corp. (CAD denominated)		18,371,344		791,574
Canadian Natural Resources, Ltd. (CAD denominated)		11,822,070		725,646
Chevron Corp.		3,748,586		652,329
Tourmaline Oil Corp.		9,300,220		433,435
Pioneer Natural Resources Company		1,089,700		251,012
Aker BP ASA		8,027,297		244,580
Coterra Energy, Inc.		9,670,000		242,040
Enbridge, Inc.¹		5,000,000		204,850
Baker Hughes Co., Class A		5,310,000		168,539
Valero Energy Corp.		1,000,000		140,030
Equinor ASA¹		4,220,000		128,200
EOG Resources, Inc.		864,458		114,325
Chesapeake Energy Corp.¹		797,242		69,137
Var Energi ASA¹		16,516,306		50,239
HF Sinclair Corp.		635,000		36,132
Woodside Energy Group, Ltd.		1,344,966		34,913
Shell PLC (GBP denominated)		1,139,982		33,484
Diamond Offshore Drilling, Inc.³		2,199,292		25,204
Ascent Resources - Utica, LLC, Class A^2,3,6		110,214,618		22,043
Altera Infrastructure, LP^2,3		73,434		5,824
California Resources Corp.		104,121		4,449
Mesquite Energy, Inc.^2,3		25,913		155
McDermott International, Ltd.³		120,017		47
Bighorn Permian Resources, LLC²		17,183		—	⁴
				7,864,917


4	The Income Fund of America

Common stocks (continued)	Shares		Value (000)
Industrials 6.43%
Lockheed Martin Corp.		4,183,700	$	1,938,141
BAE Systems PLC		127,909,564		1,351,815
Raytheon Technologies Corp.		6,991,551		698,106
Kone OYJ, Class B		9,340,141		510,032
Norfolk Southern Corp.		1,972,453		484,849
Siemens AG		3,081,300		478,728
United Parcel Service, Inc., Class B		2,279,641		422,258
Caterpillar, Inc.		997,810		251,737
Cummins, Inc.		1,000,000		249,540
ManpowerGroup, Inc.⁵		2,722,832		237,322
General Dynamics Corp.		1,000,000		233,060
Watsco, Inc.		774,800		222,654
Deutsche Post AG		4,377,056		187,486
Emerson Electric Co.		2,025,800		182,768
SGS SA		70,186		171,098
Illinois Tool Works, Inc.		399,000		94,180
Honeywell International, Inc.		146,500		30,542
Inwido AB		2,500,000		27,230
Singapore Technologies Engineering, Ltd.		7,015,700		19,749
Regal Rexnord Corp.		134,000		18,653
Ventia Services Group Pty, Ltd.		7,954,000		13,607
				7,823,555

Real estate 5.52%
Crown Castle, Inc. REIT		8,295,061		1,228,581
VICI Properties, Inc. REIT		35,151,684		1,201,484
Iron Mountain, Inc. REIT		12,761,822		696,540
Extra Space Storage, Inc. REIT		3,674,150		579,891
Gaming and Leisure Properties, Inc. REIT		10,793,948		578,124
Public Storage REIT		1,138,000		346,339
Regency Centers Corp. REIT		4,238,000		282,378
Digital Realty Trust, Inc. REIT		2,128,065		243,919
Federal Realty Investment Trust REIT		2,100,000		234,213
Prologis, Inc. REIT		1,657,500		214,281
Lamar Advertising Co. REIT, Class A		2,003,322		213,434
Boston Properties, Inc. REIT		2,600,000		193,804
CubeSmart REIT		3,927,254		179,829
W. P. Carey, Inc. REIT		1,820,000		155,665
American Tower Corp. REIT		646,000		144,310
Americold Realty Trust, Inc. REIT		3,362,200		105,607
Kimco Realty Corp. REIT		3,048,000		68,458
CTP NV		1,881,212		27,287
Longfor Group Holdings, Ltd.		3,664,658		12,195
Selvaag Bolig ASA		1,912,218		6,169
				6,712,508

Utilities 4.39%
Brookfield Infrastructure Partners, LP⁵		29,787,186		1,049,956
DTE Energy Company		6,690,800		778,608
National Grid PLC		42,441,421		539,848
AES Corp.		18,343,031		502,782
The Southern Co.		5,472,114		370,353
Dominion Energy, Inc.		5,548,580		353,112
Public Service Enterprise Group, Inc.		5,257,819		325,617
FirstEnergy Corp.		7,209,000		295,209
Duke Energy Corp.		2,713,965		278,046
Veolia Environnement		8,888,448		263,764
E.ON SE		20,824,110		226,265
Edison International		1,793,100		123,545
CMS Energy Corp.		1,715,700		108,415
Enel SpA		11,950,000		70,338
Guangdong Investment, Ltd.		52,919,000		57,616
				5,343,474


The Income Fund of America	5

Common stocks (continued)	Shares		Value (000)
Information technology 4.31%
Broadcom, Inc.		3,371,450	$	1,972,332
Microsoft Corp.		5,263,730		1,304,405
Taiwan Semiconductor Manufacturing Company, Ltd.		61,145,300		1,078,737
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		1,543,000		143,083
Texas Instruments, Inc.		2,200,000		389,862
QUALCOMM, Inc.		747,000		99,508
Tokyo Electron, Ltd.		246,000		86,326
Vanguard International Semiconductor Corp.		22,093,500		74,225
MediaTek, Inc.		2,086,000		50,549
GlobalWafers Co., Ltd.		2,423,000		42,803
				5,241,830

Consumer discretionary 3.83%
Home Depot, Inc.		3,798,052		1,231,214
Restaurant Brands International, Inc.		11,754,129		786,704
Target Corp.		4,097,800		705,395
Darden Restaurants, Inc.		4,751,460		703,073
Industria de Diseño Textil, SA		18,322,164		572,164
Starbucks Corp.		4,240,321		462,789
Domino’s Pizza Group PLC⁵		30,671,123		118,777
Puuilo OYJ⁵		5,509,640		37,906
Kindred Group PLC (SDR)		2,826,533		28,493
NMG Parent, LLC³		67,256		10,257
MYT Holding Co., Class B^2,3		2,070,418		3,106
General Motors Company		5,900		232
				4,660,110

Communication services 3.45%
Comcast Corp., Class A		28,878,166		1,136,356
Verizon Communications, Inc.		13,709,633		569,909
BCE, Inc.¹		10,984,188		519,263
Nippon Telegraph and Telephone Corp.		17,285,600		517,607
Publicis Groupe SA		7,288,267		514,155
Koninklijke KPN NV		137,211,139		468,770
Interpublic Group of Companies, Inc.		7,883,500		287,432
Singapore Telecommunications, Ltd.		50,850,000		97,454
Deutsche Telekom AG		4,014,400		89,312
Cumulus Media, Inc., Class A^1,3		217,532		1,457
Clear Channel Outdoor Holdings, Inc.³		152,827		292
				4,202,007

Materials 3.22%
Dow, Inc.		11,470,000		680,744
Rio Tinto PLC		8,279,420		647,255
Barrick Gold Corp.		29,365,348		574,093
Vale SA, ordinary nominative shares		21,311,900		396,783
UPM-Kymmene OYJ		7,813,526		283,366
Glencore PLC		41,873,729		281,142
Packaging Corporation of America		1,294,900		184,782
Akzo Nobel NV		2,155,420		160,322
Air Products and Chemicals, Inc.		456,106		146,187
Agnico Eagle Mines, Ltd. (CAD denominated)		2,467,900		139,369
Fortescue Metals Group, Ltd.		7,995,309		126,829
BHP Group, Ltd. (CDI)		2,889,033		101,067
Newmont Corp.		1,250,000		66,162
Shin-Etsu Chemical Co., Ltd.		350,000		52,131
BASF SE		604,000		34,422
Evonik Industries AG		1,251,800		27,714
Polymetal International PLC³		6,162,000		17,775
				3,920,143

Total common stocks (cost: $57,799,483,000)				82,710,907


6	The Income Fund of America

Preferred securities 0.29%	Shares		Value (000)
Financials 0.23%
Itaú Unibanco Holding SA, preferred nominative shares		23,190,207	$	115,716
Citigroup, Inc., 11.172% preferred shares⁷		2,245,277		64,484
Citigroup, Inc., Series K, 6.875% noncumulative preferred depositary shares		2,145,767		54,717
Goldman Sachs Group, Inc., Series J, 5.50% preferred depositary shares		1,200,000		29,940
Wells Fargo & Company, Series Q, Class A, 5.85% noncumulative preferred depositary shares		555,913		13,576
				278,433

Information technology 0.06%
Samsung Electronics Co., Ltd., nonvoting preferred shares		1,565,200		70,530

Industrials 0.00%
ACR III LSC Holdings, LLC, Series B, preferred shares^2,3,8		3,260		1,366

Consumer discretionary 0.00%
MYT Holdings, LLC, Series A, 10.00% preferred shares^2,3		1,427,896		1,356

Total preferred securities (cost: $355,860,000)				351,685

Rights & warrants 0.00%
Consumer discretionary 0.00%
NMG Parent, LLC, warrants, expire 9/24/2027³		75,844		2,213

Energy 0.00%
Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071^2,3		28		—	⁴

Total rights & warrants (cost: $459,000)				2,213

Convertible stocks 0.40%
Health care 0.23%
Becton, Dickinson and Company, Series B, convertible preferred shares, 6.00% 6/1/2023		2,467,280		124,252
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023		82,100		110,343
Boston Scientific Corp., Series A, convertible preferred shares, 5.50% 6/1/2023		449,460		51,297
				285,892

Utilities 0.09%
AES Corp., convertible preferred units, 6.875% 2/15/2024¹		1,043,000		104,133

Financials 0.06%
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023		1,061,031		71,683

Consumer discretionary 0.02%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 6/15/2023		224,000		28,222

Total convertible stocks (cost: $431,911,000)				489,930

Convertible bonds & notes 0.00%	Principal amount (000)
Energy 0.00%
Mesquite Energy, Inc., convertible notes, 13.14% Cash 7/15/2023^2,8,9	USD	577		577

Total convertible bonds & notes (cost: $577,000)				577


The Income Fund of America	7

Bonds, notes & other debt instruments 24.55%	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 15.85%
Financials 3.13%
ACE INA Holdings, Inc. 3.35% 5/3/2026	USD	765	$	742
Advisor Group Holdings, LLC 6.25% 3/1/2028⁸		55,717		52,708
AerCap Holdings NV 4.50% 9/15/2023		10,000		9,946
AerCap Ireland Capital DAC 1.15% 10/29/2023		9,000		8,736
AerCap Ireland Capital DAC 1.65% 10/29/2024		25,275		23,654
AerCap Ireland Capital DAC 6.50% 7/15/2025		4,315		4,396
AerCap Ireland Capital DAC 1.75% 1/30/2026		3,978		3,577
AerCap Ireland Capital DAC 2.45% 10/29/2026		23,694		21,327
AerCap Ireland Capital DAC 3.00% 10/29/2028		27,689		24,424
AerCap Ireland Capital DAC 3.30% 1/30/2032		12,254		10,295
AerCap Ireland Capital DAC 3.40% 10/29/2033		4,678		3,859
AerCap Ireland Capital DAC 3.85% 10/29/2041		6,777		5,298
AG Merger Sub II, Inc. 10.75% 8/1/2027⁸		47,972		49,558
AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027⁸		20,131		20,836
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)^8,10		17,500		18,119
Alliant Holdings Intermediate, LLC 4.25% 10/15/2027⁸		20,465		18,777
Alliant Holdings Intermediate, LLC 6.75% 10/15/2027⁸		48,446		45,388
Alliant Holdings Intermediate, LLC 5.875% 11/1/2029⁸		27,250		23,776
Ally Financial, Inc. 8.00% 11/1/2031		11,401		12,516
American International Group, Inc. 2.50% 6/30/2025		16,668		15,870
American International Group, Inc. 4.375% 6/30/2050		3,450		3,150
AmWINS Group, Inc. 4.875% 6/30/2029⁸		32,135		28,234
Aretec Escrow Issuer, Inc. 7.50% 4/1/2029⁸		51,178		45,488
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 11.313% 8/2/2029^7,11		6,070		5,412
AssuredPartners, Inc. 7.00% 8/15/2025⁸		435		428
AssuredPartners, Inc. 8.00% 5/15/2027⁸		22,939		22,559
AssuredPartners, Inc. 5.625% 1/15/2029⁸		22,866		19,589
AXA Equitable Holdings, Inc. 5.00% 4/20/2048		1,500		1,421
Banco Santander, SA 5.147% 8/18/2025		5,600		5,605
Bangkok Bank PCL 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)¹⁰		8,245		7,253
Bank of America Corp. 1.843% 2/4/2025 (USD-SOFR + 0.67% on 2/4/2024)¹⁰		20,000		19,308
Bank of America Corp. 2.456% 10/22/2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)¹⁰		10,750		10,281
Bank of America Corp. 1.319% 6/19/2026 (USD-SOFR + 1.15% on 6/19/2025)¹⁰		9,700		8,887
Bank of America Corp. 5.08% 1/20/2027 (USD-SOFR + 1.29% on 1/20/2026)¹⁰		19,896		19,977
Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027)¹⁰		41,000		40,115
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)¹⁰		21,627		21,677
Bank of America Corp. 6.204% 11/10/2028 (USD-SOFR + 1.99% on 11/10/2027)¹⁰		20,842		21,993
Bank of America Corp. 3.419% 12/20/2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)¹⁰		5,400		5,053
Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028)¹⁰		26,229		22,870
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)¹⁰		5,990		4,880
Bank of America Corp. 2.572% 10/20/2032 (USD-SOFR + 1.21% on 10/20/2031)¹⁰		1,087		900
Bank of America Corp. 2.972% 2/4/2033 (USD-SOFR + 1.33% on 2/4/2032)¹⁰		7,135		6,089
Bank of America Corp. 4.571% 4/27/2033 (USD-SOFR + 1.83% on 4/27/2032)¹⁰		26,000		25,148
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)¹⁰		16,324		16,329
Bank of New York Mellon Corp. 4.534% 2/1/2029 (USD-SOFR + 1.169% on 2/1/2028)¹⁰		9,000		8,997
Bank of New York Mellon Corp. 4.705% 2/1/2034 (USD-SOFR + 1.512% on 2/1/2033)¹⁰		11,369		11,330
Bank of Nova Scotia 1.625% 5/1/2023		8,000		7,938
Blackstone Private Credit Fund 7.05% 9/29/2025⁸		20,415		20,711
BNP Paribas SA 2.219% 6/9/2026 (USD-SOFR + 2.074% on 6/9/2025)^8,10		7,800		7,274
BNP Paribas SA 1.323% 1/13/2027 (USD-SOFR + 1.004% on 1/13/2026)^8,10		12,125		10,877
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)^8,10		13,189		11,967
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)^8,10		6,375		5,411
BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)^8,10		10,282		8,617
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)^8,10		6,575		6,674
Capital One Financial Corp. 1.343% 12/6/2024 (USD-SOFR + 0.69% on 12/6/2023)¹⁰		13,075		12,634
Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025)¹⁰		9,000		8,923
Castlelake Aviation Finance DAC 5.00% 4/15/2027⁸		26,060		23,384
CIT Group, Inc. 3.929% 6/19/2024 (USD-SOFR + 3.827% on 6/19/2023)¹⁰		11,575		11,512
Citigroup, Inc. 2.014% 1/25/2026 (USD-SOFR + 0.694% on 1/25/2025)¹⁰		6,069		5,710
Citigroup, Inc. 4.60% 3/9/2026		1,300		1,293
Citigroup, Inc. 3.106% 4/8/2026 (USD-SOFR + 2.842% on 3/8/2026)¹⁰		7,300		7,002
Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025)¹⁰		17,750		18,041
Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)¹⁰		5,855		5,446
Citigroup, Inc. 4.658% 5/24/2028 (USD-SOFR + 1.887% on 5/24/2027)¹⁰		49,628		49,137


8	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Citigroup, Inc. 3.668% 7/24/2028 (3-month USD-LIBOR + 1.39% on 7/24/2027)¹⁰	USD	700	$	663
Citigroup, Inc. 2.976% 11/5/2030 (USD-SOFR + 1.422% on 11/5/2029)¹⁰		2,400		2,113
Citigroup, Inc. 2.572% 6/3/2031 (USD-SOFR + 2.107% on 6/3/2030)¹⁰		14,800		12,568
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)¹⁰		9,891		10,781
CME Group, Inc. 3.75% 6/15/2028		6,875		6,753
Coinbase Global, Inc. 3.375% 10/1/2028⁸		24,880		16,086
Coinbase Global, Inc. 3.625% 10/1/2031⁸		33,190		19,385
Compass Diversified Holdings 5.25% 4/15/2029⁸		74,775		67,383
Compass Diversified Holdings 5.00% 1/15/2032⁸		26,645		21,924
Corebridge Financial, Inc. 3.50% 4/4/2025⁸		9,248		8,941
Corebridge Financial, Inc. 3.65% 4/5/2027⁸		22,661		21,672
Corebridge Financial, Inc. 3.85% 4/5/2029⁸		15,393		14,378
Corebridge Financial, Inc. 3.90% 4/5/2032⁸		7,289		6,646
Corebridge Financial, Inc. 4.35% 4/5/2042⁸		1,622		1,410
Corebridge Financial, Inc. 4.40% 4/5/2052⁸		3,907		3,351
Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)^8,10		10,675		9,862
Crédit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026)^8,10		4,900		4,383
Credit Suisse Group AG 3.80% 6/9/2023		23,303		23,043
Credit Suisse Group AG 4.207% 6/12/2024 (3-month USD-LIBOR + 1.24% on 6/12/2023)^8,10		9,117		8,970
Credit Suisse Group AG 3.625% 9/9/2024		2,990		2,854
Credit Suisse Group AG 7.95% 1/9/2025		17,750		18,190
Credit Suisse Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)^8,10		4,687		4,288
Credit Suisse Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)^8,10		22,225		19,537
Credit Suisse Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)^8,10		20,134		16,722
Credit Suisse Group AG 7.50% 2/15/2028		9,000		9,451
Credit Suisse Group AG 6.442% 8/11/2028 (USD-SOFR + 3.70% on 8/11/2027)^8,10		10,260		9,929
Credit Suisse Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)^8,10		3,610		3,065
Credit Suisse Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)^8,10		24,910		21,127
Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)^8,10		16,351		12,377
Credit Suisse Group AG 6.537% 8/12/2033 (USD-SOFR + 3.92% on 8/12/2032)^8,10		750		720
Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)^8,10		13,852		15,574
Danske Bank AS 3.875% 9/12/2023⁸		9,604		9,513
Danske Bank AS 3.773% 3/28/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)^8,10		25,000		24,398
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)^8,10		5,000		4,821
Deutsche Bank AG 3.95% 2/27/2023		5,345		5,339
Deutsche Bank AG 0.898% 5/28/2024		7,500		7,090
Deutsche Bank AG 3.70% 5/30/2024		8,653		8,457
Deutsche Bank AG 2.222% 9/18/2024 (USD-SOFR + 2.159% on 9/18/2023)¹⁰		21,775		21,318
Deutsche Bank AG 3.961% 11/26/2025 (USD-SOFR + 2.581% on 11/26/2024)¹⁰		58,600		56,783
Deutsche Bank AG 4.10% 1/13/2026		33,123		32,325
Deutsche Bank AG 4.10% 1/13/2026		834		813
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)¹⁰		35,400		31,952
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)¹⁰		22,338		19,756
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)¹⁰		54,874		49,020
Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)¹⁰		6,700		7,055
Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)¹⁰		3,900		3,393
Digital Currency Group, Inc., Term Loan, 8.75% 11/12/2026^2,11		6,473		5,428
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 11/30/2026^2,7,11		4,856		4,320
Discover Financial Services 6.70% 11/29/2032		1,600		1,710
DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025)^8,10		17,500		17,711
FS Energy and Power Fund 7.50% 8/15/2023⁸		42,570		42,470
Goldman Sachs Group, Inc. 3.272% 9/29/2025 (3-month USD-LIBOR + 1.201% on 9/29/2024)¹⁰		1,100		1,066
Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026)¹⁰		10,650		9,547
Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)¹⁰		17,000		15,019
Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)¹⁰		48,202		43,167
Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)¹⁰		26,963		24,735
Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027)¹⁰		33,910		32,309
Goldman Sachs Group, Inc. 3.691% 6/5/2028 (3-month USD-LIBOR + 1.51% on 6/5/2027)¹⁰		8,000		7,633
Goldman Sachs Group, Inc. 4.482% 8/23/2028 (USD-SOFR + 1.725% on 8/23/2027)¹⁰		14,294		14,056


The Income Fund of America	9

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Goldman Sachs Group, Inc. 2.615% 4/22/2032 (USD-SOFR + 1.281% on 4/22/2031)¹⁰	USD	6,523	$	5,454
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)¹⁰		37,259		31,954
Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041)¹⁰		7,500		5,887
Groupe BPCE SA 5.70% 10/22/2023⁸		16,825		16,818
Groupe BPCE SA 5.15% 7/21/2024⁸		18,160		17,973
Groupe BPCE SA 1.625% 1/14/2025⁸		8,000		7,502
Groupe BPCE SA 1.00% 1/20/2026⁸		10,000		8,910
Groupe BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)^8,10		6,925		6,243
Groupe BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026)^8,10		22,500		22,795
Groupe BPCE SA 2.277% 1/20/2032 (USD-SOFR + 1.312% on 1/20/2031)^8,10		7,675		6,063
Hightower Holding, LLC 6.75% 4/15/2029⁸		19,215		16,565
HSBC Holdings PLC 4.25% 3/14/2024		9,000		8,921
HSBC Holdings PLC 2.099% 6/4/2026 (USD-SOFR + 1.929% on 6/4/2025)¹⁰		14,000		12,980
HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027)¹⁰		281		277
HSBC Holdings PLC 4.583% 6/19/2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)¹⁰		5,750		5,576
Huarong Finance 2017 Co., Ltd. 4.75% 4/27/2027		1,889		1,712
Huarong Finance 2017 Co., Ltd. 4.25% 11/7/2027		18,900		16,629
Huarong Finance 2019 Co., Ltd. 4.50% 5/29/2029		1,241		1,058
Huarong Finance 2019 Co., Ltd. 3.375% 2/24/2030		2,995		2,336
Huarong Finance II Co., Ltd. 5.50% 1/16/2025		17,000		16,546
HUB International, Ltd. 7.00% 5/1/2026⁸		49,786		49,354
HUB International, Ltd. 5.625% 12/1/2029⁸		16,370		14,669
Intercontinental Exchange, Inc. 2.65% 9/15/2040		12,025		8,979
Intesa Sanpaolo SpA 5.017% 6/26/2024⁸		149,555		145,955
Intesa Sanpaolo SpA 3.25% 9/23/2024⁸		1,730		1,655
Intesa Sanpaolo SpA 5.71% 1/15/2026⁸		43,165		42,439
Intesa Sanpaolo SpA 3.875% 7/14/2027⁸		9,300		8,620
Intesa Sanpaolo SpA 3.875% 1/12/2028⁸		2,820		2,569
Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032)^8,10		10,300		11,279
Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032⁸		45,895		39,854
JPMorgan Chase & Co. 3.559% 4/23/2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)¹⁰		5,400		5,380
JPMorgan Chase & Co. 3.875% 9/10/2024		150		148
JPMorgan Chase & Co. 2.301% 10/15/2025 (USD-SOFR + 1.16% on 10/15/2024)¹⁰		250		238
JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)¹⁰		21,994		20,609
JPMorgan Chase & Co. 2.005% 3/13/2026 (USD-SOFR + 1.585% on 3/13/2025)¹⁰		23,150		21,785
JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)¹⁰		15,000		14,738
JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)¹⁰		59,000		57,857
JPMorgan Chase & Co. 3.54% 5/1/2028 (3-month USD-LIBOR + 1.38% on 5/1/2027)¹⁰		350		332
JPMorgan Chase & Co. 2.182% 6/1/2028 (USD-SOFR + 1.89% on 6/1/2027)¹⁰		4,400		3,948
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)¹⁰		25,679		25,688
JPMorgan Chase & Co. 2.069% 6/1/2029 (USD-SOFR + 1.015% on 6/1/2028)¹⁰		20,593		17,857
JPMorgan Chase & Co. 2.522% 4/22/2031 (USD-SOFR + 2.04% on 4/22/2030)¹⁰		4,100		3,508
JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)¹⁰		598		581
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)¹⁰		9,160		9,133
JPMorgan Chase & Co. 3.328% 4/22/2052 (USD-SOFR + 1.58% on 4/22/2051)¹⁰		7,500		5,704
JPMorgan Chase & Co., Series S, 6.75% junior subordinated perpetual bonds (3-month USD-LIBOR + 3.78% on 2/1/2024)¹⁰		25,901		26,178
Kasikornbank PCL HK 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)¹⁰		8,320		7,492
KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028)^8,10		2,400		2,437
Liberty Mutual Group, Inc. 4.25% 6/15/2023⁸		971		967
Liberty Mutual Group, Inc. 4.569% 2/1/2029⁸		3,429		3,357
Lloyds Banking Group PLC 4.05% 8/16/2023		6,000		5,968
Lloyds Banking Group PLC 4.582% 12/10/2025		7,000		6,838
Lloyds Banking Group PLC 2.438% 2/5/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)¹⁰		5,600		5,280
Lloyds Banking Group PLC 3.75% 3/18/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.80% on 3/18/2027)¹⁰		12,427		11,815
Lloyds Banking Group PLC 4.976% 8/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/11/2032)¹⁰		9,295		9,089
LPL Holdings, Inc. 4.625% 11/15/2027⁸		41,845		39,868
LPL Holdings, Inc. 4.00% 3/15/2029⁸		23,370		20,950
LPL Holdings, Inc. 4.375% 5/15/2031⁸		22,090		19,366


10	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
MGIC Investment Corp. 5.25% 8/15/2028	USD	5,075	$	4,790
Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)¹⁰		17,000		15,054
Mitsubishi UFJ Financial Group, Inc. 2.341% 1/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 1/19/2027)¹⁰		5,000		4,517
Mitsubishi UFJ Financial Group, Inc. 4.08% 4/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.30% on 4/19/2027)¹⁰		8,000		7,710
Mizuho Financial Group, Inc. 0.849% 9/8/2024 (3-month USD-LIBOR + 0.61% on 9/8/2023)¹⁰		5,200		5,051
Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)¹⁰		13,000		11,509
Mizuho Financial Group, Inc. 1.979% 9/8/2031 (3-month USD-LIBOR + 1.27% on 9/8/2030)¹⁰		4,100		3,263
Mizuho Financial Group, Inc. 5.669% 9/13/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.40% on 9/13/2032)¹⁰		8,925		9,230
Moody’s Corp. 4.25% 8/8/2032		2,235		2,171
Morgan Stanley 3.70% 10/23/2024		600		590
Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)¹⁰		12,230		12,131
Morgan Stanley 5.05% 1/28/2027 (USD-SOFR + 1.295% on 1/28/2026)¹⁰		6,575		6,600
Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)¹⁰		9,869		8,867
Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026)¹⁰		30,463		27,193
Morgan Stanley 2.475% 1/21/2028 (USD-SOFR + 1.00% on 1/21/2027)¹⁰		5,451		4,972
Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)¹⁰		26,000		25,258
Morgan Stanley 6.296% 10/18/2028 (USD-SOFR + 2.44% on 10/18/2027)¹⁰		4,700		4,972
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)¹⁰		16,075		16,262
Morgan Stanley 1.928% 4/28/2032 (USD-SOFR + 1.02% on 4/28/2031)¹⁰		10,000		7,953
Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)¹⁰		3,688		3,002
Morgan Stanley 2.943% 1/21/2033 (USD-SOFR + 1.29% on 1/21/2032)¹⁰		30,404		25,988
Morgan Stanley 5.297% 4/20/2037 (USD-SOFR + 2.62% on 4/20/2032)¹⁰		3,226		3,131
MSCI, Inc. 4.00% 11/15/2029⁸		19,500		17,771
MSCI, Inc. 3.625% 9/1/2030⁸		4,950		4,315
MSCI, Inc. 3.875% 2/15/2031⁸		20,959		18,524
MSCI, Inc. 3.625% 11/1/2031⁸		11,825		10,122
MSCI, Inc. 3.25% 8/15/2033⁸		3,650		2,998
National Australia Bank, Ltd. 1.887% 1/12/2027⁸		20,000		18,109
National Financial Partners Corp. 6.875% 8/15/2028⁸		18,421		15,951
Navient Corp. 6.125% 3/25/2024		29,960		29,922
Navient Corp. 5.875% 10/25/2024		15,600		15,445
Navient Corp. 6.75% 6/15/2026		15,000		14,794
Navient Corp. 5.00% 3/15/2027		19,710		18,014
Navient Corp. 4.875% 3/15/2028		3,085		2,731
Navient Corp. 5.50% 3/15/2029		72,940		64,634
Navient Corp. 5.625% 8/1/2033		10,990		8,535
New York Life Global Funding 4.55% 1/28/2033⁸		3,788		3,802
Northwestern Mutual Global Funding 1.75% 1/11/2027⁸		10,000		9,037
Onemain Finance Corp. 3.875% 9/15/2028		5,974		5,026
Owl Rock Capital Corp. 4.00% 3/30/2025		449		431
Owl Rock Capital Corp. 3.75% 7/22/2025		12,473		11,708
Owl Rock Capital Corp. 3.40% 7/15/2026		6,475		5,850
Owl Rock Capital Corp. 2.625% 1/15/2027		20,600		17,795
Owl Rock Capital Corp. 2.875% 6/11/2028		1,765		1,465
Owl Rock Capital Corp. II 4.625% 11/26/2024⁸		9,285		8,899
Owl Rock Capital Corp. III 3.125% 4/13/2027		14,490		12,329
Owl Rock Core Income Corp. 4.70% 2/8/2027		17,775		16,278
Oxford Finance, LLC 6.375% 2/1/2027⁸		22,660		21,703
PNC Financial Services Group, Inc. 3.90% 4/29/2024		3,000		2,971
Prudential Financial, Inc. 4.35% 2/25/2050		6,205		5,651
Prudential Financial, Inc. 3.70% 3/13/2051		755		625
Prudential Financial, Inc., junior subordinated, 5.625% 6/15/2043 (3-month USD-LIBOR + 3.92% on 6/15/2023)¹⁰		1,850		1,843
Quicken Loans, LLC 3.625% 3/1/2029⁸		6,645		5,615
Rabobank Nederland 4.375% 8/4/2025		9,000		8,832
Rocket Mortgage, LLC 2.875% 10/15/2026⁸		12,990		11,599
Royal Bank of Canada 1.15% 6/10/2025		12,367		11,413
Ryan Specialty Group, LLC 4.375% 2/1/2030⁸		23,070		20,821
Santander Holdings USA, Inc. 3.50% 6/7/2024		11,250		10,990
Santander Holdings USA, Inc. 2.49% 1/6/2028¹⁰		10,650		9,400


The Income Fund of America	11

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Springleaf Finance Corp. 6.125% 3/15/2024	USD	20,300	$	20,152
Starwood Property Trust, Inc. 5.50% 11/1/2023⁸		5,400		5,372
Starwood Property Trust, Inc. 4.375% 1/15/2027⁸		25,050		22,515
State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032)¹⁰		6,265		5,976
State Street Corp. 4.821% 1/26/2034 (USD-SOFR + 1.567% on 1/26/2033)¹⁰		7,832		7,878
Sumitomo Mitsui Banking Corp. 2.174% 1/14/2027		3,125		2,818
Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)^8,10		3,800		3,688
Synchrony Bank 5.40% 8/22/2025		9,000		8,968
Synchrony Bank 5.625% 8/23/2027		9,000		8,969
Synchrony Financial 4.375% 3/19/2024		5,095		5,040
Toronto-Dominion Bank 0.75% 9/11/2025		6,575		5,945
Toronto-Dominion Bank 1.25% 9/10/2026		8,247		7,324
Toronto-Dominion Bank 1.95% 1/12/2027		10,000		9,101
Toronto-Dominion Bank 2.45% 1/12/2032		7,500		6,294
Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028)¹⁰		9,000		9,055
Truist Financial Corp. 5.122% 1/26/2034 (USD-SOFR + 1.60% on 1/26/2033)¹⁰		9,750		9,888
U.S. Bancorp 3.70% 1/30/2024		10,000		9,894
U.S. Bancorp 2.375% 7/22/2026		6,000		5,627
U.S. Bancorp 4.548% 7/22/2028 (USD-SOFR + 1.66% on 7/27/2027)¹⁰		9,000		8,991
U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033)¹⁰		9,000		8,958
UBS Group AG 4.125% 9/24/2025⁸		4,425		4,337
UBS Group AG 1.364% 1/30/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.08% on 1/30/2026)^8,10		4,000		3,584
UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)^8,10		6,925		6,101
UniCredit SpA 4.625% 4/12/2027⁸		1,730		1,679
UniCredit SpA 5.861% 6/19/2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)^8,10		23,729		22,075
Wells Fargo & Company 1.654% 6/2/2024 (USD-SOFR + 1.60% on 6/2/2023)¹⁰		6,500		6,424
Wells Fargo & Company 2.406% 10/30/2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)¹⁰		16,860		16,101
Wells Fargo & Company 2.164% 2/11/2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)¹⁰		12,000		11,327
Wells Fargo & Company 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)¹⁰		4,687		4,580
Wells Fargo & Company 2.188% 4/30/2026 (USD-SOFR + 2.00% on 4/30/2025)¹⁰		9,350		8,799
Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)¹⁰		75,547		71,881
Wells Fargo & Company 3.584% 5/22/2028 (3-month USD-LIBOR + 1.31% on 5/22/2027)¹⁰		281		267
Wells Fargo & Company 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027)¹⁰		3,950		3,582
Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)¹⁰		20,170		20,137
Wells Fargo & Company 2.879% 10/30/2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)¹⁰		3,245		2,874
Wells Fargo & Company 2.572% 2/11/2031 (3-month USD-LIBOR + 1.00% on 2/11/2030)¹⁰		13,850		11,947
Wells Fargo & Company 5.013% 4/4/2051 (3-month USD-LIBOR + 4.24% on 4/4/2050)¹⁰		4,150		4,097
Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)¹⁰		7,000		6,536
Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)¹⁰		11,150		8,768
Westpac Banking Corp. 2.963% 11/16/2040		5,075		3,659
				3,806,729

Consumer discretionary 2.14%
Allied Universal Holdco, LLC 6.625% 7/15/2026⁸		16,985		16,373
Allied Universal Holdco, LLC 9.75% 7/15/2027⁸		21,570		20,628
Allied Universal Holdco, LLC 4.625% 6/1/2028⁸		15,680		13,545
Allied Universal Holdco, LLC 6.00% 6/1/2029⁸		9,565		7,708
Amazon.com, Inc. 2.70% 6/3/2060		8,300		5,446
Asbury Automotive Group, Inc. 4.625% 11/15/2029⁸		48,325		42,706
Asbury Automotive Group, Inc. 5.00% 2/15/2032⁸		3,365		2,906
Atlas LuxCo 4 SARL 4.625% 6/1/2028⁸		10,665		9,173
Bath & Body Works, Inc. 6.625% 10/1/2030⁸		14,360		14,051
Bath & Body Works, Inc. 6.875% 11/1/2035		23,458		21,409
Bath & Body Works, Inc. 6.75% 7/1/2036		2,555		2,314
Boyd Gaming Corp. 4.75% 12/1/2027		22,590		21,498
Boyd Gaming Corp. 4.75% 6/15/2031⁸		7,005		6,313


12	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Boyne USA, Inc. 4.75% 5/15/2029⁸	USD	31,780	$	28,840
Caesars Entertainment, Inc. 6.25% 7/1/2025⁸		37,810		37,702
Caesars Entertainment, Inc. 4.625% 10/15/2029⁸		23,185		19,856
Caesars Entertainment, Inc. 7.00% 2/15/2030⁸		34,040		34,678
Caesars Resort Collection, LLC 5.75% 7/1/2025⁸		5,020		5,027
Carnival Corp. 4.00% 8/1/2028⁸		32,200		27,871
CDI Escrow Issuer, Inc. 5.75% 4/1/2030⁸		26,335		24,988
Cedar Fair, LP 5.50% 5/1/2025⁸		29,490		29,307
Daimler Trucks Finance North America, LLC 1.125% 12/14/2023⁸		9,000		8,701
Daimler Trucks Finance North America, LLC 1.625% 12/13/2024⁸		5,525		5,193
Daimler Trucks Finance North America, LLC 5.20% 1/17/2025⁸		5,483		5,513
Daimler Trucks Finance North America, LLC 3.50% 4/7/2025⁸		16,100		15,596
Daimler Trucks Finance North America, LLC 5.15% 1/16/2026⁸		4,011		4,036
Daimler Trucks Finance North America, LLC 2.00% 12/14/2026⁸		14,225		12,816
Daimler Trucks Finance North America, LLC 3.65% 4/7/2027⁸		8,387		8,051
Daimler Trucks Finance North America, LLC 5.125% 1/19/2028⁸		1,358		1,372
Daimler Trucks Finance North America, LLC 2.375% 12/14/2028⁸		7,500		6,549
Daimler Trucks Finance North America, LLC 2.50% 12/14/2031⁸		9,000		7,372
DaimlerChrysler North America Holding Corp. 1.75% 3/10/2023⁸		17,000		16,947
DaimlerChrysler North America Holding Corp. 3.65% 2/22/2024⁸		9,360		9,232
DaimlerChrysler North America Holding Corp. 0.75% 3/1/2024⁸		2,551		2,438
Dana, Inc. 5.625% 6/15/2028		1,305		1,231
Fertitta Entertainment, Inc. 4.625% 1/15/2029⁸		33,420		29,539
Fertitta Entertainment, Inc. 6.75% 1/15/2030⁸		12,760		10,606
First Student Bidco, Inc. 4.00% 7/31/2029⁸		35,685		29,758
Ford Motor Co. 2.30% 2/10/2025		13,475		12,512
Ford Motor Co. 2.90% 2/10/2029		17,000		14,203
Ford Motor Co. 6.10% 8/19/2032		28,695		28,192
Ford Motor Credit Company, LLC 3.81% 1/9/2024		15,305		15,008
Ford Motor Credit Company, LLC 5.584% 3/18/2024		3,280		3,260
Ford Motor Credit Company, LLC 3.664% 9/8/2024		11,380		10,968
Ford Motor Credit Company, LLC 5.125% 6/16/2025		52,275		51,433
Ford Motor Credit Company, LLC 6.95% 3/6/2026		10,335		10,581
Ford Motor Credit Company, LLC 4.542% 8/1/2026		32,520		30,910
Ford Motor Credit Company, LLC 2.70% 8/10/2026		34,095		30,478
Ford Motor Credit Company, LLC 4.271% 1/9/2027		117,666		110,116
Ford Motor Credit Company, LLC 4.95% 5/28/2027		57,170		54,630
Ford Motor Credit Company, LLC 4.125% 8/17/2027		71,670		66,208
Ford Motor Credit Company, LLC 3.815% 11/2/2027		8,215		7,424
Ford Motor Credit Company, LLC 2.90% 2/16/2028		19,180		16,524
Ford Motor Credit Company, LLC 5.113% 5/3/2029		25,589		24,286
Ford Motor Credit Company, LLC 4.00% 11/13/2030		25,134		21,985
General Motors Company 4.35% 4/9/2025		2,150		2,111
General Motors Company 6.125% 10/1/2025		9,825		10,080
General Motors Company 6.80% 10/1/2027		1,438		1,532
General Motors Company 5.40% 10/15/2029		23,651		23,510
General Motors Company 5.60% 10/15/2032		28,000		27,686
General Motors Company 6.60% 4/1/2036		5,110		5,351
General Motors Company 6.75% 4/1/2046		12,230		12,743
General Motors Financial Co. 3.70% 5/9/2023		4,775		4,757
General Motors Financial Co. 3.80% 4/7/2025		4,600		4,470
General Motors Financial Co. 2.75% 6/20/2025		9,636		9,097
General Motors Financial Co. 1.25% 1/8/2026		2,379		2,134
General Motors Financial Co. 1.50% 6/10/2026		24,440		21,739
General Motors Financial Co. 4.00% 10/6/2026		1,867		1,799
General Motors Financial Co. 2.35% 2/26/2027		18,361		16,488
General Motors Financial Co. 2.70% 8/20/2027		15,668		14,077
General Motors Financial Co. 2.40% 4/10/2028		9,238		8,053
General Motors Financial Co. 2.40% 10/15/2028		15,493		13,284
General Motors Financial Co. 4.30% 4/6/2029		6,300		5,896
General Motors Financial Co. 2.35% 1/8/2031		17,998		14,394
General Motors Financial Co. 2.70% 6/10/2031		13,156		10,616
Grand Canyon University 3.25% 10/1/2023		1,250		1,234
Grand Canyon University 4.375% 10/1/2026		5,000		4,602
Hanesbrands, Inc. 4.625% 5/15/2024⁸		16,610		16,341
Hanesbrands, Inc. 4.875% 5/15/2026⁸		36,537		34,064
Hilton Grand Vacations Borrower 5.00% 6/1/2029⁸		17,560		15,728


The Income Fund of America	13

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Hilton Worldwide Holdings, Inc. 4.875% 1/15/2030	USD	30,661	$	28,946
Hilton Worldwide Holdings, Inc. 4.00% 5/1/2031⁸		22,520		19,546
Home Depot, Inc. 1.50% 9/15/2028		25,000		21,794
Home Depot, Inc. 3.90% 12/6/2028		1,150		1,136
Home Depot, Inc. 2.95% 6/15/2029		5,000		4,645
Home Depot, Inc. 1.875% 9/15/2031		7,500		6,217
Home Depot, Inc. 5.95% 4/1/2041		12,500		14,269
Home Depot, Inc. 4.50% 12/6/2048		601		581
Hyundai Capital America 2.375% 2/10/2023⁸		21,815		21,798
Hyundai Capital America 5.75% 4/6/2023⁸		5,000		5,003
Hyundai Capital America 1.25% 9/18/2023⁸		7,561		7,373
Hyundai Capital America 0.875% 6/14/2024⁸		8,000		7,546
Hyundai Capital America 1.00% 9/17/2024⁸		10,550		9,857
Hyundai Capital America 2.65% 2/10/2025⁸		27,917		26,564
Hyundai Capital America 5.875% 4/7/2025⁸		3,300		3,335
Hyundai Capital America 1.80% 10/15/2025⁸		1,871		1,707
Hyundai Capital America 1.30% 1/8/2026⁸		9,000		8,039
Hyundai Capital America 1.50% 6/15/2026⁸		7,628		6,783
Hyundai Capital America 1.65% 9/17/2026⁸		10,575		9,351
Hyundai Capital America 3.00% 2/10/2027⁸		20,750		19,130
Hyundai Capital America 2.375% 10/15/2027⁸		2,371		2,106
Hyundai Capital America 1.80% 1/10/2028⁸		7,931		6,727
Hyundai Capital America 2.00% 6/15/2028⁸		5,009		4,248
Hyundai Capital America 2.10% 9/15/2028⁸		4,875		4,134
Hyundai Capital Services, Inc. 2.125% 4/24/2025⁸		2,600		2,405
Hyundai Capital Services, Inc. 1.25% 2/8/2026⁸		3,490		3,084
International Game Technology PLC 6.50% 2/15/2025⁸		12,729		12,877
International Game Technology PLC 5.25% 1/15/2029⁸		71,325		68,540
KB Home 7.25% 7/15/2030		10,295		10,292
KIA Corp. 2.375% 2/14/2025⁸		4,825		4,536
Kontoor Brands, Inc. 4.125% 11/15/2029⁸		5,180		4,487
LCM Investments Holdings II, LLC 4.875% 5/1/2029⁸		21,177		17,509
Levi Strauss & Co. 3.50% 3/1/2031⁸		31,175		26,069
Lindblad Expeditions, LLC 6.75% 2/15/2027⁸		6,830		6,707
Lithia Motors, Inc. 3.875% 6/1/2029⁸		37,385		31,818
Lithia Motors, Inc. 4.375% 1/15/2031⁸		4,550		3,880
Marriott International, Inc. 2.75% 10/15/2033		3,970		3,221
Marriott Ownership Resorts, Inc. 4.50% 6/15/2029⁸		2,595		2,262
McDonald’s Corp. 4.60% 9/9/2032		5,090		5,136
Melco International Development, Ltd. 5.75% 7/21/2028⁸		11,330		10,215
Mercedes-Benz Finance North America, LLC 5.375% 11/26/2025⁸		3,350		3,404
Mercedes-Benz Finance North America, LLC 5.25% 11/29/2027⁸		6,475		6,669
Merlin Entertainment 5.75% 6/15/2026⁸		7,210		6,872
MGM Resorts International 6.00% 3/15/2023		5,355		5,359
MGM Resorts International 5.50% 4/15/2027		3,617		3,493
Midwest Gaming Borrower, LLC 4.875% 5/1/2029⁸		13,870		12,156
Mohegan Gaming & Entertainment 8.00% 2/1/2026⁸		7,165		6,816
NCL Corp., Ltd. 5.875% 2/15/2027⁸		19,985		18,609
NCL Corp., Ltd. 7.75% 2/15/2029⁸		10,560		9,094
Neiman Marcus Group, LLC 7.125% 4/1/2026⁸		6,970		6,665
Nissan Motor Acceptance Co., LLC 1.125% 9/16/2024⁸		7,850		7,280
Nissan Motor Acceptance Co., LLC 1.85% 9/16/2026⁸		17,890		15,463
Nissan Motor Acceptance Co., LLC 2.45% 9/15/2028⁸		11,030		8,962
Nissan Motor Co., Ltd. 3.043% 9/15/2023⁸		400		394
Nissan Motor Co., Ltd. 3.522% 9/17/2025⁸		800		756
Nissan Motor Co., Ltd. 2.00% 3/9/2026⁸		16,020		14,214
Nissan Motor Co., Ltd. 2.75% 3/9/2028⁸		19,362		16,364
Nissan Motor Co., Ltd. 4.81% 9/17/2030⁸		25,200		22,800
Panther BF Aggregator 2, LP 6.25% 5/15/2026⁸		4,725		4,699
Panther BF Aggregator 2, LP 8.50% 5/15/2027⁸		16,520		16,477
Party City Holdings Inc. (6-month USD-LIBOR + 5.00%) 10.13% 7/15/2025^7,8		6,270		752
Party City Holdings, Inc. 8.75% 2/15/2026⁸		90,719		8,108
Party City Holdings, Inc., Term Loan DIP, 14.582% 6/18/2023^7,11		11,049		11,167
Penske Automotive Group, Inc. 3.75% 6/15/2029		7,275		6,161
Premier Entertainment Sub, LLC 5.625% 9/1/2029⁸		8,850		6,373
Premier Entertainment Sub, LLC 5.875% 9/1/2031⁸		7,525		5,259
Real Hero Merger Sub 2, Inc. 6.25% 2/1/2029⁸		20,218		15,041


14	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025⁸	USD	19,951	$	21,448
Royal Caribbean Cruises, Ltd. 4.25% 7/1/2026⁸		22,785		19,798
Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027⁸		34,535		30,085
Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029⁸		11,457		11,985
Sally Holdings, LLC 5.625% 12/1/2025		14,080		13,887
Sands China, Ltd. 5.625% 8/8/2025		8,676		8,634
Sands China, Ltd. 4.30% 1/8/2026		8,325		7,906
Sands China, Ltd. 2.80% 3/8/2027¹⁰		1,727		1,511
Sands China, Ltd. 5.90% 8/8/2028		1,352		1,330
Scientific Games Corp. 8.625% 7/1/2025⁸		13,280		13,546
Scientific Games Corp. 7.00% 5/15/2028⁸		38,659		38,325
Scientific Games Corp. 7.25% 11/15/2029⁸		25,850		25,951
Scientific Games Holdings, LP 6.625% 3/1/2030⁸		20,510		18,295
Six Flags Entertainment Corp. 4.875% 7/31/2024⁸		11,570		11,338
Six Flags Theme Parks, Inc. 7.00% 7/1/2025⁸		1,760		1,781
Sonic Automotive, Inc. 4.625% 11/15/2029⁸		37,710		31,390
Sonic Automotive, Inc. 4.875% 11/15/2031⁸		14,185		11,348
Stellantis Finance US, Inc. 1.711% 1/29/2027⁸		7,175		6,330
Stellantis Finance US, Inc. 5.625% 1/12/2028⁸		15,000		15,387
Stellantis Finance US, Inc. 2.691% 9/15/2031⁸		5,075		4,095
Stellantis Finance US, Inc. 6.375% 9/12/2032⁸		16,425		17,161
Tempur Sealy International, Inc. 4.00% 4/15/2029⁸		4,625		4,046
The Gap, Inc. 3.625% 10/1/2029⁸		2,507		1,928
The Gap, Inc. 3.875% 10/1/2031⁸		1,670		1,246
Toyota Motor Credit Corp. 0.45% 1/11/2024		25,283		24,274
Toyota Motor Credit Corp. 0.80% 1/9/2026		11,003		9,957
Toyota Motor Credit Corp. 1.90% 1/13/2027		10,000		9,110
Travel + Leisure Co. 4.50% 12/1/2029⁸		18,020		15,523
Vail Resorts, Inc. 6.25% 5/15/2025⁸		9,270		9,325
VICI Properties, LP 4.25% 12/1/2026⁸		3,660		3,459
Volkswagen Group of America Finance, LLC 3.125% 5/12/2023⁸		2,000		1,990
Volkswagen Group of America Finance, LLC 4.25% 11/13/2023⁸		7,365		7,305
Volkswagen Group of America Finance, LLC 2.85% 9/26/2024⁸		4,870		4,698
Volkswagen Group of America Finance, LLC 3.35% 5/13/2025⁸		6,326		6,095
Volkswagen Group of America Finance, LLC 4.625% 11/13/2025⁸		2,575		2,549
Volkswagen Group of America Finance, LLC 1.25% 11/24/2025⁸		6,021		5,446
Volkswagen Group of America Finance, LLC 3.20% 9/26/2026⁸		8,003		7,544
Volkswagen Group of America Finance, LLC 1.625% 11/24/2027⁸		9,175		7,924
Volkswagen Group of America Finance, LLC 4.75% 11/13/2028⁸		2,000		1,990
WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026⁸		51,235		47,342
Wheel Pros, Inc. 6.50% 5/15/2029⁸		20,451		8,278
Wyndham Destinations, Inc. 4.625% 3/1/2030⁸		5,750		4,896
Wyndham Worldwide Corp. 4.375% 8/15/2028⁸		33,465		30,906
Wynn Las Vegas, LLC 4.25% 5/30/2023⁸		15,648		15,625
Wynn Resorts Finance, LLC 7.75% 4/15/2025⁸		12,005		12,070
				2,606,130

Energy 1.98%
Antero Midstream Partners, LP 5.375% 6/15/2029⁸		14,760		13,728
Antero Resources Corp. 7.625% 2/1/2029⁸		5,135		5,258
Antero Resources Corp. 5.375% 3/1/2030⁸		52		49
Apache Corp. 4.25% 1/15/2030		4,870		4,462
Apache Corp. 6.00% 1/15/2037		3,565		3,381
Apache Corp. 5.10% 9/1/2040		2,505		2,191
Apache Corp. 4.75% 4/15/2043		2,565		2,033
Apache Corp. 5.35% 7/1/2049		32,840		27,239
Ascent Resources - Utica, LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 11/1/2025^7,8,11		6,827		7,254
Ascent Resources Utica Holdings, LLC 7.00% 11/1/2026⁸		30,865		29,459
Ascent Resources Utica Holdings, LLC 9.00% 11/1/2027⁸		959		1,187
Ascent Resources Utica Holdings, LLC 8.25% 12/31/2028⁸		6,340		6,218
Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029⁸		9,090		8,013
Baker Hughes Co. 4.486% 5/1/2030		1,650		1,626
BIP-V Chinook Holdco, LLC 5.50% 6/15/2031⁸		36,675		33,455
Blue Racer Midstream, LLC 7.625% 12/15/2025⁸		10,281		10,455
Bonanza Creek Energy, Inc. 5.00% 10/15/2026⁸		23,690		22,121
BP Capital Markets America, Inc. 2.772% 11/10/2050		3,032		2,106


The Income Fund of America	15

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
California Resources Corp. 7.125% 2/1/2026⁸	USD	26,405	$	25,741
Canadian Natural Resources, Ltd. 2.05% 7/15/2025		3,150		2,949
Canadian Natural Resources, Ltd. 3.85% 6/1/2027		2,760		2,667
Canadian Natural Resources, Ltd. 4.95% 6/1/2047		534		498
Cenovus Energy, Inc. 5.375% 7/15/2025		4,421		4,429
Cenovus Energy, Inc. 4.25% 4/15/2027		18,549		18,125
Centennial Resource Production, LLC 6.875% 4/1/2027⁸		2,490		2,443
Cheniere Energy Partners, LP 4.50% 10/1/2029		32,421		30,463
Cheniere Energy Partners, LP 4.00% 3/1/2031		8,070		7,248
Cheniere Energy Partners, LP 3.25% 1/31/2032		4,389		3,670
Cheniere Energy, Inc. 4.625% 10/15/2028		51,845		49,429
Chesapeake Energy Corp. 4.875% 4/15/2022¹²		28,085		555
Chesapeake Energy Corp. 5.50% 2/1/2026⁸		19,835		19,251
Chesapeake Energy Corp. 5.875% 2/1/2029⁸		31,345		30,054
Chesapeake Energy Corp. 6.75% 4/15/2029⁸		18,880		18,642
CNX Midstream Partners, LP 4.75% 4/15/2030⁸		8,065		6,836
CNX Resources Corp. 7.25% 3/14/2027⁸		26,180		26,087
CNX Resources Corp. 6.00% 1/15/2029⁸		34,027		31,289
CNX Resources Corp. 7.375% 1/15/2031⁸		22,699		22,103
Comstock Resources, Inc. 6.75% 3/1/2029⁸		17,870		16,509
Comstock Resources, Inc. 5.875% 1/15/2030⁸		15,235		13,082
Constellation Oil Services Holding SA 13.50% 6/30/2025^2,8		8,658		8,659
Continental Resources, Inc. 5.75% 1/15/2031⁸		11,330		11,138
Crescent Energy Finance, LLC 9.25% 2/15/2028⁸		15,093		15,090
Crestwood Midstream Partners, LP 8.00% 4/1/2029⁸		41,410		42,080
Crestwood Midstream Partners, LP 7.375% 2/1/2031⁸		14,441		14,547
Devon Energy Corp. 4.50% 1/15/2030		11,418		11,048
Diamond Foreign Asset Co. 9.00% Cash 4/22/2027^7,8,9		2,085		2,002
Diamond Foreign Asset Co. 9.00% Cash 4/22/2027⁹		1,889		1,813
DT Midstream, Inc. 4.125% 6/15/2029⁸		8,935		7,855
DT Midstream, Inc. 4.375% 6/15/2031⁸		8,915		7,811
Ecopetrol SA 8.875% 1/13/2033		65,030		66,797
El Paso Pipeline Partners Operating Co., LLC 4.70% 11/1/2042		33,265		29,416
Enbridge Energy Partners, LP 5.875% 10/15/2025		1,145		1,169
Enbridge Energy Partners, LP 7.375% 10/15/2045		3,000		3,594
Enbridge, Inc. 4.00% 10/1/2023		2,630		2,612
Enbridge, Inc. 2.50% 1/15/2025		1,600		1,525
Energy Transfer Operating, LP 2.90% 5/15/2025		3,150		3,007
Energy Transfer Operating, LP 5.00% 5/15/2050		7,353		6,429
Energy Transfer Partners, LP 4.50% 4/15/2024		1,585		1,572
Energy Transfer Partners, LP 4.75% 1/15/2026		8,000		7,932
Energy Transfer Partners, LP 4.20% 4/15/2027		2,450		2,369
Energy Transfer Partners, LP 4.95% 6/15/2028		3,200		3,184
Enterprise Products Operating, LLC 5.05% 1/10/2026		10,321		10,475
Enterprise Products Operating, LLC 5.35% 1/31/2033		3,969		4,129
Enterprise Products Operating, LLC 3.20% 2/15/2052		400		287
EQM Midstream Partners, LP 4.125% 12/1/2026		3,036		2,750
EQM Midstream Partners, LP 6.50% 7/1/2027⁸		38,110		37,471
EQM Midstream Partners, LP 5.50% 7/15/2028		19,665		18,164
EQM Midstream Partners, LP 4.50% 1/15/2029⁸		22,045		19,364
EQM Midstream Partners, LP 7.50% 6/1/2030⁸		11,535		11,535
EQM Midstream Partners, LP 4.75% 1/15/2031⁸		21,700		18,384
EQT Corp. 6.125% 2/1/2025¹⁰		16,935		17,121
EQT Corp. 5.00% 1/15/2029		6,485		6,293
EQT Corp. 7.25% 2/1/2030¹⁰		7,100		7,561
EQT Corp. 3.625% 5/15/2031⁸		2,115		1,854
Equinor ASA 3.00% 4/6/2027		7,000		6,697
Equinor ASA 3.625% 9/10/2028		5,265		5,122
Equinor ASA 3.25% 11/18/2049		7,583		5,959
Exxon Mobil Corp. 2.44% 8/16/2029		4,315		3,910
Exxon Mobil Corp. 2.61% 10/15/2030		1,700		1,534
Exxon Mobil Corp. 3.452% 4/15/2051		5,000		4,085
Genesis Energy, LP 6.50% 10/1/2025		27,824		27,372
Genesis Energy, LP 6.25% 5/15/2026		4,500		4,307
Genesis Energy, LP 8.00% 1/15/2027		52,582		51,985
Genesis Energy, LP 7.75% 2/1/2028		17,135		16,590
Genesis Energy, LP 8.875% 4/15/2030		16,194		16,477


16	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Harvest Midstream I, LP 7.50% 9/1/2028⁸	USD	17,985	$	17,717
Hess Midstream Operations, LP 4.25% 2/15/2030⁸		5,020		4,403
Hess Midstream Operations, LP 5.50% 10/15/2030⁸		8,545		7,979
Hess Midstream Partners, LP 5.125% 6/15/2028⁸		14,435		13,611
Hilcorp Energy I, LP 6.25% 11/1/2028⁸		4,000		3,847
Hilcorp Energy I, LP 5.75% 2/1/2029⁸		2,960		2,756
Hilcorp Energy I, LP 6.00% 4/15/2030⁸		11,940		11,114
Hilcorp Energy I, LP 6.00% 2/1/2031⁸		19,400		18,012
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 4/15/2027⁸		4,295		4,252
Kinder Morgan Energy Partners, LP 5.00% 3/1/2043		20,000		18,163
Kinder Morgan, Inc. 5.20% 6/1/2033		11,443		11,415
Kinder Morgan, Inc. 5.45% 8/1/2052		2,683		2,578
MPLX, LP 1.75% 3/1/2026		2,200		2,004
MPLX, LP 2.65% 8/15/2030		8,351		7,129
MPLX, LP 4.70% 4/15/2048		5,147		4,450
Nabors Industries, Inc. 7.375% 5/15/2027⁸		6,535		6,552
New Fortress Energy, Inc. 6.75% 9/15/2025⁸		23,360		22,383
New Fortress Energy, Inc. 6.50% 9/30/2026⁸		47,845		44,090
NGL Energy Operating, LLC 7.50% 2/1/2026⁸		161,084		153,204
NGL Energy Partners, LP 6.125% 3/1/2025		26,098		23,190
Northern Oil and Gas, Inc. 8.125% 3/1/2028⁸		35,360		35,269
NuStar Logistics, LP 6.00% 6/1/2026		9,165		8,986
NuStar Logistics, LP 5.625% 4/28/2027		2,270		2,182
Oasis Petroleum, Inc. 6.375% 6/1/2026⁸		16,763		16,532
Occidental Petroleum Corp. 2.90% 8/15/2024		13,065		12,537
Occidental Petroleum Corp. 5.875% 9/1/2025		26,705		27,063
Occidental Petroleum Corp. 8.50% 7/15/2027		13,000		14,397
Occidental Petroleum Corp. 6.375% 9/1/2028		10,370		10,786
Occidental Petroleum Corp. 8.875% 7/15/2030		43,590		51,386
Occidental Petroleum Corp. 6.625% 9/1/2030		11,445		12,164
Occidental Petroleum Corp. 6.125% 1/1/2031		8,850		9,250
Occidental Petroleum Corp. 6.45% 9/15/2036		5,400		5,687
Occidental Petroleum Corp. 6.20% 3/15/2040		1,500		1,517
Occidental Petroleum Corp. 6.60% 3/15/2046		5,125		5,464
ONEOK, Inc. 2.20% 9/15/2025		50		47
ONEOK, Inc. 5.85% 1/15/2026		5,631		5,772
ONEOK, Inc. 3.10% 3/15/2030		134		118
ONEOK, Inc. 6.35% 1/15/2031		837		890
ONEOK, Inc. 5.20% 7/15/2048		636		576
ONEOK, Inc. 4.50% 3/15/2050		285		231
ONEOK, Inc. 7.15% 1/15/2051		352		393
Parkland Corp. 4.625% 5/1/2030⁸		5,545		4,774
Petróleos Mexicanos 4.625% 9/21/2023		4,243		4,208
Petróleos Mexicanos 6.875% 10/16/2025		18,955		19,008
Petróleos Mexicanos 6.875% 8/4/2026		71,850		70,500
Petróleos Mexicanos 6.49% 1/23/2027		5,378		5,057
Petróleos Mexicanos 6.50% 3/13/2027		72,935		68,947
Petróleos Mexicanos 6.50% 1/23/2029		865		784
Petróleos Mexicanos 8.75% 6/2/2029		24,503		23,892
Petróleos Mexicanos 5.95% 1/28/2031		6,039		4,842
Petróleos Mexicanos 6.70% 2/16/2032		50,565		42,042
Petróleos Mexicanos 6.75% 9/21/2047		5,324		3,701
Pioneer Natural Resources Company 2.15% 1/15/2031		5,684		4,718
Plains All American Pipeline, LP 3.80% 9/15/2030		450		409
Range Resources Corp. 4.875% 5/15/2025		2,375		2,294
Range Resources Corp. 8.25% 1/15/2029		25,655		26,408
Range Resources Corp. 4.75% 2/15/2030⁸		22,135		19,856
Rockies Express Pipeline, LLC 4.95% 7/15/2029⁸		11,768		10,651
Sabine Pass Liquefaction, LLC 5.75% 5/15/2024		4,247		4,272
Sanchez Energy Corp. 7.25% 2/15/2023^8,12		5,374		60
SM Energy Co. 6.50% 7/15/2028		2,975		2,834
Southwestern Energy Co. 5.95% 1/23/2025¹⁰		13,213		13,116
Southwestern Energy Co. 7.75% 10/1/2027		7,950		8,300
Southwestern Energy Co. 8.375% 9/15/2028		7,755		8,154
Southwestern Energy Co. 5.375% 2/1/2029		10,880		10,237
Southwestern Energy Co. 5.375% 3/15/2030		39,660		36,994
Southwestern Energy Co. 4.75% 2/1/2032		10,135		8,947


The Income Fund of America	17

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Statoil ASA 3.25% 11/10/2024	USD	850	$	833
Statoil ASA 4.25% 11/23/2041		3,000		2,824
Suburban Propane Partners, LP / Suburban Energy Finance Corp. 5.00% 6/1/2031⁸		6,125		5,337
Sunoco Logistics Operating Partners, LP 4.00% 10/1/2027		1,900		1,821
Sunoco, LP 6.00% 4/15/2027		12,160		12,169
Sunoco, LP 5.875% 3/15/2028		12,700		12,490
Sunoco, LP 4.50% 5/15/2029		12,580		11,398
Sunoco, LP 4.50% 4/30/2030		6,950		6,201
Superior Plus, LP and Superior General Partner, Inc. 4.50% 3/15/2029⁸		3,825		3,386
Targa Resources Partners, LP 6.50% 7/15/2027		4,740		4,857
Targa Resources Partners, LP 6.875% 1/15/2029		9,385		9,649
Targa Resources Partners, LP 5.50% 3/1/2030		22,550		22,031
Total Capital International 3.127% 5/29/2050		8,100		6,198
Total SE 2.986% 6/29/2041		7,401		5,908
TransCanada PipeLines, Ltd. 4.10% 4/15/2030		5,254		5,012
Transocean Poseidon, Ltd. 6.875% 2/1/2027⁸		8,781		8,770
Transocean Titan Financing, Ltd. 8.375% 2/1/2028⁸		22,659		23,544
Valero Energy Corp. 4.00% 4/1/2029		6,000		5,803
Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030⁸		7,746		7,900
Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031⁸		36,865		32,736
Weatherford International, Ltd. 11.00% 12/1/2024⁸		2,920		3,012
Weatherford International, Ltd. 6.50% 9/15/2028⁸		22,665		22,576
Weatherford International, Ltd. 8.625% 4/30/2030⁸		63,530		64,208
Western Gas Partners, LP 4.50% 3/1/2028		29,990		28,374
Western Gas Partners, LP 5.45% 4/1/2044		1,210		1,066
Western Midstream Operating, LP 3.35% 2/1/2025¹⁰		9,602		9,181
Western Midstream Operating, LP 4.75% 8/15/2028		3,540		3,340
Western Midstream Operating, LP 4.30% 2/1/2030¹⁰		13,900		12,750
Williams Companies, Inc. 3.50% 11/15/2030		2,081		1,908
				2,403,763

Health care 1.73%
AbbVie, Inc. 2.95% 11/21/2026		2,890		2,736
AbbVie, Inc. 4.55% 3/15/2035		6,750		6,629
AbbVie, Inc. 4.30% 5/14/2036		1,003		955
AbbVie, Inc. 4.75% 3/15/2045		1,203		1,158
AdaptHealth, LLC 5.125% 3/1/2030⁸		15,450		13,770
AmerisourceBergen Corp. 0.737% 3/15/2023		4,382		4,361
Amgen, Inc. 4.05% 8/18/2029		5,900		5,704
Amgen, Inc. 4.40% 2/22/2062		3,999		3,424
Anthem, Inc. 2.375% 1/15/2025		2,046		1,956
AstraZeneca Finance, LLC 1.20% 5/28/2026		10,098		9,126
AstraZeneca Finance, LLC 1.75% 5/28/2028		5,612		4,941
AstraZeneca Finance, LLC 2.25% 5/28/2031		2,650		2,294
AstraZeneca PLC 3.375% 11/16/2025		4,500		4,395
Avantor Funding, Inc. 4.625% 7/15/2028⁸		27,540		25,996
Avantor Funding, Inc. 3.875% 11/1/2029⁸		25,835		22,748
Bausch Health Americas, Inc. 9.25% 4/1/2026⁸		8,225		6,128
Bausch Health Americas, Inc. 8.50% 1/31/2027⁸		6,320		3,342
Bausch Health Companies, Inc. 9.00% 12/15/2025⁸		16,475		13,000
Bausch Health Companies, Inc. 7.00% 1/15/2028⁸		7,120		3,271
Bausch Health Companies, Inc. 5.00% 1/30/2028⁸		19,194		8,635
Bausch Health Companies, Inc. 4.875% 6/1/2028⁸		60,725		39,115
Bausch Health Companies, Inc. 5.00% 2/15/2029⁸		1,145		516
Bausch Health Companies, Inc. 7.25% 5/30/2029⁸		1,325		594
Bausch Health Companies, Inc. 5.25% 2/15/2031⁸		17,603		7,987
Baxter International, Inc. 1.322% 11/29/2024		21,489		20,181
Baxter International, Inc. 1.915% 2/1/2027		21,489		19,407
Baxter International, Inc. 2.272% 12/1/2028		11,534		10,094
Bayer US Finance II, LLC 3.875% 12/15/2023⁸		3,850		3,802
Bayer US Finance II, LLC 4.25% 12/15/2025⁸		14,109		13,874
Bayer US Finance II, LLC 4.40% 7/15/2044⁸		13,090		10,878
Boston Scientific Corp. 1.90% 6/1/2025		9,109		8,572
Catalent Pharma Solutions, Inc. 5.00% 7/15/2027⁸		11,937		11,305
Catalent Pharma Solutions, Inc. 3.125% 2/15/2029⁸		17,495		14,499
Catalent Pharma Solutions, Inc. 3.50% 4/1/2030⁸		4,915		4,067
Centene Corp. 4.25% 12/15/2027		50,425		48,431


18	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Centene Corp. 2.45% 7/15/2028	USD	47,440	$	41,154
Centene Corp. 4.625% 12/15/2029		59,080		56,202
Centene Corp. 3.375% 2/15/2030		44,100		38,837
Centene Corp. 3.00% 10/15/2030		2,188		1,874
Centene Corp. 2.50% 3/1/2031		12,110		9,917
Centene Corp. 2.625% 8/1/2031		2,630		2,158
Charles River Laboratories International, Inc. 4.25% 5/1/2028⁸		27,840		25,794
Charles River Laboratories International, Inc. 3.75% 3/15/2029⁸		2,500		2,230
Community Health Systems, Inc. 5.625% 3/15/2027⁸		21,210		18,803
Community Health Systems, Inc. 6.00% 1/15/2029⁸		8,870		7,797
Community Health Systems, Inc. 5.25% 5/15/2030⁸		29,625		23,943
CVS Health Corp. 4.30% 3/25/2028		14,910		14,666
DaVita, Inc. 4.625% 6/1/2030⁸		15,055		12,700
Elevance Health, Inc. 4.90% 2/8/2026		6,445		6,452
Elevance Health, Inc. 4.75% 2/15/2033		3,648		3,664
Elevance Health, Inc. 5.125% 2/15/2053		1,546		1,556
Eli Lilly and Company 3.375% 3/15/2029		1,353		1,298
Encompass Health Corp. 4.50% 2/1/2028		13,743		12,848
Encompass Health Corp. 4.75% 2/1/2030		4,560		4,186
GlaxoSmithKline PLC 3.625% 5/15/2025		4,625		4,555
Grifols Escrow Issuer SA 4.75% 10/15/2028⁸		14,480		12,612
HCA, Inc. 5.875% 2/15/2026		13,870		14,124
HCA, Inc. 5.375% 9/1/2026		9,680		9,742
HCA, Inc. 3.125% 3/15/2027⁸		8,130		7,563
HCA, Inc. 5.625% 9/1/2028		20,915		21,297
HCA, Inc. 3.375% 3/15/2029⁸		9,299		8,424
HCA, Inc. 3.50% 9/1/2030		20,534		18,417
HCA, Inc. 2.375% 7/15/2031		305		248
HCA, Inc. 3.625% 3/15/2032⁸		10,000		8,886
HCA, Inc. 4.375% 3/15/2042⁸		5,000		4,260
HCA, Inc. 4.625% 3/15/2052⁸		4,747		4,010
HealthEquity, Inc. 4.50% 10/1/2029⁸		22,525		20,195
Iqvia, Inc. 5.00% 5/15/2027⁸		11,510		11,184
Jazz Securities DAC 4.375% 1/15/2029⁸		14,125		12,906
Mallinckrodt PLC 10.00% 4/15/2025⁸		12,820		11,202
Merck & Co., Inc. 1.90% 12/10/2028		2,740		2,420
Merck & Co., Inc. 2.75% 12/10/2051		5,514		3,981
Molina Healthcare, Inc. 4.375% 6/15/2028⁸		25,980		24,030
Molina Healthcare, Inc. 3.875% 11/15/2030⁸		12,815		11,038
Molina Healthcare, Inc. 3.875% 5/15/2032⁸		32,460		27,260
Mozart Debt Merger Sub, Inc. 5.25% 10/1/2029⁸		19,695		16,518
Novant Health, Inc. 3.168% 11/1/2051		6,000		4,439
Novartis Capital Corp. 2.00% 2/14/2027		3,090		2,864
Option Care Health, Inc. 4.375% 10/31/2029⁸		16,705		14,453
Organon Finance 1, LLC 4.125% 4/30/2028⁸		28,670		25,966
Owens & Minor, Inc. 4.375% 12/15/2024		32,762		32,012
Owens & Minor, Inc. 4.50% 3/31/2029⁸		44,090		35,979
Par Pharmaceutical, Inc. 7.50% 4/1/2027⁸		67,797		53,128
Pfizer, Inc. 3.45% 3/15/2029		4,800		4,635
Radiology Partners, Inc. 9.25% 2/1/2028⁸		35,255		21,383
Rede D’Or Finance SARL 4.95% 1/17/2028		1,820		1,691
Rede D’Or Finance SARL 4.50% 1/22/2030		8,840		7,746
RP Escrow Issuer, LLC 5.25% 12/15/2025⁸		13,660		11,167
Select Medical Holdings Corp. 6.25% 8/15/2026⁸		18,853		18,437
Shire PLC 2.875% 9/23/2023		1,759		1,733
Summa Health 3.511% 11/15/2051		2,650		1,926
Surgery Center Holdings 10.00% 4/15/2027⁸		9,612		9,818
Tenet Healthcare Corp. 4.625% 7/15/2024		5,642		5,572
Tenet Healthcare Corp. 4.875% 1/1/2026		106,640		103,987
Tenet Healthcare Corp. 5.125% 11/1/2027		13,695		13,197
Tenet Healthcare Corp. 4.25% 6/1/2029		35,940		32,054
Tenet Healthcare Corp. 4.375% 1/15/2030		10,985		9,781
Teva Pharmaceutical Finance Co. BV 2.80% 7/21/2023		11,500		11,359
Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024		76,069		75,926
Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025		26,880		27,278
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026		100,615		90,397
Teva Pharmaceutical Finance Co. BV 4.75% 5/9/2027		98,070		91,205


The Income Fund of America	19

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028	USD	214,795	$	216,299
Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029		108,360		100,064
Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046		126,935		87,185
Teva Pharmaceutical Finance Co., LLC 6.15% 2/1/2036		2,435		2,255
UnitedHealth Group, Inc. 1.15% 5/15/2026		5,633		5,102
UnitedHealth Group, Inc. 5.30% 2/15/2030		10,000		10,520
UnitedHealth Group, Inc. 2.00% 5/15/2030		2,102		1,796
UnitedHealth Group, Inc. 4.20% 5/15/2032		3,066		3,024
UnitedHealth Group, Inc. 3.05% 5/15/2041		8,325		6,660
UnitedHealth Group, Inc. 3.25% 5/15/2051		5,379		4,216
UnitedHealth Group, Inc. 4.75% 5/15/2052		3,002		2,977
Valeant Pharmaceuticals International, Inc. 5.50% 11/1/2025⁸		67,990		57,909
				2,104,982

Communication services 1.57%
Altice France Holding SA 10.50% 5/15/2027⁸		11,630		10,007
Altice France Holding SA 5.125% 7/15/2029⁸		71,512		56,223
AT&T, Inc. 1.65% 2/1/2028		7,175		6,293
AT&T, Inc. 3.50% 9/15/2053		11,419		8,438
British Telecommunications PLC 9.625% 12/15/2030¹⁰		4,011		5,062
CCO Holdings, LLC 5.125% 5/1/2027⁸		13,485		12,868
CCO Holdings, LLC 5.00% 2/1/2028⁸		13,250		12,390
CCO Holdings, LLC 4.75% 3/1/2030⁸		28,837		25,232
CCO Holdings, LLC 4.50% 8/15/2030⁸		41,075		35,145
CCO Holdings, LLC 4.25% 2/1/2031⁸		43,950		36,665
CCO Holdings, LLC 4.75% 2/1/2032⁸		27,835		23,699
CCO Holdings, LLC 4.50% 5/1/2032		19,415		16,091
CCO Holdings, LLC 4.50% 6/1/2033⁸		37,190		30,271
Centerfield Media Parent, Inc. 6.625% 8/1/2026⁸		11,255		7,846
CenturyLink, Inc. 4.00% 2/15/2027⁸		45,226		38,202
CenturyLink, Inc. 7.65% 3/15/2042		270		180
Charter Communications Operating, LLC 3.70% 4/1/2051		15,000		9,986
Charter Communications Operating, LLC 3.90% 6/1/2052		5,000		3,419
Cogent Communications Group, Inc. 3.50% 5/1/2026⁸		10,700		9,920
Comcast Corp. 2.887% 11/1/2051		11,570		8,095
Connect Finco SARL 6.75% 10/1/2026⁸		16,600		15,894
CSC Holdings, LLC 3.375% 2/15/2031⁸		18,725		13,083
Diamond Sports Group, LLC 6.625% 8/15/2027⁸		27,190		578
Directv Financing, LLC 5.875% 8/15/2027⁸		46,420		42,116
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 9.570% 8/2/2027^7,11		12,798		12,610
DISH Network Corp. 11.75% 11/15/2027⁸		64,175		66,781
Embarq Corp. 7.995% 6/1/2036		55,817		27,023
Fox Corp. 4.03% 1/25/2024		1,120		1,108
Frontier Communications Corp. 5.875% 10/15/2027⁸		34,240		32,741
Frontier Communications Corp. 5.00% 5/1/2028⁸		49,395		44,979
Frontier Communications Corp. 6.75% 5/1/2029⁸		49,388		42,413
Frontier Communications Holdings, LLC 5.875% 11/1/2029		12,195		9,956
Frontier Communications Holdings, LLC 6.00% 1/15/2030⁸		9,875		8,123
Frontier Communications Holdings, LLC 8.75% 5/15/2030⁸		17,175		17,823
Gray Escrow II, Inc. 5.375% 11/15/2031⁸		4,650		3,582
Gray Television, Inc. 7.00% 5/15/2027⁸		17,880		16,291
iHeartCommunications, Inc. 5.25% 8/15/2027⁸		21,050		18,880
Intelsat Jackson Holding Co. 6.50% 3/15/2030⁸		18,565		16,903
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 9.23% 12/4/2026^7,11		6,300		5,970
Lamar Media Corp. 3.75% 2/15/2028		5,094		4,631
Lamar Media Corp. 4.875% 1/15/2029		21,525		20,282
Lamar Media Corp. 3.625% 1/15/2031		8,515		7,242
Liberty Global PLC 5.50% 1/15/2028⁸		7,975		7,288
Ligado Networks, LLC 15.50% PIK 11/1/2023^8,9		55,989		19,458
Live Nation Entertainment, Inc. 4.75% 10/15/2027⁸		10,000		9,263
Live Nation Entertainment, Inc. 3.75% 1/15/2028⁸		5,950		5,309
Meta Platforms, Inc. 3.85% 8/15/2032		9,295		8,647
Midas OpCo Holdings, LLC 5.625% 8/15/2029⁸		16,750		14,699
Netflix, Inc. 3.625% 6/15/2025⁸		290		279
Netflix, Inc. 4.875% 4/15/2028		26,324		26,259
Netflix, Inc. 5.875% 11/15/2028		39,267		40,835


20	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Netflix, Inc. 6.375% 5/15/2029	USD	19,046	$	20,432
Netflix, Inc. 5.375% 11/15/2029⁸		39,589		40,205
Netflix, Inc. 4.875% 6/15/2030⁸		34,734		34,342
News Corp. 3.875% 5/15/2029⁸		17,450		15,638
News Corp. 5.125% 2/15/2032⁸		22,780		21,477
Nexstar Broadcasting, Inc. 4.75% 11/1/2028⁸		56,875		51,412
Nexstar Escrow Corp. 5.625% 7/15/2027⁸		6,480		6,182
SBA Tower Trust 1.631% 11/15/2026⁸		23,592		20,631
Scripps Escrow II, Inc. 3.875% 1/15/2029⁸		7,300		6,107
Sinclair Television Group, Inc. 4.125% 12/1/2030⁸		11,150		8,877
Sirius XM Radio, Inc. 5.00% 8/1/2027⁸		4,791		4,540
Sirius XM Radio, Inc. 4.00% 7/15/2028⁸		57,450		51,210
Sirius XM Radio, Inc. 4.125% 7/1/2030⁸		19,300		16,575
Sirius XM Radio, Inc. 3.875% 9/1/2031⁸		34,805		28,736
Sprint Corp. 7.125% 6/15/2024		10,000		10,225
Sprint Corp. 7.625% 2/15/2025		36,000		37,415
Sprint Corp. 7.625% 3/1/2026		29,760		31,514
Sprint Corp. 6.875% 11/15/2028		50,192		53,763
Sprint Corp. 8.75% 3/15/2032		20,210		24,987
Take-Two Interactive Software, Inc. 3.30% 3/28/2024		7,634		7,483
Take-Two Interactive Software, Inc. 4.00% 4/14/2032		4,502		4,227
T-Mobile US, Inc. 2.25% 2/15/2026		8,000		7,426
T-Mobile US, Inc. 2.625% 4/15/2026		6,250		5,811
T-Mobile US, Inc. 2.05% 2/15/2028		11,475		10,115
T-Mobile US, Inc. 2.625% 2/15/2029		5,585		4,890
T-Mobile US, Inc. 2.40% 3/15/2029		2,929		2,550
T-Mobile US, Inc. 2.55% 2/15/2031		1,790		1,521
T-Mobile US, Inc. 2.875% 2/15/2031		26,123		22,363
T-Mobile US, Inc. 2.70% 3/15/2032		6,775		5,735
T-Mobile US, Inc. 3.40% 10/15/2052		4,589		3,354
Univision Communications, Inc. 5.125% 2/15/2025⁸		5,770		5,628
Univision Communications, Inc. 6.625% 6/1/2027⁸		39,575		38,834
Univision Communications, Inc. 4.50% 5/1/2029⁸		73,515		63,353
Univision Communications, Inc. 7.375% 6/30/2030⁸		9,250		9,083
UPC Broadband Finco BV 4.875% 7/15/2031⁸		48,900		43,088
Verizon Communications, Inc. 4.329% 9/21/2028		14,870		14,676
Verizon Communications, Inc. 2.55% 3/21/2031		6,100		5,211
Verizon Communications, Inc. 3.40% 3/22/2041		10,000		8,062
Verizon Communications, Inc. 2.875% 11/20/2050		5,625		3,832
Virgin Media O2 4.25% 1/31/2031⁸		25,888		21,652
Virgin Media Secured Finance PLC 4.50% 8/15/2030⁸		26,070		22,520
VMED O2 UK Financing I PLC 4.75% 7/15/2031⁸		1,068		910
Vodafone Group PLC 4.25% 9/17/2050		7,275		6,045
VZ Secured Financing BV 5.00% 1/15/2032⁸		21,790		18,685
Warner Music Group 3.75% 12/1/2029⁸		3,621		3,174
Warner Music Group 3.875% 7/15/2030⁸		24,344		21,490
Warner Music Group 3.00% 2/15/2031⁸		7,235		6,010
WarnerMedia Holdings, Inc. 3.428% 3/15/2024⁸		20,413		19,983
WarnerMedia Holdings, Inc. 3.638% 3/15/2025⁸		17,133		16,528
WarnerMedia Holdings, Inc. 3.755% 3/15/2027⁸		20,795		19,500
WarnerMedia Holdings, Inc. 4.054% 3/15/2029⁸		5,500		5,051
WarnerMedia Holdings, Inc. 4.279% 3/15/2032⁸		14,439		12,862
WarnerMedia Holdings, Inc. 5.05% 3/15/2042⁸		11,475		9,811
WarnerMedia Holdings, Inc. 5.141% 3/15/2052⁸		5,370		4,467
WarnerMedia Holdings, Inc. 5.391% 3/15/2062⁸		3,203		2,670
Ziggo Bond Co. BV 5.125% 2/28/2030⁸		21,600		17,881
Ziggo Bond Finance BV 4.875% 1/15/2030⁸		17,345		15,131
ZipRecruiter, Inc. 5.00% 1/15/2030⁸		17,000		14,812
				1,907,770

Industrials 1.48%
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026⁸		7,905		7,758
Air Lease Corp. 2.875% 1/15/2026		21,796		20,457
Air Lease Corp. 2.20% 1/15/2027		11,245		10,088
Air Lease Corp. 5.30% 2/1/2028		13,000		12,985
Air Lease Corp. 2.10% 9/1/2028		5,900		5,043
Allison Transmission Holdings, Inc. 3.75% 1/30/2031⁸		25,185		21,337


The Income Fund of America	21

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
American Airlines, Inc., Series 2013-2, Class A, 4.95% 7/15/2024	USD	1,506	$	1,506
Ashtead Capital, Inc. 5.50% 8/11/2032⁸		23,490		23,588
Associated Materials, LLC, Term Loan B, (3-month USD CME Term SOFR + 6.00%) 10.561% 3/8/2029^7,11		29,850		25,820
Atkore, Inc. 4.25% 6/1/2031⁸		12,215		10,734
ATS Automation Tooling Systems, Inc. 4.125% 12/15/2028⁸		3,975		3,566
Avis Budget Car Rental, LLC 5.75% 7/15/2027⁸		12,675		11,926
Avis Budget Group, Inc. 5.375% 3/1/2029⁸		18,760		16,797
Avolon Holdings Funding, Ltd. 3.95% 7/1/2024⁸		22,645		21,951
Avolon Holdings Funding, Ltd. 2.125% 2/21/2026⁸		17,179		15,376
Avolon Holdings Funding, Ltd. 4.25% 4/15/2026⁸		8,919		8,474
Avolon Holdings Funding, Ltd. 3.25% 2/15/2027⁸		17,000		15,360
Avolon Holdings Funding, Ltd. 2.528% 11/18/2027⁸		4,438		3,833
Avolon Holdings Funding, Ltd. 2.75% 2/21/2028⁸		10,000		8,621
Boeing Company 1.95% 2/1/2024		523		507
Boeing Company 4.875% 5/1/2025		55,978		56,005
Boeing Company 2.75% 2/1/2026		16,896		15,937
Boeing Company 2.196% 2/4/2026		29,049		26,868
Boeing Company 3.10% 5/1/2026		1,454		1,385
Boeing Company 5.04% 5/1/2027		22,445		22,680
Boeing Company 3.25% 2/1/2028		20,952		19,573
Boeing Company 3.25% 3/1/2028		1,025		956
Boeing Company 5.15% 5/1/2030		67,436		68,019
Boeing Company 3.625% 2/1/2031		4,650		4,263
Boeing Company 3.60% 5/1/2034		9,000		7,727
Boeing Company 3.25% 2/1/2035		475		386
Boeing Company 3.50% 3/1/2039		5,544		4,341
Boeing Company 5.705% 5/1/2040		23,854		24,436
Boeing Company 3.90% 5/1/2049		3,149		2,450
Boeing Company 3.75% 2/1/2050		1,805		1,391
Boeing Company 5.805% 5/1/2050		33,779		34,528
Bombardier, Inc. 7.125% 6/15/2026⁸		45,450		45,402
Bombardier, Inc. 7.875% 4/15/2027⁸		94,990		95,035
Bombardier, Inc. 6.00% 2/15/2028⁸		32,983		31,325
Bombardier, Inc. 7.50% 2/1/2029⁸		9,034		9,035
Burlington Northern Santa Fe, LLC 3.55% 2/15/2050		10,000		8,266
BWX Technologies, Inc. 4.125% 6/30/2028⁸		5,190		4,689
BWX Technologies, Inc. 4.125% 4/15/2029⁸		13,360		11,972
Canadian Pacific Railway, Ltd. 1.75% 12/2/2026		3,515		3,184
Canadian Pacific Railway, Ltd. 2.45% 12/2/2031		5,255		4,540
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051		5,532		4,086
Carrier Global Corp. 2.722% 2/15/2030		2,000		1,749
Carrier Global Corp. 3.577% 4/5/2050		4,100		3,197
Chart Industries, Inc. 7.50% 1/1/2030⁸		11,063		11,326
Clarivate Science Holdings Corp. 3.875% 7/1/2028⁸		12,595		11,255
Clarivate Science Holdings Corp. 4.875% 7/1/2029⁸		25,820		22,754
Clean Harbors, Inc. 6.375% 2/1/2031⁸		14,638		14,929
CoreLogic, Inc. 4.50% 5/1/2028⁸		80,461		64,083
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 11.125% 6/4/2029^7,11		3,525		2,585
Covanta Holding Corp. 4.875% 12/1/2029⁸		19,365		16,947
CSX Corp. 3.80% 3/1/2028		1,550		1,512
CSX Corp. 4.50% 3/15/2049		3,785		3,523
CSX Corp. 4.50% 11/15/2052		9,000		8,368
Dun & Bradstreet Corp. 5.00% 12/15/2029⁸		44,192		39,189
General Dynamics Corp. 3.625% 4/1/2030		6,433		6,213
General Electric Co., Series D, (3-month USD-LIBOR + 3.33%) 8.099% junior subordinated perpetual bonds⁷		95,170		95,194
Harsco Corp. 5.75% 7/31/2027⁸		25,420		21,545
Honeywell International, Inc. 2.30% 8/15/2024		4,405		4,258
Howmet Aerospace, Inc. 6.875% 5/1/2025		2,815		2,903
Howmet Aerospace, Inc. 5.90% 2/1/2027		5,150		5,247
Icahn Enterprises Finance Corp. 4.75% 9/15/2024		17,320		16,930
Icahn Enterprises, LP 5.25% 5/15/2027		5,855		5,459
Icahn Enterprises, LP 4.375% 2/1/2029		9,625		8,395
JELD-WEN Holding, Inc. 4.875% 12/15/2027⁸		14,345		11,740
L3Harris Technologies, Inc. 1.80% 1/15/2031		8,925		7,173
Labl Escrow Issuer, LLC 10.50% 7/15/2027⁸		7,095		6,759


22	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Lockheed Martin Corp. 5.10% 11/15/2027	USD	3,805	$	3,951
Lockheed Martin Corp. 5.25% 1/15/2033		6,969		7,442
Lockheed Martin Corp. 5.70% 11/15/2054		7,398		8,413
LSC Communications, Inc. 8.75% 10/15/2023^2,8,12		25,850		78
LSC Communications, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 7.75% 9/30/2022^2,7,11,12		3,697		11
Masco Corp. 1.50% 2/15/2028		8,605		7,338
Masco Corp. 2.00% 2/15/2031		4,970		4,028
Masco Corp. 3.125% 2/15/2051		2,294		1,564
MasTec, Inc. 4.50% 8/15/2028⁸		19,290		17,897
Mexico City Airport Trust 3.875% 4/30/2028⁸		770		737
Mexico City Airport Trust 5.50% 10/31/2046		2,303		1,874
Mexico City Airport Trust 5.50% 7/31/2047		4,482		3,637
Mexico City Airport Trust 5.50% 7/31/2047⁸		215		175
Mileage Plus Holdings, LLC 6.50% 6/20/2027⁸		36,216		36,633
Moog, Inc. 4.25% 12/9/2027⁸		11,829		10,986
Mueller Water Products, Inc. 4.00% 6/15/2029⁸		5,110		4,538
Norfolk Southern Corp. 4.45% 3/1/2033		2,208		2,199
Norfolk Southern Corp. 3.05% 5/15/2050		3,727		2,714
Norfolk Southern Corp. 4.55% 6/1/2053		2,321		2,169
Northrop Grumman Corp. 3.25% 1/15/2028		8,995		8,549
Otis Worldwide Corp. 2.293% 4/5/2027		2,440		2,239
PGT Innovations, Inc. 4.375% 10/1/2029⁸		19,090		16,497
Raytheon Technologies Corp. 1.90% 9/1/2031		7,500		6,117
Roller Bearing Company of America, Inc. 4.375% 10/15/2029⁸		3,060		2,761
Rolls-Royce PLC 5.75% 10/15/2027⁸		35,800		34,862
Sensata Technologies Holding BV 4.00% 4/15/2029⁸		19,310		17,361
Sensata Technologies, Inc. 3.75% 2/15/2031⁸		7,225		6,143
Siemens AG 1.20% 3/11/2026⁸		20,585		18,642
Siemens AG 1.70% 3/11/2028⁸		11,475		10,171
SkyMiles IP, Ltd. 4.75% 10/20/2028⁸		36,495		35,579
Spirit AeroSystems, Inc. 9.375% 11/30/2029⁸		9,998		10,878
Stericycle, Inc. 3.875% 1/15/2029⁸		29,450		26,167
The Brink’s Co. 4.625% 10/15/2027⁸		12,800		11,957
TransDigm, Inc. 6.25% 3/15/2026⁸		61,602		61,650
TransDigm, Inc. 5.50% 11/15/2027		55,399		52,967
TransDigm, Inc. 4.625% 1/15/2029		9,870		8,918
Triton Container International, Ltd. 1.15% 6/7/2024⁸		3,938		3,682
Triton Container International, Ltd. 3.15% 6/15/2031⁸		7,222		5,814
Triumph Group, Inc. 8.875% 6/1/2024⁸		18,608		18,913
Triumph Group, Inc. 6.25% 9/15/2024⁸		40,765		39,407
Triumph Group, Inc. 7.75% 8/15/2025		33,535		28,530
Uber Technologies, Inc. 8.00% 11/1/2026⁸		22,165		22,713
Union Pacific Corp. 3.75% 7/15/2025		4,720		4,643
Union Pacific Corp. 2.40% 2/5/2030		1,931		1,702
Union Pacific Corp. 2.891% 4/6/2036		3,245		2,713
Union Pacific Corp. 2.95% 3/10/2052		5,000		3,632
United Airlines, Inc. 4.375% 4/15/2026⁸		7,700		7,319
United Airlines, Inc. 4.625% 4/15/2029⁸		18,680		17,068
United Rentals, Inc. 5.25% 1/15/2030		6,840		6,627
United Rentals, Inc. 3.875% 2/15/2031		8,600		7,580
United Rentals, Inc. 3.75% 1/15/2032		4,750		4,114
United Technologies Corp. 3.95% 8/16/2025		5,290		5,223
Vertical U.S. Newco, Inc. 5.25% 7/15/2027⁸		9,075		8,412
Virgin Australia Holdings, Ltd. 7.875% 10/15/2021^8,12		1,750		10
WESCO Distribution, Inc. 7.125% 6/15/2025⁸		5,905		6,007
WESCO Distribution, Inc. 7.25% 6/15/2028⁸		6,435		6,601
Westinghouse Air Brake Technologies Corp. 4.40% 3/15/2024¹⁰		1,491		1,472
				1,797,463

Materials 1.12%
Air Products and Chemicals, Inc. 1.85% 5/15/2027		1,857		1,693
Alcoa Nederland Holding BV 5.50% 12/15/2027⁸		13,410		13,273
Alcoa Nederland Holding BV 4.125% 3/31/2029⁸		6,725		6,237
Allegheny Technologies, Inc. 4.875% 10/1/2029		30,055		27,536
Allegheny Technologies, Inc. 5.125% 10/1/2031		15,485		14,088
Anglo American Capital PLC 2.25% 3/17/2028⁸		6,553		5,737


The Income Fund of America	23

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Anglo American Capital PLC 2.625% 9/10/2030⁸	USD	16,107	$	13,700
Arconic Corp. 6.00% 5/15/2025⁸		10,820		10,740
Arconic Rolled Products Corp. 6.125% 2/15/2028⁸		3,300		3,175
Ardagh Group SA 6.50% Cash 6/30/2027^8,9		16,497		12,965
Ardagh Metal Packaging Finance USA, LLC 4.00% 9/1/2029⁸		13,540		11,217
Avient Corp. 7.125% 8/1/2030⁸		6,900		6,960
Axalta Coating Systems, LLC 4.75% 6/15/2027⁸		14,076		13,318
Ball Corp. 6.875% 3/15/2028		30,745		31,748
Ball Corp. 3.125% 9/15/2031		20,755		17,001
CAN-PACK SA 3.875% 11/15/2029⁸		17,050		14,178
Celanese US Holdings, LLC 6.165% 7/15/2027		24,000		24,326
Celanese US Holdings, LLC 6.379% 7/15/2032		5,829		5,877
Cleveland-Cliffs, Inc. 7.00% 3/15/2027		1,300		1,293
Cleveland-Cliffs, Inc. 5.875% 6/1/2027		58,860		57,959
Cleveland-Cliffs, Inc. 4.625% 3/1/2029⁸		34,930		32,614
Cleveland-Cliffs, Inc. 4.875% 3/1/2031⁸		8,989		8,408
CRH America, Inc. 5.125% 5/18/2045⁸		350		339
CVR Partners, LP 6.125% 6/15/2028⁸		12,450		11,286
Dow Chemical Co. 3.60% 11/15/2050		13,746		10,669
Element Solutions, Inc. 3.875% 9/1/2028⁸		21,085		18,687
First Quantum Minerals, Ltd. 6.50% 3/1/2024⁸		35,546		35,539
First Quantum Minerals, Ltd. 7.50% 4/1/2025⁸		81,086		79,945
First Quantum Minerals, Ltd. 6.875% 3/1/2026⁸		56,614		55,123
First Quantum Minerals, Ltd. 6.875% 10/15/2027⁸		110,196		106,965
FXI Holdings, Inc. 7.875% 11/1/2024⁸		40,869		36,900
FXI Holdings, Inc. 12.25% 11/15/2026⁸		37,412		33,905
GPC Merger Sub, Inc. 7.125% 8/15/2028⁸		13,485		11,809
International Flavors & Fragrances, Inc. 1.832% 10/15/2027⁸		3,375		2,923
Kaiser Aluminum Corp. 4.625% 3/1/2028⁸		20,295		18,550
Labl, Inc. 8.25% 11/1/2029⁸		14,070		11,828
LSB Industries, Inc. 6.25% 10/15/2028⁸		21,205		19,133
LYB International Finance III, LLC 2.25% 10/1/2030		2,924		2,436
LYB International Finance III, LLC 3.625% 4/1/2051		36,739		26,981
LYB International Finance III, LLC 3.80% 10/1/2060		4,106		2,960
Mauser Packaging Solutions Holding Company 5.50% 4/15/2024⁸		9,890		9,895
Mauser Packaging Solutions Holding Company 7.875% 8/15/2026⁸		15,535		15,690
Methanex Corp. 5.125% 10/15/2027		90,595		86,404
Mineral Resources, Ltd. 8.50% 5/1/2030⁸		30,090		31,127
Nova Chemicals Corp. 4.25% 5/15/2029⁸		23,100		19,838
Novelis Corp. 4.75% 1/30/2030⁸		27,653		25,068
Novelis Corp. 3.875% 8/15/2031⁸		21,782		18,417
Nutrien, Ltd. 1.90% 5/13/2023		7,974		7,904
Praxair, Inc. 1.10% 8/10/2030		4,407		3,533
SCIH Salt Holdings, Inc. 4.875% 5/1/2028⁸		54,585		48,106
SCIH Salt Holdings, Inc. 6.625% 5/1/2029⁸		28,925		24,779
Scotts Miracle-Gro Co. 4.50% 10/15/2029		18,840		16,274
Scotts Miracle-Gro Co. 4.375% 2/1/2032		21,605		17,636
Sealed Air Corp. 4.00% 12/1/2027⁸		19,239		17,821
Sealed Air Corp. 6.125% 2/1/2028⁸		28,890		29,176
Sherwin-Williams Company 3.80% 8/15/2049		10,414		8,308
Silgan Holdings, Inc. 4.125% 2/1/2028		12,714		11,887
South32 Treasury, Ltd. 4.35% 4/14/2032⁸		2,793		2,518
SPCM SA 3.375% 3/15/2030⁸		3,990		3,382
Summit Materials, LLC 6.50% 3/15/2027⁸		9,760		9,741
Summit Materials, LLC 5.25% 1/15/2029⁸		12,425		11,682
Trivium Packaging BV 5.50% 8/15/2026⁸		6,997		6,726
Trivium Packaging BV 8.50% 8/15/2027⁸		5,615		5,409
Valvoline, Inc. 4.25% 2/15/2030⁸		11,680		11,498
Valvoline, Inc. 3.625% 6/15/2031⁸		14,104		11,886
Venator Finance SARL 9.50% 7/1/2025⁸		27,717		22,035
Venator Finance SARL 5.75% 7/15/2025⁸		59,725		21,130
Venator Finance SARL, Term Loan, (3-month USD-LIBOR + 3.00%) 7.73% 8/8/2024^7,11		3,241		2,597
W. R. Grace Holdings, LLC 5.625% 8/15/2029⁸		9,455		7,904
Warrior Met Coal, Inc. 7.875% 12/1/2028⁸		40,810		40,259
Westlake Chemical Corp. 5.00% 8/15/2046		350		316
Westlake Chemical Corp. 4.375% 11/15/2047		300		248
				1,369,215


24	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities 0.93%
Abu Dhabi National Energy Company PJSC (TAQA) 4.375% 4/23/2025⁸	USD	5,800	$	5,775
Abu Dhabi National Energy Company PJSC (TAQA) 4.375% 6/22/2026⁸		200		200
AEP Transmission Co., LLC 3.65% 4/1/2050		250		206
AES Corp. 3.30% 7/15/2025⁸		17,950		17,140
American Electric Power Company, Inc. 4.30% 12/1/2028		3,300		3,230
American Water Cap Corp. 2.80% 5/1/2030		1,200		1,074
AmeriGas Partners, LP 5.50% 5/20/2025		6,850		6,653
Baltimore Gas & Electric 4.55% 6/1/2052		1,950		1,840
Calpine Corp. 5.125% 3/15/2028⁸		12,315		11,166
Calpine Corp. 3.75% 3/1/2031⁸		12,570		10,496
Colbun SA 3.95% 10/11/2027⁸		1,554		1,475
Comisión Federal de Electricidad 4.688% 5/15/2029⁸		14,525		13,427
Commonwealth Edison Co. 3.85% 3/15/2052		5,225		4,448
Consolidated Edison Company of New York, Inc. 3.60% 6/15/2061		8,390		6,545
Dominion Resources, Inc., junior subordinated, 3.071% 8/15/2024¹⁰		2,550		2,475
Duke Energy Corp. 4.50% 8/15/2032		12,550		12,233
Duke Energy Corp. 3.50% 6/15/2051		4,500		3,405
Duke Energy Indiana, Inc. 4.90% 7/15/2043		14,785		14,772
Duke Energy Indiana, Inc. 3.25% 10/1/2049		3,100		2,310
Duke Energy Progress, Inc. 4.15% 12/1/2044		2,110		1,879
Edison International 3.55% 11/15/2024		20,475		19,934
Edison International 4.95% 4/15/2025		400		398
Edison International 5.75% 6/15/2027		6,745		6,919
Edison International 4.125% 3/15/2028		5,866		5,579
Edison International 6.95% 11/15/2029		1,650		1,793
EDP Finance BV 3.625% 7/15/2024⁸		10,175		9,994
Electricité de France SA 4.75% 10/13/2035⁸		8,250		7,379
Electricité de France SA 4.875% 9/21/2038⁸		1,750		1,547
Emera US Finance, LP 0.833% 6/15/2024		1,675		1,575
Emera US Finance, LP 2.639% 6/15/2031		2,100		1,713
Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)¹⁰		36,024		35,515
Empresa Nacional de Electricidad SA 4.25% 4/15/2024		900		893
Enel Società per Azioni 8.75% 9/24/2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)^8,10		37,337		37,655
Entergy Corp. 2.80% 6/15/2030		6,650		5,795
Entergy Louisiana, LLC 4.20% 9/1/2048		5,125		4,551
Eversource Energy 3.80% 12/1/2023		4,095		4,054
FirstEnergy Corp. 1.60% 1/15/2026		989		889
FirstEnergy Corp. 3.50% 4/1/2028⁸		2,500		2,339
FirstEnergy Corp. 4.10% 5/15/2028⁸		1,325		1,279
FirstEnergy Corp. 2.65% 3/1/2030		2,500		2,139
FirstEnergy Corp. 2.25% 9/1/2030		900		740
FirstEnergy Corp. 3.40% 3/1/2050		15,250		10,852
FirstEnergy Corp., Series B, 4.15% 7/15/2027 (4.15% on 1/15/2023)¹⁰		49,187		47,067
FirstEnergy Transmission, LLC 2.866% 9/15/2028⁸		10,750		9,641
Georgia Power Co. 2.65% 9/15/2029		450		397
Georgia Power Co. 3.70% 1/30/2050		1,862		1,485
Gulf Power Co. 3.30% 5/30/2027		600		576
Interstate Power and Light Co. 3.25% 12/1/2024		3,250		3,161
Israel Electric Corp., Ltd. 8.10% 12/15/2096⁸		4,905		5,824
Jersey Central Power & Light Co. 2.75% 3/1/2032⁸		1,025		868
Mississippi Power Co. 3.95% 3/30/2028		6,437		6,212
Mississippi Power Co. 4.25% 3/15/2042		2,550		2,207
Monongahela Power Co. 3.55% 5/15/2027⁸		2,550		2,442
Northern States Power Co. 3.20% 4/1/2052		4,715		3,626
Pacific Gas and Electric Co. 4.25% 8/1/2023		10,400		10,355
Pacific Gas and Electric Co. 1.70% 11/15/2023		6,950		6,770
Pacific Gas and Electric Co. 3.85% 11/15/2023		8,710		8,616
Pacific Gas and Electric Co. 3.40% 8/15/2024		4,510		4,383
Pacific Gas and Electric Co. 3.50% 6/15/2025		1,498		1,427
Pacific Gas and Electric Co. 3.15% 1/1/2026		43,225		40,944
Pacific Gas and Electric Co. 2.95% 3/1/2026		22,350		20,882
Pacific Gas and Electric Co. 3.30% 3/15/2027		10,999		10,177
Pacific Gas and Electric Co. 2.10% 8/1/2027		1,034		908
Pacific Gas and Electric Co. 3.30% 12/1/2027		28,000		25,606
Pacific Gas and Electric Co. 3.00% 6/15/2028		7,415		6,635
Pacific Gas and Electric Co. 3.75% 7/1/2028		16,225		14,924


The Income Fund of America	25

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Pacific Gas and Electric Co. 4.65% 8/1/2028	USD	10,211	$	9,702
Pacific Gas and Electric Co. 4.55% 7/1/2030		64,037		59,790
Pacific Gas and Electric Co. 2.50% 2/1/2031		28,189		22,769
Pacific Gas and Electric Co. 3.25% 6/1/2031		5,850		4,971
Pacific Gas and Electric Co. 6.15% 1/15/2033		6,150		6,328
Pacific Gas and Electric Co. 3.30% 8/1/2040		4,050		2,912
Pacific Gas and Electric Co. 3.75% 8/15/2042		17,045		12,435
Pacific Gas and Electric Co. 3.50% 8/1/2050		5,080		3,436
PacifiCorp 3.30% 3/15/2051		1,150		893
PacifiCorp, First Mortgage Bonds, 4.125% 1/15/2049		11,000		9,699
PG&E Corp. 5.00% 7/1/2028		46,990		44,091
PG&E Corp. 5.25% 7/1/2030		49,330		45,446
Progress Energy, Inc. 7.00% 10/30/2031		4,000		4,508
Public Service Electric and Gas Co. 3.15% 1/1/2050		1,950		1,501
Southern California Edison Co. 1.10% 4/1/2024		5,000		4,777
Southern California Edison Co. 3.70% 8/1/2025		450		438
Southern California Edison Co. 4.70% 6/1/2027		1,259		1,266
Southern California Edison Co. 4.20% 3/1/2029		14,250		13,889
Southern California Edison Co. 2.85% 8/1/2029		8,900		7,963
Southern California Edison Co. 2.25% 6/1/2030		754		645
Southern California Edison Co. 2.75% 2/1/2032		5,656		4,900
Southern California Edison Co. 5.75% 4/1/2035		4,400		4,657
Southern California Edison Co. 5.35% 7/15/2035		17,725		18,139
Southern California Edison Co. 5.625% 2/1/2036		16,750		17,248
Southern California Edison Co. 5.55% 1/15/2037		3,556		3,681
Southern California Edison Co. 5.95% 2/1/2038		9,331		10,015
Southern California Edison Co. 4.50% 9/1/2040		19,690		17,892
Southern California Edison Co. 4.00% 4/1/2047		15,392		12,943
Southern California Edison Co. 4.125% 3/1/2048		11,242		9,575
Southern California Edison Co. 3.65% 2/1/2050		8,826		6,950
Southern California Edison Co. 3.45% 2/1/2052		2,181		1,665
Southern California Edison Co., Series C, 3.60% 2/1/2045		11,875		9,184
Southern Co. 4.25% 7/1/2036		1,300		1,198
Southern Co. 4.40% 7/1/2046		2,100		1,883
Southwestern Electric Power Co. 1.65% 3/15/2026		5,075		4,616
Talen Energy Corp. 10.50% 1/15/2026^8,12		10,925		4,179
Talen Energy Corp. 7.25% 5/15/2027⁸		84,119		87,655
Talen Energy Corp., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.008% 11/13/2023^7,11		68,515		69,029
Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 7.821% 7/8/2026^7,11		29,286		29,799
Talen Energy Supply, LLC 7.625% 6/1/2028⁸		9,340		9,770
Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029⁸		20,300		18,097
Virginia Electric and Power Co. 2.40% 3/30/2032		5,125		4,330
Wisconsin Power and Light Co. 3.65% 4/1/2050		350		276
Xcel Energy, Inc. 1.75% 3/15/2027		2,900		2,611
Xcel Energy, Inc. 2.60% 12/1/2029		3,500		3,076
Xcel Energy, Inc. 2.35% 11/15/2031		2,525		2,102
				1,132,343

Consumer staples 0.61%
7-Eleven, Inc. 0.80% 2/10/2024⁸		11,565		11,060
7-Eleven, Inc. 0.95% 2/10/2026⁸		4,700		4,202
7-Eleven, Inc. 1.30% 2/10/2028⁸		6,710		5,718
Albertsons Companies, Inc. 3.50% 3/15/2029⁸		10,585		9,146
Altria Group, Inc. 5.80% 2/14/2039		16,525		15,944
Altria Group, Inc. 3.40% 2/4/2041		8,500		5,989
Altria Group, Inc. 3.875% 9/16/2046		3,347		2,379
Altria Group, Inc. 5.95% 2/14/2049		11,583		10,966
Altria Group, Inc. 3.70% 2/4/2051		15,160		10,136
Anheuser-Busch InBev NV 4.00% 4/13/2028		8,025		7,888
Anheuser-Busch InBev NV 4.95% 1/15/2042		9,095		9,068
Anheuser-Busch InBev NV 4.60% 4/15/2048		700		663
Anheuser-Busch InBev NV 5.55% 1/23/2049		3,550		3,813
Anheuser-Busch InBev NV 4.50% 6/1/2050		3,400		3,234
B&G Foods, Inc. 5.25% 4/1/2025		13,940		12,720
B&G Foods, Inc. 5.25% 9/15/2027		21,515		17,429
British American Tobacco International Finance PLC 3.95% 6/15/2025⁸		13,039		12,681


26	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
British American Tobacco International Finance PLC 1.668% 3/25/2026	USD	8,990	$	8,118
British American Tobacco PLC 3.222% 8/15/2024		8,000		7,784
British American Tobacco PLC 3.215% 9/6/2026		8,308		7,830
British American Tobacco PLC 3.557% 8/15/2027		1,479		1,381
British American Tobacco PLC 4.448% 3/16/2028		8,000		7,662
British American Tobacco PLC 2.259% 3/25/2028		9,610		8,270
British American Tobacco PLC 4.742% 3/16/2032		8,000		7,402
British American Tobacco PLC 4.39% 8/15/2037		3,455		2,842
British American Tobacco PLC 4.54% 8/15/2047		26,358		20,122
British American Tobacco PLC 4.758% 9/6/2049		13,160		10,327
British American Tobacco PLC 5.282% 4/2/2050		1,700		1,432
British American Tobacco PLC 3.984% 9/25/2050		7,549		5,322
Central Garden & Pet Co. 4.125% 10/15/2030		22,866		19,466
Central Garden & Pet Co. 4.125% 4/30/2031⁸		14,745		12,385
Conagra Brands, Inc. 1.375% 11/1/2027		2,000		1,713
Conagra Brands, Inc. 4.85% 11/1/2028		14,860		14,900
Constellation Brands, Inc. 2.25% 8/1/2031		4,463		3,685
Coty, Inc. 5.00% 4/15/2026⁸		2,000		1,917
Coty, Inc. 4.75% 1/15/2029⁸		14,380		13,067
Darling Ingredients, Inc. 5.25% 4/15/2027⁸		19,295		18,840
Darling Ingredients, Inc. 6.00% 6/15/2030⁸		10,885		10,844
Edgewell Personal Care Co. 5.50% 6/1/2028⁸		2,445		2,318
Energizer Holdings, Inc. 4.375% 3/31/2029⁸		14,640		12,733
Imperial Tobacco Finance PLC 6.125% 7/27/2027⁸		4,745		4,875
Ingles Markets, Inc. 4.00% 6/15/2031⁸		21,200		18,292
JBS USA Lux SA 2.50% 1/15/2027⁸		12,702		11,329
JBS USA Lux SA 3.00% 2/2/2029⁸		9,210		7,917
JBS USA Lux SA 5.50% 1/15/2030⁸		1,120		1,090
JBS USA Lux SA 3.625% 1/15/2032⁸		5,113		4,278
JBS USA Lux SA 3.00% 5/15/2032⁸		9,000		7,146
JBS USA Lux SA 5.75% 4/1/2033⁸		27,150		26,690
Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026⁸		26,587		24,168
Kronos Acquisition Holdings, Inc. 7.00% 12/31/2027⁸		15,070		13,154
Lamb Weston Holdings, Inc. 4.125% 1/31/2030⁸		33,025		29,809
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 8.48% 10/1/2026^7,11		45,683		44,858
PepsiCo, Inc. 2.625% 10/21/2041		12,500		9,757
PepsiCo, Inc. 3.625% 3/19/2050		3,109		2,733
PepsiCo, Inc. 2.75% 10/21/2051		6,891		5,117
Performance Food Group, Inc. 5.50% 10/15/2027⁸		12,980		12,510
Performance Food Group, Inc. 4.25% 8/1/2029⁸		12,645		11,300
Philip Morris International, Inc. 0.875% 5/1/2026		10,101		9,011
Philip Morris International, Inc. 5.125% 11/17/2027		6,947		7,104
Philip Morris International, Inc. 5.625% 11/17/2029		3,350		3,501
Philip Morris International, Inc. 1.75% 11/1/2030		9,986		8,043
Post Holdings, Inc. 5.625% 1/15/2028⁸		9,935		9,574
Post Holdings, Inc. 5.50% 12/15/2029⁸		20,825		19,336
Post Holdings, Inc. 4.625% 4/15/2030⁸		34,891		30,743
Prestige Brands International, Inc. 5.125% 1/15/2028⁸		8,162		7,805
Prestige Brands International, Inc. 3.75% 4/1/2031⁸		8,045		6,842
Reynolds American, Inc. 5.70% 8/15/2035		3,130		2,999
Reynolds American, Inc. 5.85% 8/15/2045		18,028		16,506
Simmons Foods, Inc. 4.625% 3/1/2029⁸		35,247		29,931
US Foods, Inc. 4.625% 6/1/2030⁸		12,455		11,165
				740,979

Information technology 0.59%
Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 8.325% 6/13/2024^7,11		16,780		15,828
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 12.075% 6/13/2025^7,11		46,175		36,676
Analog Devices, Inc. 1.70% 10/1/2028		4,459		3,890
Analog Devices, Inc. 2.10% 10/1/2031		3,937		3,316
Analog Devices, Inc. 2.80% 10/1/2041		8,586		6,665
Analog Devices, Inc. 2.95% 10/1/2051		5,668		4,179
Apple, Inc. 1.20% 2/8/2028		17,000		14,798
Apple, Inc. 3.95% 8/8/2052		5,000		4,497
Block, Inc. 3.50% 6/1/2031		14,380		12,029
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 3/31/2026^7,11		12,375		11,725


The Income Fund of America	27

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% 7/1/2029⁸	USD	17,037	$	15,288
Broadcom Corp. 3.875% 1/15/2027		6,974		6,724
Broadcom, Inc. 3.15% 11/15/2025		954		913
Broadcom, Inc. 4.00% 4/15/2029⁸		17,110		16,055
Broadcom, Inc. 4.15% 4/15/2032⁸		5,623		5,136
Broadcom, Inc. 2.60% 2/15/2033⁸		8,573		6,742
Broadcom, Inc. 3.419% 4/15/2033⁸		3,146		2,642
Broadcom, Inc. 3.469% 4/15/2034⁸		40,849		33,899
Broadcom, Inc. 3.137% 11/15/2035⁸		8,274		6,430
Broadcom, Inc. 3.187% 11/15/2036⁸		5,718		4,377
Broadcom, Inc. 4.926% 5/15/2037⁸		9,351		8,593
CDK Global, Inc. 7.25% 6/15/2029⁸		14,625		14,606
CommScope Finance, LLC 6.00% 3/1/2026⁸		31,931		30,611
CommScope Finance, LLC 8.25% 3/1/2027⁸		25,331		21,582
CommScope Technologies, LLC 6.00% 6/15/2025⁸		1,460		1,384
CommScope Technologies, LLC 5.00% 3/15/2027⁸		5,800		4,436
CommScope, Inc. 7.125% 7/1/2028⁸		12,619		9,901
Diebold Nixdorf, Inc. 9.375% 7/15/2025⁸		88,594		58,363
Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/2026^8,9		55,774		28,584
Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/2025^7,11		38,484		25,015
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 6.40%) 10.887% 7/15/2025^7,11		36,605		37,795
Entegris Escrow Corp. 4.75% 4/15/2029⁸		9,145		8,584
Entegris, Inc. 3.625% 5/1/2029⁸		30,000		25,616
Fair Isaac Corp. 4.00% 6/15/2028⁸		22,105		20,553
Fidelity National Information Services, Inc. 1.65% 3/1/2028		1,265		1,090
Fidelity National Information Services, Inc. 2.25% 3/1/2031		3,420		2,807
Fidelity National Information Services, Inc. 3.10% 3/1/2041		2,027		1,518
Fiserv, Inc. 2.65% 6/1/2030		5,402		4,714
Gartner, Inc. 4.50% 7/1/2028⁸		17,125		16,290
Gartner, Inc. 3.625% 6/15/2029⁸		6,543		5,886
Gartner, Inc. 3.75% 10/1/2030⁸		5,300		4,704
Mastercard, Inc. 2.00% 11/18/2031		10,603		8,907
Microsoft Corp. 2.875% 2/6/2024		6,865		6,744
Microsoft Corp. 2.921% 3/17/2052		6,000		4,594
MoneyGram International, Inc. 5.375% 8/1/2026⁸		5,870		5,976
NCR Corp. 5.125% 4/15/2029⁸		14,700		12,824
Oracle Corp. 2.80% 4/1/2027		16,500		15,282
PayPal Holdings, Inc. 2.65% 10/1/2026		1,207		1,139
PayPal Holdings, Inc. 2.30% 6/1/2030		674		575
Rocket Software, Inc. 6.50% 2/15/2029⁸		13,500		11,274
Sabre GLBL, Inc. 7.375% 9/1/2025⁸		9,919		9,742
Sabre GLBL, Inc. 11.25% 12/15/2027⁸		9,492		10,067
Sabre Holdings Corp. 9.25% 4/15/2025⁸		23,525		24,168
Simon Property Group, LP 3.50% 9/1/2025		3,750		3,643
Simon Property Group, LP 2.65% 7/15/2030		4,100		3,563
Synaptics, Inc. 4.00% 6/15/2029⁸		3,700		3,209
Tibco Software Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.18% 9/29/2028^7,11		19,930		18,336
TSMC Global, Ltd. 4.375% 7/22/2027⁸		2,935		2,946
TSMC Global, Ltd. 4.625% 7/22/2032⁸		3,326		3,380
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 10.032% 5/3/2027^7,11		15,044		14,485
Unisys Corp. 6.875% 11/1/2027⁸		3,200		2,428
VeriSign, Inc. 2.70% 6/15/2031		3,020		2,598
Veritas US, Inc. 7.50% 9/1/2025⁸		1,665		1,101
Viavi Solutions, Inc. 3.75% 10/1/2029⁸		4,675		4,085
Visa, Inc. 3.15% 12/14/2025		8,000		7,773
				723,280

Real estate 0.57%
Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028		975		938
Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029		4,851		4,258
Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031		2,375		2,154
Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033		7,073		5,474
American Tower Corp. 1.45% 9/15/2026		9,408		8,340
American Tower Corp. 3.55% 7/15/2027		2,525		2,386
American Tower Corp. 2.30% 9/15/2031		2,500		2,027


28	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
American Tower Corp. 2.95% 1/15/2051	USD	5,000	$	3,299
Anywhere Real Estate Group, LLC 5.75% 1/15/2029⁸		32,220		25,089
Anywhere Real Estate Group, LLC 5.25% 4/15/2030⁸		21,920		16,465
Boston Properties, Inc. 6.75% 12/1/2027		25,000		26,487
Brookfield Property REIT, Inc. 5.75% 5/15/2026⁸		17,810		16,967
Brookfield Property REIT, Inc. 4.50% 4/1/2027⁸		7,860		6,912
Corporate Office Properties, LP 2.75% 4/15/2031		7,219		5,642
Equinix, Inc. 1.45% 5/15/2026		15,835		14,214
Equinix, Inc. 3.40% 2/15/2052		828		614
Essex Portfolio, LP 3.875% 5/1/2024		5,900		5,800
Essex Portfolio, LP 3.50% 4/1/2025		1,920		1,866
Extra Space Storage, Inc. 2.35% 3/15/2032		2,199		1,744
GLP Capital, LP 3.35% 9/1/2024		2,526		2,441
Hospitality Properties Trust 4.35% 10/1/2024		4,560		4,306
Howard Hughes Corp. 5.375% 8/1/2028⁸		62,215		57,709
Howard Hughes Corp. 4.125% 2/1/2029⁸		35,555		30,743
Howard Hughes Corp. 4.375% 2/1/2031⁸		61,765		51,395
Invitation Homes Operating Partnership, LP 2.00% 8/15/2031		3,800		2,952
Iron Mountain, Inc. 4.875% 9/15/2027⁸		10,665		10,055
Iron Mountain, Inc. 5.25% 3/15/2028⁸		17,489		16,651
Iron Mountain, Inc. 5.00% 7/15/2028⁸		15,096		13,896
Iron Mountain, Inc. 4.875% 9/15/2029⁸		9,300		8,412
Iron Mountain, Inc. 5.25% 7/15/2030⁸		33,830		30,657
Iron Mountain, Inc. 4.50% 2/15/2031⁸		19,670		16,881
Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029		56,615		47,636
Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030		40,257		33,086
Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031		53,703		43,886
Ladder Capital Finance Holdings LLLP 5.25% 10/1/2025⁸		4,494		4,330
Ladder Capital Finance Holdings LLLP 4.25% 2/1/2027⁸		22,719		20,059
Medical Properties Trust, Inc. 5.00% 10/15/2027		6,300		5,333
Medical Properties Trust, Inc. 3.50% 3/15/2031		5,178		3,632
Park Intermediate Holdings, LLC 4.875% 5/15/2029⁸		14,600		12,640
Public Storage 1.85% 5/1/2028		8,037		7,089
Public Storage 1.95% 11/9/2028		8,107		7,123
Public Storage 2.30% 5/1/2031		6,742		5,753
RHP Hotel Properties, LP 4.50% 2/15/2029⁸		12,085		10,757
RLJ Lodging Trust, LP 4.00% 9/15/2029⁸		17,780		14,934
Scentre Group 3.50% 2/12/2025⁸		5,455		5,267
Scentre Group 3.25% 10/28/2025⁸		10,365		9,841
Scentre Group 3.75% 3/23/2027⁸		3,000		2,836
Sun Communities Operating, LP 2.30% 11/1/2028		6,066		5,232
Sun Communities Operating, LP 2.70% 7/15/2031		2,191		1,806
VICI Properties, LP 3.50% 2/15/2025⁸		1,320		1,258
VICI Properties, LP 4.625% 6/15/2025⁸		11,545		11,187
VICI Properties, LP 3.875% 2/15/2029⁸		14,460		13,045
VICI Properties, LP 4.625% 12/1/2029⁸		140		131
VICI Properties, LP 4.125% 8/15/2030⁸		14,885		13,334
WeWork Companies, LLC 5.00% 7/10/2025⁸		41,600		17,668
				694,637

Total corporate bonds, notes & loans				19,287,291

Mortgage-backed obligations 4.26%
Federal agency mortgage-backed obligations 3.94%
Fannie Mae Pool #995265 5.50% 1/1/2024¹³		1		1
Fannie Mae Pool #932119 4.50% 11/1/2024¹³		73		74
Fannie Mae Pool #AD3149 4.50% 4/1/2025¹³		34		35
Fannie Mae Pool #AD6392 4.50% 5/1/2025¹³		63		64
Fannie Mae Pool #AD5692 4.50% 5/1/2025¹³		36		37
Fannie Mae Pool #AD6119 4.50% 6/1/2025¹³		32		33
Fannie Mae Pool #AD8191 4.00% 9/1/2025¹³		49		49
Fannie Mae Pool #AI6180 4.00% 7/1/2026¹³		32		32
Fannie Mae Pool #AL2940 3.50% 11/1/2027¹³		137		136
Fannie Mae Pool #AL8347 4.00% 3/1/2029¹³		145		144
Fannie Mae Pool #BM1231 3.50% 11/1/2031¹³		131		129
Fannie Mae Pool #BJ5674 3.00% 1/1/2033¹³		155		151
Fannie Mae Pool #254767 5.50% 6/1/2033¹³		104		108
Fannie Mae Pool #BJ6249 4.00% 9/1/2033¹³		143		144


The Income Fund of America	29

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #MA3541 4.00% 12/1/2033¹³	USD	139	$	139
Fannie Mae Pool #BN1085 4.00% 1/1/2034¹³		8		8
Fannie Mae Pool #MA3611 4.00% 3/1/2034¹³		59		59
Fannie Mae Pool #735228 5.50% 2/1/2035¹³		89		93
Fannie Mae Pool #878099 6.00% 4/1/2036¹³		124		131
Fannie Mae Pool #880426 6.00% 4/1/2036¹³		57		59
Fannie Mae Pool #256308 6.00% 7/1/2036¹³		140		148
Fannie Mae Pool #888795 5.50% 11/1/2036¹³		598		628
Fannie Mae Pool #AS8554 3.00% 12/1/2036¹³		11,109		10,629
Fannie Mae Pool #BE4703 3.00% 12/1/2036¹³		553		529
Fannie Mae Pool #936999 6.00% 7/1/2037¹³		338		351
Fannie Mae Pool #945832 6.50% 8/1/2037¹³		66		70
Fannie Mae Pool #888637 6.00% 9/1/2037¹³		921		974
Fannie Mae Pool #950991 6.00% 10/1/2037¹³		249		259
Fannie Mae Pool #995674 6.00% 5/1/2038¹³		507		537
Fannie Mae Pool #929964 6.00% 9/1/2038¹³		300		316
Fannie Mae Pool #AE0967 3.50% 6/1/2039¹³		85		82
Fannie Mae Pool #AC0479 6.00% 9/1/2039¹³		240		251
Fannie Mae Pool #AE0443 6.50% 10/1/2039¹³		108		115
Fannie Mae Pool #932274 4.50% 12/1/2039¹³		4,783		4,865
Fannie Mae Pool #AD4927 5.00% 6/1/2040¹³		1,321		1,359
Fannie Mae Pool #AE4483 4.00% 9/1/2040¹³		1,212		1,199
Fannie Mae Pool #AE8073 4.00% 12/1/2040¹³		105		104
Fannie Mae Pool #AE0828 3.50% 2/1/2041¹³		35		33
Fannie Mae Pool #AB2470 4.50% 3/1/2041¹³		15		16
Fannie Mae Pool #AI3422 5.00% 5/1/2041¹³		54		55
Fannie Mae Pool #AI4836 5.00% 6/1/2041¹³		47		48
Fannie Mae Pool #MA4387 2.00% 7/1/2041¹³		12,289		10,809
Fannie Mae Pool #AI5571 5.00% 7/1/2041¹³		44		45
Fannie Mae Pool #AI8482 5.00% 8/1/2041¹³		55		57
Fannie Mae Pool #AJ0257 4.00% 9/1/2041¹³		38		38
Fannie Mae Pool #AJ4154 4.00% 11/1/2041¹³		107		106
Fannie Mae Pool #AB4050 4.00% 12/1/2041¹³		205		203
Fannie Mae Pool #AJ4189 4.00% 12/1/2041¹³		121		120
Fannie Mae Pool #FS0305 1.50% 1/1/2042¹³		40,745		34,043
Fannie Mae Pool #890407 4.00% 2/1/2042¹³		281		279
Fannie Mae Pool #AL2745 4.00% 3/1/2042¹³		847		841
Fannie Mae Pool #AB5377 3.50% 6/1/2042¹³		12,353		11,935
Fannie Mae Pool #AO9140 3.50% 7/1/2042¹³		4,068		3,930
Fannie Mae Pool #AU3742 3.50% 8/1/2043¹³		8,000		7,724
Fannie Mae Pool #AU8813 4.00% 11/1/2043¹³		1,559		1,565
Fannie Mae Pool #AU9348 4.00% 11/1/2043¹³		1,097		1,101
Fannie Mae Pool #AU9350 4.00% 11/1/2043¹³		912		906
Fannie Mae Pool #FM9416 3.50% 7/1/2045¹³		85,888		82,028
Fannie Mae Pool #AL8354 3.50% 10/1/2045¹³		4,449		4,279
Fannie Mae Pool #BC0157 3.50% 1/1/2046¹³		20,536		19,708
Fannie Mae Pool #AL8522 3.50% 5/1/2046¹³		9,581		9,190
Fannie Mae Pool #AS8310 3.00% 11/1/2046¹³		1,578		1,480
Fannie Mae Pool #BM1179 3.00% 4/1/2047¹³		1,875		1,750
Fannie Mae Pool #947661 6.50% 10/1/2047¹³		33		33
Fannie Mae Pool #947554 7.00% 10/1/2047¹³		135		145
Fannie Mae Pool #920015 7.00% 10/1/2047¹³		34		37
Fannie Mae Pool #CA0770 3.50% 11/1/2047¹³		311		298
Fannie Mae Pool #257036 7.00% 11/1/2047¹³		9		10
Fannie Mae Pool #CA0854 3.50% 12/1/2047¹³		6,003		5,751
Fannie Mae Pool #BM4413 4.50% 12/1/2047¹³		3,461		3,499
Fannie Mae Pool #CA1542 4.00% 4/1/2048¹³		5,488		5,411
Fannie Mae Pool #BF0293 3.00% 7/1/2048¹³		9,028		8,303
Fannie Mae Pool #BF0318 3.50% 8/1/2048¹³		7,497		7,124
Fannie Mae Pool #FM1784 4.00% 9/1/2048¹³		7,694		7,554
Fannie Mae Pool #CA3184 4.00% 3/1/2049¹³		9,999		9,848
Fannie Mae Pool #FM3280 3.50% 5/1/2049¹³		22,420		21,425
Fannie Mae Pool #CA3807 3.00% 7/1/2049¹³		1,834		1,706
Fannie Mae Pool #CA3806 3.00% 7/1/2049¹³		1,197		1,116
Fannie Mae Pool #CA3814 3.50% 7/1/2049¹³		32,834		31,587
Fannie Mae Pool #CA3976 4.00% 8/1/2049¹³		57,519		56,402
Fannie Mae Pool #FM1668 4.00% 8/1/2049¹³		5,614		5,503


30	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CA4112 3.50% 9/1/2049¹³	USD	37,078	$	35,709
Fannie Mae Pool #FM1589 3.50% 9/1/2049¹³		3,166		3,013
Fannie Mae Pool #CA4432 4.00% 10/1/2049¹³		6,394		6,266
Fannie Mae Pool #FM1954 3.50% 11/1/2049¹³		4,939		4,699
Fannie Mae Pool #CA4756 3.00% 12/1/2049¹³		22,311		20,652
Fannie Mae Pool #CA4802 3.50% 12/1/2049¹³		27,823		26,811
Fannie Mae Pool #CA4804 3.50% 12/1/2049¹³		24,416		23,453
Fannie Mae Pool #FM2092 3.50% 12/1/2049¹³		13,537		13,003
Fannie Mae Pool #CA5659 2.50% 5/1/2050¹³		396		349
Fannie Mae Pool #CA5968 2.50% 6/1/2050¹³		18,192		16,150
Fannie Mae Pool #CA6593 2.50% 8/1/2050¹³		802		717
Fannie Mae Pool #CA7028 2.50% 9/1/2050¹³		2,759		2,473
Fannie Mae Pool #BN7466 2.00% 10/1/2050¹³		145		123
Fannie Mae Pool #CA7599 2.50% 11/1/2050¹³		48,834		43,815
Fannie Mae Pool #FM4897 3.00% 11/1/2050¹³		31,430		29,333
Fannie Mae Pool #MA4208 2.00% 12/1/2050¹³		48,112		40,718
Fannie Mae Pool #CA8046 3.00% 12/1/2050¹³		9,379		8,736
Fannie Mae Pool #CA8285 3.00% 12/1/2050¹³		3,029		2,823
Fannie Mae Pool #CA8480 2.50% 1/1/2051¹³		72,978		65,572
Fannie Mae Pool #CA8828 2.50% 2/1/2051¹³		44,554		39,613
Fannie Mae Pool #CA9291 2.50% 2/1/2051¹³		7,640		6,727
Fannie Mae Pool #BR4996 2.50% 2/1/2051¹³		254		224
Fannie Mae Pool #CA9302 3.00% 2/1/2051¹³		43,841		41,101
Fannie Mae Pool #CA8969 3.00% 2/1/2051¹³		3,987		3,662
Fannie Mae Pool #CA8968 3.00% 2/1/2051¹³		783		720
Fannie Mae Pool #CB0290 2.00% 4/1/2051¹³		15,629		13,219
Fannie Mae Pool #BN9135 2.50% 4/1/2051¹³		1,909		1,683
Fannie Mae Pool #FM6871 2.50% 4/1/2051¹³		211		186
Fannie Mae Pool #BR7222 2.50% 4/1/2051¹³		87		76
Fannie Mae Pool #MA4325 2.00% 5/1/2051¹³		195,875		165,575
Fannie Mae Pool #BR9366 2.50% 5/1/2051¹³		3,612		3,172
Fannie Mae Pool #BT0971 2.50% 5/1/2051¹³		1,704		1,499
Fannie Mae Pool #CB0396 2.50% 5/1/2051¹³		410		360
Fannie Mae Pool #FM7304 2.50% 5/1/2051¹³		281		247
Fannie Mae Pool #CB0520 2.50% 5/1/2051¹³		42		37
Fannie Mae Pool #BR7857 2.50% 5/1/2051¹³		35		31
Fannie Mae Pool #FM7740 2.50% 6/1/2051¹³		2,812		2,470
Fannie Mae Pool #FM7873 2.00% 7/1/2051¹³		13,075		11,045
Fannie Mae Pool #CB1134 2.50% 7/1/2051¹³		1,922		1,688
Fannie Mae Pool #CB1131 2.50% 7/1/2051¹³		22		19
Fannie Mae Pool #BT4304 2.50% 8/1/2051¹³		4,781		4,196
Fannie Mae Pool #FM8422 2.50% 8/1/2051¹³		543		478
Fannie Mae Pool #MA4399 2.50% 8/1/2051¹³		52		46
Fannie Mae Pool #FM8399 2.50% 8/1/2051¹³		25		22
Fannie Mae Pool #FM8360 2.50% 8/1/2051¹³		23		20
Fannie Mae Pool #BQ6558 2.50% 9/1/2051¹³		1,858		1,635
Fannie Mae Pool #FM8692 2.50% 9/1/2051¹³		1,347		1,184
Fannie Mae Pool #CB1552 2.50% 9/1/2051¹³		561		492
Fannie Mae Pool #BU0341 2.50% 9/1/2051¹³		495		435
Fannie Mae Pool #BT7263 2.50% 9/1/2051¹³		325		286
Fannie Mae Pool #FM8980 2.50% 9/1/2051¹³		242		213
Fannie Mae Pool #CB1624 2.50% 9/1/2051¹³		136		119
Fannie Mae Pool #FS1630 2.50% 9/1/2051¹³		45		39
Fannie Mae Pool #BT6781 2.50% 10/1/2051¹³		8,190		7,193
Fannie Mae Pool #CB1793 2.50% 10/1/2051¹³		4,459		3,915
Fannie Mae Pool #BU3295 2.50% 10/1/2051¹³		3,632		3,189
Fannie Mae Pool #BU1062 2.50% 10/1/2051¹³		1,014		891
Fannie Mae Pool #FM9248 2.50% 10/1/2051¹³		991		879
Fannie Mae Pool #BT3032 2.50% 10/1/2051¹³		503		441
Fannie Mae Pool #FM9335 2.50% 10/1/2051¹³		363		319
Fannie Mae Pool #CB2852 2.00% 11/1/2051¹³		184		155
Fannie Mae Pool #FM9764 2.50% 11/1/2051¹³		7,985		7,008
Fannie Mae Pool #BT6033 2.50% 11/1/2051¹³		1,839		1,616
Fannie Mae Pool #BU3347 2.50% 11/1/2051¹³		998		876
Fannie Mae Pool #BU2803 2.50% 11/1/2051¹³		998		876
Fannie Mae Pool #BT3056 2.50% 11/1/2051¹³		974		855
Fannie Mae Pool #MA4466 2.50% 11/1/2051¹³		263		231


The Income Fund of America	31

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CB2088 2.50% 11/1/2051¹³	USD	143	$	125
Fannie Mae Pool #CB2099 3.00% 11/1/2051¹³		2,376		2,164
Fannie Mae Pool #BU3800 2.00% 12/1/2051¹³		171		144
Fannie Mae Pool #BU3058 2.50% 12/1/2051¹³		5,847		5,130
Fannie Mae Pool #CB2319 2.50% 12/1/2051¹³		4,859		4,315
Fannie Mae Pool #CB2375 2.50% 12/1/2051¹³		4,790		4,232
Fannie Mae Pool #BT9483 2.50% 12/1/2051¹³		2,341		2,079
Fannie Mae Pool #CB2372 2.50% 12/1/2051¹³		2,340		2,078
Fannie Mae Pool #BT9510 2.50% 12/1/2051¹³		1,873		1,665
Fannie Mae Pool #CB2286 2.50% 12/1/2051¹³		1,090		968
Fannie Mae Pool #CB2401 2.50% 12/1/2051¹³		998		876
Fannie Mae Pool #FM9672 2.50% 12/1/2051¹³		754		662
Fannie Mae Pool #BU7257 2.50% 12/1/2051¹³		240		211
Fannie Mae Pool #FM9855 2.50% 12/1/2051¹³		219		192
Fannie Mae Pool #BU7526 3.00% 12/1/2051¹³		1,033		941
Fannie Mae Pool #CB2613 2.00% 1/1/2052¹³		135		114
Fannie Mae Pool #FS0235 2.50% 1/1/2052¹³		19,508		17,122
Fannie Mae Pool #FS2534 2.50% 1/1/2052¹³		4,860		4,269
Fannie Mae Pool #BV0762 2.50% 1/1/2052¹³		2,995		2,627
Fannie Mae Pool #FS0392 2.50% 1/1/2052¹³		2,832		2,487
Fannie Mae Pool #FS0381 2.50% 1/1/2052¹³		1,064		934
Fannie Mae Pool #FS0176 2.50% 1/1/2052¹³		961		843
Fannie Mae Pool #CB2555 2.50% 1/1/2052¹³		944		829
Fannie Mae Pool #FS0303 3.00% 1/1/2052¹³		2,927		2,665
Fannie Mae Pool #FS0302 3.00% 1/1/2052¹³		70		64
Fannie Mae Pool #CB2765 2.00% 2/1/2052¹³		31,470		26,735
Fannie Mae Pool #CB3666 2.50% 2/1/2052¹³		8,981		7,882
Fannie Mae Pool #FS0546 2.50% 2/1/2052¹³		7,091		6,223
Fannie Mae Pool #BT1892 2.50% 2/1/2052¹³		1,459		1,281
Fannie Mae Pool #FS1995 2.50% 2/1/2052¹³		1,309		1,149
Fannie Mae Pool #BQ7473 2.50% 2/1/2052¹³		1,123		986
Fannie Mae Pool #FS0547 2.50% 2/1/2052¹³		329		290
Fannie Mae Pool #BV2360 2.50% 2/1/2052¹³		289		254
Fannie Mae Pool #FS0647 3.00% 2/1/2052¹³		68,420		63,407
Fannie Mae Pool #FS1194 3.00% 2/1/2052¹³		13,182		12,231
Fannie Mae Pool #CB2896 3.00% 2/1/2052¹³		11,058		10,065
Fannie Mae Pool #BU8803 3.00% 2/1/2052¹³		1,929		1,757
Fannie Mae Pool #CB2759 3.00% 2/1/2052¹³		238		217
Fannie Mae Pool #CB2758 3.00% 2/1/2052¹³		158		144
Fannie Mae Pool #MA4562 2.00% 3/1/2052¹³		1,984		1,671
Fannie Mae Pool #CB3063 2.50% 3/1/2052¹³		17,743		15,572
Fannie Mae Pool #CB3995 2.50% 3/1/2052¹³		9,979		8,756
Fannie Mae Pool #BV2851 2.50% 3/1/2052¹³		9,825		8,620
Fannie Mae Pool #CB3744 2.50% 3/1/2052¹³		7,734		6,786
Fannie Mae Pool #BV2655 2.50% 3/1/2052¹³		5,929		5,202
Fannie Mae Pool #CB3164 2.50% 3/1/2052¹³		1,996		1,751
Fannie Mae Pool #BT2188 2.50% 3/1/2052¹³		1,614		1,416
Fannie Mae Pool #BV7520 2.50% 3/1/2052¹³		487		427
Fannie Mae Pool #CB5013 2.50% 3/1/2052¹³		59		51
Fannie Mae Pool #BU8885 2.50% 3/1/2052¹³		34		30
Fannie Mae Pool #FS1030 3.00% 3/1/2052¹³		27,763		25,274
Fannie Mae Pool #FS0831 3.00% 3/1/2052¹³		2,379		2,166
Fannie Mae Pool #CB3410 3.00% 3/1/2052¹³		1,673		1,522
Fannie Mae Pool #BV2942 3.00% 3/1/2052¹³		848		772
Fannie Mae Pool #BV2954 3.00% 3/1/2052¹³		839		765
Fannie Mae Pool #CB3169 3.00% 3/1/2052¹³		840		765
Fannie Mae Pool #BV3393 3.00% 3/1/2052¹³		358		326
Fannie Mae Pool #CB3120 3.00% 3/1/2052¹³		159		145
Fannie Mae Pool #MA4564 3.00% 3/1/2052¹³		132		120
Fannie Mae Pool #FS0957 3.00% 3/1/2052¹³		68		62
Fannie Mae Pool #CB3177 3.50% 3/1/2052¹³		53,786		50,517
Fannie Mae Pool #MA4577 2.00% 4/1/2052¹³		32,284		27,185
Fannie Mae Pool #CB3394 2.00% 4/1/2052¹³		21,571		18,186
Fannie Mae Pool #FS1598 2.00% 4/1/2052¹³		211		178
Fannie Mae Pool #BV4656 2.50% 4/1/2052¹³		7,102		6,231
Fannie Mae Pool #BT2292 2.50% 4/1/2052¹³		6,975		6,119
Fannie Mae Pool #FS1629 2.50% 4/1/2052¹³		3,985		3,497


32	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #FS1214 2.50% 4/1/2052¹³	USD	3,174	$	2,786
Fannie Mae Pool #BV7773 2.50% 4/1/2052¹³		2,994		2,628
Fannie Mae Pool #FS1749 2.50% 4/1/2052¹³		1,988		1,745
Fannie Mae Pool #BV9612 2.50% 4/1/2052¹³		1,199		1,054
Fannie Mae Pool #BV8166 2.50% 4/1/2052¹³		754		661
Fannie Mae Pool #BV8156 2.50% 4/1/2052¹³		701		615
Fannie Mae Pool #CB3354 2.50% 4/1/2052¹³		574		504
Fannie Mae Pool #MA4578 2.50% 4/1/2052¹³		122		107
Fannie Mae Pool #BU8905 2.50% 4/1/2052¹³		44		38
Fannie Mae Pool #CB3364 3.00% 4/1/2052¹³		3,313		3,015
Fannie Mae Pool #BU8945 3.00% 4/1/2052¹³		2,991		2,722
Fannie Mae Pool #BV8117 3.00% 4/1/2052¹³		1,959		1,782
Fannie Mae Pool #CB3360 3.00% 4/1/2052¹³		513		467
Fannie Mae Pool #BV7200 3.00% 4/1/2052¹³		506		460
Fannie Mae Pool #BV4694 3.00% 4/1/2052¹³		412		375
Fannie Mae Pool #BV9000 3.00% 4/1/2052¹³		267		243
Fannie Mae Pool #BV8459 3.00% 4/1/2052¹³		229		209
Fannie Mae Pool #FS0983 3.00% 4/1/2052¹³		111		101
Fannie Mae Pool #CB3369 3.50% 4/1/2052¹³		29,064		27,288
Fannie Mae Pool #CB3417 3.50% 4/1/2052¹³		24,904		23,387
Fannie Mae Pool #BV7521 2.50% 5/1/2052¹³		10,947		9,608
Fannie Mae Pool #CB3665 2.50% 5/1/2052¹³		7,066		6,200
Fannie Mae Pool #CB3571 2.50% 5/1/2052¹³		2,906		2,550
Fannie Mae Pool #MA4598 2.50% 5/1/2052¹³		662		581
Fannie Mae Pool #CB3495 3.00% 5/1/2052¹³		6,028		5,485
Fannie Mae Pool #FS1877 3.00% 5/1/2052¹³		2,988		2,719
Fannie Mae Pool #BT7819 3.00% 5/1/2052¹³		2,110		1,920
Fannie Mae Pool #CB4281 3.00% 5/1/2052¹³		1,717		1,563
Fannie Mae Pool #BW1734 3.00% 5/1/2052¹³		998		909
Fannie Mae Pool #BV9645 3.00% 5/1/2052¹³		499		454
Fannie Mae Pool #BV9819 3.00% 5/1/2052¹³		499		454
Fannie Mae Pool #BV2443 3.00% 5/1/2052¹³		393		357
Fannie Mae Pool #BV5578 3.00% 5/1/2052¹³		197		179
Fannie Mae Pool #BV8809 3.00% 5/1/2052¹³		75		68
Fannie Mae Pool #MA4600 3.50% 5/1/2052¹³		1,530		1,436
Fannie Mae Pool #MA4622 2.00% 6/1/2052¹³		119		100
Fannie Mae Pool #BU8729 2.00% 6/1/2052¹³		50		42
Fannie Mae Pool #BW7323 2.50% 6/1/2052¹³		1,993		1,749
Fannie Mae Pool #BV9975 2.50% 6/1/2052¹³		1,941		1,703
Fannie Mae Pool #BU8730 2.50% 6/1/2052¹³		1,767		1,549
Fannie Mae Pool #BV9700 2.50% 6/1/2052¹³		1,754		1,539
Fannie Mae Pool #BV9990 2.50% 6/1/2052¹³		974		855
Fannie Mae Pool #BV2515 2.50% 6/1/2052¹³		949		832
Fannie Mae Pool #MA4623 2.50% 6/1/2052¹³		156		137
Fannie Mae Pool #BW1788 3.00% 6/1/2052¹³		1,497		1,364
Fannie Mae Pool #BV0924 3.00% 6/1/2052¹³		998		908
Fannie Mae Pool #BV2531 3.00% 6/1/2052¹³		876		797
Fannie Mae Pool #BW1797 3.00% 6/1/2052¹³		534		486
Fannie Mae Pool #MA4624 3.00% 6/1/2052¹³		505		460
Fannie Mae Pool #BW1449 3.00% 6/1/2052¹³		504		458
Fannie Mae Pool #BW2935 3.00% 6/1/2052¹³		449		409
Fannie Mae Pool #BV5628 4.50% 6/1/2052¹³		301		298
Fannie Mae Pool #BV7870 2.00% 7/1/2052¹³		95		80
Fannie Mae Pool #FS2239 2.50% 7/1/2052¹³		19,888		17,449
Fannie Mae Pool #BW0002 2.50% 7/1/2052¹³		681		598
Fannie Mae Pool #BV7830 2.50% 7/1/2052¹³		141		123
Fannie Mae Pool #BV7868 2.50% 7/1/2052¹³		99		87
Fannie Mae Pool #BW3384 3.00% 7/1/2052¹³		990		901
Fannie Mae Pool #BW4143 3.00% 7/1/2052¹³		97		88
Fannie Mae Pool #CB4159 4.00% 7/1/2052¹³		6,771		6,546
Fannie Mae Pool #BW0015 4.00% 7/1/2052¹³		186		180
Fannie Mae Pool #MA4656 4.50% 7/1/2052¹³		45,512		44,994
Fannie Mae Pool #FS2535 2.50% 8/1/2052¹³		1,992		1,749
Fannie Mae Pool #BV7912 2.50% 8/1/2052¹³		1,673		1,467
Fannie Mae Pool #MA4698 3.00% 8/1/2052¹³		119		109
Fannie Mae Pool #BV8024 4.00% 8/1/2052¹³		8,530		8,246
Fannie Mae Pool #BX3451 2.50% 9/1/2052¹³		2,907		2,552


The Income Fund of America	33

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #FS2805 2.50% 9/1/2052¹³	USD	412		$	361
Fannie Mae Pool #BW7780 3.00% 9/1/2052¹³		402			366
Fannie Mae Pool #MA4730 3.00% 9/1/2052¹³		276			251
Fannie Mae Pool #MA4732 4.00% 9/1/2052¹³		57,905			55,974
Fannie Mae Pool #BW7326 4.00% 9/1/2052¹³		7,331			7,087
Fannie Mae Pool #BW9348 4.00% 9/1/2052¹³		6,363			6,151
Fannie Mae Pool #BW8103 4.00% 9/1/2052¹³		5,930			5,732
Fannie Mae Pool #MA4733 4.50% 9/1/2052¹³		3,663			3,621
Fannie Mae Pool #BV0958 5.00% 9/1/2052¹³		841			845
Fannie Mae Pool #BW1201 5.00% 9/1/2052¹³		82			82
Fannie Mae Pool #MA4824 2.50% 10/1/2052¹³		2,231			1,957
Fannie Mae Pool #CB5015 3.00% 10/1/2052¹³		1,495			1,360
Fannie Mae Pool #MA4781 3.00% 10/1/2052¹³		248			226
Fannie Mae Pool #BW8980 4.00% 10/1/2052¹³		23,753			22,960
Fannie Mae Pool #BW1210 4.00% 10/1/2052¹³		17,801			17,207
Fannie Mae Pool #BW7356 4.00% 10/1/2052¹³		14,927			14,429
Fannie Mae Pool #BX0509 4.00% 10/1/2052¹³		6,318			6,107
Fannie Mae Pool #BX1202 4.00% 10/1/2052¹³		95			92
Fannie Mae Pool #MA4784 4.50% 10/1/2052¹³		7,009			6,929
Fannie Mae Pool #BW8981 4.50% 10/1/2052¹³		4,582			4,530
Fannie Mae Pool #MA4887 2.50% 11/1/2052¹³		441			387
Fannie Mae Pool #MA4854 2.50% 11/1/2052¹³		156			136
Fannie Mae Pool #BW1310 4.00% 11/1/2052¹³		6,715			6,491
Fannie Mae Pool #BW7491 5.00% 11/1/2052¹³		854			858
Fannie Mae Pool #BX1761 5.00% 11/1/2052¹³		145			145
Fannie Mae Pool #MA4806 5.00% 11/1/2052¹³		119			119
Fannie Mae Pool #BX1274 5.50% 11/1/2052¹³		127			130
Fannie Mae Pool #MA4839 4.00% 12/1/2052¹³		995			962
Fannie Mae Pool #BW1385 4.00% 12/1/2052¹³		399			386
Fannie Mae Pool #MA4840 4.50% 12/1/2052¹³		2,895			2,862
Fannie Mae Pool #BW1380 4.50% 12/1/2052¹³		499			494
Fannie Mae Pool #BX1076 5.00% 12/1/2052¹³		663			666
Fannie Mae Pool #MA4842 5.50% 12/1/2052¹³		99			101
Fannie Mae Pool #MA4910 2.50% 1/1/2053¹³		998			875
Fannie Mae Pool #BF0167 3.00% 2/1/2057¹³		870			793
Fannie Mae Pool #BF0145 3.50% 3/1/2057¹³		15,528			14,660
Fannie Mae Pool #BF0264 3.50% 5/1/2058¹³		13,207			12,517
Fannie Mae Pool #BF0332 3.00% 1/1/2059¹³		68,742			62,707
Fannie Mae Pool #BM6736 4.50% 11/1/2059¹³		22,644			22,614
Fannie Mae Pool #BF0497 3.00% 7/1/2060¹³		15,769			14,298
Fannie Mae Pool #BF0548 3.00% 7/1/2061¹³		5,862			5,252
Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/2025^7,13		—	⁴		—	⁴
Fannie Mae, Series 2001-4, Class NA, 9.00% 10/25/2025^7,13		—	⁴		—	⁴
Fannie Mae, Series 2007-24, Class P, 6.00% 3/25/2037¹³		469			492
Fannie Mae, Series 2007-33, Class HE, 5.50% 4/25/2037¹³		978			1,006
Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/2041¹³		94			97
Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041¹³		86			94
Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041¹³		110			113
Fannie Mae, Series 2002-W1, Class 2A, 4.889% 2/25/2042^7,13		227			224
Fannie Mae, Series 2013-M14, Class A2, Multi Family, 3.329% 10/25/2023^7,13		2,863			2,813
Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 12/25/2023^7,13		2,721			2,679
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/2024^7,13		1,907			1,875
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 7/25/2024^7,13		4,199			4,078
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.471% 12/25/2026^7,13		12,612			11,806
Freddie Mac Pool #J38387 3.00% 1/1/2033¹³		31			30
Freddie Mac Pool #G04805 4.50% 12/1/2035¹³		2,530			2,564
Freddie Mac Pool #K93766 3.00% 12/1/2036¹³		430			411
Freddie Mac Pool #K93772 3.00% 12/1/2036¹³		358			343
Freddie Mac Pool #G04553 6.50% 9/1/2038¹³		263			278
Freddie Mac Pool #G08353 4.50% 7/1/2039¹³		207			211
Freddie Mac Pool #A87892 5.00% 8/1/2039¹³		511			529
Freddie Mac Pool #A87873 5.00% 8/1/2039¹³		217			222
Freddie Mac Pool #G05937 4.50% 8/1/2040¹³		4,888			4,977
Freddie Mac Pool #A96488 5.00% 1/1/2041¹³		17			17
Freddie Mac Pool #Q01746 4.50% 7/1/2041¹³		147			148
Freddie Mac Pool #Q02676 4.50% 8/1/2041¹³		307			309
Freddie Mac Pool #Q02849 4.50% 8/1/2041¹³		267			270


34	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #G07189 4.50% 3/1/2042¹³	USD	447	$	455
Freddie Mac Pool #G07221 4.50% 6/1/2042¹³		817		832
Freddie Mac Pool #Q23190 4.00% 11/1/2043¹³		1,356		1,349
Freddie Mac Pool #Q23185 4.00% 11/1/2043¹³		1,148		1,154
Freddie Mac Pool #Z40130 3.00% 1/1/2046¹³		5,389		5,041
Freddie Mac Pool #G60559 4.00% 4/1/2046¹³		6,156		6,079
Freddie Mac Pool #Q41090 4.50% 6/1/2046¹³		554		559
Freddie Mac Pool #Q41909 4.50% 7/1/2046¹³		1,288		1,297
Freddie Mac Pool #V82662 4.00% 10/1/2046¹³		4,531		4,475
Freddie Mac Pool #Q44400 4.00% 11/1/2046¹³		4,131		4,077
Freddie Mac Pool #G61733 3.00% 12/1/2047¹³		6,781		6,320
Freddie Mac Pool #G61628 3.50% 9/1/2048¹³		669		641
Freddie Mac Pool #SD0045 4.50% 11/1/2048¹³		17,888		18,100
Freddie Mac Pool #ZN3568 4.50% 2/1/2049¹³		8		8
Freddie Mac Pool #Q63663 3.00% 5/1/2049¹³		5,113		4,716
Freddie Mac Pool #SD7503 3.50% 8/1/2049¹³		3,658		3,508
Freddie Mac Pool #SD7508 3.50% 10/1/2049¹³		14,670		14,052
Freddie Mac Pool #RA1744 4.00% 11/1/2049¹³		25,431		24,923
Freddie Mac Pool #QA5125 3.50% 12/1/2049¹³		19,847		19,125
Freddie Mac Pool #RA2596 2.50% 5/1/2050¹³		15,383		13,700
Freddie Mac Pool #SD7525 2.50% 10/1/2050¹³		15,556		13,943
Freddie Mac Pool #SD8106 2.00% 11/1/2050¹³		54,142		45,821
Freddie Mac Pool #SD7528 2.00% 11/1/2050¹³		22,563		19,323
Freddie Mac Pool #QB8797 2.50% 2/1/2051¹³		40		35
Freddie Mac Pool #QC0416 2.50% 4/1/2051¹³		2,866		2,525
Freddie Mac Pool #RA5287 2.00% 5/1/2051¹³		20,841		17,641
Freddie Mac Pool #RA5288 2.00% 5/1/2051¹³		11,685		9,891
Freddie Mac Pool #RA5605 2.50% 7/1/2051¹³		998		877
Freddie Mac Pool #SD0926 2.50% 7/1/2051¹³		428		379
Freddie Mac Pool #QC6749 3.00% 7/1/2051¹³		4,062		3,730
Freddie Mac Pool #QC4360 3.00% 7/1/2051¹³		3,280		2,995
Freddie Mac Pool #QC4415 3.00% 7/1/2051¹³		499		455
Freddie Mac Pool #QC3826 3.00% 7/1/2051¹³		137		125
Freddie Mac Pool #QC5527 2.50% 8/1/2051¹³		4,013		3,526
Freddie Mac Pool #QC6209 2.50% 8/1/2051¹³		220		194
Freddie Mac Pool #QC6996 2.50% 8/1/2051¹³		89		78
Freddie Mac Pool #QC5189 2.50% 8/1/2051¹³		40		35
Freddie Mac Pool #QC5996 3.00% 8/1/2051¹³		143		131
Freddie Mac Pool #RA5759 2.50% 9/1/2051¹³		5,920		5,191
Freddie Mac Pool #SD7545 2.50% 9/1/2051¹³		4,224		3,757
Freddie Mac Pool #RA5855 2.50% 9/1/2051¹³		1,365		1,199
Freddie Mac Pool #QC6225 2.50% 9/1/2051¹³		998		876
Freddie Mac Pool #QC6597 2.50% 9/1/2051¹³		994		873
Freddie Mac Pool #QC6821 2.50% 9/1/2051¹³		962		844
Freddie Mac Pool #RA5782 2.50% 9/1/2051¹³		645		575
Freddie Mac Pool #QC7440 2.50% 9/1/2051¹³		187		164
Freddie Mac Pool #RA5826 2.50% 9/1/2051¹³		143		125
Freddie Mac Pool #SD0674 2.50% 9/1/2051¹³		121		107
Freddie Mac Pool #RA5971 3.00% 9/1/2051¹³		28,427		26,203
Freddie Mac Pool #QC6456 3.00% 9/1/2051¹³		4,682		4,267
Freddie Mac Pool #QC7504 3.00% 9/1/2051¹³		170		155
Freddie Mac Pool #RA6107 2.50% 10/1/2051¹³		21,042		18,479
Freddie Mac Pool #QC8778 2.50% 10/1/2051¹³		2,963		2,602
Freddie Mac Pool #RA6231 2.50% 11/1/2051¹³		6,093		5,349
Freddie Mac Pool #QC9944 2.50% 11/1/2051¹³		2,122		1,863
Freddie Mac Pool #RA6411 2.50% 11/1/2051¹³		137		120
Freddie Mac Pool #QD0293 2.50% 11/1/2051¹³		50		44
Freddie Mac Pool #RA7081 2.50% 12/1/2051¹³		11,493		10,089
Freddie Mac Pool #QD3414 2.50% 12/1/2051¹³		10,316		9,055
Freddie Mac Pool #RA6483 2.50% 12/1/2051¹³		4,153		3,669
Freddie Mac Pool #QD3226 2.50% 12/1/2051¹³		1,141		1,002
Freddie Mac Pool #QD2075 2.50% 12/1/2051¹³		1,091		957
Freddie Mac Pool #RA6433 2.50% 12/1/2051¹³		457		401
Freddie Mac Pool #QD1623 2.50% 12/1/2051¹³		80		70
Freddie Mac Pool #QD1626 2.50% 12/1/2051¹³		74		65
Freddie Mac Pool #QD2923 2.50% 12/1/2051¹³		24		21
Freddie Mac Pool #RA6488 3.00% 12/1/2051¹³		272		247


The Income Fund of America	35

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SD7552 2.50% 1/1/2052¹³	USD	14,108	$	12,498
Freddie Mac Pool #QD4799 2.50% 1/1/2052¹³		7,985		7,007
Freddie Mac Pool #RA6633 2.50% 1/1/2052¹³		1,992		1,748
Freddie Mac Pool #RA7263 2.50% 1/1/2052¹³		1,979		1,738
Freddie Mac Pool #SD7551 3.00% 1/1/2052¹³		65,425		60,086
Freddie Mac Pool #SD0803 3.00% 1/1/2052¹³		421		383
Freddie Mac Pool #SD8193 2.00% 2/1/2052¹³		695		586
Freddie Mac Pool #RA6608 3.00% 2/1/2052¹³		2,800		2,547
Freddie Mac Pool #QD7714 3.00% 2/1/2052¹³		1,497		1,363
Freddie Mac Pool #RA6804 3.00% 2/1/2052¹³		857		781
Freddie Mac Pool #RA6806 3.00% 2/1/2052¹³		732		666
Freddie Mac Pool #QD6279 3.00% 2/1/2052¹³		673		612
Freddie Mac Pool #RA6808 3.00% 2/1/2052¹³		162		147
Freddie Mac Pool #QD7089 3.50% 2/1/2052¹³		7,360		6,920
Freddie Mac Pool #SD8199 2.00% 3/1/2052¹³		3,550		2,992
Freddie Mac Pool #RA7065 2.00% 3/1/2052¹³		863		727
Freddie Mac Pool #QD9879 2.50% 3/1/2052¹³		12,894		11,315
Freddie Mac Pool #QD8677 2.50% 3/1/2052¹³		10,965		9,622
Freddie Mac Pool #QD8966 2.50% 3/1/2052¹³		9,977		8,754
Freddie Mac Pool #QD8942 2.50% 3/1/2052¹³		3,250		2,852
Freddie Mac Pool #QD8867 2.50% 3/1/2052¹³		1,996		1,753
Freddie Mac Pool #QE0957 2.50% 3/1/2052¹³		1,816		1,594
Freddie Mac Pool #RA7021 2.50% 3/1/2052¹³		995		873
Freddie Mac Pool #SD7553 3.00% 3/1/2052¹³		6,362		5,870
Freddie Mac Pool #QD7947 3.00% 3/1/2052¹³		3,001		2,732
Freddie Mac Pool #SD1374 3.00% 3/1/2052¹³		2,034		1,852
Freddie Mac Pool #RA6992 3.00% 3/1/2052¹³		1,308		1,191
Freddie Mac Pool #QD8673 3.00% 3/1/2052¹³		1,038		945
Freddie Mac Pool #RA6989 3.00% 3/1/2052¹³		998		908
Freddie Mac Pool #QD7918 3.00% 3/1/2052¹³		836		761
Freddie Mac Pool #QD8337 3.00% 3/1/2052¹³		649		591
Freddie Mac Pool #QD9327 3.00% 3/1/2052¹³		212		193
Freddie Mac Pool #QD8560 3.00% 3/1/2052¹³		129		117
Freddie Mac Pool #SD8204 2.00% 4/1/2052¹³		45,602		38,432
Freddie Mac Pool #QD9791 2.00% 4/1/2052¹³		4,466		3,763
Freddie Mac Pool #SD8205 2.50% 4/1/2052¹³		69,193		60,710
Freddie Mac Pool #SD7554 2.50% 4/1/2052¹³		30,323		26,893
Freddie Mac Pool #QD9911 2.50% 4/1/2052¹³		11,791		10,346
Freddie Mac Pool #QE1005 2.50% 4/1/2052¹³		9,239		8,107
Freddie Mac Pool #QE2314 2.50% 4/1/2052¹³		4,991		4,376
Freddie Mac Pool #QE0799 2.50% 4/1/2052¹³		3,284		2,881
Freddie Mac Pool #QD9578 2.50% 4/1/2052¹³		2,989		2,622
Freddie Mac Pool #QE0327 2.50% 4/1/2052¹³		1,246		1,093
Freddie Mac Pool #QE0322 2.50% 4/1/2052¹³		1,213		1,064
Freddie Mac Pool #QE0170 2.50% 4/1/2052¹³		979		859
Freddie Mac Pool #QE0292 2.50% 4/1/2052¹³		865		759
Freddie Mac Pool #QE0800 2.50% 4/1/2052¹³		862		757
Freddie Mac Pool #SD8206 3.00% 4/1/2052¹³		3,539		3,221
Freddie Mac Pool #RA8251 3.00% 4/1/2052¹³		1,837		1,672
Freddie Mac Pool #QE0761 3.00% 4/1/2052¹³		1,127		1,026
Freddie Mac Pool #RA7130 3.00% 4/1/2052¹³		992		905
Freddie Mac Pool #QE1360 3.00% 4/1/2052¹³		991		904
Freddie Mac Pool #QD9576 3.00% 4/1/2052¹³		873		794
Freddie Mac Pool #QE2315 3.00% 4/1/2052¹³		849		773
Freddie Mac Pool #SD1156 3.00% 4/1/2052¹³		821		747
Freddie Mac Pool #QE0001 3.00% 4/1/2052¹³		123		112
Freddie Mac Pool #QE0768 3.50% 4/1/2052¹³		8,711		8,179
Freddie Mac Pool #QD9278 3.50% 4/1/2052¹³		4,654		4,374
Freddie Mac Pool #SD8211 2.00% 5/1/2052¹³		3,060		2,579
Freddie Mac Pool #QE2346 2.00% 5/1/2052¹³		839		707
Freddie Mac Pool #QE2352 2.50% 5/1/2052¹³		4,882		4,283
Freddie Mac Pool #SD8212 2.50% 5/1/2052¹³		1,736		1,523
Freddie Mac Pool #QE3984 3.00% 5/1/2052¹³		2,995		2,725
Freddie Mac Pool #RA8137 3.00% 5/1/2052¹³		1,525		1,388
Freddie Mac Pool #QE3080 3.00% 5/1/2052¹³		1,099		1,000
Freddie Mac Pool #QE4164 3.00% 5/1/2052¹³		998		908
Freddie Mac Pool #QE4001 3.00% 5/1/2052¹³		990		901


36	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SD8213 3.00% 5/1/2052¹³	USD	380	$	346
Freddie Mac Pool #SD8218 2.00% 6/1/2052¹³		381		321
Freddie Mac Pool #RA8146 2.50% 6/1/2052¹³		1,238		1,086
Freddie Mac Pool #SD8220 3.00% 6/1/2052¹³		15,284		13,909
Freddie Mac Pool #QE6097 2.50% 7/1/2052¹³		647		568
Freddie Mac Pool #SD8224 2.50% 7/1/2052¹³		60		52
Freddie Mac Pool #SD8225 3.00% 7/1/2052¹³		249		227
Freddie Mac Pool #QE5759 4.00% 7/1/2052¹³		818		791
Freddie Mac Pool #QE6051 4.00% 7/1/2052¹³		134		130
Freddie Mac Pool #RA7747 2.50% 8/1/2052¹³		11,759		10,316
Freddie Mac Pool #QE8989 2.50% 8/1/2052¹³		418		366
Freddie Mac Pool #SD7556 3.00% 8/1/2052¹³		55,958		51,381
Freddie Mac Pool #SD8235 3.00% 8/1/2052¹³		1,653		1,504
Freddie Mac Pool #QE9057 4.00% 8/1/2052¹³		5,474		5,292
Freddie Mac Pool #QE6590 4.00% 8/1/2052¹³		23		22
Freddie Mac Pool #RA8029 2.00% 9/1/2052¹³		26		22
Freddie Mac Pool #SD8262 2.50% 9/1/2052¹³		2,900		2,543
Freddie Mac Pool #SD8242 3.00% 9/1/2052¹³		5,183		4,715
Freddie Mac Pool #QF0925 3.00% 9/1/2052¹³		869		791
Freddie Mac Pool #QE9625 4.00% 9/1/2052¹³		7,068		6,832
Freddie Mac Pool #QE9564 4.00% 9/1/2052¹³		44		43
Freddie Mac Pool #QF0671 4.50% 9/1/2052¹³		3,413		3,374
Freddie Mac Pool #SD8245 4.50% 9/1/2052¹³		1,112		1,100
Freddie Mac Pool #SD8246 5.00% 9/1/2052¹³		178,199		179,044
Freddie Mac Pool #RA7938 5.00% 9/1/2052¹³		2,946		2,960
Freddie Mac Pool #QE9819 5.00% 9/1/2052¹³		785		788
Freddie Mac Pool #SD8271 2.50% 10/1/2052¹³		2,616		2,295
Freddie Mac Pool #QF1464 4.00% 10/1/2052¹³		6,779		6,553
Freddie Mac Pool #QF1489 4.00% 10/1/2052¹³		1,997		1,930
Freddie Mac Pool #QF1925 4.00% 10/1/2052¹³		997		964
Freddie Mac Pool #SD8257 4.50% 10/1/2052¹³		26,716		26,412
Freddie Mac Pool #QF2008 5.00% 10/1/2052¹³		952		957
Freddie Mac Pool #QF1569 5.00% 10/1/2052¹³		873		877
Freddie Mac Pool #SD1710 5.00% 10/1/2052¹³		655		661
Freddie Mac Pool #QF1305 5.00% 10/1/2052¹³		425		427
Freddie Mac Pool #SD8291 2.50% 11/1/2052¹³		1,214		1,065
Freddie Mac Pool #SD8283 2.50% 11/1/2052¹³		331		290
Freddie Mac Pool #SD8263 3.00% 11/1/2052¹³		1,374		1,250
Freddie Mac Pool #QF3364 4.00% 11/1/2052¹³		10,898		10,534
Freddie Mac Pool #QF2890 4.00% 11/1/2052¹³		881		852
Freddie Mac Pool #QF4090 5.00% 11/1/2052¹³		718		722
Freddie Mac Pool #QF2807 5.00% 11/1/2052¹³		216		217
Freddie Mac Pool #SD8275 4.50% 12/1/2052¹³		97,368		96,260
Freddie Mac Pool #SD8281 6.50% 12/1/2052¹³		613		635
Freddie Mac Pool #SD8303 2.50% 1/1/2053¹³		1,100		965
Freddie Mac Pool #SD8284 3.00% 1/1/2053¹³		1,083		985
Freddie Mac Pool #SD8282 6.50% 1/1/2053¹³		1,202		1,246
Freddie Mac Pool #SD8301 6.00% 2/1/2053¹³		43		44
Freddie Mac, Series 3257, Class PA, 5.50% 12/15/2036¹³		1,048		1,088
Freddie Mac, Series 3286, Class JN, 5.50% 2/15/2037¹³		776		782
Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037¹³		406		416
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 8/25/2025^7,13		5,913		5,820
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 2/25/2026¹³		11,055		10,739
Freddie Mac, Series K067, Class A2, Multi Family, 3.194% 7/25/2027¹³		7,695		7,436
Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 4/25/2028¹³		4,164		4,149
Freddie Mac, Series K143, Class A2, Multi Family, 2.35% 6/25/2032¹³		35,930		31,358
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056^7,13		6,487		6,134
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class MA, 3.00% 1/25/2056¹³		944		890
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056^7,13		6,640		6,321
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056¹³		6,980		6,590
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056^7,13		6,913		6,535


The Income Fund of America	37

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057^7,13	USD	1,738	$	1,614
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057¹³		1,441		1,361
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class M45T, 4.50% 6/25/2057¹³		3,032		2,958
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/2058¹³		8,369		8,049
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059¹³		4,883		4,604
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028¹³		2,436		2,354
Government National Mortgage Assn. 2.00% 2/1/2053^13,14		3,875		3,350
Government National Mortgage Assn. 2.50% 2/1/2053^13,14		10,441		9,311
Government National Mortgage Assn. 3.00% 2/1/2053^13,14		90,000		82,716
Government National Mortgage Assn. 4.00% 2/1/2053^13,14		1,800		1,748
Government National Mortgage Assn. 4.50% 2/1/2053^13,14		46,166		45,849
Government National Mortgage Assn. 2.00% 3/1/2053^13,14		60,300		52,181
Government National Mortgage Assn. 4.00% 3/1/2053^13,14		2,300		2,234
Government National Mortgage Assn. 4.50% 3/1/2053^13,14		45,800		45,471
Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041¹³		340		343
Government National Mortgage Assn. Pool #BD3903 4.00% 1/20/2048¹³		5,197		5,082
Government National Mortgage Assn. Pool #BE3194 4.00% 1/20/2048¹³		1,230		1,203
Government National Mortgage Assn. Pool #MA5192 4.00% 5/20/2048¹³		4,116		4,049
Government National Mortgage Assn. Pool #MA8150 4.00% 7/20/2052¹³		26		25
Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052¹³		3,442		3,345
Uniform Mortgage-Backed Security 2.00% 2/1/2053^13,14		341,101		286,845
Uniform Mortgage-Backed Security 2.50% 2/1/2053^13,14		66,878		58,583
Uniform Mortgage-Backed Security 3.00% 2/1/2053^13,14		35,400		32,170
Uniform Mortgage-Backed Security 3.50% 2/1/2053^13,14		21,993		20,630
Uniform Mortgage-Backed Security 4.00% 2/1/2053^13,14		13,371		12,916
Uniform Mortgage-Backed Security 4.50% 2/1/2053^13,14		52,880		52,235
Uniform Mortgage-Backed Security 5.50% 2/1/2053^13,14		44,620		45,356
Uniform Mortgage-Backed Security 6.50% 2/1/2053^13,14		39,100		40,465
Uniform Mortgage-Backed Security 2.00% 3/1/2053^13,14		381,701		321,225
Uniform Mortgage-Backed Security 2.50% 3/1/2053^13,14		88,162		77,296
Uniform Mortgage-Backed Security 3.50% 3/1/2053^13,14		83,400		78,264
Uniform Mortgage-Backed Security 4.00% 3/1/2053^13,14		154,900		149,654
Uniform Mortgage-Backed Security 4.50% 3/1/2053^13,14		2,200		2,173
Uniform Mortgage-Backed Security 5.00% 3/1/2053^13,14		68,030		68,275
Uniform Mortgage-Backed Security 6.00% 3/1/2053^13,14		42,947		44,071
Uniform Mortgage-Backed Security 6.50% 3/1/2053^13,14		1,317		1,361
				4,791,640

Commercial mortgage-backed securities 0.21%
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052¹³		1,810		1,748
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052¹³		240		228
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2/15/2061¹³		480		459
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061¹³		301		285
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 5/15/2061^7,13		5,772		5,659
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061¹³		2,403		2,197
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063¹³		3,772		3,266
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class A4, 3.394% 3/15/2064^7,13		4,590		4,193
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.2317% 1/15/2052¹³		5,996		5,831
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053¹³		3,146		2,687
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053^7,13		1,844		1,822
BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 5.048% 9/15/2034^7,8,13		9,923		9,652
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.159% 9/15/2036^7,8,13		7,624		7,440
BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 5.409% 9/15/2036^7,8,13		220		213
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.358% 10/15/2036^7,8,13		11,621		11,265
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 5.756% 10/15/2036^7,8,13		9,946		9,598


38	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.969% 4/15/2037^7,8,13	USD	9,915	$	9,865
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 5.124% 6/15/2038^7,8,13		11,509		11,237
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 5.324% 6/15/2038^7,8,13		2,027		1,957
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 5.554% 6/15/2038^7,8,13		1,829		1,763
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 5.309% 11/15/2038^7,8,13		10,508		10,299
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049¹³		1,440		1,374
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class AS, 3.514% 5/10/2049¹³		350		328
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 4/10/2047¹³		550		535
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class B, 4.044% 4/15/2050^7,13		450		415
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049¹³		400		371
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.534% 7/15/2038^7,8,13		4,405		4,348
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 5.84% 7/15/2038^7,8,13		4,021		3,937
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 6.16% 7/15/2038^7,8,13		4,200		4,107
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 6.704% 7/15/2038^7,8,13		1,842		1,799
GS Mortgage Securities Trust, Series 2022-SHIP, Class A, (1-month USD CME Term SOFR + 0.731%) 5.209% 8/15/2024^7,8,13		2,633		2,621
GS Mortgage Securities Trust, Series 2022-SHIP, Class B, (1-month USD CME Term SOFR + 1.424%) 5.902% 8/15/2024^7,8,13		879		875
GS Mortgage Securities Trust, Series 2022-SHIP, Class D, (1-month USD CME Term SOFR + 1.607%) 6.085% 8/15/2024^7,8,13		2,032		1,985
GS Mortgage Securities Trust, Series 2022-SHIP, Class C, (1-month USD CME Term SOFR + 1.919%) 7.654% 8/15/2024^7,8,13		1,362		1,346
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050¹³		940		888
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052¹³		240		230
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053¹³		6,571		5,661
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2/15/2047¹³		7,735		7,587
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050¹³		1,510		1,438
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050¹³		560		528
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039^8,13		3,928		3,443
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039^8,13		1,735		1,453
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 1/5/2039^7,8,13		1,569		1,255
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 3/5/2042^8,13		4,858		4,157
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/2049^7,13		4,810		4,605
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.504% 10/15/2038^7,8,13		2,054		2,003
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD-LIBOR + 1.40%) 5.854% 10/15/2038^7,8,13		2,856		2,754
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039^8,13		15,628		13,738
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 5.255% 4/15/2026^7,8,13		6,365		6,259
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/2047¹³		4,811		4,683
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048¹³		960		920
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049¹³		580		554
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/2048¹³		1,000		932
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041^8,13		5,645		4,732


The Income Fund of America	39

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.19% 11/15/2038^7,8,13	USD	9,616	$	9,390
StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 5.478% 1/15/2039^7,8,13		19,555		19,118
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 9/15/2048¹³		5,605		5,411
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class AS, 3.484% 6/15/2049¹³		185		171
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049¹³		6,015		5,782
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052¹³		2,405		2,178
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class AS, 3.988% 1/15/2059¹³		150		140
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060¹³		480		458
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.267% 11/15/2027^7,8,13		13,994		14,024
				250,197

Collateralized mortgage-backed obligations (privately originated) 0.11%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048^7,8,13		3,101		2,631
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055^8,13		387		359
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 6.106% 7/25/2029^7,8,13		853		853
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059^7,8,13		2,182		1,997
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059^7,8,13		1,387		1,322
BRAVO Residential Funding Trust, Series 2022-R1, Class A, 3.125% 1/29/2070 (6.125% on 1/29/2025)^8,10,13		6,218		5,653
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/2030^7,8,13		603		587
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 10/25/2068^7,8,13		1,115		1,086
Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060^7,8,13		482		442
COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066^7,8,13		2,864		2,487
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 5.06% 10/25/2041^7,8,13		268		267
Countrywide Alternative Loan Trust, Series 2005-54CB, Class 2A5, 5.50% 11/25/2035¹³		1,739		1,037
Countrywide Alternative Loan Trust, Series 2007-HY4, Class 3A1, 3.438% 6/25/2047^7,13		975		820
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/2037^8,13		10,711		9,749
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/2060^7,8,13		5,738		5,066
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034¹³		295		285
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/2069^8,13		5,727		6,183
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/2069^8,13		6,233		6,669
Finance of America Structured Securities Trust, Series 2019-JR3, Class A, 2.00% 9/25/2069^8,13		1,926		1,995
Finance of America Structured Securities Trust, Series 2019-JR4, Class A, 2.00% 11/25/2069^8,13		2,172		2,170
Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 7/25/2051^7,8,13		6,865		5,763
Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 8/25/2051^7,8,13		6,422		5,392
Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051^7,8,13		6,669		5,599
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/2051^7,8,13		2,905		2,439
Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051^7,8,13		7,379		6,185
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.46% 9/25/2042^7,8,13		2,131		2,150
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026^8,13		6,444		5,768
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 7/25/2051^7,8,13		1,279		1,074
IndyMac INDX Mortgage Loan Trust, Series 2006-AR5, Class 2A1, 3.149% 5/25/2036^7,13		1,342		1,155
JPMorgan Mortgage Trust, Series 2020-INV1, Class A3, 3.50% 8/25/2050^7,8,13		619		563
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/2061^7,8,13		1,132		1,071
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.356% 11/25/2055^7,8,13		6,060		5,872
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/2052^7,8,13		5,557		4,665
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039^8,13		2,750		2,563
Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.00% 2/25/2048^7,8,13		197		186


40	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-4, Class 6A, 3.764% 5/25/2036^7,13	USD	1,142	$	785
Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/2063^8,13		7,839		7,513
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/2033^2,8		10,003		8,849
Verus Securitization Trust, Series 2023-1, Class A1, 5.85% 12/25/2067 (6.85% on 1/1/2027)^8,10,13		2,209		2,213
VM Fund I, LLC 8.625% 1/15/2028^2,8		16,924		16,670
				138,133

Total mortgage-backed obligations				5,179,970

U.S. Treasury bonds & notes 2.94%
U.S. Treasury 2.63%
U.S. Treasury 2.75% 4/30/2023		10,000		9,955
U.S. Treasury 2.75% 7/31/2023		16,300		16,143
U.S. Treasury 6.25% 8/15/2023		7,100		7,159
U.S. Treasury 0.125% 8/31/2023		1,890		1,841
U.S. Treasury 0.25% 3/15/2024		14,000		13,329
U.S. Treasury 3.25% 8/31/2024		153,693		150,926
U.S. Treasury 4.25% 12/31/2024		250,000		249,977
U.S. Treasury 0.25% 8/31/2025		32,594		29,656
U.S. Treasury 3.875% 1/15/2026		235,671		235,616
U.S. Treasury 0.875% 9/30/2026		5,558		5,014
U.S. Treasury 1.125% 10/31/2026		1,963		1,785
U.S. Treasury 1.625% 11/30/2026		20,000		18,517
U.S. Treasury 2.75% 4/30/2027		1,000		963
U.S. Treasury 0.50% 8/31/2027		10,000		8,687
U.S. Treasury 3.875% 12/31/2027		245,000		247,739
U.S. Treasury 3.50% 1/31/2028		486,232		483,894
U.S. Treasury 1.50% 11/30/2028		10,000		8,901
U.S. Treasury 3.50% 1/31/2030		157,626		157,016
U.S. Treasury 1.50% 2/15/2030		31,651		27,780
U.S. Treasury 1.625% 5/15/2031		31,156		27,092
U.S. Treasury 4.125% 11/15/2032		637,483		670,279
U.S. Treasury 1.375% 11/15/2040¹⁵		149,317		103,168
U.S. Treasury 1.75% 8/15/2041		17,045		12,405
U.S. Treasury 2.00% 11/15/2041		11,924		9,055
U.S. Treasury 2.375% 2/15/2042		72,717		58,792
U.S. Treasury 4.00% 11/15/2042		26,252		27,103
U.S. Treasury 2.875% 11/15/2046		27,970		24,053
U.S. Treasury 2.875% 5/15/2049		25,000		21,545
U.S. Treasury 2.00% 2/15/2050		20,000		14,253
U.S. Treasury 2.375% 5/15/2051		2,224		1,719
U.S. Treasury 2.00% 8/15/2051		1,710		1,210
U.S. Treasury 3.00% 8/15/2052¹⁵		627,855		554,260
				3,199,832

U.S. Treasury inflation-protected securities 0.31%
U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025¹⁶		43,994		42,465
U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025¹⁶		46,263		44,772
U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025¹⁶		6,196		5,943
U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026¹⁶		70,243		66,768
U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026¹⁶		32,686		31,090
U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027¹⁶		75,378		76,400
U.S. Treasury Inflation-Protected Security 0.875% 1/15/2029¹⁶		70,745		68,858
U.S. Treasury Inflation-Protected Security 0.25% 7/15/2029¹⁶		4,947		4,635
U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031¹⁶		43,717		39,888
				380,819

Total U.S. Treasury bonds & notes				3,580,651

Asset-backed obligations 1.10%
Aesop Funding, LLC, Series 2017-2A, Class A, 2.97% 3/20/2024^8,13		960		958
Aesop Funding, LLC, Series 2018-1A, Class A, 3.70% 9/20/2024^8,13		1,671		1,657
Aesop Funding, LLC, Series 2018-2A, Class A, 4.00% 3/20/2025^8,13		9,400		9,280
Aesop Funding, LLC, Series 2019-3A, Class A, 2.36% 3/20/2026^8,13		3,125		2,958
Aesop Funding, LLC, Series 2020-1A, Class D, 3.34% 8/20/2026^8,13		8,500		7,677


The Income Fund of America	41

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Aesop Funding, LLC, Series 2020-2, Class A, 2.02% 2/20/2027^8,13	USD	5,663	$	5,185
Aesop Funding, LLC, Series 2021-1A, Class A, 1.38% 8/20/2027^8,13		29,959		26,637
Aesop Funding, LLC, Series 2021-1A, Class B, 1.63% 8/20/2027^8,13		1,699		1,479
Aesop Funding, LLC, Series 2021-1A, Class C, 2.13% 8/20/2027^8,13		551		476
Aesop Funding, LLC, Series 2021-1A, Class D, 3.71% 8/20/2027^8,13		5,000		4,217
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026^8,13		1,368		1,312
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 5.742% 1/15/2030^7,8,13		8,237		8,185
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 5.742% 10/16/2030^7,8,13		6,424		6,323
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 6/15/2026^8,13		2,188		2,169
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 3/15/2027^8,13		1,423		1,397
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 3/15/2027^8,13		1,201		1,141
American Credit Acceptance Receivables Trust, Series 2021-3, Class C, 0.98% 11/15/2027^8,13		6,741		6,563
American Credit Acceptance Receivables Trust, Series 2021-3, Class D, 1.34% 11/15/2027^8,13		2,531		2,381
American Express Credit Account Master Trust, Series 2018-9, Class A, (1-month USD-LIBOR + 0.38%) 4.834% 4/15/2026^7,13		20,000		20,011
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 1/19/2027¹³		3,042		2,867
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027¹³		3,382		3,107
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027¹³		7,972		7,149
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 5.735% 1/22/2028^7,8,13		9,671		9,607
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027^8,13		1,453		1,342
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 4.25% 2/20/2027^8,13		4,605		4,312
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/2028¹³		14,798		15,090
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/2030^7,8,13		14,610		14,508
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033^8,13		833		779
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/2046^8,13		8,086		6,874
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/2046^8,13		1,354		1,048
CarMax Auto Owner Trust, Series 2019-2, Class C, 3.16% 2/18/2025¹³		450		445
CarMax Auto Owner Trust, Series 2021-1, Class C, 0.94% 12/15/2026¹³		313		284
CarMax Auto Owner Trust, Series 2021-1, Class D, 1.28% 7/15/2027¹³		307		274
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/2028¹³		1,363		1,309
Carvana Auto Receivables Trust, Series 2021-N4, Class A2, 1.80% 9/11/2028¹³		1,948		1,793
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037^8,13		12,105		10,449
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037^8,13		7,390		6,427
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037^8,13		14,334		11,903
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041^8,13		2,442		2,243
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 5.785% 7/27/2030^7,8,13		19,317		19,131
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060^8,13		24,040		21,749
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060^8,13		5,870		5,002
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060^8,13		5,345		4,764
CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060^8,13		569		478
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061^8,13		15,131		13,355
CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061^8,13		2,857		2,460
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/2062^8,13		23,207		23,149
CF Hippolyta, LLC, Series 2022-1, Class A2, 6.11% 8/15/2062^8,13		19,203		18,605
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, (1-month USD-LIBOR + 0.62%) 5.128% 4/22/2026^7,13		9,919		9,952
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045^8,13		3,508		3,108
CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045^8,13		1,468		1,304
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045^8,13		9,244		8,236
CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046^8,13		16,644		14,592
CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046^8,13		646		548
CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 3/17/2025^8,13		95		95


42	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 6/16/2025^8,13	USD	460	$	459
CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 9/15/2026^8,13		650		643
CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 12/15/2026^8,13		883		841
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 2A, FSA insured, (1-month USD-LIBOR + 0.14%) 4.599% 1/15/2037^7,13		274		254
CWHEQ Revolving Home Equity Loan Trust, Series 2007-B, Class A, FSA insured, (1-month USD-LIBOR + 0.15%) 4.609% 2/15/2037^7,13		481		446
Discover Card Execution Note Trust, Series 2018-A6, Class A6, (1-month USD-LIBOR + 0.39%) 4.844% 3/15/2026^7,13		26,000		26,004
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 10/15/2026¹³		11,164		11,060
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 6/15/2027¹³		7,522		7,372
Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 1/16/2029¹³		6,079		5,728
DriveTime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 2/18/2025^8,13		2,836		2,824
DriveTime Auto Owner Trust, Series 2019-3, Class D, 2.96% 4/15/2025^8,13		1,708		1,686
DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/2026^8,13		1,961		1,910
DriveTime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 10/15/2026^8,13		1,232		1,190
DriveTime Auto Owner Trust, Series 2022-3, Class A, 6.05% 10/15/2026^8,13		14,240		14,298
DriveTime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 11/16/2026^8,13		671		620
DriveTime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 1/15/2027^8,13		1,769		1,744
DriveTime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 2/16/2027^8,13		1,847		1,769
DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/2027^8,13		1,247		1,160
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 5.772% 4/15/2028^7,8,13		19,639		19,524
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045^8,13		1,608		1,403
Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 1/20/2028^8,13		11,419		11,139
Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029^8,13		3,349		3,214
Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029^8,13		10,200		10,035
Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029^8,13		11,497		11,576
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 3/17/2025^8,13		3,935		3,900
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 7/15/2025¹³		811		803
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 8/15/2025^8,13		4,419		4,358
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/2025¹³		2,933		2,936
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 12/15/2025^8,13		1,353		1,326
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/2026¹³		5,579		5,397
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 7/15/2026¹³		1,786		1,727
Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027¹³		8,065		7,474
Exeter Automobile Receivables Trust, Series 2022-4A, Class C, 4.92% 12/15/2028¹³		3,484		3,430
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037^8,13		10,074		9,162
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/2039^8,13		4,215		4,089
Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/2026^8,13		6,544		6,590
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/2030^8,13		10,105		10,025
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/2030^8,13		5,634		5,548
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/2031^8,13		3,650		3,541
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/2031^8,13		23,146		21,914
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045^8,13		3,878		3,507
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046^8,13		1,548		1,360
GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046^8,13		117		101
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040^8,13		9,018		8,198
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040^8,13		16,394		14,874
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041^8,13		26,481		23,305
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041^8,13		22,882		20,287
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041^8,13		2,148		1,852
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 6/30/2023^2,8,13		10,370		10,317
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025^8,13		22,756		21,190
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025^8,13		3,534		3,276
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/2025^8,13		1,744		1,604
Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/2026^8,13		15,340		14,797
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027^8,13		18,858		16,712
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027^8,13		3,369		2,969
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027^8,13		1,850		1,608
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028^8,13		8,300		7,448
Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028^8,13		7,264		6,935
LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/2027^8,13		1,870		1,846
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 5.792% 4/15/2029^7,8,13		2,292		2,284
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 5.815% 7/21/2030^7,8,13		21,656		21,414


The Income Fund of America	43

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 5.942% 4/15/2029^7,8,13	USD	7,587	$	7,530
Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54% 3/20/2026^8,13		16,100		16,100
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 9/15/2026^8,13		3,039		2,958
Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 9/15/2027^8,13		13,019		12,772
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069^8,13		8,085		7,097
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070^8,13		10,700		9,464
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046^8,13		18,275		15,566
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/2062^8,13		17,051		15,300
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062^8,13		9,350		8,362
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062^8,13		16,363		14,722
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061^8,13		64,437		56,217
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 5.788% 7/25/2030^7,8,13		6,870		6,822
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 5.708% 4/20/2029^7,8,13		822		817
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD-LIBOR + 0.80%) 5.592% 10/15/2029^7,8,13		16,152		16,027
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD-LIBOR + 1.40%) 6.192% 10/15/2029^7,8,13		8,409		8,213
Palmer Square Loan Funding, CLO, Series 2022-5, Class A1, (3-month USD CME Term SOFR + 1.56%) 6.218% 1/15/2031^7,8,13		18,877		18,879
PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027^8,13		4,091		4,052
PFS Financing Corp., Series 2022-D, Class B, 4.90% 8/16/2027^8,13		431		423
PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2036¹³		4,926		4,758
PPM CLO, Ltd., Series 2022-6, Class A, (3-month USD CME Term SOFR + 2.45%) 2.45% 1/20/2031^7,8,13		19,894		19,935
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 10/15/2024^8,13		942		940
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 8/15/2025^8,13		1,895		1,877
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 5.732% 10/15/2030^7,8,13		18,144		17,978
Santander Drive Auto Receivables Trust, Series 2022-5, Class A2, 3.98% 1/15/2025¹³		8,401		8,370
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 7/15/2025¹³		1,972		1,960
Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59% 9/15/2025¹³		702		701
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 12/15/2025¹³		12,293		12,231
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 1/15/2026¹³		2,631		2,611
Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/2026¹³		3,973		3,988
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/2026¹³		7,703		7,532
Santander Drive Auto Receivables Trust, Series 2022-5, Class A3, 4.11% 8/17/2026¹³		8,984		8,888
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 11/16/2026¹³		4,422		4,270
Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 3/15/2027¹³		2,542		2,511
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/2027¹³		4,938		4,646
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 9/15/2027¹³		4,974		4,824
Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/2027¹³		3,708		3,478
Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/15/2028¹³		2,374		2,350
Slam, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046^8,13		8,107		7,018
Slam, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046^8,13		1,492		1,251
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046^8,13		9,948		8,129
SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046^8,13		16,731		14,866
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041^8,13		7,918		6,765
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033^8,13		6,062		5,464
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033^8,13		6,050		5,292
Stratus CLO, Ltd., Series 2022-3, Class A, (3-month USD CME Term SOFR + 2.15%) 6.348% 10/20/2031^7,8,13		15,189		15,209
Stratus CLO, Series 2022-3, Class B, (3-month USD CME Term SOFR + 3.05%) 7.127% 10/20/2031^7,8,13		5,706		5,699
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075^8,13		4,817		4,425
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045^8,13		4,642		4,142
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045^8,13		6,752		6,247
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045^8,13		6,620		5,942
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/2046^8,13		12,680		10,981
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 2/20/2046^8,13		546		465
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046^8,13		16,697		14,709
TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045^8,13		7,135		6,329
TIF Funding II, LLC, Series 2021-1A, Class A, 1.65% 2/20/2046^8,13		5,637		4,821


44	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046^8,13	USD	203	$	169
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045^8,13		24,929		21,997
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046^8,13		13,030		11,299
Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046^8,13		516		435
Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026)^10,13		17,018		17,036
Westlake Automobile Receivables Trust, Series 2022-3, Class A2, 5.24% 7/15/2025^8,13		10,868		10,859
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 11/17/2025^8,13		3,374		3,294
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2/17/2026^8,13		6,549		6,239
Westlake Automobile Receivables Trust, Series 2023-1, Class A2A, 5.51% 6/15/2026^8,13		4,244		4,252
Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 7/15/2026^8,13		5,157		4,998
Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 7/15/2026^8,13		6,654		6,300
Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/2026^8,13		4,413		4,083
Westlake Automobile Receivables Trust, Series 2022-1A, Class D, 3.49% 3/15/2027^8,13		2,924		2,730
Westlake Automobile Receivables Trust, Series 2023-1, Class A3, 5.21% 1/18/2028^8,13		1,754		1,758
				1,331,719

Municipals 0.30%
California 0.01%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset- Backed Bonds, Series 2021-A-1, 2.158% 6/1/2026		2,170		1,985
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset- Backed Bonds, Series 2021-A-1, 2.332% 6/1/2027		3,010		2,703
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset- Backed Bonds, Series 2021-B, 2.746% 6/1/2034		785		665
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset- Backed Bonds, Series 2021-B, 3.293% 6/1/2042		1,855		1,472
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset- Backed Bonds, Series 2021-B, 3.00% 6/1/2046		3,915		3,644
				10,469

Guam 0.00%
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 10/1/2036		400		335
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 10/1/2043		525		424
				759

Illinois 0.24%
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 11/1/2029		28,045		27,861
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2015-C, 5.25% 12/1/2039		120		121
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 12/1/2039		54,555		50,788
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 12/1/2040		11,385		10,622
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Qualified School Construction Bonds), Series 2009-G, 1.75% 12/15/2025		23,140		20,472
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 12/1/2026		110		114
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 12/1/2026		100		104
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 12/1/2028		650		707
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 12/1/2028		800		872
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 12/1/2029		300		324
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 12/1/2029		550		595


The Income Fund of America	45

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Municipals (continued)
Illinois (continued)
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 12/1/2030	USD	220	$	229
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 12/1/2030		200		215
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-D, 5.00% 12/1/2031		100		104
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 12/1/2031		350		377
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 12/1/2032		350		376
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 12/1/2033		200		214
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 12/1/2036		100		102
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-G, 5.00% 12/1/2044		140		141
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 12/1/2046		390		391
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2012-A, 5.00% 12/1/2042		190		190
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1998-B-1, National insured, 0% 12/1/2031		350		246
G.O. Bonds, Series 2019-A, 4.00% 4/1/2023		12,000		11,982
G.O. Bonds, Series 2013-B, 4.91% 4/1/2027		3,230		3,208
G.O. Bonds, Pension Funding, Series 2003, 4.95% 6/1/2023		3,881		3,881
G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033		155,890		154,970
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 3/1/2023		595		595
G.O. Bonds, Taxable Build America Bonds, Series 2010-1, 6.63% 2/1/2035		3,775		3,961
G.O. Bonds, Taxable Build America Bonds, Series 2010-3, 6.725% 4/1/2035		4,500		4,724
G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 7.35% 7/1/2035		350		378
				298,864

New York 0.01%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 3/15/2026 (escrowed to maturity)		4,635		4,237
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose),Series 2021-C, 1.748% 3/15/2028		7,675		6,819
				11,056

Ohio 0.02%
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031		27,765		24,043

Wisconsin 0.02%
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034		22,720		21,049

Total municipals				366,240

Bonds & notes of governments & government agencies outside the U.S. 0.10%
Abu Dhabi (Emirate of) 2.50% 4/16/2025⁸		7,800		7,514
Abu Dhabi (Emirate of) 3.125% 4/16/2030⁸		7,800		7,313
Abu Dhabi (Emirate of) 1.70% 3/2/2031⁸		1,700		1,423
Abu Dhabi (Emirate of) 3.875% 4/16/2050⁸		5,350		4,608
Colombia (Republic of) 7.50% 2/2/2034		8,970		8,876
European Investment Bank 0.75% 10/26/2026		9,910		8,847
Morocco (Kingdom of) 3.00% 12/15/2032⁸		6,000		4,810
Morocco (Kingdom of) 4.00% 12/15/2050⁸		6,000		4,139
OMERS Finance Trust 3.50% 4/19/2032⁸		7,941		7,419
OMERS Finance Trust 4.00% 4/19/2052⁸		7,941		6,851
Panama (Republic of) 3.298% 1/19/2033		7,940		6,647


46	The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Panama (Republic of) 4.50% 1/19/2063	USD	2,065	$	1,548
Peru (Republic of) 1.862% 12/1/2032		8,550		6,409
Peru (Republic of) 2.78% 12/1/2060		12,800		7,789
PT Indonesia Asahan Aluminium Tbk 4.75% 5/15/2025⁸		3,060		3,038
PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/2030⁸		790		787
PT Indonesia Asahan Aluminium Tbk 5.80% 5/15/2050⁸		2,310		2,099
Swedish Export Credit Corp. 3.625% 9/3/2024		11,420		11,239
United Mexican States 2.659% 5/24/2031		9,162		7,703
United Mexican States 4.875% 5/19/2033		6,334		6,094
United Mexican States 6.35% 2/9/2035		1,149		1,222
United Mexican States 3.771% 5/24/2061		5,180		3,543
				119,918

Federal agency bonds & notes 0.00%
Ecopetrol SA 4.625% 11/2/2031		970		768

Total bonds, notes & other debt instruments (cost: $31,754,382,000)				29,866,557

		Shares
Short-term securities 8.13%
Money market investments 8.08%
Capital Group Central Cash Fund 4.46%^5,17		98,354,808		9,834,497

Money market investments purchased with collateral from securities on loan 0.05%
Capital Group Central Cash Fund 4.46%^5,17,18		347,330		34,730
Dreyfus Treasury Obligations Cash Management, Institutional Shares 4.23%^17,18		6,100,000		6,100
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.23%^17,18		6,100,000		6,100
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 4.14%^17,18		2,200,000		2,200
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.30%^17,18		1,678,099		1,678
BlackRock Liquidity Funds – FedFund, Institutional Shares 4.07%^17,18		1,600,000		1,600
Fidelity Investments Money Market Government Portfolio, Class I 4.20%^17,18		1,600,000		1,600
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.18%^17,18		1,600,000		1,600
				55,608

Total short-term securities (cost: $9,888,976,000)				9,890,105
Total investment securities 101.36% (cost: $100,231,648,000)				123,311,974
Other assets less liabilities (1.36)%				(1,649,670	)

Net assets 100.00%			$	121,662,304


The Income Fund of America	47

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized appreciation (depreciation) at 1/31/2023 (000)
2 Year U.S. Treasury Note Futures	Short	9,205	March 2023		USD (1,892,994	)	$	1,538
5 Year U.S. Treasury Note Futures	Long	20,683	March 2023		2,259,456			12,174
10 Year U.S. Treasury Note Futures	Long	3,038	March 2023		347,898			6,237
10 Year Ultra U.S. Treasury Note Futures	Short	9,597	March 2023		(1,163,186	)		(6,174	)
20 Year U.S. Treasury Bond Futures	Long	686	March 2023		89,094			2,013
30 Year Ultra U.S. Treasury Bond Futures	Long	4,746	March 2023		672,746			11,575
							$	27,363

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional amount (000)		Value at 1/31/2023 (000)			Upfront premium paid (000)		Unrealized (depreciation) appreciation at 1/31/2023 (000)
Rate	Payment frequency	Rate	Payment frequency	Expiration date	Notional amount (000)		Value at 1/31/2023 (000)			Upfront premium paid (000)		Unrealized (depreciation) appreciation at 1/31/2023 (000)
4.1645%	Annual	SOFR	Annual	1/24/2025	USD	7,898	$	(13	)	$	—	$	(13	)
4.18306%	Annual	SOFR	Annual	1/24/2025		449,775		(612	)		—		(612	)
4.16253%	Annual	SOFR	Annual	1/24/2025		488,327		(852	)		—		(852	)
SOFR	Annual	3.2015%	Annual	1/19/2033		105,329		199			—		199
SOFR	Annual	3.1205%	Annual	1/20/2033		105,351		920			—		920
SOFR	Annual	3.16653%	Annual	1/24/2033		108,884		526			—		526
SOFR	Annual	3.18606%	Annual	1/24/2033		100,671		321			—		321
							$	489		$	—	$	489

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index	Financing rate paid	Payment frequency	Expiration date	Notional amount (000)		Value at 1/31/2023 (000)			Upfront premium (received) paid (000)			Unrealized depreciation at 1/31/2023 (000)
CDX.NA.IG.39	1.00%	Quarterly	12/20/2027	USD	105,342	$	(1,323	)	$	(83	)	$	(1,240	)
CDX.NA.HY.39	5.00%	Quarterly	12/20/2027		226,205		(6,228	)		5,612			(11,840	)
						$	(7,551	)	$	5,529		$	(13,080	)

Centrally cleared credit default swaps on credit indices — sell protection

Financing
rate received

Payment
frequency

Reference
index

Expiration
date

Notional
amount
(000)

¹⁹

Value at
1/31/2023
(000)

²⁰

Upfront
premium
paid
(000)

Unrealized
appreciation
at 1/31/2023
(000)

5.00%

Quarterly

CDX.NA.HY.37

12/20/2026

USD

148,497

6,785

4,416

2,369


48	The Income Fund of America

Investments in affiliates⁵

	Value of affiliates at 8/1/2022 (000)		Additions (000)		Reductions (000)			Net realized loss (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 1/31/2023 (000)		Dividend income (000)
Common stocks 1.24%
Health care 0.05%
Rotech Healthcare, Inc.^2,3,6	$	55,404	$	—	$	—		$	—		$	2,715		$	58,119	$	—
Industrials 0.20%
ManpowerGroup, Inc.		213,497		—		—			—			23,825			237,322		3,703
Utilities 0.86%
Brookfield Infrastructure Partners, LP		1,088,574		96,309		—			—			(134,927	)		1,049,956		20,413
Consumer discretionary 0.13%
Domino’s Pizza Group PLC		107,070		—		—			—			11,707			118,777		1,199
Puuilo OYJ		27,975		—		—			—			9,931			37,906		814
Lumi Gruppen AS²¹		3,793		—		1,617			(9,426	)		7,250			—		—
															156,683
Total common stocks															1,502,080
Short-term securities 8.11%
Money market investments 8.08%
Capital Group Central Cash Fund 4.46%¹⁷		13,287,019		7,548,386		11,005,362			(427	)		4,881			9,834,497		203,058
Money market investments purchased with collateral from securities on loan 0.03%
Capital Group Central Cash Fund 4.46%^17,18		179,877				145,147	²²								34,730		—	²³
Total short-term securities															9,869,227
Total 9.35%								$	(9,853	)	$	(74,618	)	$	11,371,307	$	229,187

Restricted securities⁶

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Rotech Healthcare, Inc.^2,3,5	11/26/2014	$	19,660	$	58,119		.05	%
Ascent Resources - Utica, LLC, Class A^2,3	4/25/2016-11/15/2016		56,848		22,043		.02
Total		$	76,508	$	80,162		.07	%


The Income Fund of America	49

¹	All or a portion of this security was on loan. The total value of all such securities was $76,003,000, which represented .06% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
²	Value determined using significant unobservable inputs.
³	Security did not produce income during the last 12 months.
⁴	Amount less than one thousand.
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	Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $80,162,000, which represented .07% of the net assets of the fund.
⁷	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.
⁸	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,502,942,000, which represented 9.45% of the net assets of the fund.
⁹	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.
¹⁰	Step bond; coupon rate may change at a later date.
¹¹	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $386,720,000, which represented .32% of the net assets of the fund.
¹²	Scheduled interest and/or principal payment was not received.
¹³	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
¹⁴	Purchased on a TBA basis.
¹⁵	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $121,073,000, which represented .10% of the net assets of the fund.
¹⁶	Index-linked bond whose principal amount moves with a government price index.
¹⁷	Rate represents the seven-day yield at 1/31/2023.
¹⁸	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁹	The maximum potential amount the fund may pay as a protection seller should a credit event occur.
²⁰	The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.
²¹	Affiliated issuer during the reporting period but no longer held at 1/31/2023.
²²	Represents net activity. Refer to Note 5 for more information on securities lending.
²³	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts
Assn. = Association
Auth. = Authority
CAD = Canadian dollars
CDI = CREST Depository Interest
CLO = Collateralized Loan Obligations
CME = CME Group
CMO = Collateralized Mortgage Obligations
DAC = Designated Activity Company
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
GBP = British pounds
ICE = Intercontinental Exchange, Inc.
LIBOR = London Interbank Offered Rate
PIK = Payment In Kind
Ref. = Refunding
REIT = Real Estate Investment Trust
Rev. = Revenue
SDR = Swedish Depositary Receipts
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. dollars

Refer to the notes to financial statements.

50	The Income Fund of America

Financial statements

Statement of assets and liabilities
at January 31, 2023

unaudited
(dollars in thousands)

Assets:
Investment securities, at value (includes $76,003 of investment securities on loan):
Unaffiliated issuers (cost: $89,111,658)	$	111,940,667
Affiliated issuers (cost: $11,119,990)		11,371,307	$	123,311,974
Cash				5,336
Cash denominated in currencies other than U.S. dollars (cost: $18,244)				18,228
Unrealized appreciation on unfunded commitments				1,644
Receivables for:
Sales of investments		1,265,548
Sales of fund’s shares		79,979
Dividends and interest		532,698
Securities lending income		1
Variation margin on futures contracts		5,139
Variation margin on centrally cleared swap contracts		1,645
Other		1,361		1,886,371
				125,223,553
Liabilities:
Collateral for securities on loan				55,608
Unrealized depreciation on unfunded commitments				74
Payables for:
Purchases of investments		3,365,296
Repurchases of fund’s shares		81,518
Investment advisory services		20,383
Services provided by related parties		23,991
Trustees’ deferred compensation		4,361
Variation margin on futures contracts		3,939
Variation margin on centrally cleared swap contracts		2,517
Other		3,562		3,505,567
Net assets at January 31, 2023			$	121,662,304

Net assets consist of:
Capital paid in on shares of beneficial interest			$	96,529,927
Total distributable earnings				25,132,377
Net assets at January 31, 2023			$	121,662,304

Refer to the notes to financial statements.

The Income Fund of America

Financial statements (continued)

Statement of assets and liabilities
at January 31, 2023 (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 (5,213,930 total shares outstanding)

	Net assets		Shares outstanding			Net asset value per share
Class A	$	77,934,786		3,338,064		$	23.35
Class C		2,046,754		89,111			22.97
Class T		11		—	*		23.35
Class F-1		2,323,245		99,837			23.27
Class F-2		12,875,628		552,117			23.32
Class F-3		5,171,181		221,628			23.33
Class 529-A		1,849,461		79,440			23.28
Class 529-C		65,068		2,802			23.22
Class 529-E		56,173		2,422			23.19
Class 529-T		15		1			23.35
Class 529-F-1		12		1			23.27
Class 529-F-2		137,352		5,882			23.35
Class 529-F-3		13		1			23.35
Class R-1		65,850		2,842			23.17
Class R-2		366,109		15,920			23.00
Class R-2E		36,210		1,556			23.27
Class R-3		702,247		30,227			23.23
Class R-4		817,358		35,090			23.29
Class R-5E		172,801		7,415			23.31
Class R-5		323,390		13,852			23.35
Class R-6		16,718,640		715,722			23.36

*	Amount less than one thousand.

Refer to the notes to financial statements.

52	The Income Fund of America

Financial statements (continued)

Statement of operations
for the six months ended January 31, 2023

Unaudited
(dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $25,274; also includes $229,187 from affiliates)	$	1,693,825
Interest from unaffiliated issuers		668,816
Securities lending income (net of fees)		3,127		$	2,365,768
*Fees and expenses:**
Investment advisory services		131,639
Distribution services		115,901
Transfer agent services		32,721
Administrative services		17,825
529 plan services		625
Reports to shareholders		1,234
Registration statement and prospectus		928
Trustees’ compensation		447
Auditing and legal		314
Custodian		1,278
Other		367			303,279
Net investment income					2,062,489

Net realized gain and unrealized appreciation:
Net realized gain (loss) on:
Investments:
Unaffiliated issuers		452,399
Affiliated issuers		(9,853	)
Futures contracts		(21,216	)
Forward currency contracts		11,773
Swap contracts		(53,996	)
Currency transactions		(3,327	)		375,780
Net unrealized appreciation (depreciation) on:
Investments:
Unaffiliated issuers		1,544,845
Affiliated issuers		(74,618	)
Futures contracts		(7,094	)
Forward currency contracts		(5,014	)
Swap contracts		8,951
Currency translations		3,488			1,470,558
Net realized gain and unrealized appreciation					1,846,338

Net increase in net assets resulting from operations				$	3,908,827

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

Refer to the notes to financial statements.

The Income Fund of America

Financial statements (continued)

Statements of changes in net assets

(dollars in thousands)

	Six months ended January 31, 2023*			Year ended July 31, 2022
Operations:
Net investment income	$	2,062,489		$	4,135,492
Net realized gain		375,780			4,350,957
Net unrealized appreciation (depreciation)		1,470,558			(10,357,644	)
Net increase (decrease) in net assets resulting from operations		3,908,827			(1,871,195	)

Distributions paid to shareholders		(6,334,897	)		(8,514,409	)

Net capital share transactions		3,061,375			4,896,612

Total increase (decrease) in net assets		635,305			(5,488,992	)

Net assets:
Beginning of period		121,026,999			126,515,991
End of period	$	121,662,304		$	121,026,999

*	Unaudited.

Refer to the notes to financial statements.

54	The Income Fund of America

Notes to financial statements

unaudited

1. Organization

The Income Fund of America (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 current income while secondarily striving for capital growth.

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.

The Income Fund of America

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

3. Valuation

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

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

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

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

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

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

56	The Income Fund of America

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

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

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 January 31, 2023 (dollars in thousands):

The Income Fund of America

	Investment securities
	Level 1			Level 2			Level 3			Total
Assets:
Common stocks:
Financials	$	10,628,864		$	4,059,170		$	16,313		$	14,704,347
Consumer staples		9,594,571			1,530,540			—			11,125,111
Health care		8,687,027			2,367,759			58,119			11,112,905
Energy		6,461,752			1,375,143			28,022			7,864,917
Industrials		5,063,810			2,759,745			—			7,823,555
Real estate		6,666,857			45,651			—			6,712,508
Utilities		4,185,643			1,157,831			—			5,343,474
Information technology		3,909,190			1,332,640			—			5,241,830
Consumer discretionary		3,889,407			767,597			3,106			4,660,110
Communication services		2,514,709			1,687,298			—			4,202,007
Materials		2,188,120			1,732,023			—			3,920,143
Preferred securities		278,433			70,530			2,722			351,685
Rights & warrants		—			2,213			—	*		2,213
Convertible stocks		489,930			—			—			489,930
Convertible bonds & notes		—			—			577			577
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans		—			19,268,795			18,496			19,287,291
Mortgage-backed obligations		—			5,154,451			25,519			5,179,970
U.S. Treasury bonds & notes		—			3,580,651			—			3,580,651
Asset-backed obligations		—			1,321,402			10,317			1,331,719
Municipals		—			366,240			—			366,240
Bonds & notes of governments & government agencies outside the U.S.		—			119,918			—			119,918
Federal agency bonds & notes		—			768			—			768
Short-term securities		9,890,105			—			—			9,890,105
Total	$	74,448,418		$	48,700,365		$	163,191		$	123,311,974

	Other investments^†
	Level 1			Level 2			Level 3			Total
Assets:
Unrealized appreciation on futures contracts	$	33,537		$	—		$	—		$	33,537
Unrealized appreciation on centrally cleared interest rate swaps		—			1,966			—			1,966
Unrealized appreciation on centrally cleared credit default swaps		—			2,369			—			2,369
Liabilities:
Unrealized depreciation on futures contracts		(6,174	)		—			—			(6,174	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(1,477	)		—			(1,477	)
Unrealized depreciation on centrally cleared credit default swaps		—			(13,080	)		—			(13,080	)
Total	$	27,363		$	(10,222	)	$	—		$	17,141


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

4. Risk factors

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

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

58	The Income Fund of America

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.

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

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

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

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities in order to enjoy lower interest rates in a higher interest rate environment, causing the market prices of such securities to decline more than they would have declined due to the rise in interest rates alone. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

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

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

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

The Income Fund of America

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 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 January 31, 2023, the total value of securities on loan was $76,003,000, and the total value of collateral received was $78,764,000. Collateral received includes cash of $55,608,000 and U.S. government securities of $23,156,000. 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 January 31, 2023, the fund’s maximum exposure of unfunded bond commitments was $18,386,000, which would represent .02% of the net assets of the fund should such commitments become due. Unrealized appreciation of $1,644,000 is disclosed as unrealized appreciation on unfunded commitments and unrealized depreciation of $74,000 is disclosed as unrealized depreciation on unfunded commitments in the fund’s statement of assets and liabilities. Both are included in net unrealized appreciation on investments in unaffiliated issuers in the fund’s statement of operations.

60	The Income Fund of America

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

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

On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund’s statement of assets and liabilities. The fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund’s statement of operations. The average month-end notional amount of futures contracts while held was $5,352,419,000.

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

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

Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in the fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in the fund’s statement of operations. As of January 31, 2023, the fund did not have any open forward currency contracts. The average month-end notional amount of open forward currency contracts while held was $213,950,000.

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.

The Income Fund of America

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

Interest rate swaps — The fund has entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark, or on an inflation index such as the U.S. Consumer Price Index (which is a measure that examines the weighted average of prices of a basket of consumer goods and services and measures changes in the purchasing power of the U.S. dollar and the rate of inflation). In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the fund’s current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party. The average month-end notional amount of interest rate swaps while held was $1,366,235,000.

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

The fund may enter into a CDSI transaction as either protection buyer or protection seller. If the fund is a protection buyer, it would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the fund, as a protection buyer, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, the fund would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the fund, coupled with the periodic payments previously received by the fund, may be less than the full notional value that the fund, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the fund. Furthermore, as a protection seller, the fund would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap transaction. The average month-end notional amount of credit default swaps while held was $1,190,702,000.

62	The Income Fund of America

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, interest rate swaps and credit default swaps as of, or for the six months ended, January 31, 2023 (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*	$	33,537		Unrealized depreciation*	$	6,174
Swap (centrally cleared)	Interest	Unrealized appreciation*		1,966		Unrealized depreciation*		1,477
Swap (centrally cleared)	Credit	Unrealized appreciation*		2,369		Unrealized depreciation*		13,080
			$	37,872			$	20,731

		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	$	(21,216	)	Net unrealized depreciation on futures contracts	$	(7,094	)
Forward currency	Currency	Net realized gain on forward currency contracts		11,773		Net unrealized depreciation on forward currency contracts		(5,014	)
Swap	Interest	Net realized gain on swap contracts		229		Net unrealized appreciation on swap contracts		489
Swap	Credit	Net realized loss on swap contracts		(54,225	)	Net unrealized appreciation on swap contracts		8,462
			$	(63,439	)		$	(3,157	)


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

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

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 January 31, 2023, 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.

The Income Fund of America

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 January 31, 2023, the fund recognized $1,190,000 in reclaims (net of $28,000 in fees and the effect of realized gain or loss from currency translations) and $22,000 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; cost of investments sold 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 July 31, 2022, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

Undistributed ordinary income		$	1,693,960
Undistributed long-term capital gains			4,106,178

As of January 31, 2023, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

Gross unrealized appreciation on investments	$	26,449,008
Gross unrealized depreciation on investments		(3,160,669	)
Net unrealized appreciation on investments		23,288,339
Cost of investments		100,030,831

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

	Six months ended January 31, 2023									Year ended July 31, 2022
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	1,411,938		$	2,636,411		$	4,048,349		$	2,381,084		$	3,111,969		$	5,493,053
Class C		31,417			71,660			103,077			55,874			100,545			156,419
Class T		—	*		—	*		—	*		—	*		—	*		—	*
Class F-1		41,647			78,844			120,491			72,699			98,385			171,084
Class F-2		243,431			432,771			676,202			395,103			476,920			872,023
Class F-3		98,821			173,874			272,695			155,715			181,655			337,370
Class 529-A		33,269			62,982			96,251			56,284			74,403			130,687
Class 529-C		957			2,253			3,210			1,710			3,189			4,899
Class 529-E		957			1,935			2,892			1,628			2,378			4,006
Class 529-T		—	*		1			1			1			1			2
Class 529-F-1		—	*		—	*		—	*		—	*		—	*		—	*
Class 529-F-2		2,566			4,585			7,151			3,986			4,783			8,769
Class 529-F-3		—	*		—	*		—	*		—	*		—	*		—	*
Class R-1		979			2,300			3,279			1,539			2,762			4,301
Class R-2		5,323			12,494			17,817			8,533			15,271			23,804
Class R-2E		593			1,286			1,879			956			1,506			2,462
Class R-3		11,905			24,364			36,269			20,260			30,261			50,521
Class R-4		14,603			27,609			42,212			25,053			33,177			58,230
Class R-5E		3,114			5,672			8,786			5,026			6,162			11,188
Class R-5		6,183			10,837			17,020			10,490			12,596			23,086
Class R-6		320,795			556,521			877,316			532,394			630,111			1,162,505
Total	$	2,228,498		$	4,106,399		$	6,334,897		$	3,728,335		$	4,786,074		$	8,514,409


*	Amount less than one thousand.


64	The Income Fund of America

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 0.250% on the first $500 million of daily net assets and decreasing to 0.121% on such assets in excess of $115 billion. The agreement also provides for monthly fees, accrued daily, based on a rate of 2.25% of the fund’s monthly gross income. For the six months ended January 31, 2023, the investment advisory services fees were $131,639,000, which were equivalent to an annualized rate of 0.222% of average daily net assets.

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 0.25% 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		0.25	%		0.25	%
Class 529-A		0.25			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 January 31, 2023, unreimbursed expenses subject to reimbursement totaled $12,556,000 for Class A shares. There were no unreimbursed expenses subject to reimbursement for Class 529-A shares.

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

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.

The Income Fund of America

The quarterly fees are based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $75 billion. The fees for any given calendar quarter are accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. For the six months ended January 31, 2023, the 529 plan services fees were $625,000, which were equivalent to 0.060% of the average daily net assets of each 529 share class.

For the six months ended January 31, 2023, class-specific expenses under the agreements were as follows (dollars in thousands):

	Distribution	Transfer agent		Administrative		529 plan
Share class	services	services		services		services
Class A	$ 95,533	$21,680		$11,464		Not applicable
Class C	10,468	600		315		Not applicable
Class T	—	—	*	—	*	Not applicable
Class F-1	2,740	1,397		342		Not applicable
Class F-2	Not applicable	6,660		1,877		Not applicable
Class F-3	Not applicable	14		737		Not applicable
Class 529-A	2,154	464		272		$549
Class 529-C	332	17		10		20
Class 529-E	139	6		8		17
Class 529-T	—	—	*	—	*	—	*
Class 529-F-1	—	—	*	—	*	—	*
Class 529-F-2	Not applicable	11		20		39
Class 529-F-3	Not applicable	—	*	—	*	—	*
Class R-1	331	31		10		Not applicable
Class R-2	1,344	628		54		Not applicable
Class R-2E	110	38		5		Not applicable
Class R-3	1,755	529		106		Not applicable
Class R-4	995	403		119		Not applicable
Class R-5E	Not applicable	124		24		Not applicable
Class R-5	Not applicable	72		47		Not applicable
Class R-6	Not applicable	47		2,415		Not applicable
Total class-specific expenses	$115,901	$32,721		$17,825		$625


*	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 $447,000 in the fund’s statement of operations reflects $315,000 in current fees (either paid in cash or deferred) and a net increase of $132,000 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.

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

Security transactions with related funds — The fund purchased investment securities from, and sold investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended January 31, 2023, the fund engaged in such purchase and sale transactions with related funds in the amounts of $401,365,000 and $253,995,000, respectively, which generated $19,294,000 of net realized gains from such sales.

66	The Income Fund of America

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 January 31, 2023.

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 increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Six months ended January 31, 2023

Class A	$	2,136,635		92,692	$	3,964,194		171,331		$	(4,691,225	)		(203,930	)	$	1,409,604			60,093
Class C		105,891		4,663		102,046		4,482			(349,313	)		(15,348	)		(141,376	)		(6,203	)
Class T		—		—		—		—			—			—			—			—
Class F-1		75,586		3,241		118,695		5,148			(175,131	)		(7,623	)		19,150			766
Class F-2		1,301,747		56,685		650,432		28,155			(1,480,733	)		(64,495	)		471,446			20,345
Class F-3		664,593		28,954		269,956		11,681			(512,033	)		(22,272	)		422,516			18,363
Class 529-A		81,756		3,548		96,215		4,171			(159,615	)		(6,903	)		18,356			816
Class 529-C		8,028		349		3,208		139			(15,849	)		(684	)		(4,613	)		(196	)
Class 529-E		2,597		112		2,892		126			(5,932	)		(257	)		(443	)		(19	)
Class 529-T		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-1		—		—		1		1			—			—			1			1
Class 529-F-2		16,074		697		7,149		309			(14,053	)		(607	)		9,170			399
Class 529-F-3		—		—		1		—	^†		—			—			1			—	^†
Class R-1		4,838		212		3,280		142			(8,744	)		(379	)		(626	)		(25	)
Class R-2		28,011		1,235		17,806		781			(40,412	)		(1,793	)		5,405			223
Class R-2E		3,302		145		1,879		81			(5,021	)		(220	)		160			6
Class R-3		58,342		2,543		36,189		1,572			(105,947	)		(4,613	)		(11,416	)		(498	)
Class R-4		60,909		2,647		42,190		1,828			(83,368	)		(3,654	)		19,731			821
Class R-5E		15,263		672		8,786		381			(7,877	)		(344	)		16,172			709
Class R-5		18,220		798		16,982		734			(22,457	)		(979	)		12,745			553
Class R-6		554,038		24,207		876,197		37,859			(614,844	)		(26,566	)		815,391			35,500
Total net increase (decrease)	$	5,135,830		223,400	$	6,218,099		268,921		$	(8,292,554	)		(360,667	)	$	3,061,375			131,654

Refer to the end of the table for footnotes.


The Income Fund of America	67

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

Year ended July 31, 2022

Class A	$	4,830,451		191,918	$	5,372,610		215,676		$	(8,105,210	)		(322,218	)	$	2,097,851			85,376
Class C		279,345		11,231		154,852		6,295			(794,138	)		(31,978	)		(359,941	)		(14,452	)
Class T		—		—		—		—			—			—			—			—
Class F-1		89,769		3,576		168,566		6,784			(379,542	)		(15,113	)		(121,207	)		(4,753	)
Class F-2		2,800,552		111,603		839,636		33,786			(2,224,438	)		(88,814	)		1,415,750			56,575
Class F-3		1,041,311		41,338		334,976		13,476			(846,178	)		(33,630	)		530,109			21,184
Class 529-A		180,280		7,171		130,662		5,260			(268,561	)		(10,676	)		42,381			1,755
Class 529-C		15,533		619		4,898		197			(36,918	)		(1,465	)		(16,487	)		(649	)
Class 529-E		6,359		254		4,005		162			(11,689	)		(465	)		(1,325	)		(49	)
Class 529-T		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-1		—		—		1		—	^†		—			—			1			—	^†
Class 529-F-2		27,550		1,100		8,773		353			(19,956	)		(789	)		16,367			664
Class 529-F-3		—		—		1		1			—			—			1			1
Class R-1		9,602		385		4,300		173			(16,154	)		(641	)		(2,252	)		(83	)
Class R-2		68,858		2,773		23,787		966			(100,318	)		(4,035	)		(7,673	)		(296	)
Class R-2E		6,836		271		2,462		99			(8,543	)		(344	)		755			26
Class R-3		125,211		4,995		50,394		2,030			(206,893	)		(8,240	)		(31,288	)		(1,215	)
Class R-4		149,919		5,956		58,215		2,342			(263,091	)		(10,370	)		(54,957	)		(2,072	)
Class R-5E		23,999		960		11,188		450			(24,391	)		(971	)		10,796			439
Class R-5		34,505		1,387		23,038		926			(120,463	)		(4,661	)		(62,920	)		(2,348	)
Class R-6		1,530,260		60,967		1,161,044		46,644			(1,250,654	)		(50,020	)		1,440,650			57,591
Total net increase (decrease)	$	11,220,340		446,504	$	8,353,409		335,620		$	(14,677,137	)		(584,430	)	$	4,896,612			197,694


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

10. Investment transactions

The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $51,117,216,000 and $49,150,423,000, respectively, during the six months ended January 31, 2023.

68	The Income Fund of America

Financial highlights

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) 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:
1/31/2023^5,6	$	23.83	$	.40	$	.38		$	.78		$	(.44	)	$	(.82	)	$	(1.26	)	$	23.35		3.32	%⁷	$	77,935			.57	%⁸		.57	%⁸		3.42	%⁸
7/31/2022		25.92		.81		(1.18	)		(.37	)		(.74	)		(.98	)		(1.72	)		23.83		(1.60	)		78,105			.56			.56			3.23
7/31/2021		21.88		.75		4.04			4.79			(.75	)		—			(.75	)		25.92		22.23			82,740			.56			.56			3.11
7/31/2020		22.56		.73		(.17	)		.56			(.74	)		(.50	)		(1.24	)		21.88		2.59			71,103			.57			.57			3.32
7/31/2019		23.28		.72		.13			.85			(.69	)		(.88	)		(1.57	)		22.56		4.22			73,594			.56			.56			3.23
7/31/2018		22.87		.73		.84			1.57			(.66	)		(.50	)		(1.16	)		23.28		6.98			75,284			.55			.55			3.16
Class C:
1/31/2023^5,6		23.46		.31		.37			.68			(.35	)		(.82	)		(1.17	)		22.97		2.95	⁷		2,047			1.31	⁸		1.31	⁸		2.67	⁸
7/31/2022		25.54		.61		(1.16	)		(.55	)		(.55	)		(.98	)		(1.53	)		23.46		(2.35	)		2,236			1.31			1.31			2.46
7/31/2021		21.57		.56		3.98			4.54			(.57	)		—			(.57	)		25.54		21.31			2,803			1.31			1.31			2.37
7/31/2020		22.25		.56		(.16	)		.40			(.58	)		(.50	)		(1.08	)		21.57		1.82			2,906			1.32			1.32			2.58
7/31/2019		22.98		.54		.13			.67			(.52	)		(.88	)		(1.40	)		22.25		3.41			4,279			1.34			1.34			2.45
7/31/2018		22.59		.54		.82			1.36			(.47	)		(.50	)		(.97	)		22.98		6.11			4,917			1.34			1.34			2.36
Class T:
1/31/2023^5,6		23.83		.43		.38			.81			(.47	)		(.82	)		(1.29	)		23.35		3.45	^7,9		—	¹⁰		.29	^8,9		.29	^8,9		3.69	^8,9
7/31/2022		25.92		.88		(1.19	)		(.31	)		(.80	)		(.98	)		(1.78	)		23.83		(1.35	)⁹		—	¹⁰		.31	⁹		.31	⁹		3.47	⁹
7/31/2021		21.88		.81		4.04			4.85			(.81	)		—			(.81	)		25.92		22.52	⁹		—	¹⁰		.32	⁹		.32	⁹		3.35	⁹
7/31/2020		22.57		.78		(.17	)		.61			(.80	)		(.50	)		(1.30	)		21.88		2.81	⁹		—	¹⁰		.33	⁹		.33	⁹		3.55	⁹
7/31/2019		23.29		.77		.13			.90			(.74	)		(.88	)		(1.62	)		22.57		4.44	⁹		—	¹⁰		.35	⁹		.35	⁹		3.43	⁹
7/31/2018		22.88		.78		.84			1.62			(.71	)		(.50	)		(1.21	)		23.29		7.19	⁹		—	¹⁰		.34	⁹		.34	⁹		3.36	⁹
Class F-1:
1/31/2023^5,6		23.75		.39		.38			.77			(.43	)		(.82	)		(1.25	)		23.27		3.29	⁷		2,323			.62	⁸		.62	⁸		3.36	⁸
7/31/2022		25.84		.79		(1.18	)		(.39	)		(.72	)		(.98	)		(1.70	)		23.75		(1.68	)		2,353			.63			.63			3.15
7/31/2021		21.82		.73		4.03			4.76			(.74	)		—			(.74	)		25.84		22.12			2,683			.63			.63			3.06
7/31/2020		22.50		.72		(.17	)		.55			(.73	)		(.50	)		(1.23	)		21.82		2.53			3,365			.63			.63			3.27
7/31/2019		23.22		.70		.13			.83			(.67	)		(.88	)		(1.55	)		22.50		4.15			4,022			.65			.65			3.14
7/31/2018		22.82		.71		.83			1.54			(.64	)		(.50	)		(1.14	)		23.22		6.84			4,243			.64			.64			3.07
Class F-2:
1/31/2023^5,6		23.80		.42		.38			.80			(.46	)		(.82	)		(1.28	)		23.32		3.42	⁷		12,876			.37	⁸		.37	⁸		3.62	⁸
7/31/2022		25.89		.87		(1.19	)		(.32	)		(.79	)		(.98	)		(1.77	)		23.80		(1.40	)		12,656			.36			.36			3.44
7/31/2021		21.86		.80		4.03			4.83			(.80	)		—			(.80	)		25.89		22.46			12,303			.36			.36			3.31
7/31/2020		22.54		.77		(.16	)		.61			(.79	)		(.50	)		(1.29	)		21.86		2.81			9,894			.37			.37			3.52
7/31/2019		23.27		.76		.12			.88			(.73	)		(.88	)		(1.61	)		22.54		4.36			9,425			.39			.39			3.40
7/31/2018		22.86		.77		.84			1.61			(.70	)		(.50	)		(1.20	)		23.27		7.16			8,675			.38			.38			3.33
Class F-3:
1/31/2023^5,6		23.81		.43		.38			.81			(.47	)		(.82	)		(1.29	)		23.33		3.47	⁷		5,171			.26	⁸		.26	⁸		3.72	⁸
7/31/2022		25.90		.89		(1.18	)		(.29	)		(.82	)		(.98	)		(1.80	)		23.81		(1.30	)		4,840			.25			.25			3.54
7/31/2021		21.87		.82		4.04			4.86			(.83	)		—			(.83	)		25.90		22.57			4,717			.26			.26			3.42
7/31/2020		22.56		.80		(.18	)		.62			(.81	)		(.50	)		(1.31	)		21.87		2.88			3,680			.26			.26			3.63
7/31/2019		23.28		.78		.13			.91			(.75	)		(.88	)		(1.63	)		22.56		4.52			3,343			.28			.28			3.50
7/31/2018		22.87		.79		.84			1.63			(.72	)		(.50	)		(1.22	)		23.28		7.27			2,747			.28			.28			3.43
Class 529-A:
1/31/2023^5,6		23.76		.39		.38			.77			(.43	)		(.82	)		(1.25	)		23.28		3.31	⁷		1,850			.61	⁸		.61	⁸		3.38	⁸
7/31/2022		25.85		.80		(1.18	)		(.38	)		(.73	)		(.98	)		(1.71	)		23.76		(1.64	)		1,868			.59			.59			3.19
7/31/2021		21.83		.74		4.02			4.76			(.74	)		—			(.74	)		25.85		22.14			1,987			.60			.60			3.07
7/31/2020		22.51		.72		(.17	)		.55			(.73	)		(.50	)		(1.23	)		21.83		2.55			1,740			.62			.62			3.27
7/31/2019		23.23		.70		.13			.83			(.67	)		(.88	)		(1.55	)		22.51		4.15			1,704			.64			.64			3.15
7/31/2018		22.83		.71		.83			1.54			(.64	)		(.50	)		(1.14	)		23.23		6.87			1,733			.63			.63			3.08

Refer to the end of the table for footnotes.

The Income Fund of America

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) 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:
1/31/2023^5,6	$	23.70	$	.30	$	.38		$	.68		$	(.34	)	$	(.82	)	$	(1.16	)	$	23.22		2.92	%⁷	$	65			1.37	%⁸		1.37	%⁸		2.61	%⁸
7/31/2022		25.78		.61		(1.18	)		(.57	)		(.53	)		(.98	)		(1.51	)		23.70		(2.40	)		71			1.35			1.35			2.41
7/31/2021		21.76		.56		4.02			4.58			(.56	)		—			(.56	)		25.78		21.26			94			1.33			1.33			2.34
7/31/2020		22.43		.56		(.16	)		.40			(.57	)		(.50	)		(1.07	)		21.76		1.79			103			1.36			1.36			2.56
7/31/2019		23.15		.53		.13			.66			(.50	)		(.88	)		(1.38	)		22.43		3.37			271			1.38			1.38			2.41
7/31/2018		22.73		.53		.83			1.36			(.44	)		(.50	)		(.94	)		23.15		6.06			322			1.39			1.39			2.30
Class 529-E:
1/31/2023^5,6		23.67		.36		.38			.74			(.40	)		(.82	)		(1.22	)		23.19		3.20	⁷		56			.84	⁸		.84	⁸		3.14	⁸
7/31/2022		25.76		.74		(1.18	)		(.44	)		(.67	)		(.98	)		(1.65	)		23.67		(1.89	)		58			.83			.83			2.95
7/31/2021		21.75		.68		4.02			4.70			(.69	)		—			(.69	)		25.76		21.90			64			.83			.83			2.84
7/31/2020		22.43		.67		(.17	)		.50			(.68	)		(.50	)		(1.18	)		21.75		2.31			59			.84			.84			3.05
7/31/2019		23.16		.65		.12			.77			(.62	)		(.88	)		(1.50	)		22.43		3.87			64			.86			.86			2.92
7/31/2018		22.76		.66		.83			1.49			(.59	)		(.50	)		(1.09	)		23.16		6.63			69			.86			.86			2.84
Class 529-T:
1/31/2023^5,6		23.83		.42		.38			.80			(.46	)		(.82	)		(1.28	)		23.35		3.42	^7,9		—	¹⁰		.34	^8,9		.34	^8,9		3.64	^8,9
7/31/2022		25.92		.87		(1.19	)		(.32	)		(.79	)		(.98	)		(1.77	)		23.83		(1.39	)⁹		—	¹⁰		.35	⁹		.35	⁹		3.44	⁹
7/31/2021		21.88		.80		4.04			4.84			(.80	)		—			(.80	)		25.92		22.47	⁹		—	¹⁰		.36	⁹		.36	⁹		3.31	⁹
7/31/2020		22.57		.77		(.17	)		.60			(.79	)		(.50	)		(1.29	)		21.88		2.75	⁹		—	¹⁰		.39	⁹		.39	⁹		3.50	⁹
7/31/2019		23.29		.75		.13			.88			(.72	)		(.88	)		(1.60	)		22.57		4.38	⁹		—	¹⁰		.41	⁹		.41	⁹		3.37	⁹
7/31/2018		22.88		.76		.84			1.60			(.69	)		(.50	)		(1.19	)		23.29		7.12	⁹		—	¹⁰		.41	⁹		.41	⁹		3.30	⁹
Class 529-F-1:
1/31/2023^5,6		23.75		.41		.38			.79			(.45	)		(.82	)		(1.27	)		23.27		3.39	^7,9		—	¹⁰		.43	^8,9		.43	^8,9		3.56	^8,9
7/31/2022		25.84		.84		(1.18	)		(.34	)		(.77	)		(.98	)		(1.75	)		23.75		(1.49	)⁹		—	¹⁰		.43	⁹		.43	⁹		3.36	⁹
7/31/2021		21.82		.78		4.03			4.81			(.79	)		—			(.79	)		25.84		22.40	⁹		—	¹⁰		.37	⁹		.37	⁹		3.55	⁹
7/31/2020		22.50		.77		(.16	)		.61			(.79	)		(.50	)		(1.29	)		21.82		2.80			94			.38			.38			3.52
7/31/2019		23.23		.75		.13			.88			(.73	)		(.88	)		(1.61	)		22.50		4.36			92			.40			.40			3.39
7/31/2018		22.83		.77		.82			1.59			(.69	)		(.50	)		(1.19	)		23.23		7.10			81			.40			.40			3.32
Class 529-F-2:
1/31/2023^5,6		23.83		.42		.38			.80			(.46	)		(.82	)		(1.28	)		23.35		3.42	⁷		137			.34	⁸		.34	⁸		3.65	⁸
7/31/2022		25.92		.87		(1.19	)		(.32	)		(.79	)		(.98	)		(1.77	)		23.83		(1.39	)		131			.35			.35			3.45
7/31/2021^5,11		21.40		.60		4.54			5.14			(.62	)		—			(.62	)		25.92		24.24	⁷		125			.36	⁸		.36	⁸		3.24	⁸
Class 529-F-3:
1/31/2023^5,6		23.83		.43		.37			.80			(.46	)		(.82	)		(1.28	)		23.35		3.44	⁷		—	¹⁰		.32	⁸		.32	⁸		3.66	⁸
7/31/2022		25.92		.88		(1.19	)		(.31	)		(.80	)		(.98	)		(1.78	)		23.83		(1.35	)		—	¹⁰		.31			.31			3.48
7/31/2021^5,11		21.40		.60		4.55			5.15			(.63	)		—			(.63	)		25.92		24.28	⁷		—	¹⁰		.38	⁸		.32	⁸		3.28	⁸
Class R-1:
1/31/2023^5,6		23.66		.30		.38			.68			(.35	)		(.82	)		(1.17	)		23.17		2.90	⁷		66			1.34	⁸		1.34	⁸		2.64	⁸
7/31/2022		25.73		.61		(1.16	)		(.55	)		(.54	)		(.98	)		(1.52	)		23.66		(2.33	)		68			1.34			1.34			2.44
7/31/2021		21.73		.56		4.01			4.57			(.57	)		—			(.57	)		25.73		21.26			76			1.34			1.34			2.34
7/31/2020		22.41		.56		(.17	)		.39			(.57	)		(.50	)		(1.07	)		21.73		1.75			81			1.36			1.36			2.54
7/31/2019		23.13		.53		.14			.67			(.51	)		(.88	)		(1.39	)		22.41		3.38			99			1.37			1.37			2.41
7/31/2018		22.73		.54		.83			1.37			(.47	)		(.50	)		(.97	)		23.13		6.09			116			1.37			1.37			2.33

Refer to the end of the table for footnotes.

70	The Income Fund of America

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) 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:
1/31/2023^5,6	$	23.49	$	.30	$	.37		$	.67		$	(.34	)	$	(.82	)	$	(1.16	)	$	23.00		2.92	%⁷	$	366		1.36	%⁸		1.36	%⁸		2.62	%⁸
7/31/2022		25.57		.61		(1.17	)		(.56	)		(.54	)		(.98	)		(1.52	)		23.49		(2.38	)		369		1.34			1.34			2.44
7/31/2021		21.60		.55		3.99			4.54			(.57	)		—			(.57	)		25.57		21.26			409		1.35			1.35			2.33
7/31/2020		22.28		.55		(.16	)		.39			(.57	)		(.50	)		(1.07	)		21.60		1.76			385		1.37			1.37			2.52
7/31/2019		23.01		.53		.13			.66			(.51	)		(.88	)		(1.39	)		22.28		3.37			439		1.38			1.38			2.41
7/31/2018		22.62		.54		.82			1.36			(.47	)		(.50	)		(.97	)		23.01		6.09			488		1.37			1.37			2.34
Class R-2E:
1/31/2023^5,6		23.75		.34		.38			.72			(.38	)		(.82	)		(1.20	)		23.27		3.07	⁷		36		1.06	⁸		1.06	⁸		2.92	⁸
7/31/2022		25.83		.69		(1.18	)		(.49	)		(.61	)		(.98	)		(1.59	)		23.75		(2.08	)		37		1.05			1.05			2.73
7/31/2021		21.81		.63		4.02			4.65			(.63	)		—			(.63	)		25.83		21.62			39		1.06			1.06			2.62
7/31/2020		22.49		.62		(.17	)		.45			(.63	)		(.50	)		(1.13	)		21.81		2.06			35		1.07			1.07			2.82
7/31/2019		23.22		.60		.13			.73			(.58	)		(.88	)		(1.46	)		22.49		3.66			36		1.08			1.08			2.71
7/31/2018		22.82		.61		.83			1.44			(.54	)		(.50	)		(1.04	)		23.22		6.40			28		1.08			1.08			2.63
Class R-3:
1/31/2023^5,6		23.72		.36		.37			.73			(.40	)		(.82	)		(1.22	)		23.23		3.12	⁷		702		.91	⁸		.91	⁸		3.08	⁸
7/31/2022		25.80		.72		(1.17	)		(.45	)		(.65	)		(.98	)		(1.63	)		23.72		(1.92	)		729		.90			.90			2.88
7/31/2021		21.79		.66		4.02			4.68			(.67	)		—			(.67	)		25.80		21.78			824		.90			.90			2.78
7/31/2020		22.46		.65		(.15	)		.50			(.67	)		(.50	)		(1.17	)		21.79		2.27			792		.92			.92			2.97
7/31/2019		23.19		.63		.13			.76			(.61	)		(.88	)		(1.49	)		22.46		3.80			954		.93			.93			2.86
7/31/2018		22.78		.64		.84			1.48			(.57	)		(.50	)		(1.07	)		23.19		6.60			1,057		.92			.92			2.78
Class R-4:
1/31/2023^5,6		23.78		.39		.37			.76			(.43	)		(.82	)		(1.25	)		23.29		3.26	⁷		817		.61	⁸		.61	⁸		3.38	⁸
7/31/2022		25.86		.80		(1.17	)		(.37	)		(.73	)		(.98	)		(1.71	)		23.78		(1.61	)		815		.60			.60			3.18
7/31/2021		21.84		.74		4.02			4.76			(.74	)		—			(.74	)		25.86		22.13			940		.60			.60			3.07
7/31/2020		22.52		.72		(.16	)		.56			(.74	)		(.50	)		(1.24	)		21.84		2.55			925		.61			.61			3.28
7/31/2019		23.24		.70		.13			.83			(.67	)		(.88	)		(1.55	)		22.52		4.15			1,018		.63			.63			3.16
7/31/2018		22.83		.71		.84			1.55			(.64	)		(.50	)		(1.14	)		23.24		6.90			1,154		.63			.63			3.07
Class R-5E:
1/31/2023^5,6		23.79		.41		.38			.79			(.45	)		(.82	)		(1.27	)		23.31		3.40	⁷		173		.41	⁸		.41	⁸		3.57	⁸
7/31/2022		25.87		.85		(1.17	)		(.32	)		(.78	)		(.98	)		(1.76	)		23.79		(1.45	)		159		.40			.40			3.39
7/31/2021		21.85		.80		4.02			4.82			(.80	)		—			(.80	)		25.87		22.45			162		.39			.39			3.25
7/31/2020		22.54		.75		(.16	)		.59			(.78	)		(.50	)		(1.28	)		21.85		2.73			41		.41			.41			3.45
7/31/2019		23.26		.74		.14			.88			(.72	)		(.88	)		(1.60	)		22.54		4.38			21		.42			.42			3.34
7/31/2018		22.85		.78		.82			1.60			(.69	)		(.50	)		(1.19	)		23.26		7.14			6		.41			.41			3.38
Class R-5:
1/31/2023^5,6		23.83		.43		.38			.81			(.47	)		(.82	)		(1.29	)		23.35		3.45	⁷		323		.31	⁸		.31	⁸		3.68	⁸
7/31/2022		25.92		.88		(1.18	)		(.30	)		(.81	)		(.98	)		(1.79	)		23.83		(1.34	)		317		.30			.30			3.48
7/31/2021		21.88		.81		4.04			4.85			(.81	)		—			(.81	)		25.92		22.55			406		.30			.30			3.38
7/31/2020		22.56		.79		(.17	)		.62			(.80	)		(.50	)		(1.30	)		21.88		2.87			371		.31			.31			3.56
7/31/2019		23.28		.77		.13			.90			(.74	)		(.88	)		(1.62	)		22.56		4.47			445		.32			.32			3.46
7/31/2018		22.87		.78		.84			1.62			(.71	)		(.50	)		(1.21	)		23.28		7.21			449		.33			.33			3.38
Class R-6:
1/31/2023^5,6		23.84		.43		.38			.81			(.47	)		(.82	)		(1.29	)		23.36		3.47	⁷		16,719		.26	⁸		.26	⁸		3.72	⁸
7/31/2022		25.93		.89		(1.18	)		(.29	)		(.82	)		(.98	)		(1.80	)		23.84		(1.29	)		16,215		.25			.25			3.54
7/31/2021		21.89		.82		4.05			4.87			(.83	)		—			(.83	)		25.93		22.59			16,144		.25			.25			3.42
7/31/2020		22.58		.79		(.17	)		.62			(.81	)		(.50	)		(1.31	)		21.89		2.88			12,922		.26			.26			3.61
7/31/2019		23.30		.78		.13			.91			(.75	)		(.88	)		(1.63	)		22.58		4.52			10,202		.28			.28			3.51
7/31/2018		22.88		.80		.84			1.64			(.72	)		(.50	)		(1.22	)		23.30		7.31			8,478		.28			.28			3.44

Refer to the end of the table for footnotes.

The Income Fund of America

Financial highlights (continued)

	Six months ended January 31, 2023^5,6,7			Year ended July 31,
Portfolio turnover rate for all share classes^12,13	Six months ended January 31, 2023^5,6,7			2022			2021			2020			2019			2018
Excluding mortgage dollar roll transactions		25	%		40	%		44	%		58	%		48	%		53	%
Including mortgage dollar roll transactions		54	%		72	%		133	%		117	%		67	%		70	%


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 shares.
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 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
¹²	Refer to Note 5 for more information on mortgage dollar rolls.
¹³	Rates do not include the portfolio activity of Capital Group Central Cash Fund.

Refer to the notes to financial statements.

72	The Income Fund of America

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 (August 1, 2022, through January 31, 2023).

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.

The Income Fund of America

Expense example (continued)

	Beginning account value 8/1/2022		Ending account value 1/31/2023		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,033.17	$	2.92		.57	%
Class A – assumed 5% return		1,000.00		1,022.33		2.91		.57
Class C – actual return		1,000.00		1,029.47		6.70		1.31
Class C – assumed 5% return		1,000.00		1,018.60		6.67		1.31
Class T – actual return		1,000.00		1,034.50		1.49		.29
Class T – assumed 5% return		1,000.00		1,023.74		1.48		.29
Class F-1 – actual return		1,000.00		1,032.93		3.18		.62
Class F-1 – assumed 5% return		1,000.00		1,022.08		3.16		.62
Class F-2 – actual return		1,000.00		1,034.20		1.90		.37
Class F-2 – assumed 5% return		1,000.00		1,023.34		1.89		.37
Class F-3 – actual return		1,000.00		1,034.73		1.33		.26
Class F-3 – assumed 5% return		1,000.00		1,023.89		1.33		.26
Class 529-A – actual return		1,000.00		1,033.07		3.13		.61
Class 529-A – assumed 5% return		1,000.00		1,022.13		3.11		.61
Class 529-C – actual return		1,000.00		1,029.16		7.01		1.37
Class 529-C – assumed 5% return		1,000.00		1,018.30		6.97		1.37
Class 529-E – actual return		1,000.00		1,031.98		4.30		.84
Class 529-E – assumed 5% return		1,000.00		1,020.97		4.28		.84
Class 529-T – actual return		1,000.00		1,034.19		1.74		.34
Class 529-T – assumed 5% return		1,000.00		1,023.49		1.73		.34
Class 529-F-1 – actual return		1,000.00		1,033.86		2.20		.43
Class 529-F-1 – assumed 5% return		1,000.00		1,023.04		2.19		.43
Class 529-F-2 – actual return		1,000.00		1,034.24		1.74		.34
Class 529-F-2 – assumed 5% return		1,000.00		1,023.49		1.73		.34
Class 529-F-3 – actual return		1,000.00		1,034.41		1.64		.32
Class 529-F-3 – assumed 5% return		1,000.00		1,023.59		1.63		.32
Class R-1 – actual return		1,000.00		1,029.00		6.85		1.34
Class R-1 – assumed 5% return		1,000.00		1,018.45		6.82		1.34
Class R-2 – actual return		1,000.00		1,029.20		6.96		1.36
Class R-2 – assumed 5% return		1,000.00		1,018.35		6.92		1.36
Class R-2E – actual return		1,000.00		1,030.74		5.43		1.06
Class R-2E – assumed 5% return		1,000.00		1,019.86		5.40		1.06
Class R-3 – actual return		1,000.00		1,031.16		4.66		.91
Class R-3 – assumed 5% return		1,000.00		1,020.62		4.63		.91
Class R-4 – actual return		1,000.00		1,032.59		3.13		.61
Class R-4 – assumed 5% return		1,000.00		1,022.13		3.11		.61
Class R-5E – actual return		1,000.00		1,034.01		2.10		.41
Class R-5E – assumed 5% return		1,000.00		1,023.14		2.09		.41
Class R-5 – actual return		1,000.00		1,034.50		1.59		.31
Class R-5 – assumed 5% return		1,000.00		1,023.64		1.58		.31
Class R-6 – actual return		1,000.00		1,034.68		1.33		.26
Class R-6 – assumed 5% return		1,000.00		1,023.89		1.33		.26

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

74	The Income Fund of America

Approval of Investment Advisory and Service Agreement

The fund’s board has approved the continuation of the fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through January 31, 2024. The board approved the agreement following the recommendation of the fund’s Contracts Committee (the “committee”), which is composed of all the fund’s independent board members. The board and the committee determined in the exercise of their business judgment that the fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of the fund and its shareholders.

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

1. Nature, extent and quality of services

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

2. Investment results

The board and the committee considered the investment results of the fund in light of its objective. They compared the fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which the fund is included) and data such as relevant market and fund indexes over various periods (including the fund’s lifetime) through June 30, 2022. They generally placed greater emphasis on investment results over longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that the fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the fund indicated that its continued management should benefit the fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of the fund to those of other relevant funds. They observed that the fund’s advisory fees and expenses generally compared favorably to those of other similar funds included in the comparable Lipper category. The board and the committee also considered the breakpoint discounts in the fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the fund and the other clients. The board and the committee concluded that the fund’s cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing the fund, and that the fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

The Income Fund of America

4. Ancillary benefits

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

5. Adviser financial information

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

76	The Income Fund of America

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, 2021, through September 30, 2022. 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.

The Income Fund of America