N-CSR

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: July 31, 2021

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^®   Annual report for the year ended July 31, 2021  

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

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended June 30, 2021 (the most recent calendar quarter-end):

	1 year			5 years			10 years
Class F-2 shares		26.99	%		9.30	%		8.96	%
Class A shares (reflecting 5.75% maximum sales charge)		19.47			7.82			8.13

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

The total annual fund operating expense ratios are 0.35% for Class F-2 shares and 0.56% for Class A shares as of the prospectus dated October 1, 2021 (unaudited).

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 August 31, 2021, was 2.70% for Class F-2 shares and 2.35% 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 3.05% and 2.70%, 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.

Contents

1	Letter to investors
4	The value of a long-term perspective
6	The portfolio at a glance
7	Investment portfolio
48	Financial statements
75	Board of trustees and other officers

Fellow investors:

For the fiscal year ended July 31, 2021, The Income Fund of America’s Class F-2 shares recorded a 22.46% total return. The fund paid dividends totaling 80 cents a share, inclusive of a special dividend totaling 9 cents a share in December 2020.

The fund, which invests in a mix of stocks and bonds, generated a return that was in line with the 22.43% gain of the 65%/35% Standard & Poor’s 500 Composite Index/Bloomberg Barclays U.S. Aggregate Index, the fund’s primary benchmark. As you can see in the chart below, over its lifetime IFA has outpaced the blended index, a broad measure of the U.S. stock and bond markets. Market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

IFA seeks to provide investors with regular quarterly income. During the 12-month period the market rewarded many cyclical and dividend-paying companies that had been overlooked in recent years, which benefited the fund. We are gratified that in a period that started with historic levels of dividend cuts and pandemic shutdowns the fund generated a steady positive return. We also note that the fund continued to pay income at a meaningfully higher rate than the S&P 500 and Bloomberg Barclays U.S. Aggregate indexes.

Results at a glance

For periods ended July 31, 2021, with all distributions reinvested:

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime (12/1/73)1
The Income Fund of America (Class F-2 shares)		22.46	%		8.91	%		9.17	%		11.03	%
The Income Fund of America (Class A shares)		22.23			8.72			8.98			10.85
65%/35% S&P 500 Index/Bloomberg Barclays U.S. Aggregate Index2,3		22.43			12.47			11.25			10.26
Standard & Poor’s 500 Composite Index		36.45			17.35			15.35			11.54
Bloomberg Barclays U.S. Aggregate Index3		–0.70			3.13			3.35			7.12

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 Barclays U.S. Aggregate Index blends the S&P 500 Index with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 65% and 35%, respectively. Results assume the blend is rebalanced monthly.
3	Source: Bloomberg Index Services Ltd. From December 1, 1973, through December 31, 1975, the Bloomberg Barclays U.S. Government/Credit Index was used because the Bloomberg Barclays U.S. Aggregate Index did not yet exist.

The Income Fund of America 1

Markets rally, powered by stimulus and vaccines

Stock markets staged a stunning recovery during the fiscal year, boosted by huge U.S. fiscal stimulus, loose central bank policy, the removal of pandemic restrictions and strong corporate earnings. In the early stages of the rally, consumer-focused technology companies that thrived during pandemic lockdowns led the market turnaround as people shopped and conducted business online. By late fall, the rapid development and rollout of coronavirus vaccines further fueled the rally. U.S. economic growth was robust. An estimate of GDP showed annualized growth of 6.6% in the second quarter after the economy grew 6.3% in the first quarter. The job market was also strong, and annual core consumer price inflation rose from 3.8% in May to a higher-than-expected 4.5% in June. As the U.S. economy opened, the market leadership shifted to many of the industries that suffered the most during the pandemic — airlines, hotels, energy and financials, to name a few.

Every market sector recorded double-digit gains, led by financials, which soared 55%, lifted by optimism for global economic growth. The industrials sector also rose sharply, as did the energy sector, supported by a rebound in driving activity and air travel. Among the laggards in an overwhelmingly positive environment were the utilities and consumer staples sectors, which rose 12% and 18%, respectively, as investors focused on more cyclical areas of the market.

For the year as a whole, lower yielding growth stocks outpaced higher yielding stocks. Investment grade bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, posted a slightly negative return on concerns of rising inflation. During bouts of volatility throughout the year, when stocks and high-yield bonds pulled back, fund managers invested selectively in those areas, increasing exposure.

Inside the portfolio

Given the fund’s commitment to current income and its dividend discipline, fund managers generally do not invest in fast-growing digital companies because they do not pay dividends. This approach held back the fund’s total returns in relative terms; however, favorable individual stock selection across a number of sectors supported the fund’s overall solid results.

Consider, for example, the fund’s investments in the consumer discretionary sector, which proved to be an area of strength. While the fund did not hold many of the digitally oriented consumer companies that were most in fashion, select investments in more traditional consumer companies supported the fund’s positive return. Brick-and-mortar retailer Target soared 107% thanks in part to consumer shifts toward eating more at home, cleaning and stocking up on supplies. Results were also supported by the company’s surging online sales. In food service, Darden, a multibrand restaurant operator, advanced as it adopted pickup service, online ordering and contactless payments.

Among consumer staples holdings, tobacco makers Philip Morris International and Altria, both top-10 positions for the fund, recorded double-digit gains but trailed the broader market.

Tech infrastructure proves to be a strength

Similarly, while the fund does not invest in high-flying digital tech companies, a number of the fund’s largest investments were more prosaic tech companies that benefited from the demand for infrastructure and support created by increased digital activity. Semiconductor makers Broadcom and Taiwan Semiconductor Manufacturing (TSMC), both among the fund’s 10 largest holdings, advanced on rising demand for high-performance computing chips amid a global semiconductor shortage. Microsoft, the fund’s fifth-largest investment, rose as demand for its cloud computing service was projected to increase thanks to rising IT spending as companies forge ahead with digital projects.

As economy reopens, investments in materials rebound

In the later months of the fiscal year, as the economy opened back up and the Federal Reserve and other authorities made it clear that monetary policy would remain accommodative, a number of higher yielding investments in more cyclical areas of the market rebounded. Select investments in the metals and mining industry ended the period with solid returns. Brazilian iron ore producer Vale rose after beating first-quarter profit estimates. Earnings returned to levels last seen a decade ago amid the combination of recovering production and high commodity prices driven by rising global demand. Multinational mining company Rio Tinto also enjoyed solid gains.

Investments in communications services and health care proved to be a drag on the fund’s return in relative terms, as investors focused on more cyclical areas of the market. Biopharmaceutical company Gilead Sciences, the 10th-largest investment in the portfolio, posted a modest decline. Drugmaker Pfizer, also a top-10 holding, advanced but trailed the broader market.

Elsewhere among the fund’s top 10 investments, top holding JPMorgan Chase rose 57%, and derivatives exchange CME

2 The Income Fund of America

group gained 27.7%. Shares of Crown Castle International, which operates towers and other infrastructure for wireless communications, also posted a gain as demand for its services rose as wireless companies build out their spectrum.

Bonds offer ballast, some income opportunities

Fixed income securities, which made up about 20% of the portfolio at the end of the period, have contributed relatively modest levels of income in recent years. However, they continue to play an important role in the fund, helping to mitigate equity market volatility. The fund’s fixed income allocation was composed of U.S. Treasuries and other government issues, as well as high-yield and investment-grade corporate bonds.

Looking ahead

The economic outlook is considerably brighter than it was a year ago, thanks to the rollout of vaccines, the lifting of pandemic restrictions and improving economic conditions. We remain reasonably confident that the economy can remain on a growth path in the near and mid-term.

However, challenges remain.

Big questions about the pandemic are still unanswered, with the prospect of dangerous COVID variants spurring new waves of infection. Inflation has surfaced thanks to pent-up demand and supply shortages in many areas, and geopolitical tensions remain a concern. We are closely monitoring these tensions and the prospect of rising inflation.

In recent years, a small group of growing digital consumer tech companies have dominated market leadership. Recently we have seen a more balanced recovery. Markets in general have always liked to simplify, but the recent past has been one of even greater oversimplification with regard to the perceived merits of growth investing versus investing for income. We do not make investment decisions based on those shifting winds. Instead, we look closely at the specific characteristics of individual companies to seek out those with the potential to provide meaningful dividends across market cycles, whether yield is in or out of favor.

We remain confident that, with our patient approach, deep research effort and conviction in dividend-focused investing, we can generate meaningful income for our investors and help them withstand bouts of volatility.

We thank you for your commitment to The Income Fund of America and look forward to reporting to you again in six months.

Cordially,

Hilda L. Applbaum
Co-President

Caroline Randall
Co-President

September 9, 2021

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

The Income Fund of America 3

The value of a long-term perspective

Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment¹; thus, the net amount invested was $9,425.² 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.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Please see capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

The results shown are before taxes on fund distributions and sale of fund shares.

1	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
2	The maximum initial sales charge was 8.5% prior to July 1, 1988.
3	For the period December 1, 1973 (when Capital Research and Management Company became the fund’s investment adviser), through July 31, 1974.
4	The indexes are unmanaged and include reinvested distributions, but do not reflect the effect of sales charges, commissions or expenses. Investors cannot invest directly in an index.
5	From December 1, 1973, through December 31, 1975, the Bloomberg Barclays U.S. Government/Credit Index was used because the Bloomberg Barclays U.S. Aggregate Index did not exist.
6	From April 1990 to September 1994 and from September 2003 to March 2009, the fund accrued dividends daily but paid quarterly. Dividends reflect quarterly dividends actually paid during the period, while year-end values are adjusted for cumulative dividends accrued but not yet paid.
7	The 65%/35% S&P 500 Index/Bloomberg Barclays U.S. Aggregate Index blends the S&P 500 Index with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 65% and 35%, respectively. Results assume the blend is rebalanced monthly.

4 The Income Fund of America

How a hypothetical $10,000 investment has grown

There have always been reasons not to invest. If you look beyond the negative headlines, however, you will find that despite occasional stumbles, financial markets have tended to reward investors over the long term. Investment management — bolstered by experience and careful research — can add even more value. As the chart below shows, over its lifetime, The Income Fund of America (IFA) has fared well against its benchmarks.

The Income Fund of America 5

The portfolio at a glance

July 31, 2021

Investment mix by security type Percent of net assets

 

Five largest sectors in common stock holdings
	Percent of net assets
Financials	13.25	%
Consumer staples	10.01
Health care	7.71
Information technology	7.51
Real estate	6.70
Ten largest common stock holdings
	Percent of net assets
JPMorgan Chase	2.55	%
Philip Morris International	2.51
Broadcom	2.22
Pfizer	1.92
Microsoft	1.91
Taiwan Semiconductor Manufacturing	1.76
CME Group	1.57
Crown Castle International	1.49
Altria	1.35
Gilead Sciences	1.33
Country diversification by domicile
	Percent of net assets
United States	70.90	%
Eurozone*	5.97
United Kingdom	5.34
Canada	4.21
Taiwan	1.96
Switzerland	1.88
Japan	1.22
Other countries	3.88
Short-term securities & other assets less liabilities	4.64

* 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.

July 31, 2020

Investment mix by security type Percent of net assets

 

Five largest sectors in common stock holdings
	Percent of net assets
Health care	9.50	%
Financials	9.34
Information technology	8.89
Consumer staples	8.43
Industrials	6.66
Ten largest common stock holdings
	Percent of net assets
Microsoft	2.41	%
Pfizer	2.03
Taiwan Semiconductor Manufacturing	2.02
Philip Morris International	1.94
JPMorgan Chase	1.92
AstraZeneca	1.79
Verizon Communications	1.72
Digital Realty Trust	1.55
Broadcom	1.51
CME Group	1.49
Country diversification by domicile
	Percent of net assets
United States	72.76	%
United Kingdom	7.14
Eurozone†	5.32
Taiwan	2.13
Canada	2.03
Switzerland	1.83
Japan	1.13
Other countries	3.92
Short-term securities & other assets less liabilities	3.74

^† 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.

6 The Income Fund of America

Investment portfolio July 31, 2021

Common stocks 73.12%	Shares		Value (000)
Financials 13.25%
JPMorgan Chase & Co.		21,277,465	$	3,229,494
CME Group, Inc., Class A		9,336,778		1,980,611
PNC Financial Services Group, Inc.		6,467,730		1,179,779
Citigroup, Inc.		10,313,500		697,399
Synchrony Financial		14,748,551		693,477
Bank of Nova Scotia (CAD denominated)		10,157,300		633,976
The Blackstone Group, Inc.		5,216,000		601,248
Toronto-Dominion Bank (CAD denominated)		8,463,218		562,700
Zurich Insurance Group AG		1,389,785		561,222
BlackRock, Inc.		615,300		533,570
Fifth Third Bancorp		11,299,000		410,041
Manulife Financial Corp.		21,175,000		409,379
Ares Management Corp., Class A		5,143,000		368,290
Power Corporation of Canada, subordinate voting shares		10,416,953		332,481
Apollo Global Management, Inc., Class A1		5,551,808		326,779
Progressive Corp.		3,299,105		313,943
American International Group, Inc.		6,070,558		287,441
KeyCorp		14,220,000		279,565
Münchener Rückversicherungs-Gesellschaft AG		937,700		253,504
B3 SA-Brasil, Bolsa, Balcao		77,898,000		228,089
DBS Group Holdings, Ltd.		9,960,844		223,557
ING Groep NV		17,356,000		223,303
Carlyle Group, Inc.		3,983,000		201,022
Regions Financial Corp.		10,069,900		193,846
Banco Santander, SA		47,000,000		172,140
Legal & General Group PLC		47,090,000		171,100
T. Rowe Price Group, Inc.		750,000		153,120
DNB Bank ASA2		7,144,448		146,411
Tryg A/S		5,655,528		139,832
Principal Financial Group, Inc.		2,055,600		127,714
Franklin Resources, Inc.		4,053,503		119,781
Ping An Insurance (Group) Company of China, Ltd., Class H		11,796,000		103,446
St. James’s Place PLC		4,329,000		95,495
Sberbank of Russia PJSC (ADR)		5,671,000		94,422
Janus Henderson Group PLC		2,224,000		93,052
BNP Paribas SA		1,330,000		81,173
Morgan Stanley		808,625		77,612
BOC Hong Kong (Holdings), Ltd.		22,180,000		71,354
National Bank of Canada		920,000		70,416
Swedbank AB, Class A		2,677,000		52,169
AXA SA		1,984,000		51,495
China Pacific Insurance (Group) Co., Ltd., Class H		16,885,000		47,584
Islandsbanki hf.2		49,182,722		43,122
PICC Property and Casualty Co., Ltd., Class H		37,658,000		30,432
Truist Financial Corp.		396,000		21,554
Bank of America Corp.		450,000		17,262
BB Seguridade Participações SA		3,300,000		13,540
The Bank of N.T. Butterfield & Son, Ltd.		400,000		13,256
Brookfield Asset Management, Inc., Class A		207,530		11,205
Qualitas Controladora, SAB de CV		1,686,509		8,209
ICICI Securities, Ltd.		615,896		6,000
Jonah Energy Parent LLC2,3,4		275,936		5,789
				16,763,401
Consumer staples 10.01%
Philip Morris International, Inc.		31,711,177		3,173,972
Altria Group, Inc.		35,557,000		1,708,158
General Mills, Inc.		22,479,017		1,323,115
British American Tobacco PLC		31,033,850		1,156,289
PepsiCo, Inc.		7,122,250		1,117,837
Procter & Gamble Company		5,884,000		836,881
Kraft Heinz Company		19,972,607		768,346
Coca-Cola Company		10,544,890		601,375
Kellogg Co.		8,945,000		566,755
Nestlé SA		4,237,617		537,041

The Income Fund of America 7

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Archer Daniels Midland Company		5,591,200	$	333,906
Walgreens Boots Alliance, Inc.		4,060,000		191,429
Bunge, Ltd.		1,674,000		129,953
Kimberly-Clark Corp.		571,000		77,496
Conagra Brands, Inc.		2,180,100		73,012
Scandinavian Tobacco Group A/S		2,636,362		54,022
Vector Group, Ltd.		1,000,000		13,360
				12,662,947
Health care 7.71%
Pfizer, Inc.		56,670,900		2,426,081
Gilead Sciences, Inc.		24,624,650		1,681,617
AstraZeneca PLC		11,927,800		1,370,805
Novartis AG		12,129,220		1,123,143
CVS Health Corp.		8,763,349		721,749
Johnson & Johnson		2,995,000		515,739
Amgen, Inc.		1,703,710		411,514
GlaxoSmithKline PLC		15,512,920		305,720
Bristol-Myers Squibb Company		4,430,000		300,664
Merck & Co., Inc.		2,916,232		224,171
AbbVie, Inc.		1,600,000		186,080
Takeda Pharmaceutical Company, Ltd.		5,037,000		169,056
Bayer AG		1,623,000		96,823
Sanofi		803,000		82,758
Viatris, Inc.		5,433,074		76,443
Rotech Healthcare, Inc.2,3,4,5,6		543,172		56,490
Organon & Co.2		264,123		7,662
				9,756,515
Information technology 7.51%
Broadcom, Inc.		5,780,912		2,806,055
Microsoft Corp.		8,500,800		2,421,963
Taiwan Semiconductor Manufacturing Company, Ltd.		98,426,500		2,041,386
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		1,543,000		179,976
Texas Instruments, Inc.		3,120,000		594,734
Cisco Systems, Inc.		8,300,000		459,571
Intel Corp.		4,300,000		230,996
Tokyo Electron, Ltd.		523,500		214,353
Vanguard International Semiconductor Corp.2		38,129,886		157,483
QUALCOMM, Inc.		747,000		111,901
NortonLifeLock, Inc.		3,528,359		87,574
Western Union Company		2,910,121		67,544
MediaTek Inc.		1,672,000		54,408
GlobalWafers Co., Ltd.		1,600,000		48,460
FDM Group (Holdings) PLC		1,482,855		24,404
				9,500,808
Real estate 6.70%
Crown Castle International Corp. REIT		9,756,613		1,883,904
Digital Realty Trust, Inc. REIT		9,204,000		1,418,889
Gaming and Leisure Properties, Inc. REIT5		16,512,095		781,682
Iron Mountain, Inc. REIT		13,695,000		599,293
MGM Growth Properties LLC REIT, Class A5		11,510,300		435,089
Camden Property Trust REIT		2,580,285		385,469
Public Storage REIT		1,138,000		355,602
VICI Properties, Inc. REIT1		10,601,500		330,661
Prologis, Inc. REIT		2,051,600		262,687
American Tower Corp. REIT		842,000		238,118
Lamar Advertising Co. REIT, Class A		2,003,322		213,554
Boston Properties, Inc. REIT		1,623,365		190,551
Federal Realty Investment Trust REIT		1,500,000		176,295
Extra Space Storage, Inc. REIT		983,000		171,180
Mid-America Apartment Communities, Inc. REIT		811,000		156,604
Regency Centers Corp. REIT		2,380,000		155,676
Douglas Emmett, Inc. REIT		4,597,000		153,540
Shimao Group Holdings, Ltd.		71,784,000		141,514
Longfor Group Holdings, Ltd.		29,526,000		137,730
Simon Property Group, Inc. REIT		1,000,000		126,520

8 The Income Fund of America

Common stocks (continued)	Shares		Value (000)
Real estate (continued)
CIFI Holdings (Group) Co., Ltd.		173,570,437	$	104,529
China SCE Property Holdings, Ltd.		71,000,000		24,759
Samhallsbyggnadsbolaget i Norden AB, Class B		3,544,000		17,756
Selvaag Bolig ASA		1,912,218		12,662
				8,474,264
Industrials 6.01%
Lockheed Martin Corp.		4,019,300		1,493,853
Emerson Electric Co.		9,844,265		993,188
BAE Systems PLC		97,859,498		783,502
Honeywell International, Inc.		2,426,500		567,291
Norfolk Southern Corp.		2,122,453		547,232
Kone OYJ, Class B		4,785,940		396,391
ManpowerGroup, Inc.5		2,722,832		322,873
United Parcel Service, Inc., Class B		1,640,000		313,830
Deutsche Post AG		4,245,000		287,585
PACCAR, Inc.		3,384,400		280,871
Raytheon Technologies Corp.		3,211,174		279,212
AB Volvo, Class B		11,364,000		267,652
Hubbell, Inc.		1,303,000		261,199
General Dynamics Corp.		1,000,000		196,030
Watsco, Inc.		665,000		187,823
ACS, Actividades de Construcción y Servicios, SA		6,079,215		159,806
New AMI I, LLC2,3,4,5		8,173,633		71,111
Cummins, Inc.		300,000		69,630
Inwido AB		1,850,000		34,299
Intrum AB1		900,000		27,883
Singapore Technologies Engineering, Ltd.		8,496,000		25,144
Illinois Tool Works, Inc.		100,000		22,667
Coor Service Management Holding AB		1,750,000		16,111
				7,605,183
Utilities 5.19%
Enel SpA		134,342,000		1,239,846
DTE Energy Company5		9,310,243		1,092,278
Duke Energy Corp.		8,931,065		938,744
Brookfield Infrastructure Partners LP5		15,653,448		846,912
AES Corp.		18,453,000		437,336
Southern Co.		6,015,514		384,211
Public Service Enterprise Group, Inc.		5,973,000		371,700
Dominion Energy, Inc.		3,767,000		282,035
Entergy Corp.		2,045,100		210,482
National Grid PLC		10,028,922		128,821
CMS Energy Corp.		1,715,700		106,013
Guangdong Investment, Ltd.		72,294,000		101,215
Engie SA		6,786,200		90,580
Edison International		1,468,100		80,012
Black Hills Corp.		1,105,000		74,753
American Electric Power Company, Inc.		822,700		72,496
Xcel Energy, Inc.		826,000		56,375
Iberdrola, SA, non-registered shares		2,555,441		30,799
Exelon Corp.		475,000		22,230
Vistra Corp.		70,873		1,357
				6,568,195
Consumer discretionary 4.58%
Home Depot, Inc.		4,572,800		1,500,747
Target Corp.		4,003,220		1,045,041
Darden Restaurants, Inc.5		6,614,732		964,957
Restaurant Brands International, Inc.		8,449,000		576,137
General Motors Company2		5,618,000		319,327
Hasbro, Inc.		3,125,900		310,840
Stellantis NV		14,320,490		275,031
Domino’s Pizza Group PLC5		30,671,123		178,546
Industria de Diseño Textil, SA		4,560,000		154,652
Persimmon PLC		3,350,000		135,225
Las Vegas Sands Corp.2		2,975,000		125,991
Wynn Macau, Ltd.2		67,533,000		86,815

The Income Fund of America 9

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Puuilo Oyj2,5		5,509,640	$	52,058
Sands China, Ltd.2		8,703,800		29,736
Sonans Gruppen AS2,5		2,000,000		15,394
MYT Holding Co., Class B2,3		2,070,418		11,491
NMG Parent LLC2		61,091		8,706
NMG Parent LLC2,3,7		6,165		799
				5,791,493
Materials 4.55%
Rio Tinto PLC		14,011,820		1,188,257
Dow Inc.		16,097,738		1,000,635
Vale SA, ordinary nominative shares		36,901,700		770,591
LyondellBasell Industries NV		4,584,900		455,418
BASF SE		5,734,000		450,426
BHP Group PLC		13,709,600		442,869
Packaging Corporation of America		2,978,366		421,439
Fortescue Metals Group, Ltd.		14,346,700		262,261
Air Products and Chemicals, Inc.		894,928		260,451
Polymetal International PLC		11,537,000		250,649
Nucor Corp.		1,104,500		114,890
Newmont Corp.		1,632,000		102,522
Evonik Industries AG		934,056		32,465
				5,752,873
Energy 4.05%
Chevron Corp.		10,437,400		1,062,632
TC Energy Corp. (CAD denominated)		14,086,000		686,687
ConocoPhillips		9,451,000		529,823
Exxon Mobil Corp.		8,693,000		500,456
BP PLC		102,015,559		410,090
Valero Energy Corp.		4,358,975		291,921
Enbridge, Inc.		6,526,000		256,798
Canadian Natural Resources, Ltd. (CAD denominated)		7,628,000		251,719
Baker Hughes Co., Class A		10,161,000		215,820
Cabot Oil & Gas Corp.		11,333,912		181,343
DT Midstream, Inc.2		3,389,640		143,721
Chesapeake Energy Corp.		2,271,596		122,780
Diamondback Energy, Inc.		1,444,000		111,376
Inter Pipeline, Ltd.		5,845,000		93,606
EOG Resources, Inc.		1,092,000		79,563
Helmerich & Payne, Inc.		1,360,000		38,991
Royal Dutch Shell PLC, Class B (ADR)		852,700		33,724
Rattler Midstream LP		2,859,750		29,770
Ascent Resources - Utica LLC, Class A2,3,4,6		110,214,618		22,043
Diamond Offshore Drilling, Inc.2		2,449,887		14,516
Diamond Offshore Drilling, Inc.2,3,7		856,478		4,516
Oasis Petroleum, Inc.		193,441		17,740
Extraction Oil & Gas, Inc.2		327,104		14,553
Weatherford International2		665,300		11,603
California Resources Corp.2		104,121		2,927
Tapstone Energy, LLC2,3,4,7		66,043		658
Mesquite Energy, Inc.2,3,4		25,913		155
McDermott International, Ltd.2		156,914		52
				5,129,583
Communication services 3.56%
Verizon Communications, Inc.		27,474,000		1,532,500
SoftBank Corp.		71,634,043		933,420
Koninklijke KPN NV5		212,028,139		696,203
BCE, Inc.		8,739,050		436,182
Publicis Groupe SA		5,359,000		338,326
TELUS Corp.		12,167,599		270,250
AT&T, Inc.		9,400,000		263,670

10 The Income Fund of America

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
HKBN, Ltd.		24,100,000	$	28,066
Cumulus Media, Inc., Class A2		217,442		2,564
Clear Channel Outdoor Holdings, Inc.2		152,827		406
				4,501,587
Total common stocks (cost: $62,123,846,000)				92,506,849
Preferred securities 0.38%
Information technology 0.22%
Samsung Electronics Co., Ltd., nonvoting preferred shares		4,384,000		274,798
Financials 0.16%
Citigroup, Inc., 7.681% preferred shares		2,245,277		62,239
Citigroup, Inc., Series K, 6.875% noncumulative preferred depositary shares		2,145,767		61,627
Goldman Sachs Group, Inc., Series J, 5.50% preferred depositary shares		1,200,000		32,460
PNC Financial Services Group, Inc., Series P, 6.125% noncumulative preferred depositary shares		1,000,000		26,150
Wells Fargo & Company, Series Q, Class A, 5.85% noncumulative preferred depositary shares		555,913		15,065
				197,541
Industrials 0.00%
ACR III LSC Holdings LLC, Series B, preferred shares2,3,4,7		3,260		2,293
Consumer discretionary 0.00%
MYT Holding LLC, Series A, preferred shares, 10.00% 2029		1,427,896		1,486
Real estate 0.00%
Brookfield Property Preferred LP, Series 1, 6.25% preferred shares2		21,809		544
Total preferred securities (cost: $407,201,000)				476,662
Rights & warrants 0.00%
Energy 0.00%
Chesapeake Energy Corp., Class B, warrants, expire 20262		89,968		2,249
Sable Permian Resources, LLC, Class A, warrants, expire 20242,3,4		17,183		—	8
				2,249
Consumer discretionary 0.00%
NMG Parent LLC, warrants, expire 20272,3		75,844		1,932
Utilities 0.00%
Vistra Energy Corp., rights2,3,4,7		1,138		—	8
Total rights & warrants (cost: $6,633,000)				4,181
Convertible stocks 1.26%
Health care 0.52%
Danaher Corp., Series A, cumulative convertible preferred shares, 4.75% 2022		150,000		298,913
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023		82,100		131,574
Becton, Dickinson and Company, Series B, convertible preferred shares, 6.00% 2023		2,950,000		165,849
Boston Scientific Corp., Series A, convertible preferred shares, 5.50% 2023		449,460		55,220
				651,556
Utilities 0.28%
NextEra Energy, Inc., convertible preferred units, 5.279% 2023		3,420,300		175,598
AES Corp., convertible preferred units, 6.875% 2024		1,043,000		105,739
DTE Energy Company, convertible preferred units, 6.25% 20225		902,600		46,304
American Electric Power Company, Inc., convertible preferred units, 6.125% 2023		600,000		31,842
				359,483

The Income Fund of America 11

Convertible stocks (continued)		Shares		Value (000)
Information technology 0.18%
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022			150,000	$	231,651
Financials 0.11%
KKR & Co. Inc., Series C, convertible preferred shares, 6.00%1			1,693,425		140,622
Consumer discretionary 0.10%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023			700,288		131,486
Consumer staples 0.07%
Bunge, Ltd., 4.875% convertible preferred shares			689,900		81,436
Total convertible stocks (cost: $1,157,976,000)					1,596,234
Convertible bonds & notes 0.00%	Principal amount (000)
Energy 0.00%
Mesquite Energy, Inc., convertible notes, 15.19% PIK 20233,4,7,9		$	536		536
Total convertible bonds & notes (cost: $536,000)					536
Bonds, notes & other debt instruments 20.60%
Corporate bonds, notes & loans 14.45%
Energy 2.24%
Antero Midstream Partners LP 5.375% 20297			6,875		7,081
Antero Resources Corp. 7.625% 20297			1,900		2,085
Antero Resources Corp. 5.375% 20307			4,555		4,640
Apache Corp. 4.625% 2025			6,905		7,432
Apache Corp. 4.875% 2027			35,590		38,300
Apache Corp. 4.375% 2028			21,339		22,646
Apache Corp. 4.25% 2030			4,870		5,094
Apache Corp. 6.00% 2037			3,565		4,113
Apache Corp. 4.75% 2043			7,110		7,325
Apache Corp. 4.25% 2044			4,600		4,519
Apache Corp. 5.35% 2049			28,900		30,534
Ascent Resources - Utica LLC 7.00% 20267			25,715		26,615
Ascent Resources - Utica LLC 9.00% 20277			959		1,316
Ascent Resources - Utica LLC 8.25% 20287			5,863		6,349
Ascent Resources - Utica LLC 5.875% 20297			5,535		5,466
Ascent Resources - Utica LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 20257,10,11			6,827		7,497
Baker Hughes, a GE Co. 4.486% 2030			1,650		1,974
Blue Racer Midstream LLC and Blue Racer Finance Corp. 7.625% 20257			9,771		10,531
BP Capital Markets America, Inc. 2.772% 2050			13,465		12,845
BP Capital Markets PLC 3.00% 2050			1,600		1,585
California Resources Corp. 7.125% 20267			10,465		10,734
Canadian Natural Resources, Ltd. 2.05% 2025			3,150		3,250
Canadian Natural Resources, Ltd. 3.85% 2027			2,760		3,059
Canadian Natural Resources, Ltd. 2.95% 2030			11,058		11,584
Canadian Natural Resources, Ltd. 4.95% 2047			534		674
Cenovus Energy, Inc. 3.80% 2023			17,288		18,220
Cenovus Energy, Inc. 5.375% 2025			8,000		9,132
Cenovus Energy, Inc. 4.25% 2027			43,601		48,836
Cenovus Energy, Inc. 5.25% 2037			4,770		5,762
Cenovus Energy, Inc. 5.40% 2047			9,218		11,505
Centennial Resource Production, LLC 6.875% 20277			2,615		2,579
Cheniere Energy Partners LP 5.625% 2026			10,950		11,321
Cheniere Energy Partners LP 4.50% 2029			41,021		44,303
Cheniere Energy Partners LP 4.00% 20317			32,605		34,530
Cheniere Energy, Inc. 5.125% 2027			31,000		36,351
Cheniere Energy, Inc. 4.625% 2028			46,970		49,648
Chesapeake Energy Corp. 4.875% 202212			28,085		772
Chesapeake Energy Corp. 5.50% 20267			17,240		18,021
Chesapeake Energy Corp. 5.875% 20297			9,515		10,134
Chevron Corp. 1.995% 2027			3,947		4,126

12 The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Chevron Corp. 3.078% 2050		$	900	$	954
Chevron USA, Inc. 1.018% 2027			4,823		4,771
Chevron USA, Inc. 3.25% 2029			1,900		2,124
Chevron USA, Inc. 4.95% 2047			2,550		3,500
Chevron USA, Inc. 4.20% 2049			1,200		1,514
CNX Resources Corp. 7.25% 20277			23,775		25,395
CNX Resources Corp. 6.00% 20297			8,260		8,769
Comstock Resources, Inc. 6.75% 20297			17,565		18,377
Comstock Resources, Inc. 5.875% 20307			14,700		14,809
ConocoPhillips 4.30% 20287			9,550		11,219
Continental Resources, Inc. 5.75% 20317			26,300		31,740
Convey Park Energy LLC 7.50% 20257			396		411
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.50% 20317			29,060		30,189
Devon Energy Corp. 4.50% 20307			11,418		12,457
Diamond Foreign Asset Co. / Diamond Finance LLC 9.00% 20273,4,7,9,11			2,025		2,025
Diamond Foreign Asset Co. / Diamond Finance LLC 9.00% 20273,4,9,11			1,834		1,834
Diamondback Energy, Inc. 4.40% 2051			16,096		18,428
DT Midstream, Inc. 4.125% 20297			8,935		9,176
DT Midstream, Inc. 4.375% 20317			8,915		9,261
El Paso Pipeline Partners Operating Co., LLC 4.70% 2042			33,265		39,582
Enbridge Energy Partners LP 5.875% 2025			2,545		3,016
Enbridge Energy Partners LP 5.50% 2040			1,200		1,601
Enbridge Energy Partners LP 7.375% 2045			14,048		22,699
Enbridge Energy Partners LP, Series B, 7.50% 2038			6,000		9,144
Enbridge, Inc. 4.00% 2023			5,830		6,224
Enbridge, Inc. 2.50% 2025			3,500		3,689
Endeavor Energy Resources LP 6.625% 20257			9,125		9,661
Energy Transfer Operating LP 5.875% 2024			629		695
Energy Transfer Operating LP 2.90% 2025			9,203		9,716
Energy Transfer Operating LP 3.75% 2030			16,115		17,596
Energy Transfer Operating LP 5.00% 2050			84,207		99,137
Energy Transfer Partners LP 4.50% 2024			2,170		2,363
Energy Transfer Partners LP 4.75% 2026			8,000		9,030
Energy Transfer Partners LP 4.20% 2027			7,263		8,124
Energy Transfer Partners LP 4.95% 2028			9,400		10,983
Energy Transfer Partners LP 6.125% 2045			7,449		9,592
Energy Transfer Partners LP 5.30% 2047			8,944		10,605
Energy Transfer Partners LP 6.00% 2048			8,153		10,404
Energy Transfer Partners LP 6.25% 2049			5,891		7,785
Enterprise Products Operating LLC 3.20% 2052			1,212		1,229
EQM Midstream Partners LP 4.125% 2026			3,036		3,076
EQM Midstream Partners LP 6.50% 20277			34,680		38,974
EQM Midstream Partners LP 5.50% 2028			11,440		12,400
EQM Midstream Partners LP 4.50% 20297			5,045		5,123
EQM Midstream Partners LP 4.75% 20317			18,310		18,656
EQT Corp. 3.00% 2022			35,175		35,718
EQT Corp. 7.625% 202513			22,569		26,111
EQT Corp. 3.90% 2027			1,950		2,118
EQT Corp. 5.00% 2029			2,485		2,813
EQT Corp. 8.50% 203013			6,885		9,053
EQT Corp. 3.625% 20317			2,115		2,243
Equinor ASA 3.00% 2027			7,000		7,655
Equinor ASA 3.625% 2028			5,265		5,995
Equinor ASA 3.25% 2049			7,583		8,224
Exxon Mobil Corp. 2.44% 2029			4,315		4,559
Exxon Mobil Corp. 2.61% 2030			1,700		1,825
Genesis Energy, LP 5.625% 2024			2,890		2,879
Genesis Energy, LP 6.50% 2025			20,779		20,694
Genesis Energy, LP 8.00% 2027			26,670		27,532
Harvest Midstream I, LP 7.50% 20287			17,655		18,905
Hess Midstream Partners LP 5.125% 20287			9,435		9,896
Hilcorp Energy I, LP 5.75% 20257			11,400		11,558
Hilcorp Energy I, LP 5.75% 20297			2,210		2,258
Hilcorp Energy I, LP 6.00% 20317			16,005		16,755
Indigo Natural Resources LLC 5.375% 20297			5,980		6,247
Kinder Morgan Energy Partners LP 5.00% 2043			20,000		24,648
Kinder Morgan, Inc. 3.60% 2051			10,000		10,485

The Income Fund of America 13

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
MPLX LP 1.75% 2026		$	6,500	$	6,610
MPLX LP 2.65% 2030			11,897		12,231
MPLX LP 4.70% 2048			7,500		8,831
MPLX LP 5.50% 2049			12,619		16,461
Nabors Industries, Inc. 5.75% 2025			2,625		2,234
New Fortress Energy, Inc. 6.50% 20267			13,415		13,570
NGL Energy Operating LLC 7.50% 20267			75,280		77,447
NGL Energy Partners LP 7.50% 2023			8,696		8,294
NGL Energy Partners LP 6.125% 2025			23,748		20,216
Northern Oil and Gas, Inc. 8.125% 20287			12,210		12,805
NuStar Logistics LP 6.00% 2026			9,165		9,910
Oasis Midstream Partners LP / OMP Finance Corp. 8.00% 20297			31,935		33,259
Oasis Petroleum, Inc. 6.375% 20267			4,048		4,195
Occidental Petroleum Corp. 2.90% 2024			13,065		13,178
Occidental Petroleum Corp. 5.875% 2025			26,340		29,267
Occidental Petroleum Corp. 8.00% 2025			22,050		26,247
Occidental Petroleum Corp. 8.50% 2027			13,000		16,246
Occidental Petroleum Corp. 6.375% 2028			10,000		11,686
Occidental Petroleum Corp. 3.50% 2029			4,530		4,530
Occidental Petroleum Corp. 6.625% 2030			11,445		13,980
Occidental Petroleum Corp. 8.875% 2030			34,900		47,141
Occidental Petroleum Corp. 6.125% 2031			8,675		10,260
Occidental Petroleum Corp. 6.45% 2036			1,095		1,324
Occidental Petroleum Corp. 6.60% 2046			2,000		2,463
ONEOK, Inc. 2.20% 2025			413		428
ONEOK, Inc. 5.85% 2026			16,293		19,311
ONEOK, Inc. 3.10% 2030			1,154		1,223
ONEOK, Inc. 6.35% 2031			7,405		9,647
ONEOK, Inc. 5.20% 2048			5,652		7,061
ONEOK, Inc. 4.45% 2049			960		1,096
ONEOK, Inc. 4.50% 2050			2,530		2,885
ONEOK, Inc. 7.15% 2051			3,048		4,561
Peabody Energy Corp. 2.50% PIK and 6.00% Cash 20247,9			7,471		6,010
Petrobras Global Finance Co. 5.60% 2031			8,000		8,914
Petrobras Global Finance Co. 6.90% 2049			5,330		6,256
Petrobras Global Finance Co. 6.75% 2050			23,640		27,025
Petróleos Mexicanos 4.875% 2022			26,245		26,644
Petróleos Mexicanos 5.375% 2022			4,165		4,263
Petróleos Mexicanos 3.50% 2023			3,325		3,389
Petróleos Mexicanos 4.625% 2023			4,243		4,426
Petróleos Mexicanos 6.875% 20257			16,543		18,238
Petróleos Mexicanos 6.875% 2025			2,412		2,659
Petróleos Mexicanos 6.875% 2026			77,241		85,106
Petróleos Mexicanos 6.50% 2027			72,935		77,329
Petróleos Mexicanos 6.50% 2029			300		312
Petróleos Mexicanos 6.84% 2030			16,936		17,689
Phillips 66 2.15% 2030			3,995		3,956
Pioneer Natural Resources Company 1.125% 2026			3,586		3,569
Pioneer Natural Resources Company 2.15% 2031			9,744		9,633
Plains All American Pipeline LP 3.80% 2030			1,361		1,478
Precision Drilling Corp. 6.875% 20297			2,960		3,049
Qatar Petroleum 1.375% 20267			8,000		8,029
Qatar Petroleum 2.25% 20317			17,000		17,227
Range Resources Corp. 4.875% 2025			4,875		5,068
Range Resources Corp. 8.25% 20297			13,390		14,844
Rattler Midstream Partners LP 5.625% 20257			4,800		5,017
Rockies Express Pipeline LLC 4.95% 20297			11,768		12,145
SA Global Sukuk, Ltd. 0.946% 20247			22,000		21,999
SA Global Sukuk, Ltd. 1.602% 20267			65,125		65,228
SA Global Sukuk, Ltd. 2.694% 20317			20,585		21,139
Sabine Pass Liquefaction, LLC 5.625% 202313			9,500		10,177
Sabine Pass Liquefaction, LLC 5.75% 2024			10,000		11,204
Sabine Pass Liquefaction, LLC 5.625% 2025			6,445		7,386
Sabine Pass Liquefaction, LLC 5.875% 2026			2,100		2,500
Sabine Pass Liquefaction, LLC 4.50% 2030			16,532		19,359
Sanchez Energy Corp. 7.25% 20237,12			5,374		148
Saudi Arabian Oil Co. 2.875% 20247			7,813		8,216

14 The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Saudi Arabian Oil Co. 1.625% 20257		$	589	$	596
Saudi Arabian Oil Co. 3.50% 20297			3,207		3,513
Saudi Arabian Oil Co. 2.25% 20307			1,326		1,316
SM Energy Co. 6.50% 2028			2,905		2,898
Southwestern Energy Co. 6.45% 202513			29,775		32,640
Southwestern Energy Co. 7.50% 2026			22,445		23,703
Southwestern Energy Co. 7.75% 2027			2,890		3,103
Southwestern Energy Co. 8.375% 2028			7,640		8,548
Statoil ASA 2.75% 2021			3,085		3,106
Statoil ASA 3.25% 2024			850		920
Statoil ASA 4.25% 2041			3,000		3,709
Suburban Propane Partners LP / Suburban Energy Finance Corp. 5.00% 20317			6,125		6,380
Suncor Energy, Inc. 3.10% 2025			6,146		6,594
Suncor Energy, Inc. 3.75% 2051			2,620		2,912
Sunoco Logistics Operating Partners LP 4.00% 2027			5,586		6,241
Sunoco Logistics Operating Partners LP 5.40% 2047			14,364		17,361
Sunoco LP 6.00% 2027			12,160		12,708
Sunoco LP 5.875% 2028			12,700		13,412
Sunoco LP 4.50% 2029			4,600		4,715
Superior Plus LP and Superior General Partner, Inc. 4.50% 20297			3,825		3,940
Tallgrass Energy Partners, LP 7.50% 20257			4,800		5,221
Tapstone Energy, Term Loan, (3-month USD-LIBOR + 4.00%) 4.741% 20243,4,10,11			51		46
Targa Resources Partners LP 5.875% 2026			5,125		5,368
Targa Resources Partners LP 6.50% 2027			4,740		5,155
Targa Resources Partners LP 6.875% 2029			9,385		10,553
Targa Resources Partners LP 5.50% 2030			17,700		19,535
Targa Resources Partners LP 4.875% 20317			4,680		5,067
Targa Resources Partners LP 4.00% 20327			7,700		7,970
Teekay Corp. 9.25% 20227			22,090		22,891
Teekay Offshore Partners LP 8.50% 20237			14,400		13,249
Total Capital International 3.127% 2050			8,100		8,486
Total SE 2.986% 2041			19,151		20,131
Total SE 3.386% 2060			4,100		4,454
TransCanada PipeLines, Ltd. 4.10% 2030			5,254		6,091
Transcontinental Gas Pipe Line Company, LLC 3.95% 2050			1,600		1,838
Transocean Guardian, Ltd. 5.875% 20247			7,273		6,900
Transocean Poseidon, Ltd. 6.875% 20277			8,235		8,049
Transocean, Inc. 6.125% 20257			4,436		4,386
Valero Energy Corp. 4.00% 2029			6,000		6,734
Vine Energy Holdings LLC 6.75% 20297			180		188
Weatherford International PLC 8.75% 20247			23,290		24,280
Weatherford International PLC 11.00% 20247			46,231		47,926
Western Gas Partners LP 4.50% 2028			30,415		32,767
Western Gas Partners LP 5.45% 2044			1,210		1,363
Western Midstream Operating, LP 4.35% 202513			9,602		10,071
Western Midstream Operating, LP 4.75% 2028			3,495		3,801
Western Midstream Operating, LP 5.30% 203013			5,750		6,463
Williams Companies, Inc. 3.50% 2030			12,485		13,808
					2,828,050
Financials 2.08%
ACE INA Holdings, Inc. 2.875% 2022			765		787
ACE INA Holdings, Inc. 3.35% 2026			765		844
Advisor Group Holdings, LLC 6.25% 20287			28,958		30,437
AerCap Holdings NV 4.50% 2023			10,000		10,705
AerCap Holdings NV 6.50% 2025			4,315		5,054
AG Merger Sub II, Inc. 10.75% 20277			38,257		42,370
Alliant Holdings Intermediate, LLC 6.75% 20277			22,331		23,337
Ally Financial, Inc. 8.00% 2031			11,764		16,848
American International Group, Inc. 2.50% 2025			25,000		26,409
American International Group, Inc. 3.40% 2030			4,100		4,536
American International Group, Inc. 4.375% 2050			3,450		4,370
AmWINS Group, Inc. 4.875% 20297			6,375		6,510
Aretec Escrow Issuer, Inc. 7.50% 20297			20,335		21,478
Arthur J. Gallagher & Co. 2.50% 2031			2,774		2,818
AssuredPartners, Inc. 8.00% 20277			19,114		20,334
AssuredPartners, Inc. 5.625% 20297			9,385		9,329

The Income Fund of America 15

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
AXA Equitable Holdings, Inc. 5.00% 2048		$	1,500	$	1,953
Bangkok Bank PCL 3.733% 2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)13			8,245		8,596
Bank of America Corp. 2.456% 2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)13			10,750		11,271
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)13			7,500		7,495
Bank of America Corp. 1.319% 2026 (USD-SOFR + 1.15% on 6/19/2025)13			9,700		9,757
Bank of America Corp. 1.658% 2027 (USD-SOFR + 0.91% on 3/11/2026)13			6,295		6,399
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)13			5,400		5,937
Bank of America Corp. 2.087% 2029 (USD-SOFR + 1.06% on 6/14/2028)13			18,116		18,460
Bank of America Corp. 1.898% 2031 (USD-SOFR + 1.53% on 7/23/2030)13			20,000		19,694
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)13			33,447		33,009
Bank of America Corp. 2.299% 2032 (USD-SOFR + 1.22% on 7/21/2031)13			44,701		45,207
Bank of China, Ltd. (Hong Kong Branch) 3.875% 2025			359		395
Bank of China, Ltd. (Hong Kong Branch) 4.00% 2028			200		225
Bank of Nova Scotia 1.625% 2023			8,000		8,189
Berkshire Hathaway Finance Corp. 4.20% 2048			9,020		11,401
BNP Paribas 2.819% 2025 (3-month USD-LIBOR + 1.111% on 11/19/2024)7,13			5,750		6,048
BNP Paribas 3.375% 20257			22,125		23,840
BNP Paribas 2.219% 2026 (USD-SOFR + 2.074% on 6/9/2025)7,13			22,950		23,759
BNP Paribas 1.323% 2027 (USD-SOFR + 1.004% on 1/13/2026)7,13			12,125		12,022
BNP Paribas 2.871% 2032 (USD-SOFR + 1.387% on 4/19/2031)7,13			5,200		5,411
CIT Group, Inc. 3.929% 2024 (USD-SOFR + 3.827% on 6/19/2023)13			11,575		12,189
Citigroup, Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)13			7,300		7,822
Citigroup, Inc. 4.60% 2026			3,875		4,443
Citigroup, Inc. 3.668% 2028 (3-month USD-LIBOR + 1.39% on 7/24/2027)13			700		777
Citigroup, Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)13			2,400		2,570
Citigroup, Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)13			14,800		15,341
Citigroup, Inc. 4.412% 2031 (USD-SOFR + 3.914% on 3/31/2030)13			3,000		3,529
Citigroup, Inc., Series A, 5.95% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.068% on 1/30/2023)13			100		105
CME Group, Inc. 3.75% 2028			6,875		7,914
Commonwealth Bank of Australia 3.35% 2024			800		864
Commonwealth Bank of Australia 3.35% 20247			675		729
Compass Diversified Holdings 5.25% 20297			30,740		31,931
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)7,13			10,675		10,932
Crédit Agricole SA 1.247% 2027 (USD-SOFR + 0.892% on 1/26/2026)7,13			4,900		4,864
Credit Suisse Group AG 2.997% 2023 (3-month USD-LIBOR + 1.20% on 12/14/2022)7,13			4,750		4,903
Credit Suisse Group AG 3.80% 2023			14,925		15,799
Credit Suisse Group AG 2.593% 2025 (USD-SOFR + 1.56% on 9/11/2024)7,13			1,275		1,330
Credit Suisse Group AG 2.193% 2026 (USD-SOFR + 2.044% on 6/5/2025)7,13			13,800		14,216
Credit Suisse Group AG 1.305% 2027 (USD-SOFR + 0.98% on 2/2/2026)7,13			16,300		16,075
Credit Suisse Group AG 3.869% 2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)7,13			1,975		2,196
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)7,13			10,408		11,879
Credit Suisse Group AG 3.091% 2032 (USD-SOFR + 1.73% on 5/14/2031)7,13			15,601		16,320
Danske Bank AS 3.875% 20237			9,604		10,222
Deutsche Bank AG 4.25% 2021			725		731
Deutsche Bank AG 3.30% 2022			460		476
Deutsche Bank AG 5.00% 2022			3,875		3,967
Deutsche Bank AG 3.95% 2023			5,345		5,609
Deutsche Bank AG 0.898% 2024			7,500		7,496
Deutsche Bank AG 2.222% 2024 (USD-SOFR + 2.159% on 9/18/2023)13			21,775		22,356
Deutsche Bank AG 3.70% 2024			12,650		13,560
Deutsche Bank AG 3.961% 2025 (USD-SOFR + 2.581% on 11/26/2024)13			89,325		97,098
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)13			37,898		38,756
Deutsche Bank AG 4.10% 2026			33,957		37,452
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)13			6,450		6,980
Deutsche Bank AG 3.035% 2032 (USD-SOFR + 1.718% on 5/28/2031)13			3,625		3,755
FS Energy and Power Fund 7.50% 20237			30,250		31,479
GE Capital Funding, LLC 4.05% 2027			12,025		13,723
GE Capital Funding, LLC 4.40% 2030			23,000		27,086
Goldman Sachs Group, Inc. 5.75% 2022			20,000		20,524
Goldman Sachs Group, Inc. 2.905% 2023 (3-month USD-LIBOR + 0.99% on 7/24/2022)13			10,904		11,162
Goldman Sachs Group, Inc. 3.272% 2025 (3-month USD-LIBOR + 1.201% on 9/29/2024)13			1,100		1,180
Goldman Sachs Group, Inc. 1.093% 2026 (USD-SOFR + 0.789% on 12/9/2025)13			11,625		11,558

16 The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Goldman Sachs Group, Inc. 1.431% 2027 (USD-SOFR + 0.795% on 3/9/2026)13		$	10,650	$	10,707
Goldman Sachs Group, Inc. 1.542% 2027 (USD-SOFR + 0.818% on 9/10/2026)13			17,000		17,108
Goldman Sachs Group, Inc. 3.691% 2028 (3-month USD-LIBOR + 1.51% on 6/5/2027)13			8,000		8,935
Goldman Sachs Group, Inc. 2.383% 2032 (USD-SOFR + 1.248% on 7/21/2031)13			16,000		16,301
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)13			6,523		6,766
Goldman Sachs Group, Inc. 3.21% 2042 (USD-SOFR + 1.513% on 4/22/2041)13			7,500		7,954
Groupe BPCE SA 5.70% 20237			16,825		18,592
Groupe BPCE SA 5.15% 20247			18,160		20,206
Groupe BPCE SA 1.00% 20267			14,400		14,327
Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)7,13			6,925		6,994
Groupe BPCE SA 2.277% 2032 (USD-SOFR + 1.312% on 1/20/2031)7,13			7,675		7,641
Hightower Holding, LLC 6.75% 20297			18,240		18,585
HSBC Holdings PLC 4.25% 2024			9,000		9,735
HSBC Holdings PLC 2.099% 2026 (USD-SOFR + 1.929% on 6/4/2025)13			14,000		14,463
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)13			5,750		6,698
HUB International, Ltd. 7.00% 20267			28,461		29,500
Icahn Enterprises Finance Corp. 5.25% 2027			5,230		5,505
Icahn Enterprises Finance Corp. 4.375% 2029			9,625		9,778
Intercontinental Exchange, Inc. 2.65% 2040			12,025		11,866
Intesa Sanpaolo SpA 3.125% 20227			11,300		11,580
Intesa Sanpaolo SpA 3.375% 20237			9,360		9,728
Intesa Sanpaolo SpA 3.25% 20247			1,730		1,843
Intesa Sanpaolo SpA 5.017% 20247			149,555		162,330
Intesa Sanpaolo SpA 5.71% 20267			43,165		48,782
Intesa Sanpaolo SpA 3.875% 20277			9,300		10,165
Intesa Sanpaolo SpA 3.875% 20287			2,820		3,084
JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)13			5,400		5,681
JPMorgan Chase & Co. 3.875% 2024			150		163
JPMorgan Chase & Co. 0.969% 2025 (USD-SOFR + 0.58% on 6/23/2024)13			10,583		10,633
JPMorgan Chase & Co. 2.301% 2025 (USD-SOFR + 1.16% on 10/15/2024)13			250		261
JPMorgan Chase & Co. 2.005% 2026 (USD-SOFR + 1.585% on 3/13/2025)13			23,150		24,009
JPMorgan Chase & Co. 2.182% 2028 (USD-SOFR + 1.89% on 6/1/2027)13			4,400		4,549
JPMorgan Chase & Co. 3.54% 2028 (3-month USD-LIBOR + 1.38% on 5/1/2027)13			350		388
JPMorgan Chase & Co. 2.069% 2029 (USD-SOFR + 1.015% on 6/1/2028)13			17,995		18,342
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)13			4,100		4,268
JPMorgan Chase & Co. 2.58% 2032 (USD-SOFR + 1.25% on 4/22/2031)13			5,012		5,218
JPMorgan Chase & Co. 3.157% 2042 (USD-SOFR + 1.46% on 4/22/2041)13			16,675		17,783
JPMorgan Chase & Co. 3.328% 2052 (USD-SOFR + 1.58% on 4/22/2051)13			16,675		18,166
JPMorgan Chase & Co., Series Z, 3.976% junior subordinated perpetual bonds (3-month USD-LIBOR + 3.80% on 8/2/2021)13			30,000		30,147
JPMorgan Chase & Co., Series S, 6.75% junior subordinated perpetual bonds (3-month USD-LIBOR + 3.78% on 2/1/2024)13			25,901		28,621
Kasikornbank PC HK 3.343% 2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)13			8,320		8,532
Ladder Capital Corp. 5.25% 20227			2,150		2,156
Ladder Capital Corp. 4.25% 20277			16,519		16,512
Liberty Mutual Group, Inc. 4.25% 20237			971		1,036
Liberty Mutual Group, Inc. 4.569% 20297			3,429		4,049
Lloyds Banking Group PLC 4.05% 2023			6,000		6,420
Lloyds Banking Group PLC 4.582% 2025			7,000		7,894
Lloyds Banking Group PLC 2.438% 2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)13			5,600		5,868
Lloyds Banking Group PLC 4.375% 2028			3,950		4,576
LPL Financial Holdings, Inc. 4.625% 20277			35,125		36,341
LPL Financial Holdings, Inc. 4.375% 20317			18,345		18,827
MGIC Investment Corp. 5.25% 2028			5,075		5,405
Mitsubishi UFJ Financial Group, Inc. 1.412% 2025			3,850		3,912
Mitsubishi UFJ Financial Group, Inc. 1.538% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)13			17,000		17,208
Mizuho Financial Group, Inc. 0.849% 2024 (3-month USD-LIBOR + 0.61% on 9/8/2023)13			5,200		5,233
Mizuho Financial Group, Inc. 1.554% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)13			13,000		13,142
Mizuho Financial Group, Inc. 1.979% 2031 (3-month USD-LIBOR + 1.27% on 9/8/2030)13			4,100		4,071
Morgan Stanley 3.70% 2024			600		656
Morgan Stanley 0.791% 2025 (USD-SOFR + 0.509% on 1/22/2024)13			8,500		8,517

The Income Fund of America 17

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)13		$	12,500	$	12,371
Morgan Stanley 1.512% 2027 (USD-SOFR + 0.858% on 7/20/2026)13			8,500		8,577
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)13			9,869		10,022
Morgan Stanley 1.928% 2032 (USD-SOFR + 1.02% on 4/28/2031)13			15,000		14,750
Morgan Stanley 2.239% 2032 (USD-SOFR + 1.178% on 7/21/2031)13			8,500		8,581
Morgan Stanley 3.217% 2042 (USD-SOFR + 1.485% on 4/22/2041)13			2,854		3,077
MSCI, Inc. 5.375% 20277			13,336		14,197
MSCI, Inc. 4.00% 20297			19,500		20,820
MSCI, Inc. 3.625% 20317			11,825		12,517
MSCI, Inc. 3.875% 20317			11,064		11,771
National Financial Partners Corp. 6.875% 20287			17,826		18,576
National Rural Utilities Cooperative Finance Corp. 3.70% 2029			3,520		4,000
Nationwide Mutual Insurance Co. (3-month USD-LIBOR + 2.29%) 2.409% 20247,11			8,150		8,159
Navient Corp. 6.50% 2022			7,115		7,443
Navient Corp. 5.50% 2023			54,096		56,803
Navient Corp. 7.25% 2023			2,700		2,977
Navient Corp. 5.875% 2024			14,665		16,029
Navient Corp. 6.125% 2024			29,925		32,508
Navient Corp. 5.00% 2027			16,025		16,687
Navient Corp. 5.625% 2033			10,990		10,689
Owl Rock Capital Corp. 4.625% 20247			9,285		9,917
Owl Rock Capital Corp. 3.75% 2025			12,173		12,953
Owl Rock Capital Corp. 4.00% 2025			449		480
Owl Rock Capital Corp. 3.375% 2026			5,700		5,996
Owl Rock Capital Corp. 2.625% 2027			20,000		20,257
PNC Financial Services Group, Inc. 2.854% 202213			8,395		8,673
PNC Financial Services Group, Inc. 3.90% 2024			3,000		3,260
PNC Financial Services Group, Inc., Series O, 6.75% junior subordinated perpetual bonds (3-month USD-LIBOR + 3.678% on 8/1/2021)13			80		80
Prudential Financial, Inc. 4.35% 2050			7,000		8,944
Prudential Financial, Inc., junior subordinated, 5.625% 2043 (3-month USD-LIBOR + 3.92% on 6/15/2023)13			1,850		1,983
Prudential Financial, Inc., junior subordinated, 5.70% 2048 (3-month USD-LIBOR + 2.665% on 9/15/2028)13			4,000		4,733
Quicken Loans, LLC 3.625% 20297			6,645		6,671
Rabobank Nederland 2.75% 2022			2,825		2,857
Rabobank Nederland 4.375% 2025			9,000		10,099
Royal Bank of Canada 1.15% 2025			12,367		12,491
Santander Holdings USA, Inc. 4.45% 2021			2,172		2,194
Santander Holdings USA, Inc. 3.70% 2022			6,950		7,078
Santander Holdings USA, Inc. 3.40% 2023			12,500		13,006
Santander Holdings USA, Inc. 3.50% 2024			11,250		12,047
Springleaf Finance Corp. 6.125% 2024			20,000		21,550
Starwood Property Trust, Inc. 5.00% 2021			30,716		30,859
Starwood Property Trust, Inc. 5.50% 20237			5,400		5,670
Swiss Re Finance (Luxembourg) SA 5.00% 2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)7,13			3,800		4,356
Synchrony Financial 2.85% 2022			7,075		7,231
Synchrony Financial 4.375% 2024			5,095		5,550
Toronto-Dominion Bank 0.75% 2025			6,575		6,544
U.S. Bancorp 3.70% 2024			10,000		10,787
U.S. Bancorp 2.375% 2026			6,000		6,385
UBS Group AG 4.125% 20257			4,425		4,957
UBS Group AG 1.364% 2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.08% on 1/30/2026)7,13			4,000		3,991
UniCredit SpA 3.75% 20227			27,048		27,627
UniCredit SpA 6.572% 20227			42,725		43,821
UniCredit SpA 4.625% 20277			1,730		1,957
UniCredit SpA 5.861% 2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)7,13			23,729		26,446
UniCredit SpA 7.296% 2034 (5-year USD-ICE Swap + 4.914% on 4/2/2029)7,13			13,894		16,900
UniCredit SpA 5.459% 2035 (5-year USD-ICE Swap + 4.75% on 6/30/2030)7,13			1,260		1,394
Wells Fargo & Company 1.654% 2024 (USD-SOFR + 1.60% on 6/2/2023)13			6,500		6,641
Wells Fargo & Company 2.406% 2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)13			25,175		26,337
Wells Fargo & Company 2.164% 2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)13			12,000		12,502
Wells Fargo & Company 2.188% 2026 (USD-SOFR + 2.00% on 4/30/2025)13			9,350		9,738
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)13			3,950		4,137

18 The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Wells Fargo & Company 3.584% 2028 (3-month USD-LIBOR + 1.31% on 5/22/2027)13		$	281	$	312
Wells Fargo & Company 2.879% 2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)13			4,875		5,215
Wells Fargo & Company 2.572% 2031 (3-month USD-LIBOR + 1.00% on 2/11/2030)13			13,850		14,476
Wells Fargo & Company 5.013% 2051 (3-month USD-LIBOR + 4.24% on 4/4/2050)13			4,150		5,796
Westpac Banking Corp. 2.894% 2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)13			7,000		7,315
Westpac Banking Corp. 2.668% 2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)13			11,150		11,149
Westpac Banking Corp. 2.963% 2040			5,075		5,121
					2,633,926
Consumer discretionary 1.82%
Allied Universal Holdco LLC 6.625% 20267			16,985		18,004
Allied Universal Holdco LLC 9.75% 20277			21,000		23,062
Allied Universal Holdco LLC 4.625% 20287			14,595		14,668
Allied Universal Holdco LLC 6.00% 20297			6,565		6,582
Amazon.com, Inc. 3.10% 2051			3,991		4,309
Amazon.com, Inc. 2.70% 2060			8,300		8,170
Amazon.com, Inc. 3.25% 2061			3,985		4,380
Atlas LuxCo 4 SARL 4.625% 20287			10,045		10,058
Bayerische Motoren Werke AG 0.80% 20247			10,210		10,284
Boyd Gaming Corp. 8.625% 20257			5,715		6,244
Boyd Gaming Corp. 4.75% 2027			22,130		22,960
Boyd Gaming Corp. 4.75% 20317			4,745		4,915
Boyne USA, Inc. 4.75% 20297			6,170		6,371
Caesars Entertainment, Inc. 6.25% 20257			21,365		22,589
Caesars Resort Collection, LLC 5.75% 20257			5,020		5,284
Carnival Corp. 11.50% 20237			7,091		8,004
Carnival Corp. 4.00% 20287			13,250		13,212
Carvana Co. 5.625% 20257			2,770		2,880
Carvana Co. 5.50% 20277			10,285		10,658
Carvana Co. 5.875% 20287			15,380		16,313
Cedar Fair LP / Canadas Wonderland Co./Magnum Management Corp. / Millennium Operations LLC 5.50% 20257			14,400		14,958
Cirsa Gaming Corp. SA 7.875% 20237			21,317		21,743
DaimlerChrysler North America Holding Corp. 3.40% 20227			850		865
DaimlerChrysler North America Holding Corp. 1.75% 20237			17,000		17,345
DaimlerChrysler North America Holding Corp. 3.65% 20247			9,360		10,062
DaimlerChrysler North America Holding Corp. 3.30% 20257			2,000		2,171
Dana, Inc. 5.625% 2028			15,970		17,219
Dana, Inc. 4.25% 2030			6,110		6,358
First Student Bidco, Inc. / First Transit Parent Inc. 4.00% 20297			21,155		21,208
Ford Motor Co. 8.50% 2023			12,074		13,420
Ford Motor Co. 9.00% 2025			8,656		10,666
Ford Motor Credit Company LLC 5.875% 2021			750		750
Ford Motor Credit Company LLC 3.087% 2023			35,000		35,705
Ford Motor Credit Company LLC 3.096% 2023			15,800		16,138
Ford Motor Credit Company LLC 4.14% 2023			1,600		1,660
Ford Motor Credit Company LLC 4.375% 2023			6,550		6,881
Ford Motor Credit Company LLC 3.664% 2024			14,290		14,952
Ford Motor Credit Company LLC 3.81% 2024			20,790		21,726
Ford Motor Credit Company LLC 4.063% 2024			2,600		2,762
Ford Motor Credit Company LLC 5.584% 2024			10,134		11,057
Ford Motor Credit Company LLC 3.375% 2025			17,250		18,030
Ford Motor Credit Company LLC 5.125% 2025			70,145		77,335
Ford Motor Credit Company LLC 4.542% 2026			28,290		30,768
Ford Motor Credit Company LLC 3.815% 2027			8,715		9,173
Ford Motor Credit Company LLC 4.125% 2027			90,310		96,745
Ford Motor Credit Company LLC 4.271% 2027			117,666		127,044
Ford Motor Credit Company LLC 2.90% 2028			19,180		19,230
Ford Motor Credit Company LLC 5.113% 2029			25,589		29,009
Ford Motor Credit Company LLC 4.00% 2030			24,614		26,063
General Motors Company 5.40% 2023			1,066		1,170
General Motors Company 4.35% 2025			6,329		7,019
General Motors Company 6.125% 2025			10,602		12,559
General Motors Company 6.80% 2027			2,330		2,968
General Motors Company 5.00% 2035			3,750		4,614

The Income Fund of America 19

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
General Motors Company 6.60% 2036		$	9,460	$	13,113
General Motors Company 5.20% 2045			3,200		4,008
General Motors Company 6.75% 2046			15,230		22,264
General Motors Company 5.40% 2048			1,150		1,469
General Motors Company 5.95% 2049			8,000		10,976
General Motors Financial Co. 3.15% 2022			75		77
General Motors Financial Co. 3.45% 2022			3,500		3,540
General Motors Financial Co. 3.55% 2022			8,518		8,763
General Motors Financial Co. 3.25% 2023			15,026		15,582
General Motors Financial Co. 3.70% 2023			5,111		5,349
General Motors Financial Co. 5.20% 2023			22,663		24,315
General Motors Financial Co. 1.05% 2024			5,779		5,829
General Motors Financial Co. 3.50% 2024			9,404		10,108
General Motors Financial Co. 5.10% 2024			10,611		11,681
General Motors Financial Co. 2.75% 2025			6,908		7,306
General Motors Financial Co. 4.00% 2025			1,760		1,925
General Motors Financial Co. 4.30% 2025			534		593
General Motors Financial Co. 1.25% 2026			8,100		8,102
General Motors Financial Co. 1.50% 2026			17,000		17,063
General Motors Financial Co. 4.00% 2026			2,000		2,222
General Motors Financial Co. 5.25% 2026			4,938		5,730
General Motors Financial Co. 2.70% 2027			12,000		12,591
General Motors Financial Co. 2.40% 2028			5,825		5,983
General Motors Financial Co. 2.35% 2031			16,900		16,937
General Motors Financial Co. 2.70% 2031			4,625		4,742
Hanesbrands, Inc. 4.625% 20247			16,350		17,339
Hanesbrands, Inc. 5.375% 20257			7,170		7,550
Hanesbrands, Inc. 4.875% 20267			33,027		35,649
Hilton Grand Vacations Borrower 5.00% 20297			8,390		8,476
Hilton Worldwide Holdings, Inc. 4.875% 2030			16,185		17,384
Hilton Worldwide Holdings, Inc. 4.00% 20317			20,215		20,717
Home Depot, Inc. 3.90% 2028			1,150		1,343
Home Depot, Inc. 2.95% 2029			5,000		5,527
Home Depot, Inc. 1.375% 2031			25,718		24,972
Home Depot, Inc. 5.95% 2041			12,500		18,526
Home Depot, Inc. 4.50% 2048			601		806
Home Depot, Inc. 2.375% 2051			10,000		9,491
Hyundai Capital America 2.85% 20227			8,235		8,469
Hyundai Capital America 3.10% 20227			9,720		9,902
Hyundai Capital America 3.25% 20227			11,817		12,155
Hyundai Capital America 3.95% 20227			8,000		8,137
Hyundai Capital America 1.25% 20237			7,561		7,630
Hyundai Capital America 2.375% 20237			21,815		22,374
Hyundai Capital America 5.75% 20237			5,000		5,411
Hyundai Capital America 0.875% 20247			8,000		7,989
Hyundai Capital America 1.80% 20257			1,871		1,906
Hyundai Capital America 2.65% 20257			28,554		29,965
Hyundai Capital America 5.875% 20257			5,000		5,809
Hyundai Capital America 1.30% 20267			9,000		8,958
Hyundai Capital America 1.50% 20267			6,225		6,221
Hyundai Capital America 2.375% 20277			1,169		1,208
Hyundai Capital America 3.00% 20277			22,765		24,355
Hyundai Capital America 1.80% 20287			9,000		8,990
Hyundai Capital America 2.00% 20287			4,000		4,008
Hyundai Capital Services, Inc. 1.25% 20267			3,490		3,455
International Game Technology PLC 6.50% 20257			19,030		21,258
International Game Technology PLC 5.25% 20297			38,475		41,121
Levi Strauss & Co. 3.50% 20317			6,305		6,480
Limited Brands, Inc. 6.625% 20307			7,165		8,276
Limited Brands, Inc. 6.875% 2035			5,478		7,057
Lithia Motors, Inc. 3.875% 20297			8,630		9,100
Lithia Motors, Inc. 4.375% 20317			4,550		4,968
Marriott International, Inc. 5.75% 2025			4,999		5,772
Marriott International, Inc. 3.125% 2026			660		707
Marriott Ownership Resorts, Inc. 4.50% 20297			2,595		2,615
Melco International Development, Ltd. 5.75% 20287			17,490		18,158
Merlin Entertainment 5.75% 20267			6,910		7,221

20 The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
MGM Growth Properties LLC 5.625% 2024		$	3,505	$	3,798
MGM Growth Properties LLC 4.625% 20257			15,715		16,744
MGM Growth Properties LLC 3.875% 20297			27,355		28,097
MGM Resorts International 6.00% 2023			5,355		5,665
MGM Resorts International 5.50% 2027			3,617		3,935
Midwest Gaming Borrower, LLC 4.875% 20297			13,870		13,986
Mohegan Gaming & Entertainment 8.00% 20267			34,825		36,303
Neiman Marcus Group, LLC 7.125% 20267			5,920		6,327
Newell Rubbermaid, Inc. 4.875% 2025			6,570		7,295
Newell Rubbermaid, Inc. 5.875% 203613			1,010		1,286
Nissan Motor Co., Ltd. 2.60% 20227			9,910		10,105
Nissan Motor Co., Ltd. 3.043% 20237			400		417
Nissan Motor Co., Ltd. 3.522% 20257			800		858
Nissan Motor Co., Ltd. 2.00% 20267			17,000		17,300
Nissan Motor Co., Ltd. 4.345% 20277			4,070		4,524
Nissan Motor Co., Ltd. 2.75% 20287			15,850		16,197
Nissan Motor Co., Ltd. 4.81% 20307			27,800		31,780
Panther BF Aggregator 2, LP 6.25% 20267			10,792		11,426
Panther BF Aggregator 2, LP 8.50% 20277			21,485		23,231
Party City Holdings, Inc. 8.75% 20267			6,204		6,576
Real Hero Merger Sub 2, Inc. 6.25% 20297			1,550		1,604
Royal Caribbean Cruises, Ltd. 11.50% 20257			8,530		9,777
Royal Caribbean Cruises, Ltd. 4.25% 20267			11,255		11,000
Sally Holdings LLC and Sally Capital, Inc. 5.625% 2025			24,705		25,484
Sally Holdings LLC and Sally Capital, Inc. 8.75% 20257			10,311		11,219
Sands China, Ltd. 3.80% 2026			8,325		8,978
Scientific Games Corp. 8.625% 20257			12,910		13,959
Scientific Games Corp. 8.25% 20267			41,310		43,892
Scientific Games Corp. 7.00% 20287			11,129		12,014
Scientific Games Corp. 7.25% 20297			16,515		18,561
Six Flags Entertainment Corp. 4.875% 20247			11,570		11,657
Six Flags Theme Parks, Inc. 7.00% 20257			3,500		3,748
Starbucks Corp. 3.50% 2050			1,400		1,557
Tempur Sealy International, Inc. 4.00% 20297			4,710		4,837
Toyota Motor Credit Corp. 0.45% 2024			25,283		25,284
Toyota Motor Credit Corp. 0.80% 2026			13,440		13,364
Toyota Motor Credit Corp. 3.05% 2028			4,050		4,495
Truck Hero, Inc., Term Loan B, (3-month USD-LIBOR + 3.75%) 4.50% 202810,11			8,454		8,442
Vail Resorts, Inc. 6.25% 20257			6,270		6,668
VICI Properties LP 4.25% 20267			3,660		3,812
VICI Properties LP 4.625% 20297			6,565		7,045
VICI Properties LP / VICI Note Co., Inc. 3.50% 20257			7,495		7,649
VICI Properties LP / VICI Note Co., Inc. 3.75% 20277			10,475		10,802
VICI Properties LP / VICI Note Co., Inc. 4.125% 20307			32,040		33,752
Volkswagen Group of America Finance, LLC 4.00% 20217			2,750		2,779
Volkswagen Group of America Finance, LLC 2.70% 20227			3,150		3,232
Volkswagen Group of America Finance, LLC 2.90% 20227			1,650		1,682
Volkswagen Group of America Finance, LLC 3.125% 20237			2,000		2,087
Volkswagen Group of America Finance, LLC 4.25% 20237			7,365		7,946
Volkswagen Group of America Finance, LLC 2.85% 20247			4,870		5,163
Volkswagen Group of America Finance, LLC 1.25% 20257			5,665		5,689
Volkswagen Group of America Finance, LLC 3.35% 20257			6,326		6,853
Volkswagen Group of America Finance, LLC 4.625% 20257			2,911		3,313
Volkswagen Group of America Finance, LLC 3.20% 20267			8,003		8,697
Volkswagen Group of America Finance, LLC 4.75% 20287			2,000		2,394
WASH Multifamily Acquisition, Inc. 5.75% 20267			12,245		12,827
Wyndham Destinations, Inc. 4.625% 20307			5,750		5,960
Wyndham Worldwide Corp. 4.375% 20287			8,255		8,544
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20237			21,123		21,677
Wynn Resorts, Ltd. 7.75% 20257			20,005		21,337
Wynn Resorts, Ltd. 5.125% 20297			8,304		8,645
					2,300,318

The Income Fund of America 21

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Health care 1.64%
Abbott Laboratories 3.75% 2026		$	3,539	$	4,034
AbbVie, Inc. 3.45% 2022			8,300		8,418
AbbVie, Inc. 2.60% 2024			6,000		6,352
AbbVie, Inc. 2.95% 2026			2,890		3,135
AbbVie, Inc. 4.55% 2035			6,750		8,295
AbbVie, Inc. 4.30% 2036			1,003		1,213
AbbVie, Inc. 4.75% 2045			1,203		1,537
AmerisourceBergen Corp. 0.737% 2023			9,914		9,933
Amgen, Inc. 2.20% 2027			2,915		3,068
Anthem, Inc. 2.375% 2025			2,046		2,151
AstraZeneca Finance LLC 1.20% 2026			10,098		10,189
AstraZeneca Finance LLC 1.75% 2028			5,612		5,715
AstraZeneca Finance LLC 2.25% 2031			350		364
AstraZeneca PLC 3.375% 2025			4,500		4,963
AstraZeneca PLC 3.00% 2051			1,146		1,226
Auris Luxembourg III SARL, Term Loan, (3-month USD-LIBOR + 3.75%) 3.842% 202610,11			20,993		20,715
Avantor Funding, Inc. 4.625% 20287			18,470		19,463
Bausch Health Companies, Inc. 9.25% 20267			7,650		8,291
Bausch Health Companies, Inc. 4.875% 20287			14,620		15,104
Bausch Health Companies, Inc. 5.00% 20287			5,859		5,595
Bausch Health Companies, Inc. 7.00% 20287			9,470		9,957
Bausch Health Companies, Inc. 5.25% 20317			17,185		16,133
Bayer US Finance II LLC 3.875% 20237			3,850		4,121
Bayer US Finance II LLC 4.25% 20257			20,143		22,527
Bayer US Finance II LLC 4.40% 20447			13,090		15,614
Becton, Dickinson and Company 3.70% 2027			6,000		6,705
Boston Scientific Corp. 1.90% 2025			9,109		9,453
Boston Scientific Corp. 3.85% 2025			2,543		2,819
Catalent Pharma Solutions, Inc. 5.00% 20277			1,407		1,477
Catalent, Inc. 3.125% 20297			17,495		17,168
Centene Corp. 5.375% 20267			6,740		7,029
Centene Corp. 4.25% 2027			51,990		54,914
Centene Corp. 2.45% 2028			31,640		32,117
Centene Corp. 4.625% 2029			82,420		90,431
Centene Corp. 3.00% 2030			28,035		29,175
Centene Corp. 3.375% 2030			29,100		30,403
Centene Corp. 2.50% 2031			12,110		12,143
Centene Corp. 2.625% 2031			2,630		2,653
Charles River Laboratories International, Inc. 4.25% 20287			13,815		14,467
Charles River Laboratories International, Inc. 3.75% 20297			2,500		2,572
Cigna Corp. 4.80% 2038			3,830		4,864
Community Health Systems, Inc. 5.625% 20277			4,815		5,104
Community Health Systems, Inc. 6.00% 20297			8,870		9,448
CVS Health Corp. 1.30% 2027			15,523		15,432
DaVita, Inc. 4.625% 20307			20,900		21,631
Eli Lilly and Company 3.375% 2029			3,330		3,784
Encompass Health Corp. 4.50% 2028			19,802		20,594
Encompass Health Corp. 4.75% 2030			4,560		4,879
Endo DAC / Endo Finance LLC / Endo Finco 9.50% 20277			28,561		28,688
Endo International PLC 5.75% 20227			30,445		30,102
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 20297			6,845		6,812
GlaxoSmithKline PLC 3.625% 2025			5,915		6,549
HCA, Inc. 5.375% 2025			3,560		4,039
HCA, Inc. 5.375% 2026			6,680		7,774
HCA, Inc. 5.875% 2026			13,870		16,141
HCA, Inc. 5.625% 2028			15,390		18,527
HCA, Inc. 3.50% 2030			13,734		14,923
HealthSouth Corp. 5.75% 2025			12,472		12,841
Iqvia, Inc. 5.00% 20277			8,320		8,685
Jaguar Holding Co. II 4.625% 20257			5,145		5,394
Jaguar Holding Co. II 5.00% 20287			7,050		7,606
Jazz Securities DAC 4.375% 20297			5,125		5,349
Mallinckrodt PLC 10.00% 20257			26,085		29,185
Molina Healthcare, Inc. 5.375% 2022			30,815		32,195
Molina Healthcare, Inc. 4.375% 20287			4,840		5,070
Molina Healthcare, Inc. 3.875% 20307			12,815		13,611

22 The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Novant Health, Inc. 3.168% 2051		$	6,000	$	6,572
Novartis Capital Corp. 2.00% 2027			3,090		3,236
Organon Finance 1 LLC 4.125% 20287			25,670		26,356
Organon Finance 1 LLC 5.125% 20317			11,510		11,870
Owens & Minor, Inc. 4.375% 2024			32,762		34,529
Owens & Minor, Inc. 4.50% 20297			30,390		31,189
Par Pharmaceutical, Inc. 7.50% 20277			51,548		52,651
Pfizer, Inc. 3.45% 2029			9,000		10,240
Radiology Partners, Inc. 9.25% 20287			21,890		23,666
Rede D’Or Finance SARL 4.95% 2028			1,820		1,934
Rede D’Or Finance SARL 4.50% 2030			10,840		11,075
Rotech Healthcare, Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% PIK 20233,4,5,9,10,11			17,289		17,289
RP Escrow Issuer, LLC 5.25% 20257			6,290		6,454
Select Medical Holdings Corp. 6.25% 20267			18,853		19,958
Shire PLC 2.875% 2023			4,425		4,627
Summa Health 3.511% 2051			2,650		2,914
Surgery Center Holdings 10.00% 20277			13,180		14,414
Syneos Health, Inc. 3.625% 20297			12,340		12,278
Takeda Pharmaceutical Company, Ltd. 4.40% 2023			12,910		13,999
Tenet Healthcare Corp. 4.625% 2024			22,866		23,209
Tenet Healthcare Corp. 4.875% 20267			85,230		88,107
Tenet Healthcare Corp. 5.125% 20277			13,695		14,363
Tenet Healthcare Corp. 4.25% 20297			10,940		11,172
Teva Pharmaceutical Finance Co. BV 2.80% 2023			130,244		128,909
Teva Pharmaceutical Finance Co. BV 6.00% 2024			83,469		87,799
Teva Pharmaceutical Finance Co. BV 7.125% 2025			30,880		33,951
Teva Pharmaceutical Finance Co. BV 3.15% 2026			85,630		82,278
Teva Pharmaceutical Finance Co. BV 6.75% 2028			196,340		217,692
Teva Pharmaceutical Finance Co. BV 4.10% 2046			81,095		71,709
UnitedHealth Group, Inc. 1.15% 2026			5,633		5,688
UnitedHealth Group, Inc. 2.30% 2031			4,934		5,136
UnitedHealth Group, Inc. 3.05% 2041			8,325		8,937
UnitedHealth Group, Inc. 3.25% 2051			5,379		5,954
Valeant Pharmaceuticals International, Inc. 5.50% 20257			13,550		13,855
Valeant Pharmaceuticals International, Inc. 6.125% 20257			70,910		72,461
Valeant Pharmaceuticals International, Inc. 9.00% 20257			16,475		17,605
Valeant Pharmaceuticals International, Inc. 8.50% 20277			5,175		5,602
Zimmer Holdings, Inc. 3.15% 2022			9,455		9,589
					2,070,133
Communication services 1.61%
Alphabet, Inc. 2.25% 2060			3,900		3,551
Altice France SA 5.125% 20297			67,122		67,703
AT&T, Inc. 0.90% 2024			18,000		18,051
AT&T, Inc. 1.70% 2026			27,000		27,425
AT&T, Inc. 1.65% 2028			7,175		7,188
AT&T, Inc. 3.50% 20537			17,434		18,057
British Telecommunications PLC 9.625% 203013			4,011		6,205
Cablevision Systems Corp. 5.375% 20287			8,500		8,994
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 20267			23,011		23,858
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 20277			26,625		27,890
CCO Holdings LLC and CCO Holdings Capital Corp. 5.00% 20287			13,250		13,909
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20307			16,050		16,873
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 20307			28,552		30,299
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031			12,414		12,888
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20317			20,100		20,764
CCO Holdings LLC and CCO Holdings Capital Corp. 2.30% 2032			21,275		20,929
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2032			19,415		20,380
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20337			28,750		29,967
Centerfield Media Parent, Inc. 6.625% 20267			5,330		5,449
CenturyLink, Inc. 6.75% 2023			6,075		6,732
CenturyLink, Inc. 7.50% 2024			5,800		6,531
CenturyLink, Inc. 5.125% 20267			11,175		11,628
CenturyLink, Inc. 4.00% 20277			45,226		46,526
CenturyLink, Inc. 7.65% 2042			270		306
CenturyLink, Inc., Series T, 5.80% 2022			5,100		5,240

The Income Fund of America 23

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Cinemark USA, Inc. 5.875% 20267		$	11,750	$	11,559
Cinemark USA, Inc. 5.25% 20287			7,340		6,909
Cogent Communications Group, Inc. 3.50% 20267			10,700		11,035
Comcast Corp. 6.45% 2037			25,000		36,928
Comcast Corp. 4.60% 2038			9,000		11,350
Deutsche Telekom International Finance BV 9.25% 2032			13,095		21,395
Diamond Sports Group LLC 5.375% 20267			6,912		4,018
Diamond Sports Group LLC 6.625% 20277			26,485		10,546
Directv Financing LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 5.75% 202710,11			14,420		14,412
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc. 5.875% 20277			16,090		16,656
Discovery Communications, Inc. 3.625% 2030			6,363		7,025
DISH DBS Corp. 5.125% 20297			17,200		17,073
Embarq Corp. 7.995% 2036			25,220		28,286
Epicor Software Corp., Term Loan C, (3-month USD-LIBOR + 3.25%) 4.00% 202710,11			1,365		1,362
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 8.75% 202810,11			1,950		2,017
Fox Corp. 4.03% 2024			1,120		1,212
Front Range BidCo, Inc. 6.125% 20287			22,932		23,366
Frontier Communications Corp. 5.875% 20277			20,705		22,163
Frontier Communications Corp. 5.00% 20287			35,050		36,302
Frontier Communications Corp. 6.75% 20297			43,798		46,733
Gray Television, Inc. 7.00% 20277			17,880		19,162
iHeartCommunications, Inc. 5.25% 20277			16,450		17,169
Inmarsat PLC 6.75% 20267			16,600		17,472
Intelsat Jackson Holding Co. 5.50% 202312			7,495		4,113
Intelsat Jackson Holding Co. 8.00% 20247			40,265		41,640
Intelsat Jackson Holding Co. 8.50% 20247,12			30,425		16,995
Intelsat Jackson Holding Co., Term Loan, (3-month USD-LIBOR + 5.50%) 6.50% 202210,11			16,989		17,153
Intelsat Jackson Holding Co., Term Loan B3, (USD Prime Rate + 4.75%) 8.00% 202310,11			3,000		3,047
Intelsat Jackson Holding Co., Term Loan, 6.625% 202410			27,850		28,400
Kantar Group LLC, Term Loan B, (3-month USD-LIBOR + 4.50%) 5.25% 202610,11			6,380		6,383
Lamar Media Corp. 3.75% 2028			5,094		5,187
Lamar Media Corp. 4.875% 2029			11,525		12,208
Lamar Media Corp. 3.625% 20317			3,450		3,412
Level 3 Financing, Inc. 3.75% 20297			20,000		19,626
Liberty Global PLC 5.50% 20287			7,975		8,422
Ligado Networks LLC 15.50% PIK 20237,9			23,000		22,636
Live Nation Entertainment, Inc. 3.75% 20287			5,950		5,972
MDC Partners, Inc. 7.50% 20247,13			12,928		13,207
Netflix, Inc. 3.625% 20257			290		312
Netflix, Inc. 4.875% 2028			1,580		1,848
Netflix, Inc. 5.875% 2028			9,840		12,241
Netflix, Inc. 5.375% 20297			21,510		26,604
Netflix, Inc. 6.375% 2029			12,500		16,093
Netflix, Inc. 4.875% 20307			15,520		18,719
News Corp. 3.875% 20297			17,450		17,789
Nexstar Broadcasting, Inc. 4.75% 20287			35,975		37,144
Nexstar Escrow Corp. 5.625% 20277			16,010		16,947
Qwest Capital Funding, Inc. 7.625% 2021			3,900		3,900
SBA Tower Trust 1.631% 20267			23,592		23,913
Scripps Escrow II, Inc. 3.875% 20297			4,875		4,884
Sinclair Television Group, Inc. 4.125% 20307			5,150		5,004
Sirius XM Radio, Inc. 4.625% 20247			25,910		26,558
Sirius XM Radio, Inc. 5.00% 20277			4,791		5,013
Sirius XM Radio, Inc. 4.00% 20287			18,800		19,419
Sirius XM Radio, Inc. 4.125% 20307			7,450		7,696
SoftBank Group Corp. 3.36% 20237			2,278		2,288
Sprint Corp. 7.125% 2024			10,000		11,510
Sprint Corp. 7.625% 2025			36,000		42,484
Sprint Corp. 7.625% 2026			46,270		56,578
Sprint Corp. 6.875% 2028			73,237		94,575
Sprint Corp. 8.75% 2032			15,210		23,463
Summer (BC) BidCo B LLC 5.50% 20267			5,930		6,026
TEGNA, Inc. 4.75% 20267			12,425		13,220
TEGNA, Inc. 5.00% 2029			5,375		5,625
Tencent Holdings, Ltd. 3.595% 2028			20,000		21,991
Tencent Holdings, Ltd. 3.975% 2029			17,277		19,388

24 The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Tencent Holdings, Ltd. 2.39% 2030		$	19,723	$	19,860
T-Mobile US, Inc. 2.25% 20267			8,000		8,101
T-Mobile US, Inc. 2.625% 2026			6,250		6,407
T-Mobile US, Inc. 2.05% 2028			11,475		11,754
T-Mobile US, Inc. 2.625% 2029			6,725		6,736
T-Mobile US, Inc. 3.375% 20297			16,975		17,698
T-Mobile US, Inc. 2.875% 2031			20,725		20,868
T-Mobile US, Inc. 3.50% 2031			19,500		20,479
T-Mobile US, Inc. 4.50% 2050			4,325		5,296
Trilogy International South Pacific LLC / TISP Finance, Inc. 8.875% 20237			58,043		57,680
Univision Communications, Inc. 6.625% 20277			26,575		28,618
Univision Communications, Inc. 4.50% 20297			36,750		36,887
UPC Broadband Finco BV 4.875% 20317			48,900		49,946
Verizon Communications, Inc. 2.10% 2028			7,900		8,127
Verizon Communications, Inc. 2.55% 2031			6,100		6,347
Verizon Communications, Inc. 3.40% 2041			10,000		10,832
Verizon Communications, Inc. 2.875% 2050			15,000		14,648
Virgin Media O2 4.25% 20317			9,175		9,107
Virgin Media Secured Finance PLC 4.50% 20307			20,770		20,949
Vodafone Group PLC 4.25% 2050			7,275		8,614
Warner Music Group 3.875% 20307			12,300		12,656
Ziggo Bond Co. BV 5.125% 20307			14,170		14,609
Ziggo Bond Finance BV 5.50% 20277			32,703		33,949
Ziggo Bond Finance BV 4.875% 20307			17,075		17,667
					2,038,961
Industrials 1.24%
ADT Security Corp. 4.125% 20297			8,480		8,541
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.75% 2026			3,978		3,958
Air Lease Corp. 2.875% 2026			24,541		25,963
Allison Transmission Holdings, Inc. 3.75% 20317			29,410		29,342
American Airlines, Inc. 5.50% 20267			5,880		6,159
American Airlines, Inc., Series 2013-2, Class A, 4.95% 2024			1,704		1,740
Associated Materials, LLC 9.00% 20257			20,801		22,101
Atkore, Inc. 4.25% 20317			12,215		12,506
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 3.25% 202910,11			1,895		1,918
ATS Automation Tooling Systems, Inc. 4.125% 20287			3,975		4,055
Avis Budget Car Rental, LLC 5.75% 20277			8,875		9,252
Avis Budget Group, Inc. 5.25% 20257			6,286		6,376
Avis Budget Group, Inc. 5.375% 20297			11,760		12,246
Avolon Holdings Funding, Ltd. 3.625% 20227			3,935		4,012
Avolon Holdings Funding, Ltd. 3.95% 20247			22,645		24,212
Avolon Holdings Funding, Ltd. 2.125% 20267			17,179		17,277
Avolon Holdings Funding, Ltd. 4.25% 20267			8,919		9,759
Avolon Holdings Funding, Ltd. 3.25% 20277			17,000		17,904
Avolon Holdings Funding, Ltd. 2.75% 20287			10,000		10,103
Boeing Company 4.508% 2023			20,233		21,506
Boeing Company 1.95% 2024			2,738		2,809
Boeing Company 2.80% 2024			545		570
Boeing Company 4.875% 2025			46,241		51,889
Boeing Company 2.196% 2026			22,761		22,972
Boeing Company 2.75% 2026			16,896		17,684
Boeing Company 3.10% 2026			1,454		1,555
Boeing Company 5.04% 2027			24,986		28,909
Boeing Company 3.25% 2028			17,642		18,803
Boeing Company 3.25% 2028			1,025		1,087
Boeing Company 5.15% 2030			59,655		71,127
Boeing Company 3.625% 2031			26,351		28,772
Boeing Company 3.60% 2034			9,000		9,652
Boeing Company 3.50% 2039			1,090		1,119
Boeing Company 3.90% 2049			3,149		3,336
Boeing Company 3.75% 2050			9,700		10,101
Boeing Company 5.805% 2050			7,817		10,680
Bohai Financial Investment Holding Co., Ltd. 5.25% 20227			5,148		5,372
Bombardier, Inc. 7.50% 20247			8,550		8,903
Bombardier, Inc. 7.50% 20257			3,515		3,588
Bombardier, Inc. 7.125% 20267			18,195		18,945

The Income Fund of America 25

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Bombardier, Inc. 7.875% 20277		$	30,260	$	31,365
Builders Firstsource, Inc. 4.25% 20327			8,610		8,814
Burlington Northern Santa Fe LLC 3.55% 2050			10,000		11,642
BWX Technologies, Inc. 4.125% 20287			5,190		5,332
BWX Technologies, Inc. 4.125% 20297			13,070		13,416
Canadian National Railway Company 3.20% 2046			1,980		2,125
Carrier Global Corp. 2.722% 2030			2,000		2,121
Carrier Global Corp. 3.577% 2050			4,100		4,575
Clarivate Science Holdings Corp. 3.875% 20287			6,595		6,658
Clarivate Science Holdings Corp. 4.875% 20297			8,820		8,907
Continental Airlines, Inc., Series 2007-1, Class B, 6.903% 2022			487		494
CoreCivic, Inc. 8.25% 2026			11,935		12,670
CoreLogic, Inc. 4.50% 20287			48,176		48,172
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.00% 202910,11			3,525		3,569
CSX Corp. 3.80% 2028			1,550		1,766
CSX Corp. 4.50% 2049			3,785		4,867
Dun & Bradstreet Corp. 6.875% 20267			13,222		14,016
Dun & Bradstreet Corp. 10.25% 20277			14,193		15,523
General Dynamics Corp. 2.25% 2031			6,433		6,745
General Electric Capital Corp. 4.418% 2035			10,300		12,653
General Electric Co. 3.45% 2027			5,400		5,991
General Electric Co. 3.625% 2030			2,675		3,025
General Electric Co., Series D, 3.449% junior subordinated perpetual bonds13			95,170		93,470
Harsco Corp. 5.75% 20277			18,440		19,195
Honeywell International, Inc. 2.30% 2024			4,405		4,634
Howmet Aerospace, Inc. 6.875% 2025			11,480		13,374
Icahn Enterprises Finance Corp. 4.75% 2024			14,360		14,984
JELD-WEN Holding, Inc. 4.875% 20277			13,745		14,309
L3Harris Technologies, Inc. 1.80% 2031			8,925		8,814
LABL Escrow Issuer, LLC 10.50% 20277			4,130		4,549
LSC Communications, Inc. 8.75% 20233,4,7,12			25,850		1,373
LSC Communications, Inc., Term Loan B, (USD Prime Rate + 4.50%) 7.75% 20223,4,10,11,12			3,697		196
Masco Corp. 1.50% 2028			8,605		8,535
Masco Corp. 2.00% 2031			4,970		4,929
Masco Corp. 3.125% 2051			2,294		2,342
MasTec, Inc. 4.50% 20287			19,290		20,409
Meritor, Inc. 4.50% 20287			4,600		4,725
Mexico City Airport Trust 3.875% 20287			770		811
Mexico City Airport Trust 5.50% 2046			2,303		2,324
Mexico City Airport Trust 5.50% 2047			4,482		4,536
Mexico City Airport Trust 5.50% 20477			215		218
Moog, Inc. 4.25% 20277			11,829		12,221
Mueller Water Products, Inc. 4.00% 20297			7,395		7,666
NESCO Holdings II, Inc. 5.50% 20297			10,555		10,911
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 20257			8,575		8,817
Nielsen Finance LLC and Nielsen Finance Co. 5.625% 20287			10,150		10,739
Nielsen Finance LLC and Nielsen Finance Co. 5.875% 20307			8,300		9,106
Norfolk Southern Corp. 3.05% 2050			3,727		3,850
Northrop Grumman Corp. 3.25% 2028			8,995		9,904
Otis Worldwide Corp. 2.293% 2027			2,440		2,572
Rexnord Corp. 4.875% 20257			19,490		19,941
Rolls-Royce PLC 5.75% 20277			16,750		18,320
Sensata Technologies Holding BV 4.00% 20297			8,455		8,700
Sensata Technologies, Inc. 3.75% 20317			7,225		7,290
Siemens AG 1.20% 20267			22,471		22,673
Siemens AG 1.70% 20287			12,575		12,849
SkyMiles IP, Ltd. 4.75% 20287			35,245		39,424
SRS Distribution, Inc. 6.125% 20297			5,975		6,123
Stericycle, Inc. 3.875% 20297			17,030		17,301
The Brink’s Co. 4.625% 20277			10,510		10,951
TransDigm, Inc. 6.25% 20267			61,602		64,682
TransDigm, Inc. 5.50% 2027			38,374		39,669
TransDigm, Inc. 4.625% 20297			9,870		9,858
Triton Container International, Ltd. 1.15% 20247			3,938		3,950
Triton Container International, Ltd. 3.15% 20317			7,222		7,387
Triumph Group, Inc. 6.25% 20247			4,320		4,359

26 The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Triumph Group, Inc. 8.875% 20247		$	6,239	$	6,918
Triumph Group, Inc. 7.75% 20257			3,875		3,904
Uber Technologies, Inc. 8.00% 20267			13,105		14,055
Union Pacific Corp. 3.75% 2025			4,720		5,247
Union Pacific Corp. 2.15% 2027			1,854		1,940
Union Pacific Corp. 2.40% 2030			1,931		2,024
Union Pacific Corp. 2.891% 20367			3,245		3,464
United Air Lines, Inc., Series 2007-1, Class A, 6.636% 2024			2,729		2,823
United Airlines Holdings, Inc. 6.50% 20277			27,525		30,002
United Airlines, Inc. 4.375% 20267			6,180		6,366
United Airlines, Inc. 4.625% 20297			16,675		17,175
United Rentals, Inc. 5.875% 2026			1,080		1,117
United Rentals, Inc. 5.25% 2030			6,840		7,494
United Rentals, Inc. 3.875% 2031			4,600		4,738
United Rentals, Inc. 3.75% 2032			12,060		12,060
United Technologies Corp. 3.95% 2025			5,290		5,898
Vertical Holdco GMBH 7.625% 20287			13,210		14,329
Vertical U.S. Newco, Inc. 5.25% 20277			19,880		21,019
Virgin Australia Holdings, Ltd. 7.875% 20217,12			1,750		166
WESCO Distribution, Inc. 7.125% 20257			11,130		11,979
WESCO Distribution, Inc. 7.25% 20287			12,115		13,501
Westinghouse Air Brake Technologies Corp. 4.40% 202413			1,491		1,616
					1,572,074
Utilities 1.07%
Abu Dhabi National Energy Company PJSC (TAQA) 3.625% 20237			543		568
Abu Dhabi National Energy Company PJSC (TAQA) 4.375% 20257			17,000		19,077
Abu Dhabi National Energy Company PJSC (TAQA) 4.375% 20267			200		229
AEP Transmission Co. LLC 3.75% 2047			3,660		4,303
AEP Transmission Co. LLC 3.65% 2050			250		296
AES Corp. 3.30% 20257			17,950		19,226
Ameren Corp. 3.50% 2031			650		727
American Electric Power Company, Inc. 2.95% 2022			12,065		12,406
American Electric Power Company, Inc. 4.30% 2028			3,300		3,846
American Water Cap Corp. 2.80% 2030			1,200		1,303
AmeriGas Partners LP 5.50% 2025			6,850		7,575
Calpine Corp. 5.125% 20287			12,315		12,485
Calpine Corp. 3.75% 20317			5,795		5,584
CenterPoint Energy, Inc. 2.50% 2022			3,000		3,065
CenterPoint Energy, Inc. 3.70% 2049			5,000		5,563
Colbun SA 3.95% 20277			1,554		1,704
Comisión Federal de Electricidad 3.348% 20317			9,000		8,938
Comisión Federal de Electricidad 4.677% 20517			9,162		8,963
Commonwealth Edison Co. 4.00% 2048			5,225		6,426
Consolidated Edison Company of New York, Inc. 3.60% 2061			6,552		7,248
Dominion Resources, Inc., junior subordinated, 3.071% 202413			2,550		2,716
DPL, Inc. 4.125% 2025			11,870		12,742
DTE Energy Company 3.95% 2049			2,060		2,548
Duke Energy Indiana, Inc. 4.90% 2043			14,785		19,565
Duke Energy Indiana, Inc. 3.25% 2049			3,100		3,376
Duke Energy Progress, Inc. 4.15% 2044			2,110		2,609
Edison International 3.125% 2022			3,970		4,089
Edison International 3.55% 2024			20,475		21,851
Edison International 4.95% 2025			400		445
Edison International 5.75% 2027			6,745		7,780
Edison International 4.125% 2028			5,866		6,331
EDP Finance BV 3.625% 20247			10,175		10,968
Electricité de France SA 4.75% 20357			8,250		10,244
Electricité de France SA 4.875% 20387			1,750		2,196
Emera US Finance LP 0.833% 20247			1,675		1,672
Emera US Finance LP 2.639% 20317			2,100		2,155
Emera, Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)13			36,024		42,256
Empresa Nacional de Electricidad SA 4.25% 2024			900		964
Enel Società per Azioni 8.75% 2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)7,13			37,337		43,188
Entergy Corp. 2.80% 2030			6,650		7,056
Entergy Louisiana, LLC 4.20% 2048			5,125		6,420

The Income Fund of America 27

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Eversource Energy 3.80% 2023		$	4,095	$	4,390
Exelon Corp. 4.05% 2030			1,000		1,157
Exelon Corp. 4.70% 2050			850		1,107
Exelon Corp., junior subordinated, 3.497% 202213			8,000		8,189
FirstEnergy Corp. 3.35% 202213			19,475		19,724
FirstEnergy Corp. 1.60% 2026			989		984
FirstEnergy Corp. 4.40% 202713			52,543		58,606
FirstEnergy Corp. 3.50% 20287			2,500		2,713
FirstEnergy Corp. 4.10% 20287			1,325		1,507
FirstEnergy Corp. 2.25% 2030			900		889
FirstEnergy Corp. 2.65% 2030			6,430		6,561
FirstEnergy Corp. 7.375% 2031			14,030		19,628
FirstEnergy Corp. 3.40% 2050			30,600		30,891
FirstEnergy Corp., Series B, 4.75% 202313			37,234		39,202
FirstEnergy Transmission LLC 2.866% 20287			10,750		11,364
Georgia Power Co. 2.65% 2029			450		480
Georgia Power Co. 3.70% 2050			1,862		2,094
Gulf Power Co. 3.30% 2027			600		665
Interstate Power and Light Co. 3.25% 2024			3,250		3,501
Israel Electric Corp., Ltd. 8.10% 20967			4,905		7,186
Jersey Central Power & Light Co. 2.75% 20327			1,025		1,074
Mississippi Power Co. 3.95% 2028			6,437		7,370
Mississippi Power Co. 4.25% 2042			2,550		3,105
Monongahela Power Co. 3.55% 20277			2,550		2,837
National Rural Utilities Cooperative Finance Corp. 3.05% 2027			10,693		11,707
Northern States Power Co. 4.125% 2044			11,000		13,739
Northern States Power Co. 3.20% 2052			4,715		5,261
NRG Energy, Inc. 7.25% 2026			2,000		2,083
NRG Energy, Inc. 3.625% 20317			11,050		11,149
Pacific Gas and Electric Co. 1.75% 2022			30,000		29,965
Pacific Gas and Electric Co. 1.367% 2023			16,175		16,167
Pacific Gas and Electric Co. 3.85% 2023			8,710		9,108
Pacific Gas and Electric Co. 4.25% 2023			20,475		21,624
Pacific Gas and Electric Co. 3.40% 2024			4,510		4,711
Pacific Gas and Electric Co. 3.45% 2025			1,250		1,305
Pacific Gas and Electric Co. 2.95% 2026			20,225		20,708
Pacific Gas and Electric Co. 3.15% 2026			43,971		45,145
Pacific Gas and Electric Co. 2.10% 2027			750		730
Pacific Gas and Electric Co. 3.30% 2027			19,950		20,400
Pacific Gas and Electric Co. 3.30% 2027			10,863		11,196
Pacific Gas and Electric Co. 3.00% 2028			5,100		5,107
Pacific Gas and Electric Co. 3.75% 2028			16,100		16,862
Pacific Gas and Electric Co. 4.65% 2028			9,981		10,957
Pacific Gas and Electric Co. 4.55% 2030			56,492		60,363
Pacific Gas and Electric Co. 2.50% 2031			36,050		34,039
Pacific Gas and Electric Co. 3.25% 2031			6,000		5,916
Pacific Gas and Electric Co. 3.30% 2040			4,050		3,684
Pacific Gas and Electric Co. 3.75% 2042			17,045		15,690
Pacific Gas and Electric Co. 3.95% 2047			1,000		943
Pacific Gas and Electric Co. 3.50% 2050			6,229		5,585
PacifiCorp 3.30% 2051			1,150		1,259
PacifiCorp, First Mortgage Bonds, 4.125% 2049			11,000		13,483
PG&E Corp. 5.00% 2028			31,335		30,552
PG&E Corp. 5.25% 2030			24,955		24,393
Progress Energy, Inc. 7.00% 2031			4,000		5,622
Progress Energy, Inc. 7.75% 2031			2,500		3,632
Public Service Electric and Gas Co. 3.15% 2050			1,950		2,154
Public Service Enterprise Group, Inc. 2.65% 2022			2,075		2,134
Puget Energy, Inc. 6.00% 2021			3,945		3,962
Puget Energy, Inc. 5.625% 2022			3,471		3,597
Southern California Edison Co. 1.845% 2022			1,279		1,280
Southern California Edison Co. 3.50% 2023			21,000		22,191
Southern California Edison Co. 3.70% 2025			450		493
Southern California Edison Co. 2.85% 2029			8,900		9,407
Southern California Edison Co. 4.20% 2029			14,250		16,271
Southern California Edison Co. 5.35% 2035			17,725		22,846
Southern California Edison Co. 5.75% 2035			4,400		5,857

28 The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Southern California Edison Co. 5.625% 2036		$	16,750	$	21,560
Southern California Edison Co. 5.55% 2037			3,475		4,385
Southern California Edison Co. 5.95% 2038			8,500		11,188
Southern California Edison Co. 4.50% 2040			19,690		23,069
Southern California Edison Co. 5.50% 2040			839		1,069
Southern California Edison Co. 4.00% 2047			14,832		15,750
Southern California Edison Co. 4.125% 2048			16,475		18,117
Southern California Edison Co. 4.875% 2049			3,650		4,401
Southern California Edison Co. 3.65% 2050			16,064		16,440
Southern California Edison Co. 2.95% 2051			574		537
Southern California Edison Co., Series C, 3.60% 2045			11,875		12,181
Southern Co. 4.25% 2036			1,300		1,538
Southern Co. 4.40% 2046			2,100		2,537
Southwestern Electric Power Co. 1.65% 2026			5,075		5,184
Talen Energy Corp. 6.50% 2025			180		107
Talen Energy Corp. 10.50% 20267			13,510		9,018
Talen Energy Corp. 7.25% 20277			33,769		30,851
Talen Energy Supply, LLC 7.625% 20287			16,515		15,089
Venture Global Calcasieu Pass, LLC 3.875% 20297			13,565		13,870
Venture Global Calcasieu Pass, LLC 4.125% 20317			11,095		11,502
Virginia Electric and Power Co. 3.45% 2024			560		597
Virginia Electric and Power Co. 3.10% 2025			2,625		2,827
Wisconsin Power and Light Co. 3.65% 2050			350		400
Xcel Energy, Inc. 2.60% 2029			3,500		3,713
					1,355,134
Materials 1.04%
Air Products and Chemicals, Inc. 1.85% 2027			1,857		1,929
Alcoa Netherlands Holding BV 5.50% 20277			13,410		14,517
Alcoa Netherlands Holding BV 4.125% 20297			4,150		4,376
Anglo American Capital PLC 2.25% 20287			6,553		6,686
Anglo American Capital PLC 2.625% 20307			16,107		16,537
ArcelorMittal 4.25% 2029			2,412		2,727
ArcelorMittal 7.25% 203913			1,733		2,535
ArcelorMittal 7.00% 204113			2,735		3,930
Arconic Corp. 6.00% 20257			10,820		11,474
Arconic Rolled Products Corp. 6.125% 20287			3,300		3,519
Ardagh Group SA 6.50% 20277,9			22,795		24,076
Ardagh Metal Packaging Finance USA LLC 4.00% 20297			21,920		22,002
Ardagh Packaging Finance 5.25% 20257			8,343		8,718
Ardagh Packaging Finance 6.00% 20257			1,577		1,630
Ardagh Packaging Finance 5.25% 20277			5,685		5,812
Axalta Coating Systems LLC 4.75% 20277			9,076		9,593
BWAY Parent Co., Inc. 5.50% 20247			12,895		12,992
Cascades, Inc. 5.125% 20267			11,020		11,668
Cascades, Inc. 5.375% 20287			5,870		6,186
Cleveland-Cliffs, Inc. 9.875% 20257			5,569		6,516
Cleveland-Cliffs, Inc. 6.75% 20267			17,070		18,444
Cleveland-Cliffs, Inc. 5.875% 2027			54,860		57,946
Cleveland-Cliffs, Inc. 7.00% 2027			1,300		1,367
Cleveland-Cliffs, Inc. 4.625% 20297			9,950		10,573
Cleveland-Cliffs, Inc. 4.875% 20317			8,989		9,720
Constellium SE 3.75% 20297			12,685		12,671
CRH America, Inc. 5.125% 20457			350		467
CVR Partners LP 9.25% 20237			1,542		1,552
CVR Partners LP 6.125% 20287			12,240		12,766
Dow Chemical Co. 3.625% 2026			1,616		1,799
Dow Chemical Co. 3.60% 2050			16,096		17,961
Element Solutions, Inc. 3.875% 20287			16,085		16,444
First Quantum Minerals, Ltd. 7.25% 20237			9,725		9,920
First Quantum Minerals, Ltd. 6.50% 20247			34,741		35,470
First Quantum Minerals, Ltd. 7.50% 20257			66,150		68,669
First Quantum Minerals, Ltd. 6.875% 20267			23,575		24,678
First Quantum Minerals, Ltd. 6.875% 20277			40,670		44,130
FMG Resources 4.375% 20317			22,780		24,803
Freeport-McMoRan, Inc. 4.25% 2030			10,350		11,178
Freeport-McMoRan, Inc. 5.40% 2034			14,299		18,198

The Income Fund of America 29

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Freeport-McMoRan, Inc. 5.45% 2043		$	19,875	$	25,576
FXI Holdings, Inc. 7.875% 20247			26,258		26,997
FXI Holdings, Inc. 12.25% 20267			32,297		36,783
GPC Merger Sub, Inc. 7.125% 20287			13,525		14,470
Hexion, Inc. 7.875% 20277			28,001		30,210
Huntsman International LLC 2.95% 2031			1,369		1,421
INEOS Group Holdings SA 5.625% 20247			8,980		8,991
International Flavors & Fragrances, Inc. 1.832% 20277			3,375		3,418
International Flavors & Fragrances, Inc. 3.468% 20507			5,000		5,453
International Paper Co. 7.30% 2039			5,615		8,966
Joseph T. Ryerson & Son, Inc. 8.50% 20287			3,391		3,760
LSB Industries, Inc. 9.625% 20237			23,475		24,342
LYB International Finance III, LLC 2.25% 2030			9,066		9,223
LYB International Finance III, LLC 3.375% 2040			4,486		4,808
LYB International Finance III, LLC 3.625% 2051			48,239		53,516
LYB International Finance III, LLC 3.80% 2060			4,106		4,611
Mercer International, Inc. 5.125% 2029			5,800		5,923
Methanex Corp. 5.125% 2027			61,880		67,178
Mosaic Co. 3.25% 2022			1,500		1,551
Nova Chemicals Corp. 4.25% 20297			13,075		13,249
Novelis Corp. 4.75% 20307			24,935		26,585
Novelis Corp. 3.875% 20317			7,665		7,761
Nutrien, Ltd. 1.90% 2023			7,974		8,169
OCI NV 5.25% 20247			20,855		21,476
Owens-Illinois, Inc. 5.875% 20237			18,820		20,223
Praxair, Inc. 1.10% 2030			4,407		4,227
Rayonier A.M. Products, Inc. 7.625% 20267			1,920		1,977
SCIH Salt Holdings, Inc. 4.875% 20287			18,270		18,300
SCIH Salt Holdings, Inc. 6.625% 20297			18,765		18,602
Scotts Miracle-Gro Co. 4.50% 2029			18,595		19,446
Sealed Air Corp. 4.00% 20277			19,239		20,562
Sherwin-Williams Company 3.80% 2049			10,414		12,184
Silgan Holdings, Inc. 4.125% 2028			14,790		15,363
SPCM SA 4.875% 20257			11,750		12,045
Summit Materials, Inc. 6.50% 20277			9,760		10,274
Summit Materials, Inc. 5.25% 20297			12,425		13,212
Trivium Packaging BV 5.50% 20267			9,902		10,360
Trivium Packaging BV 8.50% 20277			7,865		8,482
Tronox, Ltd. 4.625% 20297			9,600		9,780
Valvoline, Inc. 4.25% 20307			11,680		12,172
Valvoline, Inc. 3.625% 20317			13,689		13,649
Venator Materials Corp. 5.75% 20257			45,720		43,967
Venator Materials Corp. 9.50% 20257			20,172		22,428
W. R. Grace & Co. 4.875% 20277			11,595		12,262
Warrior Met Coal, Inc. 8.00% 20247			25,662		26,193
Westlake Chemical Corp. 5.00% 2046			350		451
Westlake Chemical Corp. 4.375% 2047			300		360
					1,317,135
Consumer staples 0.61%
7-Eleven, Inc. 0.80% 20247			11,565		11,568
7-Eleven, Inc. 0.95% 20267			4,700		4,656
7-Eleven, Inc. 1.30% 20287			6,710		6,564
7-Eleven, Inc. 1.80% 20317			7,001		6,839
Albertsons Companies, Inc. 3.50% 20297			6,195		6,266
Altria Group, Inc. 5.80% 2039			21,295		26,790
Altria Group, Inc. 3.40% 2041			8,500		8,241
Altria Group, Inc. 4.50% 2043			4,000		4,389
Altria Group, Inc. 5.95% 2049			17,533		22,897
Altria Group, Inc. 3.70% 2051			8,500		8,328
Anheuser-Busch InBev NV 4.00% 2028			8,025		9,204
Anheuser-Busch InBev NV 5.45% 2039			6,000		8,011
Anheuser-Busch InBev NV 4.95% 2042			9,095		11,702
Anheuser-Busch InBev NV 4.60% 2048			700		875
Anheuser-Busch InBev NV 5.55% 2049			3,550		5,000
Anheuser-Busch InBev NV 4.50% 2050			3,400		4,233
B&G Foods, Inc. 5.25% 2025			20,860		21,399

30 The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
B&G Foods, Inc. 5.25% 2027		$	17,875	$	18,635
British American Tobacco International Finance PLC 3.95% 20257			10,914		12,032
British American Tobacco International Finance PLC 1.668% 2026			8,990		9,087
British American Tobacco PLC 3.222% 2024			8,000		8,504
British American Tobacco PLC 3.215% 2026			8,308		8,912
British American Tobacco PLC 3.557% 2027			1,479		1,602
British American Tobacco PLC 2.259% 2028			9,610		9,680
British American Tobacco PLC 4.39% 2037			14,255		15,701
British American Tobacco PLC 4.54% 2047			35,820		38,786
British American Tobacco PLC 4.758% 2049			33,784		37,452
British American Tobacco PLC 5.282% 2050			5,000		5,930
Central Garden & Pet Co. 4.125% 2030			11,846		12,243
Central Garden & Pet Co. 4.125% 20317			11,925		12,200
Conagra Brands, Inc. 1.375% 2027			2,000		1,968
Constellation Brands, Inc. 2.65% 2022			5,230		5,381
Constellation Brands, Inc. 3.20% 2023			2,060		2,146
Constellation Brands, Inc. 2.25% 2031			4,463		4,506
Darling Ingredients, Inc. 5.25% 20277			10,085		10,575
Edgewell Personal Care Co. 5.50% 20287			4,040		4,284
Energizer Holdings, Inc. 4.375% 20297			14,640		14,760
Imperial Tobacco Finance PLC 3.50% 20237			10,000		10,338
Ingles Markets, Inc. 4.00% 20317			9,815		9,884
JBS Investments GMBH II 7.00% 2026			15,050		15,964
JBS Investments GmbH II 7.00% 20267			1,800		1,909
JBS Luxembourg SARL 3.625% 20327			3,750		3,780
Keurig Dr Pepper, Inc. 4.985% 2038			8,185		10,568
Kraft Heinz Company 3.875% 2027			10,775		11,942
Kraft Heinz Company 4.25% 2031			6,180		7,138
Kraft Heinz Company 4.625% 2039			4,310		5,126
Kraft Heinz Company 5.20% 2045			13,830		17,566
Kraft Heinz Company 4.375% 2046			8,545		9,864
Kraft Heinz Company 4.875% 2049			16,600		20,743
Kraft Heinz Company 5.50% 2050			5,340		7,165
Kronos Acquisition Holdings, Inc. 5.00% 20267			10,800		10,989
Kronos Acquisition Holdings, Inc. 7.00% 20277			9,860		9,662
Molson Coors Brewing Co. 4.20% 2046			9,290		10,579
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 4.50% 202610,11			41,355		41,468
Performance Food Group, Inc. 4.25% 20297			5,295		5,388
Philip Morris International, Inc. 2.375% 2022			5,035		5,141
Philip Morris International, Inc. 2.625% 2022			8,405		8,499
Philip Morris International, Inc. 0.875% 2026			10,101		10,035
Philip Morris International, Inc. 1.75% 2030			9,986		9,843
Post Holdings, Inc. 5.625% 20287			9,680		10,212
Post Holdings, Inc. 5.50% 20297			9,040		9,685
Post Holdings, Inc. 4.625% 20307			32,415		33,066
Prestige Brands International, Inc. 5.125% 20287			8,162		8,650
Prestige Brands International, Inc. 3.75% 20317			7,445		7,377
Reynolds American, Inc. 5.70% 2035			3,130		3,877
Reynolds American, Inc. 5.85% 2045			18,028		22,569
Simmons Foods, Inc. 4.625% 20297			26,532		26,820
					767,193
Information technology 0.60%
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 202510,11			32,150		32,424
Apple, Inc. 0.70% 2026			8,500		8,464
Apple, Inc. 1.20% 2028			17,000		16,889
Apple, Inc. 1.65% 2031			8,500		8,487
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.25% 202510,11			10,708		10,871
Avaya, Inc. 6.125% 20287			7,100		7,606
Banff Merger Sub, Inc. 9.75% 20267			20,180		21,241
Black Knight, Inc. 3.625% 20287			21,200		21,272
BMC Software, Inc. 9.125% 20267			14,050		14,753
Booz Allen Hamilton, Inc. 4.00% 20297			7,030		7,239
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.875% 2027			20,495		22,741
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.50% 2028			10,450		11,478
Broadcom, Inc. 3.15% 2025			2,792		3,005
Broadcom, Inc. 2.45% 20317			8,329		8,307

The Income Fund of America 31

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Broadcom, Inc. 2.60% 20337		$	8,573	$	8,548
Broadcom, Inc. 3.419% 20337			3,146		3,361
Broadcom, Inc. 3.469% 20347			94,358		100,582
Broadcom, Inc. 3.50% 20417			13,408		13,949
Broadcom, Inc. 3.75% 20517			11,431		12,098
CommScope Finance LLC 6.00% 20267			26,850		28,025
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 2.875% 202310,11			5,565		5,470
Diebold Nixdorf, Inc. 9.375% 20257			38,410		42,251
Diebold, Inc. 8.50% 2024			8,150		8,321
Elastic NV 4.125% 20297			4,850		4,874
Entegris, Inc. 3.625% 20297			30,000		30,792
Fidelity National Information Services, Inc. 1.65% 2028			2,366		2,389
Fidelity National Information Services, Inc. 2.25% 2031			3,420		3,481
Fidelity National Information Services, Inc. 3.10% 2041			2,027		2,136
Fiserv, Inc. 3.20% 2026			6,331		6,891
Fiserv, Inc. 2.65% 2030			11,509		12,120
Gartner, Inc. 4.50% 20287			16,625		17,602
Gartner, Inc. 3.75% 20307			5,300		5,453
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 3.75%) 3.84% 202410,11			10,150		10,149
Microsoft Corp. 2.65% 2022			6,000		6,174
Microsoft Corp. 2.875% 2024			6,865		7,276
Microsoft Corp. 2.525% 2050			16,092		16,125
Microsoft Corp. 2.921% 2052			6,000		6,489
MoneyGram International, Inc. 5.375% 20267			9,700		10,076
NCR Corp. 5.125% 20297			16,500		17,197
Oracle Corp. 2.30% 2028			1,308		1,358
Oracle Corp. 3.65% 2041			15,000		16,313
Oracle Corp. 3.95% 2051			15,584		17,380
PayPal Holdings, Inc. 2.65% 2026			5,910		6,369
PayPal Holdings, Inc. 2.30% 2030			3,300		3,473
Rocket Software, Inc. 6.50% 20297			16,050		15,991
Sabre GLBL, Inc. 7.375% 20257			3,125		3,344
Sabre Holdings Corp. 9.25% 20257			5,100		5,973
salesforce.com, inc. 1.50% 2028			10,175		10,319
salesforce.com, inc. 1.95% 2031			5,450		5,553
salesforce.com, inc. 2.70% 2041			7,025		7,194
Simon Property Group LP 3.50% 2025			3,750		4,114
Simon Property Group LP 2.65% 2030			4,100		4,333
Solera Holdings, Inc., Term Loan B, (3-month USD-LIBOR + 4.00%) 4.50% 202810,11			11,125		11,126
Square, Inc. 3.50% 20317			9,980		10,384
Synaptics, Inc. 4.00% 20297			2,925		2,969
UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 4.00% 202610,11			2,754		2,757
Ultimate Software Group, Inc., Term Loan, (3-month USD-LIBOR + 6.75%) 7.50% 202710,11			5,300		5,403
Unisys Corp. 6.875% 20277			3,200		3,490
VeriSign, Inc. 2.70% 2031			3,020		3,130
Veritas Holdings, Ltd. 7.50% 20257			14,865		15,428
ViaSat, Inc. 5.625% 20277			2,450		2,549
Virtusa Corp., Term Loan B, (3-month USD-LIBOR + 4.25%) 5.00% 202810,11			773		778
Visa, Inc. 3.15% 2025			8,000		8,782
Xerox Corp. 5.00% 20257			15,650		16,700
					761,816
Real estate 0.50%
Alexandria Real Estate Equities, Inc. 3.95% 2028			975		1,115
Alexandria Real Estate Equities, Inc. 2.75% 2029			4,851		5,157
Alexandria Real Estate Equities, Inc. 3.375% 2031			2,375		2,661
Alexandria Real Estate Equities, Inc. 1.875% 2033			7,073		6,859
American Campus Communities, Inc. 4.125% 2024			24,700		26,905
American Campus Communities, Inc. 3.625% 2027			7,600		8,375
American Tower Corp. 1.60% 2026			7,822		7,946
American Tower Corp. 3.55% 2027			2,525		2,797
Brandywine Operating Partnership LP 3.95% 2023			1,639		1,713
Brookfield Property REIT, Inc. 5.75% 20267			51,340		53,335
Corporate Office Properties LP 2.75% 2031			7,219		7,403
Diversified Healthcare Trust 4.375% 2031			18,290		17,879
Equinix, Inc. 1.45% 2026			15,835		15,933

32 The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Equinix, Inc. 2.90% 2026		$	1,144	$	1,234
Equinix, Inc. 1.80% 2027			3,699		3,776
Equinix, Inc. 1.55% 2028			3,175		3,166
Equinix, Inc. 2.00% 2028			5,211		5,328
Equinix, Inc. 3.20% 2029			1,552		1,691
Equinix, Inc. 2.50% 2031			7,011		7,280
Equinix, Inc. 3.00% 2050			1,824		1,804
Equinix, Inc. 3.40% 2052			6,828		7,221
Essex Portfolio LP 3.875% 2024			5,900		6,366
Essex Portfolio LP 3.50% 2025			1,920		2,079
Gaming and Leisure Properties, Inc. 3.35% 2024			2,526		2,678
Hospitality Properties Trust 7.50% 2025			5,224		5,895
Hospitality Properties Trust 3.95% 2028			1,990		1,868
Howard Hughes Corp. 5.375% 20287			53,705		56,927
Howard Hughes Corp. 4.125% 20297			29,435		29,227
Howard Hughes Corp. 4.375% 20317			30,005		29,966
Iron Mountain, Inc. 4.875% 20277			10,665		11,083
Iron Mountain, Inc. 5.00% 20287			15,096		15,712
Iron Mountain, Inc. 5.25% 20287			17,489		18,310
Iron Mountain, Inc. 5.25% 20307			23,195		24,746
Iron Mountain, Inc. 4.50% 20317			19,670		20,137
Kennedy-Wilson Holdings, Inc. 4.75% 2029			38,320		39,422
Kennedy-Wilson Holdings, Inc. 5.00% 2031			28,068		28,860
Ladder Capital Corp. 5.25% 20257			3,930		4,000
Medical Properties Trust, Inc. 5.00% 2027			23,785		25,209
Medical Properties Trust, Inc. 3.50% 2031			5,178		5,320
Park Intermediate Holdings LLC 4.875% 20297			13,265		13,583
Public Storage 0.875% 2026			2,014		2,010
Public Storage 1.85% 2028			8,037		8,245
Public Storage 2.30% 2031			6,035		6,279
QTS Realty Trust, Inc. 3.875% 20287			10,950		11,743
Realogy Corp. 5.75% 20297			31,975		33,575
RHP Hotel Properties LP / RHP Finance Corp. 4.50% 20297			7,875		7,964
Scentre Group 3.25% 20257			10,365		11,194
Scentre Group 3.50% 20257			5,455		5,891
Scentre Group 3.75% 20277			3,000		3,332
Select Income REIT 4.15% 2022			1,035		1,047
Service Properties Trust 5.50% 2027			2,845		3,038
Westfield Corp., Ltd. 3.15% 20227			6,020		6,110
					631,394
Total corporate bonds, notes & loans					18,276,134
Mortgage-backed obligations 3.02%
Federal agency mortgage-backed obligations 2.76%
Fannie Mae Pool #932119 4.50% 202414			275		289
Fannie Mae Pool #995265 5.50% 202414			13		13
Fannie Mae Pool #AD8191 4.00% 202514			130		138
Fannie Mae Pool #AD6392 4.50% 202514			252		266
Fannie Mae Pool #AD3149 4.50% 202514			136		143
Fannie Mae Pool #AD6119 4.50% 202514			118		124
Fannie Mae Pool #AD5692 4.50% 202514			113		119
Fannie Mae Pool #AJ6967 3.00% 202614			3,360		3,558
Fannie Mae Pool #AJ5522 3.00% 202614			1,147		1,208
Fannie Mae Pool #AI6180 4.00% 202614			45		48
Fannie Mae Pool #AL5603 3.00% 202714			257		271
Fannie Mae Pool #MA1035 3.00% 202714			60		63
Fannie Mae Pool #AK5169 3.00% 202714			36		39
Fannie Mae Pool #AL2940 3.50% 202714			251		270
Fannie Mae Pool #AL4693 3.00% 202814			11		11
Fannie Mae Pool #AU6794 3.00% 202814			5		5
Fannie Mae Pool #AL8241 3.00% 202914			267		283
Fannie Mae Pool #AL8347 4.00% 202914			329		349
Fannie Mae Pool #BM4299 3.00% 203014			1,541		1,622
Fannie Mae Pool #BM1231 3.50% 203114			235		251
Fannie Mae Pool #BJ5674 3.00% 203314			271		286
Fannie Mae Pool #MA3541 4.00% 203314			254		270
Fannie Mae Pool #BJ6249 4.00% 203314			197		215

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 #254767 5.50% 203314		$	142	$	164
Fannie Mae Pool #MA3611 4.00% 203414			107		114
Fannie Mae Pool #BN1085 4.00% 203414			11		12
Fannie Mae Pool #735228 5.50% 203514			126		146
Fannie Mae Pool #AS8554 3.00% 203614			16,436		17,374
Fannie Mae Pool #BE4703 3.00% 203614			681		725
Fannie Mae Pool #888795 5.50% 203614			826		959
Fannie Mae Pool #256308 6.00% 203614			225		268
Fannie Mae Pool #878099 6.00% 203614			133		154
Fannie Mae Pool #880426 6.00% 203614			61		69
Fannie Mae Pool #888637 6.00% 203714			1,325		1,575
Fannie Mae Pool #936999 6.00% 203714			459		532
Fannie Mae Pool #950991 6.00% 203714			391		458
Fannie Mae Pool #945832 6.50% 203714			93		109
Fannie Mae Pool #941315 6.50% 203714			57		66
Fannie Mae Pool #995674 6.00% 203814			753		892
Fannie Mae Pool #929964 6.00% 203814			458		542
Fannie Mae Pool #AE0967 3.50% 203914			113		123
Fannie Mae Pool #932274 4.50% 203914			6,820		7,610
Fannie Mae Pool #AC0479 6.00% 203914			303		354
Fannie Mae Pool #AE0443 6.50% 203914			156		182
Fannie Mae Pool #AE4483 4.00% 204014			1,841		2,032
Fannie Mae Pool #AE8073 4.00% 204014			143		157
Fannie Mae Pool #AE9377 4.50% 204014			7		8
Fannie Mae Pool #AD4927 5.00% 204014			1,873		2,100
Fannie Mae Pool #MA4333 2.00% 204114			15,598		16,027
Fannie Mae Pool #MA4387 2.00% 204114			14,245		14,681
Fannie Mae Pool #MA4364 2.00% 204114			4,506		4,620
Fannie Mae Pool #AE0828 3.50% 204114			50		54
Fannie Mae Pool #AB4050 4.00% 204114			254		282
Fannie Mae Pool #AJ4189 4.00% 204114			159		176
Fannie Mae Pool #AJ4154 4.00% 204114			145		161
Fannie Mae Pool #AJ0257 4.00% 204114			67		75
Fannie Mae Pool #AB2470 4.50% 204114			27		30
Fannie Mae Pool #AI8482 5.00% 204114			98		111
Fannie Mae Pool #AI3422 5.00% 204114			86		99
Fannie Mae Pool #AI4836 5.00% 204114			83		93
Fannie Mae Pool #AI5571 5.00% 204114			78		88
Fannie Mae Pool #AB5377 3.50% 204214			15,497		16,905
Fannie Mae Pool #AO9140 3.50% 204214			5,716		6,219
Fannie Mae Pool #AL2745 4.00% 204214			1,152		1,278
Fannie Mae Pool #890407 4.00% 204214			403		447
Fannie Mae Pool #AU3742 3.50% 204314			11,309		12,338
Fannie Mae Pool #AU8813 4.00% 204314			1,881		2,113
Fannie Mae Pool #AU9348 4.00% 204314			1,340		1,506
Fannie Mae Pool #AU9350 4.00% 204314			1,143		1,268
Fannie Mae Pool #AL8354 3.50% 204514			6,415		7,019
Fannie Mae Pool #BC4764 3.00% 204614			28,854		30,561
Fannie Mae Pool #FM2795 3.00% 204614			21,646		23,023
Fannie Mae Pool #FM5245 3.50% 204614			67,706		72,657
Fannie Mae Pool #BC0157 3.50% 204614			26,889		29,235
Fannie Mae Pool #AL8522 3.50% 204614			13,134		14,374
Fannie Mae Pool #FM2265 3.00% 204714			33,329		35,216
Fannie Mae Pool #AS8650 3.00% 204714			10,723		11,351
Fannie Mae Pool #CA0854 3.50% 204714			8,437		9,193
Fannie Mae Pool #CA0770 3.50% 204714			517		552
Fannie Mae Pool #MA3121 4.00% 204714			4,529		4,870
Fannie Mae Pool #BM4413 4.50% 204714			6,295		6,846
Fannie Mae Pool #947661 6.50% 204714			157		171
Fannie Mae Pool #947554 7.00% 204714			138		161
Fannie Mae Pool #953823 7.00% 204714			102		119
Fannie Mae Pool #920015 7.00% 204714			81		94
Fannie Mae Pool #257036 7.00% 204714			12		14
Fannie Mae Pool #BF0293 3.00% 204814			13,519		14,441
Fannie Mae Pool #BJ3876 3.00% 204814			12,693		13,339
Fannie Mae Pool #BF0318 3.50% 204814			12,453		13,503
Fannie Mae Pool #FM1784 4.00% 204814			12,748		13,772

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)
Fannie Mae Pool #CA1542 4.00% 204814		$	8,873		$	9,719
Fannie Mae Pool #CA2493 4.50% 204814			12			13
Fannie Mae Pool #CA4756 3.00% 204914			30,533			32,619
Fannie Mae Pool #CA3807 3.00% 204914			2,446			2,628
Fannie Mae Pool #CA3806 3.00% 204914			1,369			1,474
Fannie Mae Pool #CA4804 3.50% 204914			54,898			59,880
Fannie Mae Pool #CA4112 3.50% 204914			53,861			59,250
Fannie Mae Pool #CA3814 3.50% 204914			47,300			52,033
Fannie Mae Pool #CA4802 3.50% 204914			40,953			44,670
Fannie Mae Pool #FM2318 3.50% 204914			29,601			32,186
Fannie Mae Pool #FM2092 3.50% 204914			20,378			22,227
Fannie Mae Pool #FM1954 3.50% 204914			7,861			8,446
Fannie Mae Pool #FM1589 3.50% 204914			4,886			5,249
Fannie Mae Pool #CA3976 4.00% 204914			95,229			103,260
Fannie Mae Pool #CA3184 4.00% 204914			16,134			17,577
Fannie Mae Pool #CA4432 4.00% 204914			10,253			11,187
Fannie Mae Pool #FM1668 4.00% 204914			7,764			8,471
Fannie Mae Pool #CA8285 3.00% 205014			3,697			4,010
Fannie Mae Pool #CA9302 3.00% 205114			70,820			77,960
Fannie Mae Pool #CA8968 3.00% 205114			45,641			49,116
Fannie Mae Pool #BQ4562 3.00% 205114			15,020			16,164
Fannie Mae Pool #CA8969 3.00% 205114			5,562			5,933
Fannie Mae Pool #BF0167 3.00% 205714			1,118			1,212
Fannie Mae Pool #BF0145 3.50% 205714			20,749			22,661
Fannie Mae Pool #BF0264 3.50% 205814			18,192			19,773
Fannie Mae Pool #BF0332 3.00% 205914			96,650			104,724
Fannie Mae, Series 2001-4, Class GA, 9.00% 202511,14			—	8		—	8
Fannie Mae, Series 2001-4, Class NA, 9.004% 202511,14			—	8		—	8
Fannie Mae, Series 2007-33, Class HE, 5.50% 203714			1,394			1,622
Fannie Mae, Series 2007-24, Class P, 6.00% 203714			608			720
Fannie Mae, Series 2001-T10, Class A1, 7.00% 204114			145			169
Fannie Mae, Series 2001-50, Class BA, 7.00% 204114			130			149
Fannie Mae, Series 2002-W3, Class A5, 7.50% 204114			109			133
Fannie Mae, Series 2002-W1, Class 2A, 5.314% 204211,14			294			326
Fannie Mae, Series 2012-M14, Class A2, Multi Family, 2.301% 202211,14			2,064			2,102
Fannie Mae, Series 2012-M9, Class A2, Multi Family, 2.482% 202214			2,560			2,584
Fannie Mae, Series 2012-M5, Class A2, Multi Family, 2.715% 202214			1,220			1,226
Fannie Mae, Series 2013-M14, Class A2, Multi Family, 3.329% 202311,14			5,623			5,934
Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 202311,14			6,022			6,403
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 202411,14			6,959			7,421
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.487% 202411,14			5,459			5,804
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.476% 202611,14			16,665			17,945
Freddie Mac Pool #ZS8443 3.00% 202614			44			46
Freddie Mac Pool #ZK3536 3.50% 202614			11			12
Freddie Mac Pool #ZK7580 3.00% 202714			833			883
Freddie Mac Pool #ZS7102 3.00% 202814			4,262			4,513
Freddie Mac Pool #ZK7590 3.00% 202914			6,378			6,749
Freddie Mac Pool #ZK7593 3.00% 202914			2,884			3,054
Freddie Mac Pool #J38004 3.00% 203214			976			1,040
Freddie Mac Pool #J38387 3.00% 203314			44			47
Freddie Mac Pool #G04805 4.50% 203514			3,680			4,062
Freddie Mac Pool #K93766 3.00% 203614			539			574
Freddie Mac Pool #K93772 3.00% 203614			446			476
Freddie Mac Pool #G04553 6.50% 203814			407			465
Freddie Mac Pool #G08353 4.50% 203914			293			326
Freddie Mac Pool #A87892 5.00% 203914			711			810
Freddie Mac Pool #A87873 5.00% 203914			309			352
Freddie Mac Pool #G05937 4.50% 204014			7,094			7,900
Freddie Mac Pool #RB5118 2.00% 204114			48,437			49,950
Freddie Mac Pool #A97342 4.00% 204114			149			159
Freddie Mac Pool #Q02676 4.50% 204114			729			815
Freddie Mac Pool #Q02849 4.50% 204114			464			516
Freddie Mac Pool #Q01746 4.50% 204114			159			173
Freddie Mac Pool #A96488 5.00% 204114			31			35
Freddie Mac Pool #G07221 4.50% 204214			1,089			1,212
Freddie Mac Pool #G07189 4.50% 204214			646			720
Freddie Mac Pool #Q23190 4.00% 204314			1,983			2,185

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 #Q23185 4.00% 204314		$	1,483	$	1,667
Freddie Mac Pool #Z40130 3.00% 204614			6,899		7,477
Freddie Mac Pool #G60559 4.00% 204614			9,753		10,675
Freddie Mac Pool #V82662 4.00% 204614			7,922		8,659
Freddie Mac Pool #Q44400 4.00% 204614			5,452		5,920
Freddie Mac Pool #Q41909 4.50% 204614			2,690		2,935
Freddie Mac Pool #Q41090 4.50% 204614			947		1,033
Freddie Mac Pool #ZT2100 3.00% 204714			21,004		22,280
Freddie Mac Pool #G61733 3.00% 204714			8,689		9,335
Freddie Mac Pool #ZS4747 3.50% 204714			22,939		24,434
Freddie Mac Pool #ZS4735 3.50% 204714			204		217
Freddie Mac Pool #G61628 3.50% 204814			979		1,065
Freddie Mac Pool #SI2002 4.00% 204814			2,791		2,997
Freddie Mac Pool #SD0045 4.50% 204814			26,718		29,555
Freddie Mac Pool #Q63663 3.00% 204914			6,077		6,483
Freddie Mac Pool #QA5125 3.50% 204914			29,056		31,693
Freddie Mac Pool #SD7508 3.50% 204914			21,381		23,409
Freddie Mac Pool #SD7503 3.50% 204914			5,639		6,133
Freddie Mac Pool #RA1744 4.00% 204914			43,102		46,715
Freddie Mac Pool #ZN3568 4.50% 204914			8		9
Freddie Mac Pool #SD7528 2.00% 205014			26,722		27,459
Freddie Mac Pool #RA2596 2.50% 205014			18,920		19,840
Freddie Mac Pool #RA2020 3.00% 205014			9,553		10,174
Freddie Mac Pool #QB9889 3.00% 205114			11,771		12,668
Freddie Mac Pool #SD8158 3.50% 205114			1,489		1,583
Freddie Mac Pool #SD8164 3.50% 205114			1,119		1,194
Freddie Mac, Series 3257, Class PA, 5.50% 203614			1,408		1,647
Freddie Mac, Series 3286, Class JN, 5.50% 203714			1,094		1,248
Freddie Mac, Series 3318, Class JT, 5.50% 203714			640		743
Freddie Mac, Series K036, Class A1, Multi Family, 2.777% 202314			3,471		3,551
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 202511,14			5,913		6,509
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 202614			11,055		12,091
Freddie Mac, Series K066, Class A2, Multi Family, 3.117% 202714			6,340		7,060
Freddie Mac, Series K067, Class A2, Multi Family, 3.194% 202714			7,695		8,609
Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 202814			4,164		4,872
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 205614			9,811		10,313
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 205611,14			9,781		10,277
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 205611,14			8,945		9,395
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class MA, 3.00% 205614			1,264		1,330
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 205611,14			9,143		9,683
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 205711,14			2,289		2,489
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 205714			1,893		2,092
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class M45T, 4.50% 205714			4,314		4,820
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 205814			11,911		12,612
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 205914			6,787		7,132
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 202814			3,368		3,565
Government National Mortgage Assn. 2.00% 205114,15			34,572		35,351
Government National Mortgage Assn. 2.00% 205114,15			29,603		30,321
Government National Mortgage Assn. 2.50% 205114,15			6,616		6,866
Government National Mortgage Assn. 2.50% 205114,15			3,825		3,977
Government National Mortgage Assn. Pool #783687 4.50% 204114			438		474
Government National Mortgage Assn. Pool #BD3903 4.00% 204814			8,083		8,729
Government National Mortgage Assn. Pool #MA5192 4.00% 204814			7,720		8,223
Government National Mortgage Assn. Pool #BE3194 4.00% 204814			2,060		2,245
Government National Mortgage Assn. Pool #MA5876 4.00% 204914			11,011		11,690
Government National Mortgage Assn. Pool #MA5986 4.00% 204914			1,783		1,902

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)
Government National Mortgage Assn. Pool #MA6092 4.50% 204914		$	11,849	$	12,610
Government National Mortgage Assn. Pool #MA5764 4.50% 204914			4,964		5,290
Uniform Mortgage-Backed Security 1.50% 203614,15			220,193		223,698
Uniform Mortgage-Backed Security 1.50% 203614,15			185,352		188,643
Uniform Mortgage-Backed Security 2.00% 203614,15			162,477		168,371
Uniform Mortgage-Backed Security 2.50% 203614,15			41,058		43,019
Uniform Mortgage-Backed Security 2.00% 205114,15			385,027		391,149
Uniform Mortgage-Backed Security 2.00% 205114,15			36,104		36,749
Uniform Mortgage-Backed Security 2.50% 205114,15			188,870		195,946
Uniform Mortgage-Backed Security 2.50% 205114,15			21,081		21,915
Uniform Mortgage-Backed Security 3.00% 205114,15			77,768		81,356
Uniform Mortgage-Backed Security 3.50% 205114,15			141,752		149,941
Uniform Mortgage-Backed Security 4.00% 205114,15			80,387		85,958
Uniform Mortgage-Backed Security 4.50% 205114,15			1,124		1,214
					3,488,986
Commercial mortgage-backed securities 0.13%
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 205214			240		274
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 205214			1,810		2,101
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 206114			2,403		2,662
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 206114			310		341
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 206114			480		543
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 206111,14			5,772		6,737
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 206314			3,772		3,959
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 205214			5,996		7,045
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 205314			3,146		3,271
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 205311,14			1,844		2,194
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 0.763% 20387,11,14			11,596		11,627
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 0.963% 20387,11,14			2,042		2,048
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 1.193% 20387,11,14			1,843		1,851
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class AS, 3.514% 204914			500		541
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 204914			1,440		1,589
Commercial Mortgage Trust, Series 2013-LC13, Class B, 5.009% 20467,11,14			668		713
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 204714			800		863
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class C, 4.562% 204811,14			437		472
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class B, 4.044% 205011,14			450		468
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 204914			400		432
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 1.155% 20387,11,14			4,513		4,540
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 1.455% 20387,11,14			4,119		4,142
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 1.775% 20387,11,14			4,302		4,333
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 2.325% 20387,11,14			1,887		1,906
GS Mortgage Securities Trust, Series 2011-GC5, Class B, 5.184% 20447,11,14			1,134		1,133
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 205014			940		1,045
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 205214			240		278
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 205314			11,815		12,359
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 204714			7,735		8,324
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 205014			1,510		1,681
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-BCON, Class A, 3.735% 20317,14			1,850		1,919
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 20427,14			4,858		5,042
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 204911,14			4,810		5,368
L.A. Arena Funding, LLC, Series 1, Class A, 7.656% 20267,14			759		758
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 20397,14			15,628		16,219
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 0.951% 20267,11,14			6,365		6,389
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 204714			4,811		5,195
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 204814			960		1,030

The Income Fund of America 37

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 204914		$	580	$	651
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 204814			1,550		1,704
Morgan Stanley Capital I Trust, Series 2016-UBS9, Class C, 4.607% 204911,14			446		478
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 20417,14			16,146		17,144
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 204814			5,755		6,260
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class C, 4.093% 204811,14			470		499
Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class B, 2.967% 204914			750		770
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class AS, 3.484% 204914			185		200
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 204914			6,015		6,774
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 205214			2,405		2,655
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class AS, 3.988% 205914			500		550
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 206014			480		536
					169,613
Collateralized mortgage-backed obligations (privately originated) 0.13%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 20487,11,14			5,593		5,608
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 20557,14			851		860
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 1.689% 20297,11,14			10,160		10,200
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 20597,11,14			2,943		3,017
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 20597,11,14			2,304		2,360
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20307,11,14			1,423		1,427
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 20687,11,14			1,826		1,908
Citigroup Mortgage Loan Trust, Inc., Series 2020-EXP1, Class A1A, 1.804% 20607,11,14			1,715		1,734
Countrywide Alternative Loan Trust, Series 2005-54CB, Class 2A5, 5.50% 203514			1,931		1,473
Countrywide Alternative Loan Trust, Series 2007-HY4, Class 3A1, 2.717% 204711,14			1,319		1,184
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 20377,14			10,960		11,382
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 20607,11,14			7,976		8,145
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 203414			366		388
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 20697,14			9,384		10,360
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 20697,14			9,295		10,211
Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 20517,11,14			8,177		8,395
Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 20517,11,14			7,639		7,868
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 20517,11,14			1,499		1,540
IndyMac INDX Mortgage Loan Trust, Series 2006-AR5, Class 2A1, 3.168% 203611,14			1,840		1,892
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 205014			560		625
JPMorgan Mortgage Trust, Series 2020-INV1, Class A3, 3.50% 20507,11,14			1,893		1,937
JPMorgan Mortgage Trust, Series 2019-INV3, Class A13, 3.50% 20507,11,14			553		565
JPMorgan Mortgage Trust, Series 2019-INV3, Class A3, 3.50% 20507,11,14			528		539
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 20597,11,14			3,139		3,155
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 20597,11,14			1,593		1,596
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 20617,11,14			1,419		1,425
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.839% 20527,11,14			3,501		3,506
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.70%) 1.786% 20227,11,14			21,747		21,747
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 20497,11,14			1,097		1,122
Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.00% 20487,11,14			1,657		1,680
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-4, Class 6A, 3.146% 203611,14			1,378		1,143
TIF Funding II LLC, Series 2020-1A, Class A, 2.09% 20457,14			8,240		8,353
TIF Funding II LLC, Series 2021-1A, Class A, 1.65% 20467,14			9,770		9,756
TIF Funding II LLC, Series 2021-1A, Class B, 2.54% 20467,14			231		231
VM Fund I, LLC 8.625% 20283,4,7			20,000		19,490
					166,822
Total mortgage-backed obligations					3,825,421
U.S. Treasury bonds & notes 1.83%
U.S. Treasury 1.43%
U.S. Treasury 2.75% 2021			20,000		20,065
U.S. Treasury 0.125% 2022			50,000		50,026
U.S. Treasury 2.125% 2022			28,000		28,788
U.S. Treasury 1.625% 2023			21,000		21,536

38 The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 2.375% 2023		$	10,000	$	10,335
U.S. Treasury 2.75% 2023			66,300		69,681
U.S. Treasury 2.75% 2023			10,000		10,453
U.S. Treasury 6.25% 2023			14,000		15,727
U.S. Treasury 0.25% 2024			35,000		34,974
U.S. Treasury 1.75% 2024			20,000		20,822
U.S. Treasury 2.125% 2024			10,000		10,487
U.S. Treasury 0.25% 2025			32,594		32,187
U.S. Treasury 0.25% 2025			32,540		32,165
U.S. Treasury 0.375% 2025			55,500		55,251
U.S. Treasury 0.50% 2026			103,261		102,629
U.S. Treasury 0.75% 2026			581,100		583,229
U.S. Treasury 0.75% 2026			37,124		37,286
U.S. Treasury 1.625% 2026			30,000		31,338
U.S. Treasury 1.625% 2026			20,000		20,921
U.S. Treasury 0.50% 2027			10,000		9,782
U.S. Treasury 1.50% 2030			31,651		32,570
U.S. Treasury 1.625% 2031			31,156		32,288
U.S. Treasury 1.375% 204016			169,316		157,132
U.S. Treasury 1.875% 2041			18,564		18,752
U.S. Treasury 2.875% 2046			27,970		33,552
U.S. Treasury 2.875% 2049			25,000		30,279
U.S. Treasury 2.00% 2050			20,000		20,370
U.S. Treasury 1.875% 2051			139,019		137,743
U.S. Treasury 2.375% 205116			132,700		146,996
					1,807,364
U.S. Treasury inflation-protected securities 0.40%
U.S. Treasury Inflation-Protected Security 0.625% 202417			69,205		74,845
U.S. Treasury Inflation-Protected Security 0.125% 202517			39,181		43,233
U.S. Treasury Inflation-Protected Security 0.125% 202617			39,073		43,136
U.S. Treasury Inflation-Protected Security 0.25% 202917			4,471		5,125
U.S. Treasury Inflation-Protected Security 0.125% 203117			39,518		44,798
U.S. Treasury Inflation-Protected Security 1.00% 204917			30,427		42,271
U.S. Treasury Inflation-Protected Security 0.25% 205017			38,418		45,245
U.S. Treasury Inflation-Protected Security 0.125% 205117			185,963		213,526
					512,179
Total U.S. Treasury bonds & notes					2,319,543
Asset-backed obligations 0.87%
Aesop Funding LLC, Series 2017-2A, Class A, 2.97% 20247,14			2,880		2,987
Aesop Funding LLC, Series 2018-1A, Class A, 3.70% 20247,14			1,671		1,774
Aesop Funding LLC, Series 2018-2A, Class A, 4.00% 20257,14			9,400		10,163
Aesop Funding LLC, Series 2019-3A, Class A, 2.36% 20267,14			3,125		3,280
Aesop Funding LLC, Series 2020-1A, Class D, 3.34% 20267,14			8,500		8,569
Aesop Funding LLC, Series 2021-1A, Class A, 1.38% 20277,14			32,806		32,973
Aesop Funding LLC, Series 2021-1A, Class B, 1.63% 20277,14			1,699		1,701
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 20277,14			5,663		5,865
Aesop Funding LLC, Series 2021-1A, Class C, 2.13% 20277,14			551		552
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 20277,14			1,453		1,551
Aesop Funding LLC, Series 2021-1A, Class D, 3.71% 20277,14			5,000		5,041
Aesop Funding LLC, Series 2020-2A, Class C, 4.25% 20277,14			4,605		5,056
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 1.076% 20307,11,14			10,954		10,954
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 1.076% 20307,11,14			6,543		6,547
American Credit Acceptance Receivables Trust, Series 2020-3, Class B, 1.15% 20247,14			600		603
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 20267,14			5,529		5,628
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 20277,14			2,183		2,189
American Credit Acceptance Receivables Trust, Series 2021-3, Class C, 0.98% 20277,14			6,741		6,755
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 20277,14			1,201		1,203
American Credit Acceptance Receivables Trust, Series 2021-3, Class D, 1.34% 20277,14			4,290		4,299
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 202714			3,042		3,046
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 202714			3,382		3,390
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 202714			7,972		7,997

The Income Fund of America 39

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
Asset-backed obligations (continued)
ARES CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 1.058% 20287,11,14		$	14,015	$	14,015
Ballyrock, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 1.155% 20307,11,14			14,610		14,610
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 20337,14			1,499		1,500
Blackbird Capital Aircraft, Series 2021-1, Class A, 2.443% 20467,14			9,598		9,733
Blackbird Capital Aircraft, Series 2021-1, Class B, 3.446% 20467,14			1,443		1,476
CarMaxAuto Owner Trust, Series 2019-2, Class C, 3.16% 202514			450		469
CarMaxAuto Owner Trust, Series 2021-1, Class C, 0.94% 202614			313		313
CarMaxAuto Owner Trust, Series 2021-1, Class D, 1.28% 202714			307		307
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 20417,14			4,130		4,159
Cent CLO LP, Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 1.099% 20307,11,14			20,704		20,704
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 20607,14			25,345		25,936
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 20607,14			6,267		6,412
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 20607,14			8,537		8,754
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 20607,14			932		956
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 20617,14			15,953		16,248
CF Hippolyta LLC, Series 2021-1, Class B1, 1.98% 20617,14			5,797		5,897
CLI Funding V LLC, Series 2020-2A, Class A, 2.03% 20457,14			4,309		4,379
CLI Funding V LLC, Series 2020-3A, Class A, 2.07% 20457,14			11,345		11,498
CLI Funding V LLC, Series 2020-1A, Class A, 2.08% 20457,14			1,756		1,779
CLI Funding V LLC, Series 2021-1A, Class A, 1.64% 20467,14			19,844		19,880
CLI Funding LLC, Series 2021-1A, Class B, 2.38% 20467,14			771		773
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.554% 20227,11,14			479		481
CPS Auto Receivables Trust, Series 2019-B, Class C, 3.35% 20247,14			729		734
CPS Auto Receivables Trust, Series 2019-C, Class C, 2.84% 20257,14			1,040		1,050
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 20257,14			1,575		1,619
CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 20257,14			3,805		3,882
CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 20267,14			1,036		1,038
CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 20267,14			883		883
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 20297,14			2,223		2,260
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 2A, FSA insured, (1-month USD-LIBOR + 0.14%) 0.233% 203711,14			439		419
CWHEQ Revolving Home Equity Loan Trust, Series 2007-B, Class A, FSA insured, (1-month USD-LIBOR + 0.15%) 0.243% 203711,14			777		741
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 202514			3,786		3,800
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 202514			15,145		15,404
Drive Auto Receivables Trust, Series 2019-2, Class C, 3.42% 202514			5,683		5,758
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 202614			12,390		12,839
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 202714			8,053		8,106
Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 202914			6,079		6,133
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 20257,14			1,100		1,112
Drivetime Auto Owner Trust, Series 2019-3, Class D, 2.96% 20257,14			2,395		2,475
Drivetime Auto Owner Trust, Series 2019-2A, Class C, 3.18% 20257,14			3,205		3,242
Drivetime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 20257,14			5,950		6,134
Drivetime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 20267,14			1,232		1,235
Drivetime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 20267,14			671		672
Drivetime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 20267,14			1,961		1,983
Drivetime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 20277,14			1,769		1,777
Drivetime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 20277,14			1,847		1,858
Drivetime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 20277,14			1,247		1,259
Dryden Senior Loan Fund, Series 2017-47A, Class A1R, CLO, (3-month USD-LIBOR + 0.98%) 1.106% 20287,11,14			21,874		21,874
EDvestinU Private Education Loan LLC, Series 2021-A, Class A, 1.80% 20457,14			2,206		2,231
Exeter Automobile Receivables Trust, Series 2019-3A, Class C, 2.79% 20247,14			7,000		7,071
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30% 20247,14			2,708		2,733
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 202514			1,872		1,894
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 20257,14			1,450		1,492
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 20257,14			7,000		7,220
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 20257,14			8,000		8,287
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 202614			5,579		5,602
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 202614			1,786		1,825
Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 202714			8,065		8,114
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 20377,14			16,951		17,031
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 20307,14			10,105		10,716
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 20307,14			5,634		6,047

40 The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
Asset-backed obligations (continued)
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 20317,14		$	23,146	$	24,187
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 20317,14			3,650		3,952
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 20457,14			4,929		5,054
GCI Funding I LLC, Series 2021-1, Class A, 2.38% 20467,14			1,821		1,844
GCI Funding I LLC, Series 2021-1, Class B, 3.04% 20467,14			138		140
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 20407,14			11,108		11,266
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 20407,14			20,260		20,625
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 20417,14			31,747		31,934
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 20417,14			27,000		27,275
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 20417,14			2,534		2,542
GM Financial Automobile Leasing Trust, Series 2020-2, Class B, 1.56% 202414			300		305
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 202414			696		719
GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 202414			984		1,024
GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class C, 2.77% 202314			200		201
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21% 20257,14			22,756		22,944
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56% 20257,14			3,534		3,561
Hertz Vehicle Financing LLC, Series 2021-1A, Class C, 2.05% 20257,14			1,744		1,762
Hertz Vehicle Financing LLC, Series 2021-2A, Class A, 1.68% 20277,14			24,670		25,057
Hertz Vehicle Financing LLC, Series 2021-2A, Class B, 2.12% 20277,14			3,369		3,428
Hertz Vehicle Financing LLC, Series 2021-2A, Class C, 2.52% 20277,14			1,850		1,888
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 1.126% 20297,11,14			15,277		15,277
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 1.134% 20307,11,14			22,135		22,126
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 1.276% 20297,11,14			14,400		14,400
Mercury Financial, Series 2021-1A, Class A, 1.54% 20267,14			16,100		16,175
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 20267,14			3,039		3,045
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20697,14			12,442		12,501
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20627,14			14,147		14,208
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20627,14			24,915		25,100
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 1.095% 20307,11,14			7,048		7,048
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 1.034% 20297,11,14			1,351		1,351
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 20247,14			3,060		3,111
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 20257,14			1,895		1,944
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 1.066% 20307,11,14			18,501		18,501
Santander Drive Auto Receivables Trust, Series 2020-1, Class B, 3.03% 202414			4,138		4,208
Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59% 202514			4,137		4,148
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 202514			4,350		4,491
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 202514			21,000		22,035
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 202614			7,703		7,731
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 202614			7,296		7,361
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 202614			4,422		4,500
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 202714			4,974		4,983
Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 202714			6,632		6,642
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 202714			4,938		4,983
Slam, Ltd., Series 2021-1, Class A, 2.434% 20467,14			8,951		9,062
Slam, Ltd., Series 2021-1, Class B, 3.422% 20467,14			1,647		1,685
Social Professional Loan Program LLC, Series 2015-D, Class A2, 2.72% 20367,14			883		892
Sound Point CLO, Ltd., Series 2017-3A, Class A1R, (3-month USD-LIBOR + 0.98%) 1.114% 20307,11,14			22,070		22,083
Sound Point CLO, Ltd., Series 2017-2A, Class AR, (3-month USD-LIBOR + 0.98%) 1.114% 20307,11,14			12,910		12,910
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 1.206% 20307,11,14			11,925		11,925
TAL Advantage V LLC, Series 2020-1A, Class A, 2.05% 20457,14			5,610		5,701
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 20457,14			7,874		8,021
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 20457,14			8,322		8,499
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 20467,14			14,478		14,487
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 20467,14			25,774		26,369
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 20467,14			666		668
Triton Container Finance LLC, Series 2020-1A, Class A, 2.11% 20457,14			28,893		29,393
Triton Container Finance LLC, Series 2021-1A, Class A, 1.86% 20467,14			19,187		19,280

The Income Fund of America 41

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
Asset-backed obligations (continued)
Triton Container Finance LLC, Series 2021-1A, Class B, 2.58% 20467,14		$	594	$	596
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 20257,14			3,374		3,410
Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 20267,14			5,157		5,166
Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 20267,14			6,654		6,675
Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 20267,14			4,413		4,430
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 20267,14			6,549		6,661
					1,104,442
Municipals 0.31%
Guam 0.00%
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 2036			400		423
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 2043			525		551
					974
Illinois 0.28%
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 2029			28,045		34,901
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2015-C, 5.25% 2039			120		135
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2011-A, 5.50% 2039			40		41
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 2039			53,770		67,004
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 2040			11,385		14,887
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Qualified School Construction Bonds), Series 2009-G, 1.75% 2025			2,500		2,438
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2026			110		134
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2026			100		122
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2028			800		1,015
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2028			650		834
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2029			550		694
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2029			300		383
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2030			220		272
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2030			200		254
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2031			350		442
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-D, 5.00% 2031			100		123
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2032			350		441
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2033			200		251
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2036			100		122
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-G, 5.00% 2044			140		169
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2046			390		471
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2011-A, 5.00% 2041			70		71
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% 2042			190		199
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% 2031			350		288
G.O. Bonds, Series 2019-A, 4.00% 2023			12,000		12,480

42 The Income Fund of America

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
Municipals (continued)
Illinois (continued)
G.O. Bonds, Series 2013-B, 4.91% 2027		$	3,230	$	3,667
G.O. Bonds, Pension Funding, Series 2003, 4.95% 2023			7,244		7,709
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033			155,890		187,106
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023			595		636
G.O. Bonds, Taxable Build America Bonds, Series 2010-1, 6.63% 2035			3,775		4,806
G.O. Bonds, Taxable Build America Bonds, Series 2010-3, 6.725% 2035			4,500		5,772
G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 7.35% 2035			350		461
					348,328
New York 0.01%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 2026			4,635		4,670
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 2028			7,675		7,840
					12,510
Ohio 0.02%
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 2031			28,165		29,847
Total municipals					391,659
Bonds & notes of governments & government agencies outside the U.S. 0.08%
Abu Dhabi (Emirate of) 2.50% 20257			7,800		8,306
Abu Dhabi (Emirate of) 3.125% 20307			7,800		8,560
Abu Dhabi (Emirate of) 1.70% 20317			1,700		1,659
Abu Dhabi (Emirate of) 3.875% 20507			5,350		6,245
Asian Development Bank 1.00% 2026			8,188		8,310
Morocco (Kingdom of) 3.00% 20327			6,000		5,848
Morocco (Kingdom of) 4.00% 20507			6,000		5,650
Paraguay (Republic of) 5.00% 2026			8,750		9,877
Peru (Republic of) 2.783% 2031			5,050		5,082
Peru (Republic of) 1.862% 2032			8,550		7,829
Peru (Republic of) 2.78% 2060			12,800		11,053
PT Indonesia Asahan Aluminium Tbk 4.75% 20257			3,060		3,355
PT Indonesia Asahan Aluminium Tbk 5.45% 20307			790		922
PT Indonesia Asahan Aluminium Tbk 5.80% 20507			2,310		2,747
United Mexican States 2.659% 2031			9,162		9,034
United Mexican States 3.771% 2061			5,180		4,833
					99,310
Federal agency bonds & notes 0.04%
Fannie Mae 6.25% 202916			32,000		44,198
Total bonds, notes & other debt instruments (cost: $24,920,473,000)					26,060,707
Short-term securities 5.75%			Shares
Money market investments 5.75%
Capital Group Central Cash Fund 0.05%5,18			72,698,379		7,270,565
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 0.05%5,18,19			21,507		2,151
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.03%18,19			800,000		800
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.03%18,19			700,000		700
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%18,19			594,286		594
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%18,19			100,000		100

The Income Fund of America 43

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan (continued)
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.03%18,19	95,967	$	96
Fidelity Investments Money Market Government Portfolio, Class I 0.01%18,19	47,983		48
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.03%18,19	47,983		48
			4,537
Total short-term securities (cost: $7,274,093,000)			7,275,102
Total investment securities 101.11% (cost: $95,890,758,000)			127,920,271
Other assets less liabilities (1.11)%			(1,404,280	)
Net assets 100.00%		$	126,515,991

Futures contracts

		Number of		Notional amount		20	Value at 7/31/2021		21	Unrealized (depreciation) appreciation at 7/31/2021
Contracts	Type	contracts	Expiration	(000)			(000)			(000)
2 Year U.S. Treasury Note Futures	Long	990	October 2021	$	198,000		$	218,450		$	(18	)
5 Year U.S. Treasury Note Futures	Long	15,428	October 2021		1,542,800			1,919,942			10,389
10 Year U.S. Treasury Note Futures	Short	4,763	September 2021		(476,300	)		(640,400	)		(2,616	)
10 Year Ultra U.S. Treasury Note Futures	Short	14,033	September 2021		(1,403,300	)		(2,108,458	)		(60,122	)
20 Year U.S. Treasury Bond Futures	Short	801	September 2021		(80,100	)		(131,940	)		(6,190	)
30 Year Ultra U.S. Treasury Bond Futures	Long	3,921	September 2021		392,100			782,362			14,942
										$	(43,615	)

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive	Pay/ Payment frequency	Expiration date	Notional (000)		Value at 7/31/2021 (000)			Upfront premium received (000)			Unrealized depreciation at 7/31/2021 (000)
CDX.NA.HY.36	5.00%/Quarterly	6/20/2026	$	94,780	$	(8,696	)	$	(8,520	)	$	(176	)

44 The Income Fund of America

Investments in affiliates⁵

										Net
	Value of						Net			unrealized			Value of		Dividend
	affiliates at						realized			appreciation			affiliates at		or interest
	8/1/2020		Additions		Reductions		gain (loss)			(depreciation)			7/31/2021		income
	(000)		(000)		(000)		(000)			(000)			(000)		(000)
Common stocks 4.36%
Health care 0.05%
Rotech Healthcare, Inc.2,3,4,6	$	28,245	$	—	$	—	$	—		$	28,245		$	56,490	$	—
Real estate 0.96%
Gaming and Leisure Properties, Inc. REIT		490,940		123,931		627		7			167,431			781,682		37,421
MGM Growth Properties LLC REIT, Class A		105,941		257,375		10,852		(707	)		83,332			435,089		14,567
Iron Mountain, Inc. REIT22		526,025		40,721		161,118		(46,719	)		240,384			—		10,773
														1,216,771
Industrials 0.31%
ManpowerGroup, Inc.		—		210,716		—		—			112,157			322,873		6,329
New AMI I, LLC2,3,4		—		49,614		—		—			21,497			71,111		—
														393,984
Utilities 1.53%
DTE Energy Company		989,854		309,760		343,582		6,586			129,660			1,092,278		42,325
Brookfield Infrastructure Partners LP		678,586		12,534		45,726		3,249			198,269			846,912		32,900
AES Corp.22		567,458		—		480,413		215,835			134,456			—		16,705
														1,939,190
Consumer discretionary 0.96%
Darden Restaurants, Inc.		253,962		463,542		—		—			247,453			964,957		11,955
Domino’s Pizza Group PLC		127,913		—		—		—			50,633			178,546		6,067
Puuilo Oyj2		—		43,362		—		—			8,696			52,058		—
Sonans Gruppen AS2		—		11,814		—		—			3,580			15,394		—
														1,210,955
Energy 0.00%
Ascent Resources - Utica LLC, Class A2,3,4,6,22		22,043		—		—		—			—			—		—
Rattler Midstream LP22		—		23,869		—		—			5,901			—		1,970
														—
Communication services 0.55%
Koninklijke KPN NV		554,793		—		8,432		(37	)		149,879			696,203		33,390
HKBN, Ltd.22		122,079		—		50,315		2,864			(46,562	)		—		6,557
														696,203
Total common stocks														5,513,593
Convertible stocks 0.04%
Utilities 0.04%
DTE Energy Company, convertible preferred units, 6.25% 2022		40,698		—		—		—			5,606			46,304		2,821
Bonds, notes & other debt instruments 0.01%
Energy 0.00%
Ascent Resources - Utica LLC 10.00% 20227,22		2,244		—		2,772		(50	)		578			—		51
Ascent Resources - Utica LLC 7.00% 20267,22		3,678		20,070		—		—			2,867			—		810
														—
Utilities 0.00%
AES Corp. 3.30% 20257,22		19,301		—		—		—			(75	)		—		593
AES Corp. 5.50% 202522		20,935		—		20,882		1,298			(1,351	)		—		431
AES Corp. 6.00% 202622		12,712		—		12,638		332			(406	)		—		192
AES Corp. 5.125% 202722		12,433		—		12,623		614			(424	)		—		150
AES Corp. 3.95% 20307,22		9,293		—		9,320		705			(678	)		—		12
														—

The Income Fund of America 45

Investments in affiliates⁵ (continued)

											Net
	Value of							Net			unrealized			Value of		Dividend
	affiliates at							realized			appreciation			affiliates at		or interest
	8/1/2020		Additions			Reductions		gain (loss)			(depreciation)			7/31/2021		income
	(000)		(000)			(000)		(000)			(000)			(000)		(000)
Real estate 0.00%
Iron Mountain, Inc. 4.875% 20277,22	$	11,109	$	—		$	—	$	—		$	(26	)	$	—	$	530
Iron Mountain, Inc. 5.00% 20287,22		15,643		—			—		—			69			—		756
Iron Mountain, Inc. 5.25% 20287,22		18,404		—			—		—			(94	)		—		929
Iron Mountain, Inc. 4.875% 20297,22		16,978		—			17,009		994			(963	)		—		445
Iron Mountain, Inc. 5.25% 20307,22		20,876		8,892			5,393		(62	)		433			—		1,229
Iron Mountain, Inc. 4.50% 20317,22		—		24,761			5,321		121			576			—		760
															—
Health care 0.01%
Rotech Healthcare, Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% PIK 20233,4,9,10,11		25,677		2,468			10,593		(32	)		(231	)		17,289		2,723
															17,289
Total bonds, notes & other debt instruments															17,289
Short-term securities 5.75%
Money market investments 5.75%
Capital Group Central Cash Fund 0.05%18		9,800,686		17,268,538			19,798,710		465			(414	)		7,270,565		7,143
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 0.05%18,19		—		2,151	23										2,151		—	24
Total short-term securities															7,272,716
Total 10.16%								$	185,463		$	1,540,478		$	12,849,902	$	240,534

1	All or a portion of this security was on loan. The total value of all such securities was $91,546,000, which represented .07% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
2	Security did not produce income during the last 12 months.
3	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $220,066,000, which represented .17% of the net assets of the fund.
4	Value determined using significant unobservable inputs.
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	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear on the following page.
7	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $9,667,596,000, which represented 7.64% of the net assets of the fund.
8	Amount less than one thousand.
9	Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
10	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $252,892,000, which represented .20% of the net assets of the fund.
11	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
12	Scheduled interest and/or principal payment was not received.
13	Step bond; coupon rate may change at a later date.
14	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
15	Purchased on a TBA basis.
16	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $22,844,000, which represented .02% of the net assets of the fund.
17	Index-linked bond whose principal amount moves with a government price index.
18	Rate represents the seven-day yield at 7/31/2021.
19	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
20	Notional amount is calculated based on the number of contracts and notional contract size.
21	Value is calculated based on the notional amount and current market price.
22	Unaffiliated issuer at 7/31/2021.
23	Represents net activity. Refer to Note 5 for more information on securities lending.
24	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

46 The Income Fund of America

						Percent
	Acquisition	Cost		Value		of net
Private placement securities	date(s)	(000)		(000)		assets
Rotech Healthcare, Inc.	11/26/2014	$	19,660	$	56,490		.04	%
Ascent Resources - Utica LLC, Class A	4/25/2016-11/15/2016		56,848		22,043		.02
Total private placement securities		$	76,508	$	78,533		.06	%

Key to abbreviations and symbol

ADR = American Depositary Receipts

Auth. = Authority

CAD = Canadian dollars

CLO = Collateralized Loan Obligations

CMO = Collateralized Mortgage Obligations

G.O. = General Obligation

ICE = Intercontinental Exchange, Inc.

LIBOR = London Interbank Offered Rate

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

The Income Fund of America 47

Financial statements

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

Assets:
Investment securities, at value (includes $91,546 of investment securities on loan):
Unaffiliated issuers (cost: $84,424,601)	$	115,070,369
Affiliated issuers (cost: $11,466,157)		12,849,902	$	127,920,271
Cash				6,850
Cash denominated in currencies other than U.S. dollars (cost: $24,183)				24,189
Receivables for:
Sales of investments		3,976,925
Sales of fund’s shares		54,299
Dividends and interest		479,239
Securities lending income		180
Variation margin on futures contracts		5,320
Variation margin on swap contracts		367
Other		1,728		4,518,058
				132,469,368
Liabilities:
Collateral for securities on loan				4,537
Payables for:
Purchases of investments		5,783,624
Repurchases of fund’s shares		101,265
Investment advisory services		20,718
Services provided by related parties		25,788
Trustees’ deferred compensation		6,537
Variation margin on futures contracts		7,121
Variation margin on swap contracts		28
Other		3,759		5,948,840
Net assets at July 31, 2021			$	126,515,991
Net assets consist of:
Capital paid in on shares of beneficial interest			$	88,366,634
Total distributable earnings				38,149,357
Net assets at July 31, 2021			$	126,515,991

See notes to financial statements.

48 The Income Fund of America

Financial statements (continued)

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

Shares of beneficial interest issued and outstanding (no stated par value) —

unlimited shares authorized (4,884,582 total shares outstanding)

			Shares			Net asset value
	Net assets		outstanding			per share
Class A	$	82,740,196		3,192,595		$	25.92
Class C		2,803,173		109,766			25.54
Class T		12		—	*		25.92
Class F-1		2,682,656		103,824			25.84
Class F-2		12,303,038		475,197			25.89
Class F-3		4,716,551		182,081			25.90
Class 529-A		1,987,167		76,869			25.85
Class 529-C		94,018		3,647			25.78
Class 529-E		64,127		2,490			25.76
Class 529-T		15		1			25.92
Class 529-F-1		12		—	*		25.84
Class 529-F-2		124,915		4,819			25.92
Class 529-F-3		12		—	*		25.92
Class R-1		75,911		2,950			25.73
Class R-2		408,894		15,993			25.57
Class R-2E		39,364		1,524			25.83
Class R-3		824,057		31,940			25.80
Class R-4		939,835		36,341			25.86
Class R-5E		162,157		6,267			25.87
Class R-5		405,498		15,647			25.92
Class R-6		16,144,383		622,631			25.93

* Amount less than one thousand.

See notes to financial statements.

The Income Fund of America 49

Financial statements (continued)

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

Investment income:
Income:
Dividends (net of non-U.S. taxes of $86,146; also includes $230,924 from affiliates)	$	3,343,506
Interest (includes $9,610 from affiliates)		985,933
Securities lending income (net of fees)		2,895		$	4,332,334
Fees and expenses*:
Investment advisory services		252,826
Distribution services		244,729
Transfer agent services		68,088
Administrative services		35,365
Reports to shareholders		2,455
Registration statement and prospectus		1,614
Trustees’ compensation		2,260
Auditing and legal		272
Custodian		3,965
Other		1,625
Total fees and expenses before reimbursement		613,199
Less reimbursement of fees and expenses:
Transfer agent services reimbursement		—	†
Total fees and expenses after reimbursement					613,199
Net investment income					3,719,135
Net realized gain and unrealized appreciation:
Net realized gain (loss) on:
Investments:
Unaffiliated issuers		6,063,782
Affiliated issuers		185,463
Futures contracts		162,924
Forward currency contracts		(730	)
Swap contracts		(8,418	)
Currency transactions		(17,573	)		6,385,448
Net unrealized appreciation (depreciation) on:
Investments:
Unaffiliated issuers		11,930,224
Affiliated issuers		1,540,478
Futures contracts		(50,854	)
Swap contracts		(176	)
Currency translations		(448	)		13,419,224
Net realized gain and unrealized appreciation					19,804,672
Net increase in net assets resulting from operations				$	23,523,807

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

See notes to financial statements.

50 The Income Fund of America

Financial statements (continued)

Statements of changes in net assets
	(dollars in thousands)

	Year ended July 31,
	2021			2020
Operations:
Net investment income	$	3,719,135		$	3,620,652
Net realized gain (loss)		6,385,448			(1,422,744	)
Net unrealized appreciation		13,419,224			414,034
Net increase in net assets resulting from operations		23,523,807			2,611,942
Distributions paid to shareholders		(3,728,342	)		(6,118,416	)
Net capital share transactions		(1,775,759	)		1,994,953
Total increase (decrease) in net assets		18,019,706			(1,511,521	)
Net assets:
Beginning of year		108,496,285			110,007,806
End of year	$	126,515,991		$	108,496,285

See notes to financial statements.

The Income Fund of America 51

Notes to financial statements

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% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Classes C and 529-C	None	1% 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.

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

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

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

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

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

The Income Fund of America 53

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

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

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

Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The tables on the following page present the fund’s valuation levels as of July 31, 2021 (dollars in thousands):

54 The Income Fund of America

	Investment securities
	Level 1			Level 2			Level 3			Total
Assets:
Common stocks:
Financials	$	16,757,612		$	—		$	5,789		$	16,763,401
Consumer staples		12,662,947			—			—			12,662,947
Health care		9,700,025			—			56,490			9,756,515
Information technology		9,500,808			—			—			9,500,808
Real estate		8,474,264			—			—			8,474,264
Industrials		7,534,072			—			71,111			7,605,183
Utilities		6,568,195			—			—			6,568,195
Consumer discretionary		5,770,497			20,996			—			5,791,493
Materials		5,752,873			—			—			5,752,873
Energy		5,087,695			19,032			22,856			5,129,583
Communication services		4,501,587			—			—			4,501,587
Preferred securities		472,883			1,486			2,293			476,662
Rights & warrants		2,249			1,932			—	*		4,181
Convertible stocks		1,596,234			—			—			1,596,234
Convertible bonds & notes		—			—			536			536
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans		—			18,253,371			22,763			18,276,134
Mortgage-backed obligations		—			3,805,931			19,490			3,825,421
U.S. Treasury bonds & notes		—			2,319,543			—			2,319,543
Asset-backed obligations		—			1,104,442			—			1,104,442
Municipals		—			391,659			—			391,659
Bonds & notes of governments & government agencies outside the U.S.		—			99,310			—			99,310
Federal agency bonds & notes		—			44,198			—			44,198
Short-term securities		7,275,102			—			—			7,275,102
Total	$	101,657,043		$	26,061,900		$	201,328		$	127,920,271
	Other investments†
	Level 1			Level 2			Level 3			Total
Assets:
Unrealized appreciation on futures contracts	$	25,331		$	—		$	—		$	25,331
Liabilities:
Unrealized depreciation on futures contracts		(68,946	)		—			—			(68,946	)
Unrealized depreciation on credit default swaps		—			(176	)		—			(176	)
Total	$	(43,615	)	$	(176	)	$	—		$	(43,791	)

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

4. Risk factors

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

Market conditions — The prices of, and the income generated by, the 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; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

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

The Income Fund of America 55

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

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

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

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

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

Investing 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 or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting and auditing practices and standards and different regulatory, legal and reporting requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

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

56 The Income Fund of America

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 July 31, 2021, the total value of securities on loan was $91,546,000, and the total value of collateral received was $103,950,000. Collateral received includes cash of $4,537,000 and U.S. government securities of $99,413,000. 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 July 31, 2021, the fund’s maximum exposure of unfunded bond commitments was $1,858,000, which would represent less than .01% of the net assets of the fund should such commitments become due.

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

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

The Income Fund of America 57

On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. In addition, the fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund’s statement of assets and liabilities. The fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund’s statement of operations. The average month-end notional amount of futures contracts while held was $6,649,992,000.

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 July 31, 2021, the fund did not have any open forward currency contracts. The average month-end notional amount of open forward currency contracts while held was $102,662,000.

Credit default swap indices — The fund has entered into centrally cleared credit default swap agreements on credit indices (“CDSI”) that involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified return upon the occurrence of a credit event, such as a default or restructuring, with respect to any of the underlying issuers (reference obligations) in the referenced index. The fund’s investment adviser uses credit default swaps to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks.

CDSI are portfolios of credit instruments or exposures designed to be representative of some part of the credit market, such as the high-yield or investment-grade credit market. CDSI are generally traded using standardized terms, including a fixed spread and standard maturity dates, and reference all the names in the index. If there is a credit event, it is settled based on that name’s weight in the index. The composition of the underlying issuers or obligations within a particular index may change periodically, usually every six months. A specified credit event may affect all or individual underlying reference obligations included in the index, and will be settled based upon the relative weighting of the affected obligation(s) within the index. The value of each CDSI can be used as a measure of the current payment/performance risk of the CDSI and represents the likelihood of an expected liability or profit should the notional amount of the CDSI be closed or sold as of the period end. An increasing value, as compared to the notional amount of the CDSI, represents a deterioration of the referenced indices’ credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. When the fund provides sell protection, its maximum exposure is the notional amount of the credit default swap agreement.

Upon entering into a centrally cleared CDSI contract, the fund is required to deposit with a derivatives clearing member (“DCM”) in a segregated account in the name of the DCM an amount of cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular credit default 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. The fund also pays or receives a variation margin based on the increase or decrease in the value of the CDSI, 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 credit default swaps are recorded in the fund’s statement of operations. The average month-end notional amount of credit default swaps while held was $175,030,000.

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

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	25,331		Unrealized depreciation*	$	68,946
Swap	Credit	Unrealized appreciation*		—		Unrealized depreciation*		176
			$	25,331			$	69,122
		Net realized gain (loss)				Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	162,924		Net unrealized depreciation on futures contracts	$	(50,854	)
Forward currency	Currency	Net realized loss on forward currency contracts		(730	)	Net unrealized appreciation on forward currency contracts		—
Swap	Credit	Net realized loss on swap contracts		(8,418	)	Net unrealized depreciation on swap contracts		(176	)
			$	153,776			$	(51,030	)

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

Collateral — The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and its use of futures contracts, forward currency contracts, 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 and credit default swaps, the fund pledges collateral for initial and variation margin by contract. For forward currency contracts, the fund either receives or pledges collateral based on the net gain or loss on unsettled forward currency 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 mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended July 31, 2021, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the 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 59

Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended July 31, 2021, the fund recognized $149,575,000 in reclaims (net of fees and the effect of realized gain or loss from currency translations) and $41,351,000 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; net capital losses and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

During the year ended July 31, 2021, the fund reclassified $199,262,000 from total distributable earnings to capital paid in on shares of beneficial interest to align financial reporting with tax reporting. The fund also utilized capital loss carryforwards of $1,219,699,000.

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

Undistributed ordinary income	$	1,324,621
Undistributed long-term capital gains		4,784,697
Gross unrealized appreciation on investments		33,152,028
Gross unrealized depreciation on investments		(1,047,247	)
Net unrealized appreciation on investments		32,104,781
Cost of investments		95,780,217

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

	Year ended July 31, 2021								Year ended July 31, 2020
Share class	Ordinary  income			Long-term  capital gains		Total distributions paid			Ordinary income			Long-term capital gains			Total distributions  paid
Class A	$	2,398,270		$	—	$	2,398,270		$	2,412,406		$	1,626,977		$	4,039,383
Class C		68,994			—		68,994			102,616			89,523			192,139
Class T		—	*		—		—	*		—	*		—	*		—	*
Class F-1		101,249			—		101,249			125,906			88,012			213,918
Class F-2		367,247			—		367,247			342,966			217,003			559,969
Class F-3		144,018			—		144,018			128,015			77,478			205,493
Class 529-A		57,547			—		57,547			54,813			37,436			92,249
Class 529-C		2,259			—		2,259			6,287			5,649			11,936
Class 529-E		1,762			—		1,762			1,888			1,384			3,272
Class 529-T		—	*		—		—	*		—	*		—	*		—	*
Class 529-F-1		742			—		742			3,373			2,135			5,508
Class 529-F-2†		2,790			—		2,790
Class 529-F-3†		—	*		—		—	*
Class R-1		1,908			—		1,908			2,309			2,085			4,394
Class R-2		9,585			—		9,585			10,598			9,456			20,054
Class R-2E		992			—		992			1,028			798			1,826
Class R-3		22,819			—		22,819			26,012			19,842			45,854
Class R-4		29,229			—		29,229			31,907			21,911			53,818
Class R-5E		2,903			—		2,903			1,068			609			1,677
Class R-5		13,204			—		13,204			14,877			9,920			24,797
Class R-6		502,824			—		502,824			405,198			236,931			642,129
Total	$	3,728,342		$	—	$	3,728,342		$	3,671,267		$	2,447,149		$	6,118,416

*	Amount less than one thousand.
†	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

60 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, of 2.25% of the fund’s monthly gross income. For the year ended July 31, 2021, the investment advisory services fees were $252,826,000, which were equivalent to an annualized rate of 0.214% 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 July 31, 2021, unreimbursed expenses subject to reimbursement totaled $8,458,000 for Class A shares. There were no unreimbursed expenses subject to reimbursement for Class 529-A shares.

Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders. For the year ended July 31, 2021, CRMC reimbursed transfer agent services fees of less than $1,000 for Class 529-F-3 shares. CRMC does not intend to recoup this reimbursement.

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

The Income Fund of America 61

529 plan services — Each 529 share class is subject to service fees to compensate the Virginia College Savings Plan (“Virginia529”) for its oversight and administration of the CollegeAmerica 529 college savings plan. The fee is based on the combined net assets invested in Class 529 and ABLE shares of the American Funds. Class ABLE shares are offered on other American Funds by Virginia529 through ABLEAmerica^®, a tax-advantaged savings program for individuals with disabilities. The quarterly fee is based on a series of decreasing annual rates beginning with 0.09% on the first $20 billion of the combined net assets invested in the American Funds and decreasing to 0.03% on such assets in excess of $100 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 and ABLE shares of the American Funds for the last month of the prior calendar quarter. The fee is included in other expenses in the fund’s statement of operations. Virginia529 is not considered a related party to the fund.

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

Share class	Distribution  services		Transfer agent  services		Administrative  services		529 plan  services
Class A	$192,167		$45,459		$23,060		Not applicable
Class C	28,387		1,729		856		Not applicable
Class T	—		—	*	—	*	Not applicable
Class F-1	8,110		4,034		977		Not applicable
Class F-2	Not applicable		11,617		3,317		Not applicable
Class F-3	Not applicable		101		1,266		Not applicable
Class 529-A	4,402		991		559		$1,121
Class 529-C	943		55		29		59
Class 529-E	303		14		18		37
Class 529-T	—		—	*	—	*	—	*
Class 529-F-1	—	*	13		7		14
Class 529-F-2†	Not applicable		36		25		50
Class 529-F-3†	Not applicable		—	*	—	*	—	*
Class R-1	789		76		24		Not applicable
Class R-2	2,981		1,371		119		Not applicable
Class R-2E	228		78		12		Not applicable
Class R-3	4,058		1,205		244		Not applicable
Class R-4	2,361		935		283		Not applicable
Class R-5E	Not applicable		119		25		Not applicable
Class R-5	Not applicable		183		117		Not applicable
Class R-6	Not applicable		72		4,427		Not applicable
Total class-specific expenses	$244,729		$68,088		$35,365		$1,281

*	Amount less than one thousand.
†	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.

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 $2,260,000 in the fund’s statement of operations reflects $740,000 in current fees (either paid in cash or deferred) and a net increase of $1,520,000 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 securities from, and sold securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the year ended July 31, 2021, the fund engaged in such purchase and sale transactions with related funds in the amounts of $2,071,745,000 and $746,203,000, respectively, which generated $76,285,000 of net realized gains from such sales.

62 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 year ended July 31, 2021.

8. Indemnifications

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

9. Capital share transactions

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

	Sales1					Reinvestments of distributions						Repurchases1						Net (decrease) increase
Share class	Amount		Shares			Amount			Shares			Amount			Shares			Amount			Shares
Year ended July 31, 2021
Class A	$	5,133,798		210,803		$	2,336,072			97,697		$	(8,717,513	)		(365,595	)	$	(1,247,643	)		(57,095	)
Class C		264,960		11,082			68,093			2,900			(920,337	)		(38,970	)		(587,284	)		(24,988	)
Class T		—		—			—			—			—			—			—			—
Class F-1		108,121		4,552			96,738			4,077			(1,451,787	)		(59,069	)		(1,246,928	)		(50,440	)
Class F-2		2,526,159		104,634			351,319			14,692			(2,315,490	)		(96,741	)		561,988			22,585
Class F-3		973,783		40,450			142,997			5,972			(784,705	)		(32,622	)		332,075			13,800
Class 529-A		180,965		7,532			57,499			2,411			(304,218	)		(12,812	)		(65,754	)		(2,869	)
Class 529-C		16,650		697			2,258			95			(44,208	)		(1,857	)		(25,300	)		(1,065	)
Class 529-E		6,448		273			1,760			74			(13,560	)		(578	)		(5,352	)		(231	)
Class 529-T		—		—			—	2		—	2		—			—			—	2		—	2
Class 529-F-1		4,578		208			740			33			(97,584	)		(4,563	)		(92,266	)		(4,322	)
Class 529-F-23		115,487		5,244			2,790			114			(13,205	)		(539	)		105,072			4,819
Class 529-F-33		10		—	2		—	2		—	2		—			—			10			—	2
Class R-1		9,430		392			1,908			81			(29,625	)		(1,237	)		(18,287	)		(764	)
Class R-2		66,875		2,819			9,575			407			(119,391	)		(5,076	)		(42,941	)		(1,850	)
Class R-2E		9,138		386			992			41			(12,380	)		(517	)		(2,250	)		(90	)
Class R-3		113,588		4,749			22,753			957			(240,702	)		(10,118	)		(104,361	)		(4,412	)
Class R-4		122,369		5,098			29,193			1,227			(296,289	)		(12,336	)		(144,727	)		(6,011	)
Class R-5E		124,622		5,056			2,903			118			(18,888	)		(781	)		108,637			4,393
Class R-5		43,937		1,828			13,173			551			(88,255	)		(3,676	)		(31,145	)		(1,297	)
Class R-6		2,558,202		106,342			502,463			20,972			(2,329,968	)		(95,023	)		730,697			32,291
Total net increase (decrease)	$	12,379,120		512,145		$	3,643,226			152,419		$	(17,798,105	)		(742,110	)	$	(1,775,759	)		(77,546	)

See end of tables for footnotes.

The Income Fund of America 63

	Sales				Reinvestments of distributions					Repurchases						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended July 31, 2020
Class A	$	5,303,887		243,483	$	3,948,426		179,673		$	(9,364,528	)		(435,235	)	$	(112,215	)		(12,079	)
Class C		325,855		15,042		188,264		8,617			(1,735,871	)		(81,230	)		(1,221,752	)		(57,571	)
Class T		—		—		—		—			—			—			—			—
Class F-1		381,151		17,389		205,357		9,360			(1,099,278	)		(51,244	)		(512,770	)		(24,495	)
Class F-2		2,556,474		117,579		535,560		24,455			(2,293,055	)		(107,477	)		798,979			34,557
Class F-3		957,372		43,811		204,407		9,346			(712,594	)		(33,085	)		449,185			20,072
Class 529-A		288,787		13,293		92,206		4,205			(295,020	)		(13,434	)		85,973			4,064
Class 529-C		27,653		1,255		11,931		541			(196,936	)		(9,166	)		(157,352	)		(7,370	)
Class 529-E		7,604		347		3,271		149			(13,307	)		(610	)		(2,432	)		(114	)
Class 529-T		—		—		1		—	2		—			—			1			—	2
Class 529-F-1		20,862		935		5,507		252			(20,645	)		(954	)		5,724			233
Class R-1		9,910		452		4,387		199			(28,725	)		(1,337	)		(14,428	)		(686	)
Class R-2		74,176		3,425		20,032		916			(133,990	)		(6,207	)		(39,782	)		(1,866	)
Class R-2E		8,386		388		1,826		83			(9,820	)		(453	)		392			18
Class R-3		122,966		5,649		45,741		2,081			(302,785	)		(13,837	)		(134,078	)		(6,107	)
Class R-4		169,355		7,746		53,792		2,451			(283,887	)		(13,069	)		(60,740	)		(2,872	)
Class R-5E		26,881		1,243		1,676		77			(8,401	)		(389	)		20,156			931
Class R-5		42,276		1,937		24,727		1,123			(131,240	)		(5,855	)		(64,237	)		(2,795	)
Class R-6		3,133,817		146,789		642,089		29,372			(821,577	)		(37,729	)		2,954,329			138,432
Total net increase (decrease)	$	13,457,412		620,763	$	5,989,200		272,900		$	(17,451,659	)		(811,311	)	$	1,994,953			82,352

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

10. Investment transactions

The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $144,908,355,000 and $147,784,269,000, respectively, during the year ended July 31, 2021.

64 The Income Fund of America

Financial highlights

			Income from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		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 period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income to average net assets3
Class A:
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
7/31/2017		21.70		.74		1.10			1.84		(.67	)		—			(.67	)		22.87		8.65			76,148			.56			.56			3.37
Class C:
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
7/31/2017		21.44		.56		1.09			1.65		(.50	)		—			(.50	)		22.59		7.79			5,569			1.35			1.35			2.56
Class T:
7/31/2021		21.88		.81		4.04			4.85		(.81	)		—			(.81	)		25.92		22.52	5		—	6		.32	5		.32	5		3.35	5
7/31/2020		22.57		.78		(.17	)		.61		(.80	)		(.50	)		(1.30	)		21.88		2.81	5		—	6		.33	5		.33	5		3.55	5
7/31/2019		23.29		.77		.13			.90		(.74	)		(.88	)		(1.62	)		22.57		4.44	5		—	6		.35	5		.35	5		3.43	5
7/31/2018		22.88		.78		.84			1.62		(.71	)		(.50	)		(1.21	)		23.29		7.19	5		—	6		.34	5		.34	5		3.36	5
7/31/20177,8		22.27		.29		.50			.79		(.18	)		—			(.18	)		22.88		3.54	5,9		—	6		.11	5,9		.11	5,9		1.26	5,9
Class F-1:
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
7/31/2017		21.65		.72		1.10			1.82		(.65	)		—			(.65	)		22.82		8.57			4,610			.65			.65			3.28
Class F-2:
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
7/31/2017		21.69		.78		1.10			1.88		(.71	)		—			(.71	)		22.86		8.84			7,081			.39			.39			3.54
Class F-3:
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
7/31/20177,10		22.07		.49		.67			1.16		(.36	)		—			(.36	)		22.87		5.30	9		1,763			.30	11		.30	11		4.33	11
Class 529-A:
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
7/31/2017		21.66		.72		1.10			1.82		(.65	)		—			(.65	)		22.83		8.58			1,606			.64			.64			3.30

See end of table for footnotes.

The Income Fund of America 65

Financial highlights (continued)

			Income from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		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 period		Total return2,3			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income to average net assets3
Class 529-C:
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
7/31/2017		21.57		.55		1.09			1.64		(.48	)		—			(.48	)		22.73		7.74			464			1.41			1.41			2.52
Class 529-E:
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
7/31/2017		21.60		.67		1.09			1.76		(.60	)		—			(.60	)		22.76		8.30			70			.87			.87			3.06
Class 529-T:
7/31/2021		21.88		.80		4.04			4.84		(.80	)		—			(.80	)		25.92		22.47	5		—	6		.36	5		.36	5		3.31	5
7/31/2020		22.57		.77		(.17	)		.60		(.79	)		(.50	)		(1.29	)		21.88		2.75	5		—	6		.39	5		.39	5		3.50	5
7/31/2019		23.29		.75		.13			.88		(.72	)		(.88	)		(1.60	)		22.57		4.38	5		—	6		.41	5		.41	5		3.37	5
7/31/2018		22.88		.76		.84			1.60		(.69	)		(.50	)		(1.19	)		23.29		7.12	5		—	6		.41	5		.41	5		3.30	5
7/31/20177,8		22.27		.28		.50			.78		(.17	)		—			(.17	)		22.88		3.52	5,9		—	6		.13	5,9		.13	5,9		1.24	5,9
Class 529-F-1:
7/31/2021		21.82		.78		4.03			4.81		(.79	)		—			(.79	)		25.84		22.40	5		—	6		.37	5		.37	5		3.55	5
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
7/31/2017		21.66		.78		1.09			1.87		(.70	)		—			(.70	)		22.83		8.83			71			.41			.41			3.53
Class 529-F-2:
7/31/20217,12		21.40		.60		4.54			5.14		(.62	)		—			(.62	)		25.92		24.24	9		125			.36	11		.36	11		3.24	11
Class 529-F-3:
7/31/20217,12		21.40		.60		4.55			5.15		(.63	)		—			(.63	)		25.92		24.28	9		—	6		.38	11		.32	11		3.28	11
Class R-1:
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
7/31/2017		21.57		.55		1.10			1.65		(.49	)		—			(.49	)		22.73		7.76			124			1.39			1.39			2.53

See end of table for footnotes.

66 The Income Fund of America

Financial highlights (continued)

			Income from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		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 period		Total return2,3			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Ratio of net income to average net assets3
Class R-2:
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
7/31/2017		21.47		.55		1.09			1.64		(.49	)		—			(.49	)		22.62		7.77			533		1.40			1.40			2.52
Class R-2E:
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
7/31/2017		21.66		.65		1.08			1.73		(.57	)		—			(.57	)		22.82		8.11			22		1.09			1.09			2.95
Class R-3:
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
7/31/2017		21.62		.65		1.10			1.75		(.59	)		—			(.59	)		22.78		8.23			1,183		.95			.95			2.97
Class R-4:
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
7/31/2017		21.67		.73		1.09			1.82		(.66	)		—			(.66	)		22.83		8.54			1,365		.64			.64			3.31
Class R-5E:
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
7/31/2017		21.69		.90		.95			1.85		(.69	)		—			(.69	)		22.85		8.72			1		.44			.44			4.04
Class R-5:
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
7/31/2017		21.70		.78		1.11			1.89		(.72	)		—			(.72	)		22.87		8.89			429		.34			.34			3.53
Class R-6:
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
7/31/2017		21.71		.81		1.09			1.90		(.73	)		—			(.73	)		22.88		8.95			6,464		.28			.28			3.68

	Year ended July 31,
Portfolio turnover rate for all share classes13,14	2021	2020	2019	2018	2017
Excluding mortgage dollar roll transactions	44%	58%	48%	53%	34%
Including mortgage dollar roll transactions	133%	117%	67%	70%	42%

See end of table for footnotes.

The Income Fund of America 67

Financial highlights (continued)

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 the period 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	All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
6	Amount less than $1 million.
7	Based on operations for a period that is less than a full year.
8	Class T and 529-T shares began investment operations on April 7, 2017.
9	Not annualized.
10	Class F-3 shares began investment operations on January 27, 2017.
11	Annualized.
12	Class 529-F-2 and 529-F-3 shares began investment operations on October 30, 2020.
13	Refer to Note 5 for more information on mortgage dollar rolls.
14	Rates do not include the portfolio activity of Capital Group Central Cash Fund.

See notes to financial statements.

68 The Income Fund of America

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of The Income Fund of America:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of The Income Fund of America (the “Fund”), including the investment portfolio, as of July 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Costa Mesa, California
September 9, 2021

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

The Income Fund of America 69

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 (February 1, 2021, through July 31, 2021).

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.

70 The Income Fund of America

Expense example (continued)

	Beginning account value 2/1/2021		Ending account value 7/31/2021		Expenses paid during period*		Annualized expense ratio
Class A – actual return	$	1,000.00	$	1,116.89	$	2.94		.56	%
Class A – assumed 5% return		1,000.00		1,022.02		2.81		.56
Class C – actual return		1,000.00		1,112.73		6.86		1.31
Class C – assumed 5% return		1,000.00		1,018.30		6.56		1.31
Class T – actual return		1,000.00		1,117.72		1.68		.32
Class T – assumed 5% return		1,000.00		1,023.21		1.61		.32
Class F-1 – actual return		1,000.00		1,116.34		3.31		.63
Class F-1 – assumed 5% return		1,000.00		1,021.67		3.16		.63
Class F-2 – actual return		1,000.00		1,117.67		1.89		.36
Class F-2 – assumed 5% return		1,000.00		1,023.01		1.81		.36
Class F-3 – actual return		1,000.00		1,118.18		1.31		.25
Class F-3 – assumed 5% return		1,000.00		1,023.55		1.25		.25
Class 529-A – actual return		1,000.00		1,116.07		3.15		.60
Class 529-A – assumed 5% return		1,000.00		1,021.82		3.01		.60
Class 529-C – actual return		1,000.00		1,112.33		7.02		1.34
Class 529-C – assumed 5% return		1,000.00		1,018.15		6.71		1.34
Class 529-E – actual return		1,000.00		1,115.28		4.35		.83
Class 529-E – assumed 5% return		1,000.00		1,020.68		4.16		.83
Class 529-T – actual return		1,000.00		1,117.51		1.89		.36
Class 529-T – assumed 5% return		1,000.00		1,023.01		1.81		.36
Class 529-F-1 – actual return		1,000.00		1,117.14		2.31		.44
Class 529-F-1 – assumed 5% return		1,000.00		1,022.61		2.21		.44
Class 529-F-2 – actual return		1,000.00		1,117.54		1.89		.36
Class 529-F-2 – assumed 5% return		1,000.00		1,023.01		1.81		.36
Class 529-F-3 – actual return		1,000.00		1,118.21		1.68		.32
Class 529-F-3 – assumed 5% return		1,000.00		1,023.21		1.61		.32
Class R-1 – actual return		1,000.00		1,112.05		7.07		1.35
Class R-1 – assumed 5% return		1,000.00		1,018.10		6.76		1.35
Class R-2 – actual return		1,000.00		1,112.40		7.12		1.36
Class R-2 – assumed 5% return		1,000.00		1,018.05		6.80		1.36
Class R-2E – actual return		1,000.00		1,113.69		5.56		1.06
Class R-2E – assumed 5% return		1,000.00		1,019.54		5.31		1.06
Class R-3 – actual return		1,000.00		1,114.66		4.77		.91
Class R-3 – assumed 5% return		1,000.00		1,020.28		4.56		.91
Class R-4 – actual return		1,000.00		1,116.45		3.20		.61
Class R-4 – assumed 5% return		1,000.00		1,021.77		3.06		.61
Class R-5E – actual return		1,000.00		1,117.78		2.05		.39
Class R-5E – assumed 5% return		1,000.00		1,022.86		1.96		.39
Class R-5 – actual return		1,000.00		1,118.29		1.58		.30
Class R-5 – assumed 5% return		1,000.00		1,023.31		1.51		.30
Class R-6 – actual return		1,000.00		1,118.02		1.31		.25
Class R-6 – assumed 5% return		1,000.00		1,023.55		1.25		.25

* 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).

The Income Fund of America 71

Tax information unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund’s fiscal year ended July 31, 2021 (dollars in thousands):

Qualified dividend income	$	3,057,673
Section 199A dividends	$	163,263
Section 163(j) interest dividends	$	965,285
Corporate dividends received deduction	$	1,946,250
U.S. government income that may be exempt from state taxation	$	44,969

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

72 The Income Fund of America

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The Income Fund of America 73

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74 The Income Fund of America

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first  elected  a trustee  of the fund2	Principal occupation(s) during past five years	Number of  portfolios in fund  complex overseen  by trustee3	Other directorships4  held by trustee
Michael C. Camuñez, 1969	2019	President and CEO, Monarch Global Strategies LLC, previously ManattJones Global Strategies (international consulting); former Assistant Secretary of Commerce, U.S. Department of Commerce	4	Edison International/Southern California Edison
Vanessa C. L. Chang, 1952	2012	Former Director, EL & EL Investments (real estate)	16	Edison International/Southern California Edison; Sykes Enterprises; Transocean Ltd.
Linda Griego, 1947	2012	Former President and CEO, Griego Enterprises, Inc. (business management company)	7	ViacomCBS Inc.
Leonade D. Jones, 1947	1993	Retired; former Treasurer, The Washington Post Company (retired 1996)	10	None
William D. Jones, 1955	2008	Real estate developer/owner, President and CEO, CityLink Investment Corporation (acquires, develops and manages real estate ventures in urban communities) and for the former City Scene Management Company (provided commercial asset management services)	17	Biogen Inc.; Sempra Energy
Sharon I. Meers, 1965	2021	Former Senior Director, Head of Strategic Partnerships, eBay Enterprise	7	None
James J. Postl, 1946 Chair of the Board (Independent and Non-Executive)	2008	Retired; former President and CEO, Pennzoil-Quaker State Company (automotive products and services) (retired 2002)	4	None
Josette Sheeran, 1954	2019	Executive Chair, The McCain Institute; President Emeritus and former CEO, Asia Society; former United Nations Special Envoy for Haiti	7	Canoo Inc.
Margaret Spellings, 1957	2012	President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Foundation	91	None
Isaac Stein, 1946	2004	Private investor; former President, Waverley Associates (private investment fund); Chairman Emeritus of the Board of Trustees, Stanford University	4	None
Interested trustee5,6
Name, year of birth and position with fund	Year first elected a trustee or officer of the fund2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund	Number of portfolios in fund complex overseen by trustee3	Other directorships4 held by trustee
Hilda L. Applbaum, 1961 Co-President	1998	Partner — Capital World Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.	4	None

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

See page 76 for footnotes.

The Income Fund of America 75

Other officers⁶

Name, year of birth and position with fund	Year first elected an officer of the fund2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
Caroline Randall, 1974   Co-President	2020	Partner — Capital Research Global Investors, Capital Research Company;7 Director, The Capital Group Companies, Inc.7
Donald Rolfe, 1972   Principal Executive Officer	2012	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Secretary, Capital Research and Management Company
Michael W. Stockton, 1967   Executive Vice President	2014	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Pramod Atluri, 1976   Senior Vice President	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice President, Capital Fixed Income Investors, Capital Bank and Trust Company7
David A. Daigle, 1967   Senior Vice President	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Partner — Capital Fixed Income Investors, Capital Bank and Trust Company7
Paul Flynn, 1966   Senior Vice President	2017	Partner — Capital World Investors, Capital International, Inc.7
Joyce E. Gordon, 1956   Senior Vice President	2020	Partner — Capital Research Global Investors, Capital Research and Management Company;
Dina N. Perry, 1945   Senior Vice President	1994	Partner — Capital World Investors, Capital Research and Management Company
John R. Queen, 1965   Senior Vice President	2020	Partner – Capital Fixed Income Investors, Capital Research and Management Company; Senior Vice President — Private Client Services Division, Capital Bank and Trust Company
Anirudh Samsi, 1971   Senior Vice President	2016	Partner — Capital World Investors, Capital Research and Management Company
Andrew B. Suzman, 1967   Senior Vice President	2004	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company7
Bradley J. Vogt, 1965   Senior Vice President	2020	Partner — Capital Research Global Investors, Capital Research and Management Company; Partner — Capital Research Global Investors, Capital Bank and Trust Company7
Shannon Ward, 1964   Senior Vice President	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Courtney R. Taylor, 1975   Secretary	2018	Assistant Vice President — Fund Business Management Group, Capital Research and Management Company
Hong T. Le, 1978   Treasurer	2016	Vice President — Investment Operations, Capital Research and Management Company
Lovelyn Sims, 1989   Assistant Secretary	2021	Associate – Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972   Assistant Treasurer	2019	Assistant Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972   Assistant Treasurer	2016	Senior Vice President — Investment Operations, Capital Research and Management Company

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

76 The Income Fund of America

Office of the fund

6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser

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

Transfer agent for shareholder accounts

American Funds Service Company
(Write to the address near you.)

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

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

Custodian of assets

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

Counsel

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

Independent registered public accounting firm

Deloitte & Touche LLP
695 Town Center Drive
Suite 1000
Costa Mesa, CA 92626-7188

Principal underwriter

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

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

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

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

This report is for the information of shareholders of The Income Fund of America, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after September 30, 2021, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

Bloomberg^® is a trademark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays^® is a trademark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Neither Bloomberg nor Barclays approves or endorses this material, guarantees the accuracy or completeness of any information herein and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

The Standard & Poor’s 500 Composite Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2021 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

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

Aligned with investor success

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

The Capital System

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

American Funds’ superior outcomes

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

1	Investment industry experience as of December 31, 2020.
2	Based on Class F-2 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2020. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary.
3	Based on Class F-2 share results as of December 31, 2020. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4	On average, our management fees were in the lowest quintile 66% of the time, based on the 20-year period ended December 31, 2020, versus comparable Lipper categories, excluding funds of funds.

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

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

ITEM 2 – Code of Ethics

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

ITEM 3 – Audit Committee Financial Expert

The Registrant’s board has determined that Vanessa C. L. Chang, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.

ITEM 4 – Principal Accountant Fees and Services

IFA

Registrant:
a)  Audit Fees:
Audit	2020	320,000
	2021	None
b)  Audit-Related Fees:
	2020	26,000
	2021	20,000
c)  Tax Fees:
	2020	12,000
	2021	12,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.
d)  All Other Fees:
	2020	None
	2021	None
	Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
a)  Audit Fees:
	Not Applicable
b)  Audit-Related Fees:
	2020	2,106,000
	2021	1,353,000
	The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants.
c)  Tax Fees:

	2020	83,000
	2021	1,000
	The tax fees consist of consulting services relating to the Registrant’s investments.
d)  All Other Fees:
	2020	2,000
	2021	2,000
	The other fees consist of subscription services related to an accounting research tool.
	All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee.  The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services.  Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were, $2,228,000 for fiscal year 2020 and $1,388,000 for fiscal year 2021. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

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

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

ITEM 11 – Controls and Procedures

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
(b)	There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

THE INCOME FUND OF AMERICA

By __/s/ Donald H. Rolfe________________

Donald H. Rolfe,

Principal Executive Officer

Date: September 30, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By _ /s/ Donald H. Rolfe_____________

Donald H. Rolfe,

Principal Executive Officer

Date: September 30, 2021

By ___/s/ Hong T. Le__________________

Hong T. Le, Treasurer and

Principal Financial Officer

Date: September 30, 2021

EX-99.CODE ETH

Code of Ethics

The following Code of Ethics is in effect for the Registrant:

The Fund has adopted the following standards in accordance with the requirements of Form N-CSR adopted by the Securities and Exchange Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for the purpose of deterring wrongdoing and promoting: 1) honest and ethical conduct, including handling of actual or apparent conflicts of interest between personal and professional relationships; 2) full, fair, accurate, timely and understandable disclosure in reports and documents that a fund files with or submits to the Commission and in other public communications made by the fund; 3) compliance with applicable governmental laws, rules and regulations; 4) the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and 5) accountability for adherence to the Code.  These provisions shall apply to the principal executive officer or chief executive officer and treasurer (“Covered Officers”) of the Fund.
(1)	It is the responsibility of Covered Officers to foster, by their words and actions, a corporate culture that encourages honest and ethical conduct, including the ethical resolution of, and appropriate disclosure of conflicts of interest.  Covered Officers should work to assure a working environment that is characterized by respect for law and compliance with applicable rules and regulations.
(2)	Each Covered Officer must act in an honest and ethical manner while conducting the affairs of the Fund, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.  Duties of Covered Officers include:
	•	Acting with integrity;
	•	Adhering to a high standard of business ethics; and
	•	Not using personal influence or personal relationships to improperly influence investment decisions or financial reporting whereby the Covered Officer would benefit personally to the detriment of the Fund;
(3)	Each Covered Officer should act to promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with or submits to, the Securities and Exchange Commission and in other public communications made by the Fund.
	•	Covered Officers should familiarize themselves with disclosure requirements applicable to the Fund and disclosure controls and procedures in place to meet these requirements; and
	•	Covered Officers must not knowingly misrepresent, or cause others to misrepresent facts about the Fund to others, including the Fund’s auditors, independent trustees, governmental regulators and self-regulatory organizations.
(4)	Any existing or potential violations of this Code of Ethics should be reported to The Capital Group Companies’ Personal Investing Committee.  The Personal Investing Committee is authorized to investigate any such violations and report their findings to the Chairman of the Audit Committee of the Fund.  The Chairman of the Audit Committee may report violations of the Code of Ethics to the Board or other appropriate entity including the Audit Committee, if he or she believes such a reporting is appropriate.  The Personal Investing Committee may also determine the appropriate sanction for any violations of this Code of Ethics, including removal from office, provided that removal from office shall only be carried out with the approval of the Board.
(5)	Application of this Code of Ethics is the responsibility of the Personal Investing Committee, which shall report periodically to the Chairman of the Audit Committee of the Fund.
(6)	Material amendments to these provisions must be ratified by a majority vote of the Board.  As required by applicable rules, substantive amendments to the Code of Ethics must be filed or appropriately disclosed.

EX-99.CERT

The Income Fund of America

6455 Irvine Center Drive

Irvine, California 92618

(949) 975-5000

CERTIFICATION

I, Donald H. Rolfe, certify that:

1.	I have reviewed this report on Form N-CSR of The Income Fund of America;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and
	d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):
	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 30, 2021

_/s/ Donald H. Rolfe___________________

Donald H. Rolfe,

Principal Executive Officer

The Income Fund of America

The Income Fund of America

6455 Irvine Center Drive

Irvine, California 92618

(949) 975-5000

CERTIFICATION

I, Hong T. Le, certify that:

1.	I have reviewed this report on Form N-CSR of The Income Fund of America;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and
	d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):
	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 30, 2021

___/s/ Hong T. Le_______

Hong T. Le, Treasurer and

Principal Financial Officer

The Income Fund of America

EX-99.906 CERT

The Income Fund of America

6455 Irvine Center Drive

Irvine, California 92618

(949) 975-5000

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

DONALD H. ROLFE, Principal Executive Officer, and HONG T. LE, Treasurer and Principal Financial Officer of The Income Fund of America (the "Registrant"), each certify to the best of her or his knowledge that:

1)	The Registrant's periodic report on Form N-CSR for the period ended July 31, 2021 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2)	The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer	Principal Financial Officer
THE INCOME FUND OF AMERICA	THE INCOME FUND OF AMERICA
_/s/ Donald H. Rolfe_____________________	__/s/ Hong T. Le_________________
Donald H. Rolfe, Principal Executive Officer	Hong T. Le, Treasurer
Date: September 30, 2021	Date: September 30, 2021

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to THE INCOME FUND OF AMERICA and will be retained by THE INCOME FUND OF AMERICA and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.