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: 811-23053

American Funds Retirement Income Portfolio Series

(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: October 31

Date of reporting period: April 30, 2021

Gregory F. Niland

American Funds Retirement Income Portfolio Series

5300 Robin Hood Road

Norfolk, Virginia 23513

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American Funds
Retirement Income
Portfolio Series^SM   Semi-annual report
for the six months ended
April 30, 2021

Portfolios designed
to help address
your retirement
income needs

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

American Funds Retirement Income Portfolio — Conservative^SM strives for the accomplishment of three investment objectives: current income, long-term growth of capital and conservation of capital, with an emphasis on income and conservation of capital.

American Funds Retirement Income Portfolio — Moderate^SM strives for the balanced accomplishment of three investment objectives: current income, long-term growth of capital and conservation of capital.

American Funds Retirement Income Portfolio — Enhanced^SM strives for the accomplishment of three investment objectives: current income, long-term growth of capital and conservation of capital, with an emphasis on income and growth of capital.

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 total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2021 (the most recent calendar quarter-end). Returns reflect the maximum 5.75% sales charge. Also shown are the expense ratios as of the series prospectus dated January 1, 2021.

	Cumulative			Average annual
	total returns			total returns
							Lifetime			Expense
Class A shares	1 year			5 years			(since 8/28/15)			ratios
American Funds Retirement Income Portfolio — Conservative		10.56	%		5.01	%		5.18	%		0.64	%
American Funds Retirement Income Portfolio — Moderate		16.11			6.08			6.19			0.62
American Funds Retirement Income Portfolio — Enhanced		22.30			7.11			7.20			0.63

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.

American Funds Retirement Income Portfolio Series funds invest in Class R-6 shares of the underlying funds.

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

The American Funds Retirement Income Portfolio Series investment allocations may not achieve fund objectives, and adequate income through retirement is not guaranteed. The funds’ risks are directly related to the risks of the underlying funds. Payments consisting of return of capital will result in a decrease in an investor’s fund share balance. Higher rates of withdrawal and withdrawals during declining markets may result in a more rapid decrease in an investor’s fund share balance. Persistent returns of capital could ultimately result in a zero account balance. Refer to the series prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

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

Fellow investors:

Results for American Funds Retirement Income Portfolio Series for the periods ended April 30, 2021, are shown in the table below, as well as results of each fund’s benchmark and peer group.

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

Contents

1	Results at a glance
2	Investment portfolios
8	Financial statements
12	Notes to financial statements
24	Financial highlights

Results at a glance

For periods ended April 30, 2021, with all distributions reinvested

							Average annual
	Cumulative total returns						total returns
										Lifetime
	6 months			1 year			5 years			(since 8/28/15)
American Funds Retirement Income Portfolio — Conservative (Class A shares)		10.57	%		14.52	%		6.49	%		6.55	%
American Funds Retirement Income Portfolio — Moderate (Class A shares)		14.91			19.70			7.64			7.63
American Funds Retirement Income Portfolio — Enhanced (Class A shares)		18.79			25.12			8.73			8.72
Standard & Poor’s Target Date Retirement Income Index*		7.53			13.15			6.29			6.05
Lipper Retirement Income Funds Index†		13.08			18.26			6.54			6.07

*

The S&P Target Date Retirement Income Index, a component of the S&P Target Date Index Series, has an asset allocation and glide path that represent a market consensus across the universe of target date fund managers. The index is fully investable, with varying levels of exposure to the asset classes determined during an annual survey process of target date funds’ holdings. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. Investors cannot invest directly in an index. Source: S&P Dow Jones Indices LLC.

†

Lipper Retirement Income Funds Index is composed of funds designed to combine professional asset management with professionally managed withdrawals to assist investors in retirement. The results of the underlying funds in the index include reinvestment of dividends and capital gain distributions, as well as brokerage commissions paid by the funds for portfolio transactions and other fund expenses, but do not reflect the effect of sales charges, account fees or U.S. federal income taxes. Lipper indexes track the largest mutual funds (no more than 30), represented by one share class per fund, in the corresponding Lipper category. Source: Refinitiv Lipper.

American Funds Retirement Income Portfolio Series 1

American Funds Conservative Portfolio	unaudited
Investment portfolio April 30, 2021

 

Growth-and-income funds 5%	Shares		Value (000)
American Mutual Fund, Class R-6		1,301,434	$	64,486
Equity-income funds 35%
Capital Income Builder, Class R-6		3,788,351		255,524
The Income Fund of America, Class R-6		7,528,486		191,826
				447,350
Balanced funds 15%
American Balanced Fund, Class R-6		3,973,430		127,826
American Funds Global Balanced Fund, Class R-6		1,638,364		63,634
				191,460
Fixed income funds 45%
The Bond Fund of America, Class R-6		23,902,776		321,014
U.S. Government Securities Fund, Class R-6		9,115,286		128,070
American Funds Mortgage Fund, Class R-6		6,274,431		63,874
American Funds Inflation Linked Bond Fund, Class R-6		5,862,504		63,725
				576,683
Total investment securities 100% (cost: $1,159,365,000)				1,279,979
Other assets less liabilities 0%				(308	)
Net assets 100%			$	1,279,671

2 American Funds Retirement Income Portfolio Series

American Funds Conservative Portfolio (continued)

Investments in affiliates¹

										Net
	Value of						Net			unrealized			Value of				Capital gain
	affiliates at						realized			appreciation			affiliates at		Dividend		distributions
	11/1/2020		Additions		Reductions		gain (loss)			(depreciation)			4/30/2021		income		received
	(000)		(000)		(000)		(000)			(000)			(000)		(000)		(000)
Growth-and-income funds 5%
American Mutual Fund, Class R-6	$	54,459	$	2,622	$	5,128	$	197		$	12,336		$	64,486	$	675	$	—
Equity-income funds 35%
Capital Income Builder, Class R-6		222,722		16,035		25,519		152			42,134			255,524		4,163		—
The Income Fund of America, Class R-6		166,624		9,566		15,558		369			30,825			191,826		3,367		—
														447,350
Balanced funds 15%
American Balanced Fund, Class R-6		110,527		9,220		7,064		357			14,786			127,826		949		2,859
American Funds Global Balanced Fund, Class R-6		55,106		4,292		4,391		380			8,247			63,634		557		—
														191,460
Fixed income funds 45%
The Bond Fund of America, Class R-6		284,739		66,417		18,107		(7	)		(12,028	)		321,014		2,444		8,855
U.S. Government Securities Fund, Class R-6		114,121		26,837		6,213		(28	)		(6,647	)		128,070		568		4,346
American Funds Mortgage Fund, Class R-6		56,965		11,340		2,175		—	2		(2,256	)		63,874		235		1,896
American Funds Inflation Linked Bond Fund, Class R-6		56,679		10,623		2,456		13			(1,134	)		63,725		1,280		955
														576,683
Total 100%							$	1,433		$	86,263		$	1,279,979	$	14,238	$	18,911

1	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
2	Amount less than one thousand.

See notes to financial statements.

American Funds Retirement Income Portfolio Series 3

American Funds Moderate Portfolio	unaudited
Investment portfolio April 30, 2021

Growth-and-income funds 5%	Shares		Value (000)
American Mutual Fund, Class R-6		1,378,132	$	68,287
Equity-income funds 50%
The Income Fund of America, Class R-6		13,295,648		338,773
Capital Income Builder, Class R-6		5,017,170		338,408
				677,181
Balanced funds 20%
American Balanced Fund, Class R-6		6,318,053		203,252
American Funds Global Balanced Fund, Class R-6		1,737,344		67,478
				270,730
Fixed income funds 25%
The Bond Fund of America, Class R-6		10,130,534		136,053
U.S. Government Securities Fund, Class R-6		4,828,305		67,838
American Funds Mortgage Fund, Class R-6		6,661,011		67,809
American Funds Inflation Linked Bond Fund, Class R-6		6,226,088		67,677
				339,377
Total investment securities 100% (cost: $1,190,555,000)				1,355,575
Other assets less liabilities 0%				(147	)
Net assets 100%			$	1,355,428

4 American Funds Retirement Income Portfolio Series

American Funds Moderate Portfolio (continued)

Investments in affiliates¹

										Net
	Value of						Net			unrealized			Value of				Capital gain
	affiliates at						realized			appreciation			affiliates at		Dividend		distributions
	11/1/2020		Additions		Reductions		gain (loss)			(depreciation)			4/30/2021		income		received
	(000)		(000)		(000)		(000)			(000)			(000)		(000)		(000)
Growth-and-income funds 5%
American Mutual Fund, Class R-6	$	55,704	$	1,312	$	1,784	$	141		$	12,914		$	68,287	$	723	$	—
Equity-income funds 50%
The Income Fund of America, Class R-6		281,783		9,321		6,084		96			53,657			338,773		6,038		—
Capital Income Builder, Class R-6		281,996		11,100		9,252		(17	)		54,581			338,408		5,607		—
														677,181
Balanced funds 20%
American Balanced Fund, Class R-6		169,705		11,871		1,777		23			23,430			203,252		1,518		4,582
American Funds Global Balanced Fund, Class R-6		56,724		2,471		671		25			8,929			67,478		600		—
														270,730
Fixed income funds 25%
The Bond Fund of America, Class R-6		115,434		26,432		620		(17	)		(5,176	)		136,053		1,028		3,777
U.S. Government Securities Fund, Class R-6		58,433		13,057		106		(1	)		(3,545	)		67,838		297		2,302
American Funds Mortgage Fund, Class R-6		58,396		11,861		49		—	2		(2,399	)		67,809		247		2,010
American Funds Inflation Linked Bond Fund, Class R-6		58,129		10,776		—		—			(1,228	)		67,677		1,348		1,006
														339,377
Total 100%							$	250		$	141,163		$	1,355,575	$	17,406	$	13,677

1	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
2	Amount less than one thousand.

See notes to financial statements.

American Funds Retirement Income Portfolio Series 5

American Funds Enhanced Portfolio	unaudited
Investment portfolio April 30, 2021

 

Growth funds 5%	Shares		Value (000)
AMCAP Fund, Class R-6		1,589,406	$	69,425
Growth-and-income funds 5%
American Mutual Fund, Class R-6		1,401,595		69,449
Equity-income funds 50%
The Income Fund of America, Class R-6		13,507,148		344,162
Capital Income Builder, Class R-6		5,093,815		343,578
				687,740
Balanced funds 30%
American Balanced Fund, Class R-6		8,554,256		275,190
American Funds Global Balanced Fund, Class R-6		3,527,677		137,015
				412,205
Fixed income funds 10%
American High-Income Trust, Class R-6		6,646,103		69,120
American Funds Inflation Linked Bond Fund, Class R-6		6,330,837		68,816
				137,936
Total investment securities 100% (cost: $1,166,743,000)				1,376,755
Other assets less liabilities 0%				(261	)
Net assets 100%			$	1,376,494

6 American Funds Retirement Income Portfolio Series

American Funds Enhanced Portfolio (continued)

Investments in affiliates¹

										Net
	Value of						Net			unrealized			Value of				Capital gain
	affiliates at						realized			appreciation			affiliates at		Dividend		distributions
	11/1/2020		Additions		Reductions		gain (loss)			(depreciation)			4/30/2021		income		received
	(000)		(000)		(000)		(000)			(000)			(000)		(000)		(000)
Growth funds 5%
AMCAP Fund, Class R-6	$	55,310	$	5,468	$	4,435	$	244		$	12,838		$	69,425	$	273	$	1,338
Growth-and-income funds 5%
American Mutual Fund, Class R-6		55,311		1,638		540		24			13,016			69,449		721		—
Equity-income funds 50%
The Income Fund of America, Class R-6		278,776		17,136		5,272		11			53,511			344,162		6,013		—
Capital Income Builder, Class R-6		278,775		16,191		5,613		(15	)		54,240			343,578		5,586		—
														687,740
Balanced funds 30%
American Balanced Fund, Class R-6		223,881		22,408		2,235		28			31,108			275,190		2,029		6,156
American Funds Global Balanced Fund, Class R-6		111,865		9,012		1,600		23			17,715			137,015		1,198		—
														412,205
Fixed income funds 10%
American High-Income Trust, Class R-6		56,989		9,241		1,861		8			4,743			69,120		1,893		—
American Funds Inflation Linked Bond Fund, Class R-6		56,422		14,866		1,224		(22	)		(1,226	)		68,816		1,378		1,028
														137,936
Total 100%							$	301		$	185,945		$	1,376,755	$	19,091	$	8,522

¹ Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

See notes to financial statements.

American Funds Retirement Income Portfolio Series 7

Financial statements unaudited

Statements of assets and liabilities
at April 30, 2021 (dollars in thousands)

	Conservative Portfolio		Moderate Portfolio		Enhanced Portfolio
Assets:
Investment securities of affiliated issuers, at value	$	1,279,979	$	1,355,575	$	1,376,755
Receivables for:
Sales of investments		—		—		234
Sales of fund’s shares		961		1,032		909
Dividends		619		303		240
Total assets		1,281,559		1,356,910		1,378,138
Liabilities:
Payables for:
Purchases of investments		679		538		240
Repurchases of fund’s shares		901		617		1,143
Services provided by related parties		300		320		254
Trustees’ deferred compensation		5		5		5
Other		3		2		2
Total liabilities		1,888		1,482		1,644
Net assets at April 30, 2021	$	1,279,671	$	1,355,428	$	1,376,494
Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,150,736	$	1,183,674	$	1,158,899
Total distributable earnings		128,935		171,754		217,595
Net assets at April 30, 2021	$	1,279,671	$	1,355,428	$	1,376,494
Investment securities of affiliated issuers, at cost	$	1,159,365	$	1,190,555	$	1,166,743

See notes to financial statements.

8 American Funds Retirement Income Portfolio Series

Financial statements (continued) unaudited

Statements of assets and liabilities
at April 30, 2021 (continued) (dollars and shares in thousands, except per-share amounts)

		Conservative Portfolio		Moderate Portfolio		Enhanced Portfolio
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	913,109	$	1,077,282	$	1,028,925
	Shares outstanding		74,774		85,043		76,772
	Net asset value per share	$	12.21	$	12.67	$	13.40
Class C:	Net assets	$	139,366	$	109,465	$	97,966
	Shares outstanding		11,474		8,684		7,339
	Net asset value per share	$	12.15	$	12.61	$	13.35
Class T:	Net assets	$	12	$	12	$	12
	Shares outstanding		1		1		1
	Net asset value per share	$	12.22	$	12.67	$	13.41
Class F-1:	Net assets	$	30,098	$	22,671	$	27,318
	Shares outstanding		2,464		1,790		2,037
	Net asset value per share	$	12.21	$	12.67	$	13.41
Class F-2:	Net assets	$	129,857	$	119,855	$	186,556
	Shares outstanding		10,615		9,446		13,898
	Net asset value per share	$	12.23	$	12.69	$	13.42
Class F-3:	Net assets	$	20,391	$	12,356	$	21,583
	Shares outstanding		1,668		975		1,609
	Net asset value per share	$	12.23	$	12.67	$	13.41
Class R-1:	Net assets	$	1,831	$	592	$	733
	Shares outstanding		150		47		55
	Net asset value per share	$	12.18	$	12.65	$	13.39
Class R-2:	Net assets	$	1,597	$	3,342	$	2,860
	Shares outstanding		131		265		215
	Net asset value per share	$	12.19	$	12.62	$	13.33
Class R-2E:	Net assets	$	55	$	59	$	168
	Shares outstanding		4		4		12
	Net asset value per share	$	12.23	$	12.69	$	13.42
Class R-3:	Net assets	$	3,799	$	3,798	$	2,206
	Shares outstanding		311		300		165
	Net asset value per share	$	12.22	$	12.64	$	13.37
Class R-4:	Net assets	$	8,380	$	1,022	$	3,549
	Shares outstanding		681		81		265
	Net asset value per share	$	12.30	$	12.67	$	13.41
Class R-5E:	Net assets	$	131	$	13	$	533
	Shares outstanding		10		1		40
	Net asset value per share	$	12.30	$	12.68	$	13.41
Class R-5:	Net assets	$	1,978	$	895	$	27
	Shares outstanding		162		70		2
	Net asset value per share	$	12.24	$	12.71	$	13.43
Class R-6:	Net assets	$	29,067	$	4,066	$	4,058
	Shares outstanding		2,375		320		302
	Net asset value per share	$	12.24	$	12.70	$	13.43

See notes to financial statements.

American Funds Retirement Income Portfolio Series 9

Financial statements (continued) unaudited

Statements of operations
for the six months ended April 30, 2021 (dollars in thousands)

	Conservative Portfolio			Moderate Portfolio			Enhanced Portfolio
Investment income:
Income:
Dividends from affiliated issuers	$	14,238		$	17,406		$	19,091
Fees and expenses*:
Distribution services		1,988			1,965			1,714
Transfer agent services		228			194			227
Reports to shareholders		4			4			4
Registration statement and prospectus		130			115			103
Trustees’ compensation		3			3			3
Auditing and legal		1			1			1
Custodian		6			5			6
Other		8			9			9
Total fees and expenses before reimbursements		2,368			2,296			2,067
Transfer agent services reimbursements		—	†		—	†		—	†
Total fees and expenses after reimbursements		2,368			2,296			2,067
Net investment income		11,870			15,110			17,024
Net realized gain and unrealized appreciation:
Net realized gain on sale of investments in affiliated issuers		1,433			250			301
Capital gain distributions received from affiliated issuers		18,911			13,677			8,522
		20,344			13,927			8,823
Net unrealized appreciation on investments in affiliated issuers		86,263			141,163			185,945
Net realized gain and unrealized appreciation		106,607			155,090			194,768
Net increase in net assets resulting from operations	$	118,477		$	170,200		$	211,792

*	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.

10 American Funds Retirement Income Portfolio Series

Financial statements (continued)

Statements of changes in net assets (dollars in thousands)

	Conservative Portfolio						Moderate Portfolio						Enhanced Portfolio
	Six months ended April 30, 2021*			Year ended October 31, 2020			Six months ended April 30, 2021*			Year ended October 31, 2020			Six months ended April 30, 2021*			Year ended October 31, 2020
Operations:
Net investment income	$	11,870		$	21,032		$	15,110		$	26,804		$	17,024		$	30,039
Net realized gain		20,344			11,193			13,927			15,792			8,823			5,516
Net unrealized appreciation (depreciation)		86,263			410			141,163			(25,811	)		185,945			(33,789	)
Net increase in net assets resulting from operations		118,477			32,635			170,200			16,785			211,792			1,766
Distributions paid to shareholders		(31,166	)		(29,398	)		(34,369	)		(40,915	)		(21,803	)		(45,381	)
Net capital share transactions		70,738			293,073			83,611			152,925			69,521			98,472
Total increase in net assets		158,049			296,310			219,442			128,795			259,510			54,857
Net assets:
Beginning of period		1,121,622			825,312			1,135,986			1,007,191			1,116,984			1,062,127
End of period	$	1,279,671		$	1,121,622		$	1,355,428		$	1,135,986		$	1,376,494		$	1,116,984

* Unaudited.

See notes to financial statements.

American Funds Retirement Income Portfolio Series 11

Notes to financial statements unaudited

1. Organization

American Funds Retirement Income Portfolio Series (the “series”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The series consists of three funds (the “funds”). The assets of each fund are segregated, with each fund accounted for separately. The funds’ investment objectives are as follows:

American Funds Conservative Portfolio	Seeks current income, long-term growth of capital and conservation of capital, with an emphasis on income and conservation of capital.
American Funds Moderate Portfolio	Seeks current income, long-term growth of capital and conservation of capital.
American Funds Enhanced Portfolio	Seeks current income, long-term growth of capital and conservation of capital, with an emphasis on income and growth of capital.

Each fund will attempt to achieve its investment objectives by investing in a mix of American Funds (the “underlying funds”) in different combinations and weightings. Capital Research and Management Company (“CRMC”), the series’ investment adviser, is also the investment adviser to the underlying funds.

Each fund in the series has 14 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and 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 eight retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The funds’ share classes are described further in the following table:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Class A	Up to 5.75%	None (except 1% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Class C	None	1% for redemptions within one year of purchase	Class C converts to Class A after eight years
Class T*	Up to 2.50%	None	None
Classes F-1, F-2 and 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 shares are not available for purchase.

Holders of all share classes of each fund have equal pro rata rights to the assets, dividends and liquidation proceeds of each fund held. Each share class of each fund 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 and transfer agent 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 of each fund.

2. Significant accounting policies

Each fund in the series is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ 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 funds follow the significant accounting policies 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 funds as of the date the trades are executed. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. Dividend income is recognized on the ex-dividend date.

12 American Funds Retirement Income Portfolio Series

Fees and expenses — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

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 of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution and transfer agent services, are charged directly to the respective share class of each fund.

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.

3. Valuation

Security valuation — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information. The net asset value per share of each fund and each underlying fund 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.

Processes and structure — The series’ board of trustees has delegated authority to the series’ 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 series’ board and audit committee also regularly review reports that describe fair value determinations and methods. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method 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. 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. At April 30, 2021, all of the investment securities held by each fund were classified as Level 1.

4. Risk factors

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

Periodic withdrawal risks — There is no guarantee that any of the funds will provide adequate income through retirement. These funds are not designed to, and are not expected to, generate distributions that equal a fixed percentage of each fund’s current net asset value per share. An investor taking periodic withdrawals from any of the funds should not assume that the source of a distribution is dividend or interest income or capital gains; rather, all or a portion of a distribution from any of the funds may consist of a return of capital. A return of capital is a return of all or part of an investor’s original investment in each fund. Each fund’s ability to preserve capital while making periodic distributions to investors is subject to market conditions at the time an investor invests in each fund and during the length of time such investor holds shares of each fund. Even if each fund’s portfolio value grows over time, such growth may be insufficient to enable each fund to make periodic distributions to investors without returning capital to shareholders. Payments consisting of return of capital will result in a decrease in an investor’s fund share balance. Higher rates of withdrawal and withdrawals during declining markets may result in a more rapid decrease in an investor’s fund share balance. Persistent returns of capital could ultimately result in a zero account balance.

American Funds Retirement Income Portfolio Series 13

Additionally, as periodic withdrawals by investors will be made from each fund’s assets and investors are generally not expected to reinvest such distributions in additional fund shares, distributions to investors will reduce the amount of assets available for investment by each fund. Each fund may suffer substantial investment losses and simultaneously experience additional asset reductions as a result of its distributions to shareholders.

Allocation risk — Investments in each fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of each fund’s assets could cause the funds to lose value or their results to lag relevant benchmarks or other funds with similar objectives.

Fund structure — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as each fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by each fund. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that each fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the funds. This strategy could raise certain conflicts of interest when choosing underlying investments for each fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of each fund.

Underlying fund risks — Because each fund’s investments consist of underlying funds, each fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing in the underlying funds, as described below.

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds 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 underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by the underlying funds 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 debt instruments — The prices of, and the income generated by, bonds and other debt securities held by an underlying 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.

14 American Funds Retirement Income Portfolio Series

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 underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the underlying 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks.

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

Investing in inflation-linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund.

Interest rate risk — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. 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. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, given the current low interest rate environment, risks associated with rising rates are currently heightened.

Liquidity risk — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.

American Funds Retirement Income Portfolio Series 15

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may expose the underlying fund to losses in excess of its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses.

Investing in stocks — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks.

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 practices and different regulatory, legal and reporting standards and practices, 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 an underlying fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Management — The investment adviser to each fund and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying funds are 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 an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

5. Taxation and distributions

Federal income taxation — Each 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 funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended April 30, 2021, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each 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.

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 short-term capital gains and losses, capital losses related to sales of certain securities within 30 days of purchase and deferred expenses. 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 funds for financial reporting purposes.

16 American Funds Retirement Income Portfolio Series

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

	Conservative Portfolio			Moderate Portfolio		Enhanced Portfolio
As of October 31, 2020
Undistributed ordinary income	$	558		$	159	$	480
Undistributed long-term capital gains		8,216			12,960		3,939
As of April 30, 2021
Gross unrealized appreciation on investments		119,240			163,978		209,107
Gross unrealized depreciation on investments		(63	)		—		—
Net unrealized appreciation on investments		119,177			163,978		209,107
Cost of investments		1,160,802			1,191,597		1,167,648

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

Conservative Portfolio

	Six months ended April 30, 2021									Year ended October 31, 2020
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	16,589		$	5,872		$	22,461		$	15,579		$	3,915		$	19,494
Class C		2,130			910			3,040			1,932			698			2,630
Class T		—	*		—	*		—	*		—	*		—	*		—	*
Class F-1		546			195			741			473			109			582
Class F-2		2,536			849			3,385			2,590			598			3,188
Class F-3		268			82			350			189			44			233
Class R-1		26			11			37			27			11			38
Class R-2		27			12			39			26			9			35
Class R-2E		1			—	*		1			—	*		—	*		—	*
Class R-3		70			27			97			68			19			87
Class R-4		99			58			157			1,740			462			2,202
Class R-5E		1			—	*		1			26			12			38
Class R-5		41			13			54			23			2			25
Class R-6		603			200			803			676			170			846
Total	$	22,937		$	8,229		$	31,166		$	23,349		$	6,049		$	29,398
Moderate Portfolio
	Six months ended April 30, 2021									Year ended October 31, 2020
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	17,219		$	10,323		$	27,542		$	22,859		$	10,030		$	32,889
Class C		1,428			1,076			2,504			1,881			1,171			3,052
Class T		—	*		—	*		—	*		—	*		—	*		—	*
Class F-1		380			235			615			485			176			661
Class F-2		2,048			1,165			3,213			2,681			1,059			3,740
Class F-3		172			86			258			211			76			287
Class R-1		7			5			12			8			5			13
Class R-2		45			32			77			59			32			91
Class R-2E		1			—	*		1			2			1			3
Class R-3		34			16			50			29			13			42
Class R-4		18			11			29			30			16			46
Class R-5E		—	*		—	*		—	*		—	*		—	*		—	*
Class R-5		4			—	*		4			3			3			6
Class R-6		41			23			64			59			26			85
Total	$	21,397		$	12,972		$	34,369		$	28,307		$	12,608		$	40,915

See end of tables for footnote.

American Funds Retirement Income Portfolio Series 17

Enhanced Portfolio

	Six months ended April 30, 2021									Year ended October 31, 2020
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	13,441		$	2,945		$	16,386		$	22,233		$	11,637		$	33,870
Class C		980			289			1,269			1,744			1,283			3,027
Class T		—	*		—	*		—	*		—	*		—	*		—	*
Class F-1		371			87			458			790			445			1,235
Class F-2		2,623			548			3,171			4,313			2,070			6,383
Class F-3		279			52			331			380			177			557
Class R-1		3			1			4			7			2			9
Class R-2		31			8			39			45			27			72
Class R-2E		2			1			3			3			2			5
Class R-3		27			7			34			42			22			64
Class R-4		30			4			34			23			11			34
Class R-5E		7			1			8			13			7			20
Class R-5		—	*		—	*		—	*		1			—	*		1
Class R-6		55			11			66			73			31			104
Total	$	17,849		$	3,954		$	21,803		$	29,667		$	15,714		$	45,381

* Amount less than one thousand.

6. Fees and transactions with related parties

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

Investment advisory services — The series has an investment advisory and service agreement with CRMC. CRMC receives fees from the underlying funds for investment advisory services. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

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

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

18 American Funds Retirement Income Portfolio Series

For Class A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. This share class reimburses AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit is not exceeded. As of April 30, 2021, unreimbursed expenses subject to reimbursement for the funds’ Class A shares were as follows (dollars in thousands):

	Class A
Conservative Portfolio		$     109
Moderate Portfolio		—
Enhanced Portfolio		—

Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders. For the six months ended April 30, 2021, CRMC reimbursed transfer agent services fees of less than $1,000 total for Conservative Portfolio Class R-2E and R-5E shares, Moderate Portfolio Class R-2E and R-5E shares, and Enhanced Portfolio Class R-5 shares. CRMC does not intend to recoup these reimbursements.

Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to the series. 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 series and market developments that impact underlying 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 each underlying fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets for Class R-6 shares. CRMC receives administrative services fees at the annual rate of 0.03% of the average daily net assets of the Class R-6 shares of each underlying fund for CRMC’s provision of administrative services. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

Class-specific expenses under the distribution services and transfer agent services agreements for the six months ended April 30, 2021, were as follows:

Conservative Portfolio

	Distribution			Transfer agent
Share class	services			services
Class A		$1,257			$117
Class C		643			18
Class T		—			—	*
Class F-1		35			14
Class F-2		Not applicable			59
Class F-3		Not applicable			—	*
Class R-1		8			1
Class R-2		6			2
Class R-2E		—	*		—	*
Class R-3		9			2
Class R-4		30			15
Class R-5E		Not applicable			—	*
Class R-5		Not applicable			—	*
Class R-6		Not applicable			—	*
Total class-specific expenses		$1,988			$228

Moderate Portfolio

	Distribution			Transfer agent
Share class	services			services
Class A		$1,405			$115
Class C		511			12
Class T		—			—	*
Class F-1		27			11
Class F-2		Not applicable			53
Class F-3		Not applicable			—	*
Class R-1		3			—	*
Class R-2		12			2
Class R-2E		—	*		—	*
Class R-3		6			1
Class R-4		1			—	*
Class R-5E		Not applicable			—	*
Class R-5		Not applicable			—	*
Class R-6		Not applicable			—	*
Total class-specific expenses		$1,965			$194

See end of tables for footnote.

American Funds Retirement Income Portfolio Series 19

Enhanced Portfolio

	Distribution			Transfer agent
Share class	services			services
Class A		$1,205			$109
Class C		456			11
Class T		—			—	*
Class F-1		33			15
Class F-2		Not applicable			90
Class F-3		Not applicable			—	*
Class R-1		2			—	*
Class R-2		10			1
Class R-2E		—	*		—	*
Class R-3		5			—	*
Class R-4		3			1
Class R-5E		Not applicable			—	*
Class R-5		Not applicable			—	*
Class R-6		Not applicable			—	*
Total class-specific expenses		$1,714			$227

* Amount less than one thousand.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected American Funds. Trustees’ compensation shown on the accompanying financial statements reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts.

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

7. Indemnifications

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

8. Investment transactions

The funds made purchases and sales of investment securities during the six months ended April 30, 2021, as follows (dollars in thousands):

	Purchases		Sales
Conservative Portfolio	$	156,950	$	86,609
Moderate Portfolio		98,200		20,342
Enhanced Portfolio		95,962		22,780

20 American Funds Retirement Income Portfolio Series

9. Capital share transactions

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

Conservative Portfolio

	Sales*					Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares			Amount			Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2021
Class A	$	162,825		13,606		$	22,340			1,894		$	(85,917	)		(7,196	)	$	99,248			8,304
Class C		26,248		2,206			3,012			257			(15,318	)		(1,288	)		13,942			1,175
Class T		—		—			—			—			—			—			—			—
Class F-1		7,743		647			741			63			(5,612	)		(470	)		2,872			240
Class F-2		45,031		3,759			3,367			285			(31,617	)		(2,635	)		16,781			1,409
Class F-3		10,201		848			350			30			(615	)		(52	)		9,936			826
Class R-1		185		15			38			3			(1	)		—	†		222			18
Class R-2		126		11			39			3			(232	)		(20	)		(67	)		(6	)
Class R-2E		40		3			—	†		—	†		—	†		—	†		40			3
Class R-3		611		51			97			8			(768	)		(64	)		(60	)		(5	)
Class R-4		3,117		263			157			13			(77,460	)		(6,419	)		(74,186	)		(6,143	)
Class R-5E		108		9			1			—	†		—	†		—	†		109			9
Class R-5		446		37			54			5			(404	)		(34	)		96			8
Class R-6		5,645		471			803			68			(4,643	)		(389	)		1,805			150
Total net increase (decrease)	$	262,326		21,926		$	30,999			2,629		$	(222,587	)		(18,567	)	$	70,738			5,988
Year ended October 31, 2020
Class A	$	332,850		29,413		$	19,359			1,723		$	(133,501	)		(11,994	)	$	218,708			19,142
Class C		45,597		4,052			2,612			233			(28,341	)		(2,538	)		19,868			1,747
Class T		—		—			—			—			—			—			—			—
Class F-1		28,297		2,494			582			52			(18,709	)		(1,649	)		10,170			897
Class F-2		67,668		6,057			3,172			282			(49,627	)		(4,394	)		21,213			1,945
Class F-3		6,181		541			233			21			(2,588	)		(227	)		3,826			335
Class R-1		322		29			37			4			(340	)		(32	)		19			1
Class R-2		836		76			35			3			(1,015	)		(90	)		(144	)		(11	)
Class R-2E		1		—	†		—	†		—	†		—	†		—	†		1			—	†
Class R-3		1,770		154			87			8			(522	)		(45	)		1,335			117
Class R-4		29,858		2,648			2,203			196			(15,470	)		(1,371	)		16,591			1,473
Class R-5E		209		19			38			3			(1,831	)		(167	)		(1,584	)		(145	)
Class R-5		1,704		150			24			2			(215	)		(18	)		1,513			134
Class R-6		6,681		585			846			75			(5,970	)		(529	)		1,557			131
Total net increase (decrease)	$	521,974		46,218		$	29,228			2,602		$	(258,129	)		(23,054	)	$	293,073			25,766

See end of tables for footnotes.

American Funds Retirement Income Portfolio Series 21

Moderate Portfolio

	Sales*						Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2021
Class A	$	112,246			9,143		$	27,194			2,262		$	(78,466	)		(6,412	)	$	60,974			4,993
Class C		11,638			951			2,496			209			(8,824	)		(723	)		5,310			437
Class T		—			—			—			—			—			—			—			—
Class F-1		2,708			222			614			51			(3,415	)		(280	)		(93	)		(7	)
Class F-2		29,965			2,438			3,172			263			(25,208	)		(2,048	)		7,929			653
Class F-3		4,931			403			257			21			(1,097	)		(90	)		4,091			334
Class R-1		79			6			12			1			(39	)		(3	)		52			4
Class R-2		266			22			78			6			(172	)		(14	)		172			14
Class R-2E		2			—	†		1			—	†		—	†		—	†		3			—	†
Class R-3		2,223			184			50			4			(26	)		(2	)		2,247			186
Class R-4		375			31			28			2			(135	)		(11	)		268			22
Class R-5E		—	†		—	†		—	†		—	†		—	†		—	†		—	†		—	†
Class R-5		856			69			4			1			(8	)		(1	)		852			69
Class R-6		3,607			290			64			6			(1,865	)		(150	)		1,806			146
Total net increase (decrease)	$	168,896			13,759		$	33,970			2,826		$	(119,255	)		(9,734	)	$	83,611			6,851
Year ended October 31, 2020
Class A	$	238,356			20,912		$	32,440			2,850		$	(141,169	)		(12,593	)	$	129,627			11,169
Class C		17,157			1,507			3,041			267			(19,923	)		(1,776	)		275			(2	)
Class T		—			—			—			—			—			—			—			—
Class F-1		10,577			990			661			59			(5,451	)		(502	)		5,787			547
Class F-2		47,499			4,163			3,698			325			(35,352	)		(3,138	)		15,845			1,350
Class F-3		3,296			288			287			25			(2,350	)		(205	)		1,233			108
Class R-1		79			7			13			1			(2	)		—	†		90			8
Class R-2		1,324			114			91			8			(1,017	)		(89	)		398			33
Class R-2E		4			—	†		2			—	†		(33	)		(3	)		(27	)		(3	)
Class R-3		347			29			42			4			(44	)		(4	)		345			29
Class R-4		105			9			45			4			(721	)		(64	)		(571	)		(51	)
Class R-5E		—			—			—			—			—			—			—			—
Class R-5		—	†		—			5			—	†		(225	)		(19	)		(220	)		(19	)
Class R-6		1,133			103			84			7			(1,074	)		(98	)		143			12
Total net increase (decrease)	$	319,877			28,122		$	40,409			3,550		$	(207,361	)		(18,491	)	$	152,925			13,181

See end of tables for footnotes.

22 American Funds Retirement Income Portfolio Series

Enhanced Portfolio

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Six months ended April 30, 2021
Class A	$	109,408		8,551	$	16,105			1,278		$	(71,779	)		(5,663	)	$	53,734			4,166
Class C		8,311		648		1,253			100			(8,359	)		(659	)		1,205			89
Class T		—		—		—			—			—			—			—			—
Class F-1		3,829		300		455			36			(7,011	)		(552	)		(2,727	)		(216	)
Class F-2		31,349		2,447		3,164			251			(25,598	)		(1,997	)		8,915			701
Class F-3		7,814		611		328			26			(3,146	)		(244	)		4,996			393
Class R-1		507		40		4			—	†		—	†		—	†		511			40
Class R-2		140		11		39			3			(20	)		(1	)		159			13
Class R-2E		—		—		2			—	†		—			—			2			—	†
Class R-3		8		1		33			3			(92	)		(8	)		(51	)		(4	)
Class R-4		2,269		176		34			3			(9	)		(1	)		2,294			178
Class R-5E		45		3		8			1			(17	)		(1	)		36			3
Class R-5		11		1		—	†		—	†		—	†		—	†		11			1
Class R-6		478		36		66			5			(108	)		(8	)		436			33
Total net increase (decrease)	$	164,169		12,825	$	21,491			1,706		$	(116,139	)		(9,134	)	$	69,521			5,397
Year ended October 31, 2020
Class A	$	207,763		17,935	$	33,242			2,861		$	(162,132	)		(14,306	)	$	78,873			6,490
Class C		15,296		1,307		2,998			258			(19,174	)		(1,681	)		(880	)		(116	)
Class T		—		—		—			—			—			—			—			—
Class F-1		5,126		441		1,230			106			(10,394	)		(902	)		(4,038	)		(355	)
Class F-2		52,322		4,565		6,365			548			(41,401	)		(3,621	)		17,286			1,492
Class F-3		6,930		589		548			47			(2,692	)		(251	)		4,786			385
Class R-1		312		30		9			—	†		(335	)		(28	)		(14	)		2
Class R-2		690		58		72			6			(302	)		(25	)		460			39
Class R-2E		—		—		5			—	†		—	†		—	†		5			—	†
Class R-3		575		49		64			6			(124	)		(11	)		515			44
Class R-4		221		19		34			3			—	†		—	†		255			22
Class R-5E		152		13		19			2			(173	)		(15	)		(2	)		—	†
Class R-5		—		—		—			—			—			—			—			—
Class R-6		1,222		105		104			9			(100	)		(9	)		1,226			105
Total net increase (decrease)	$	290,609		25,111	$	44,690			3,846		$	(236,827	)		(20,849	)	$	98,472			8,108

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

American Funds Retirement Income Portfolio Series 23

Financial highlights

Conservative Portfolio

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class A:
4/30/20216,7	$	11.35	$	.12	$	1.07		$	1.19		$	(.24	)	$	(.09	)	$	(.33	)	$	12.21		10.57	%8	$	913			.35	%9		.35	%9		.61	%9		2.07	%9
10/31/2020		11.30		.25		.17			.42			(.29	)		(.08	)		(.37	)		11.35		3.75			755			.37			.37			.64			2.23
10/31/2019		10.59		.28		.78			1.06			(.27	)		(.08	)		(.35	)		11.30		10.32			535			.38			.38			.66			2.52
10/31/2018		10.99		.25		(.39	)		(.14	)		(.24	)		(.02	)		(.26	)		10.59		(1.31	)		370			.38			.38			.67			2.28
10/31/2017		10.43		.22		.58			.80			(.23	)		(.01	)		(.24	)		10.99		7.83			277			.40			.36			.65			2.08
10/31/2016		10.21		.21		.22			.43			(.21	)		—			(.21	)		10.43		4.23			149			.54			.38			.68			2.03
Class C:
4/30/20216,7		11.29		.08		1.07			1.15			(.20	)		(.09	)		(.29	)		12.15		10.25	8		139			1.05	9		1.05	9		1.31	9		1.36	9
10/31/2020		11.24		.17		.17			.34			(.21	)		(.08	)		(.29	)		11.29		3.06			116			1.07			1.07			1.34			1.55
10/31/2019		10.55		.20		.77			.97			(.20	)		(.08	)		(.28	)		11.24		9.42			96			1.08			1.08			1.36			1.84
10/31/2018		10.94		.17		(.37	)		(.20	)		(.17	)		(.02	)		(.19	)		10.55		(1.89	)		73			1.08			1.08			1.37			1.59
10/31/2017		10.39		.15		.57			.72			(.16	)		(.01	)		(.17	)		10.94		7.04			60			1.12			1.09			1.38			1.37
10/31/2016		10.20		.14		.21			.35			(.16	)		—			(.16	)		10.39		3.46			34			1.24			1.08			1.38			1.35
Class T:
4/30/20216,7		11.36		.14		1.07			1.21			(.26	)		(.09	)		(.35	)		12.22		10.71	8,10		—	11		.06	9,10		.06	9,10		.32	9,10		2.39	9,10
10/31/2020		11.31		.29		.16			.45			(.32	)		(.08	)		(.40	)		11.36		4.04	10		—	11		.07	10		.07	10		.34	10		2.57	10
10/31/2019		10.60		.31		.79			1.10			(.31	)		(.08	)		(.39	)		11.31		10.62	10		—	11		.08	10		.08	10		.36	10		2.86	10
10/31/2018		10.99		.28		(.38	)		(.10	)		(.27	)		(.02	)		(.29	)		10.60		(.95	)10		—	11		.09	10		.09	10		.38	10		2.59	10
10/31/20177,12		10.61		.13		.37			.50			(.12	)		—			(.12	)		10.99		4.76	8,10		—	11		.11	9,10		.06	9,10		.35	9,10		2.09	9,10
Class F-1:
4/30/20216,7		11.36		.12		1.06			1.18			(.24	)		(.09	)		(.33	)		12.21		10.46	8		30			.37	9		.37	9		.63	9		2.05	9
10/31/2020		11.30		.25		.18			.43			(.29	)		(.08	)		(.37	)		11.36		3.83			25			.38			.38			.65			2.21
10/31/2019		10.60		.28		.77			1.05			(.27	)		(.08	)		(.35	)		11.30		10.20			15			.39			.39			.67			2.53
10/31/2018		10.99		.25		(.38	)		(.13	)		(.24	)		(.02	)		(.26	)		10.60		(1.26	)		10			.40			.40			.69			2.28
10/31/2017		10.43		.22		.58			.80			(.23	)		(.01	)		(.24	)		10.99		7.78			9			.45			.41			.70			2.03
10/31/2016		10.21		.21		.22			.43			(.21	)		—			(.21	)		10.43		4.24			5			.54			.39			.69			2.05
Class F-2:
4/30/20216,7		11.37		.14		1.06			1.20			(.25	)		(.09	)		(.34	)		12.23		10.67	8		130			.12	9		.12	9		.38	9		2.30	9
10/31/2020		11.32		.28		.16			.44			(.31	)		(.08	)		(.39	)		11.37		3.97			105			.14			.14			.41			2.43
10/31/2019		10.61		.30		.79			1.09			(.30	)		(.08	)		(.38	)		11.32		10.54			82			.14			.14			.42			2.73
10/31/2018		11.00		.28		(.39	)		(.11	)		(.26	)		(.02	)		(.28	)		10.61		(1.01	)		45			.16			.16			.45			2.52
10/31/2017		10.44		.24		.58			.82			(.25	)		(.01	)		(.26	)		11.00		8.02			33			.20			.17			.46			2.27
10/31/2016		10.21		.22		.24			.46			(.23	)		—			(.23	)		10.44		4.53			15			.28			.15			.45			2.11
Class F-3:
4/30/20216,7		11.37		.14		1.07			1.21			(.26	)		(.09	)		(.35	)		12.23		10.72	8		21			.03	9		.03	9		.29	9		2.28	9
10/31/2020		11.31		.29		.17			.46			(.32	)		(.08	)		(.40	)		11.37		4.16			10			.04			.04			.31			2.57
10/31/2019		10.60		.30		.80			1.10			(.31	)		(.08	)		(.39	)		11.31		10.65			6			.04			.04			.32			2.68
10/31/2018		10.99		.29		(.39	)		(.10	)		(.27	)		(.02	)		(.29	)		10.60		(.92	)		1			.05			.05			.34			2.67
10/31/20177,13		10.49		.13		.55			.68			(.18	)		—			(.18	)		10.99		6.49	8		—	11		.15	9		.05	9		.34	9		1.58	9

See end of tables for footnotes.

24 American Funds Retirement Income Portfolio Series

Financial highlights (continued)

Conservative Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class R-1:
4/30/20216,7	$	11.32	$	.08	$	1.07		$	1.15		$	(.20	)	$	(.09	)	$	(.29	)	$	12.18		10.20	%8	$	2			1.08	%9		1.08	%9		1.34	%9		1.33	%9
10/31/2020		11.27		.17		.16			.33			(.20	)		(.08	)		(.28	)		11.32		3.00			1			1.08			1.08			1.35			1.53
10/31/2019		10.58		.20		.78			.98			(.21	)		(.08	)		(.29	)		11.27		9.42			1			1.13			1.13			1.41			1.87
10/31/2018		10.98		.17		(.38	)		(.21	)		(.17	)		(.02	)		(.19	)		10.58		(1.96	)		1			1.14			1.14			1.43			1.57
10/31/2017		10.42		.13		.58			.71			(.14	)		(.01	)		(.15	)		10.98		6.96			—	11		1.18			1.15			1.44			1.23
10/31/2016		10.21		.14		.24			.38			(.17	)		—			(.17	)		10.42		3.77			—	11		1.21			1.08			1.38			1.38
Class R-2:
4/30/20216,7		11.33		.09		1.06			1.15			(.20	)		(.09	)		(.29	)		12.19		10.23	8		2			1.01	9		1.01	9		1.27	9		1.48	9
10/31/2020		11.27		.20		.16			.36			(.22	)		(.08	)		(.30	)		11.33		3.28			2			.89			.89			1.16			1.73
10/31/2019		10.58		.22		.77			.99			(.22	)		(.08	)		(.30	)		11.27		9.58			2			.98			.98			1.26			2.04
10/31/2018		10.98		.19		(.38	)		(.19	)		(.19	)		(.02	)		(.21	)		10.58		(1.79	)		1			.92			.92			1.21			1.72
10/31/2017		10.42		.17		.58			.75			(.18	)		(.01	)		(.19	)		10.98		7.27			1			.90			.87			1.16			1.59
10/31/2016		10.21		.16		.24			.40			(.19	)		—			(.19	)		10.42		3.93			—	11		1.05			.96			1.26			1.56
Class R-2E:
4/30/20216,7		11.38		.11		1.08			1.19			(.25	)		(.09	)		(.34	)		12.23		10.50	8,10		—	11		.63	9,10		.50	9,10		.76	9,10		1.92	9,10
10/31/2020		11.32		.26		.16			.42			(.28	)		(.08	)		(.36	)		11.38		3.82	10		—	11		.61	10		.33	10		.60	10		2.30	10
10/31/2019		10.61		.29		.79			1.08			(.29	)		(.08	)		(.37	)		11.32		10.43	10		—	11		.50	10		.27	10		.55	10		2.66	10
10/31/2018		11.01		.26		(.38	)		(.12	)		(.26	)		(.02	)		(.28	)		10.61		(1.17	)10		—	11		.37	10		.28	10		.57	10		2.39	10
10/31/2017		10.44		.25		.58			.83			(.25	)		(.01	)		(.26	)		11.01		8.09	10		—	11		.38	10		.14	10		.43	10		2.34	10
10/31/2016		10.21		.22		.21			.43			(.20	)		—			(.20	)		10.44		4.28	10		—	11		.61	10		.33	10		.63	10		2.16	10
Class R-3:
4/30/20216,7		11.36		.11		1.06			1.17			(.22	)		(.09	)		(.31	)		12.22		10.40	8		4			.63	9		.63	9		.89	9		1.78	9
10/31/2020		11.31		.22		.17			.39			(.26	)		(.08	)		(.34	)		11.36		3.47			4			.65			.65			.92			1.97
10/31/2019		10.60		.25		.77			1.02			(.23	)		(.08	)		(.31	)		11.31		9.90			2			.69			.69			.97			2.26
10/31/2018		10.99		.21		(.37	)		(.16	)		(.21	)		(.02	)		(.23	)		10.60		(1.52	)		2			.69			.69			.98			1.92
10/31/2017		10.44		.18		.58			.76			(.20	)		(.01	)		(.21	)		10.99		7.36			2			.73			.70			.99			1.72
10/31/2016		10.21		.17		.25			.42			(.19	)		—			(.19	)		10.44		4.18			1			.76			.68			.98			1.66
Class R-4:
4/30/20216,7		11.36		.05		1.13			1.18			(.15	)		(.09	)		(.24	)		12.30		10.41	8		8			.38	9		.38	9		.64	9		.81	9
10/31/2020		11.30		.25		.17			.42			(.28	)		(.08	)		(.36	)		11.36		3.82			77			.39			.39			.66			2.24
10/31/2019		10.60		.28		.77			1.05			(.27	)		(.08	)		(.35	)		11.30		10.21			60			.38			.38			.66			2.53
10/31/2018		10.99		.24		(.37	)		(.13	)		(.24	)		(.02	)		(.26	)		10.60		(1.26	)		40			.42			.42			.71			2.23
10/31/2017		10.44		.18		.62			.80			(.24	)		(.01	)		(.25	)		10.99		7.77			35			.34			.28			.57			1.65
10/31/2016		10.21		.23		.20			.43			(.20	)		—			(.20	)		10.44		4.30			—	11		.48			.38			.68			2.18
Class R-5E:
4/30/20216,7		11.43		.10		1.11			1.21			(.25	)		(.09	)		(.34	)		12.30		10.71	8		—	11		.14	9		.11	9		.37	9		1.72	9
10/31/2020		11.31		.30		.14			.44			(.24	)		(.08	)		(.32	)		11.43		3.92			—	11		.21			.20			.47			2.70
10/31/2019		10.60		.30		.78			1.08			(.29	)		(.08	)		(.37	)		11.31		10.49			2			.19			.19			.47			2.76
10/31/2018		10.99		.27		(.38	)		(.11	)		(.26	)		(.02	)		(.28	)		10.60		(1.06	)		2			.20			.20			.49			2.46
10/31/2017		10.43		.22		.60			.82			(.25	)		(.01	)		(.26	)		10.99		8.02			2			.21			.13			.42			2.00
10/31/20167,14		10.17		.23		.24			.47			(.21	)		—			(.21	)		10.43		4.72	8		—	11		.50	9		.26	9		.56	9		2.32	9

See end of tables for footnotes.

American Funds Retirement Income Portfolio Series 25

Financial highlights (continued)

Conservative Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class R-5:
4/30/20216,7	$	11.38	$	.14	$	1.07		$	1.21		$	(.26	)	$	(.09	)	$	(.35	)	$	12.24		10.70	%8	$	2			.05	%9		.05	%9		.31	%9		2.38	%9
10/31/2020		11.33		.28		.17			.45			(.32	)		(.08	)		(.40	)		11.38		4.03			2			.08			.08			.35			2.41
10/31/2019		10.61		.29		.81			1.10			(.30	)		(.08	)		(.38	)		11.33		10.68			—	11		.09			.08			.36			2.58
10/31/2018		11.01		.28		(.39	)		(.11	)		(.27	)		(.02	)		(.29	)		10.61		(1.06	)10		—	11		.28	10		.12	10		.41	10		2.55	10
10/31/2017		10.44		.24		.58			.82			(.24	)		(.01	)		(.25	)		11.01		8.05			—	11		.44			.20			.49			2.28
10/31/2016		10.21		.22		.21			.43			(.20	)		—			(.20	)		10.44		4.27			—	11		.58			.34			.64			2.15
Class R-6:
4/30/20216,7		11.38		.14		1.07			1.21			(.26	)		(.09	)		(.35	)		12.24		10.71	8		29			.03	9		.03	9		.29	9		2.43	9
10/31/2020		11.32		.29		.17			.46			(.32	)		(.08	)		(.40	)		11.38		4.16			25			.04			.04			.31			2.59
10/31/2019		10.61		.30		.80			1.10			(.31	)		(.08	)		(.39	)		11.32		10.64			24			.05			.05			.33			2.77
10/31/2018		11.00		.28		(.38	)		(.10	)		(.27	)		(.02	)		(.29	)		10.61		(.93	)		12			.06			.06			.35			2.59
10/31/2017		10.44		.25		.58			.83			(.26	)		(.01	)		(.27	)		11.00		8.11			8			.10			.07			.36			2.38
10/31/2016		10.21		.25		.20			.45			(.22	)		—			(.22	)		10.44		4.43			6			.14			.06			.36			2.40

See end of tables for footnotes.

26 American Funds Retirement Income Portfolio Series

Financial highlights (continued)

Moderate Portfolio

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class A:
4/30/20216,7	$	11.34	$	.15	$	1.52		$	1.67		$	(.21	)	$	(.13	)	$	(.34	)	$	12.67		14.91	%8	$	1,077			.33	%9		.33	%9		.60	%9		2.44	%9
10/31/2020		11.58		.29		(.08	)		.21			(.31	)		(.14	)		(.45	)		11.34		1.82			908			.35			.35			.62			2.51
10/31/2019		10.89		.30		.81			1.11			(.30	)		(.12	)		(.42	)		11.58		10.53			798			.33			.33			.62			2.67
10/31/2018		11.28		.27		(.36	)		(.09	)		(.27	)		(.03	)		(.30	)		10.89		(.84	)		603			.37			.37			.66			2.40
10/31/2017		10.48		.25		.82			1.07			(.25	)		(.02	)		(.27	)		11.28		10.40			458			.40			.39			.69			2.28
10/31/2016		10.26		.24		.22			.46			(.24	)		—			(.24	)		10.48		4.50			251			.47			.38			.69			2.31
Class C:
4/30/20216,7		11.29		.10		1.52			1.62			(.17	)		(.13	)		(.30	)		12.61		14.49	8		109			1.04	9		1.04	9		1.31	9		1.74	9
10/31/2020		11.53		.21		(.08	)		.13			(.23	)		(.14	)		(.37	)		11.29		1.10			93			1.05			1.05			1.32			1.83
10/31/2019		10.85		.22		.80			1.02			(.22	)		(.12	)		(.34	)		11.53		9.70			95			1.06			1.06			1.35			1.95
10/31/2018		11.24		.19		(.36	)		(.17	)		(.19	)		(.03	)		(.22	)		10.85		(1.52	)		78			1.07			1.07			1.36			1.71
10/31/2017		10.44		.17		.83			1.00			(.18	)		(.02	)		(.20	)		11.24		9.72			65			1.10			1.09			1.39			1.57
10/31/2016		10.25		.17		.21			.38			(.19	)		—			(.19	)		10.44		3.74			39			1.17			1.08			1.39			1.62
Class T:
4/30/20216,7		11.34		.17		1.52			1.69			(.23	)		(.13	)		(.36	)		12.67		15.06	8,10		—	11		.05	9,10		.05	9,10		.32	9,10		2.75	9,10
10/31/2020		11.58		.32		(.08	)		.24			(.34	)		(.14	)		(.48	)		11.34		2.11	10		—	11		.06	10		.06	10		.33	10		2.83	10
10/31/2019		10.89		.33		.81			1.14			(.33	)		(.12	)		(.45	)		11.58		10.82	10		—	11		.07	10		.07	10		.36	10		2.98	10
10/31/2018		11.28		.31		(.37	)		(.06	)		(.30	)		(.03	)		(.33	)		10.89		(.57	)10		—	11		.08	10		.08	10		.37	10		2.72	10
10/31/20177,12		10.79		.14		.48			.62			(.13	)		—			(.13	)		11.28		5.80	8,10		—	11		.09	9,10		.08	9,10		.38	9,10		2.20	9,10
Class F-1:
4/30/20216,7		11.34		.15		1.52			1.67			(.21	)		(.13	)		(.34	)		12.67		14.89	8		23			.37	9		.37	9		.64	9		2.43	9
10/31/2020		11.58		.28		(.07	)		.21			(.31	)		(.14	)		(.45	)		11.34		1.82			20			.37			.37			.64			2.48
10/31/2019		10.89		.29		.81			1.10			(.29	)		(.12	)		(.41	)		11.58		10.46			15			.39			.39			.68			2.62
10/31/2018		11.28		.27		(.36	)		(.09	)		(.27	)		(.03	)		(.30	)		10.89		(.89	)		13			.39			.39			.68			2.40
10/31/2017		10.47		.25		.83			1.08			(.25	)		(.02	)		(.27	)		11.28		10.46			12			.42			.41			.71			2.26
10/31/2016		10.27		.25		.19			.44			(.24	)		—			(.24	)		10.47		4.32			9			.48			.39			.70			2.37
Class F-2:
4/30/20216,7		11.36		.16		1.53			1.69			(.23	)		(.13	)		(.36	)		12.69		15.00	8		120			.12	9		.12	9		.39	9		2.68	9
10/31/2020		11.60		.31		(.08	)		.23			(.33	)		(.14	)		(.47	)		11.36		2.05			100			.12			.12			.39			2.74
10/31/2019		10.91		.32		.81			1.13			(.32	)		(.12	)		(.44	)		11.60		10.74			86			.13			.13			.42			2.87
10/31/2018		11.29		.29		(.35	)		(.06	)		(.29	)		(.03	)		(.32	)		10.91		(.55	)		62			.15			.15			.44			2.58
10/31/2017		10.49		.27		.82			1.09			(.27	)		(.02	)		(.29	)		11.29		10.62			38			.17			.16			.46			2.44
10/31/2016		10.27		.26		.21			.47			(.25	)		—			(.25	)		10.49		4.68			14			.24			.15			.46			2.44
Class F-3:
4/30/20216,7		11.35		.16		1.52			1.68			(.23	)		(.13	)		(.36	)		12.67		14.98	8		12			.02	9		.02	9		.29	9		2.65	9
10/31/2020		11.59		.33		(.09	)		.24			(.34	)		(.14	)		(.48	)		11.35		2.15			7			.03			.03			.30			2.88
10/31/2019		10.90		.33		.81			1.14			(.33	)		(.12	)		(.45	)		11.59		10.85			6			.03			.03			.32			2.98
10/31/2018		11.28		.31		(.36	)		(.05	)		(.30	)		(.03	)		(.33	)		10.90		(.45	)		5			.04			.04			.33			2.72
10/31/20177,13		10.65		.20		.62			.82			(.19	)		—			(.19	)		11.28		7.80	8		—	11		.09	9		.06	9		.36	9		2.37	9

See end of tables for footnotes.

American Funds Retirement Income Portfolio Series 27

Financial highlights (continued)

Moderate Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class R-1:
4/30/20216,7	$	11.33	$	.10	$	1.52		$	1.62		$	(.17	)	$	(.13	)	$	(.30	)	$	12.65		14.41	%8	$	1			1.06	%9		1.06	%9		1.33	%9		1.64	%9
10/31/2020		11.57		.20		(.07	)		.13			(.23	)		(.14	)		(.37	)		11.33		1.10			1			1.08			1.08			1.35			1.78
10/31/2019		10.89		.19		.84			1.03			(.23	)		(.12	)		(.35	)		11.57		9.71			—	11		1.09			1.09			1.38			1.73
10/31/2018		11.27		.19		(.35	)		(.16	)		(.19	)		(.03	)		(.22	)		10.89		(1.45	)10		—	11		1.05	10		1.05	10		1.34	10		1.65	10
10/31/2017		10.47		.18		.82			1.00			(.18	)		(.02	)		(.20	)		11.27		9.69	10		—	11		1.08	10		1.07	10		1.37	10		1.64	10
10/31/2016		10.27		.18		.20			.38			(.18	)		—			(.18	)		10.47		3.77	10		—	11		1.08	10		.95	10		1.26	10		1.72	10
Class R-2:
4/30/20216,7		11.30		.11		1.52			1.63			(.18	)		(.13	)		(.31	)		12.62		14.56	8		3			.90	9		.90	9		1.17	9		1.89	9
10/31/2020		11.54		.23		(.08	)		.15			(.25	)		(.14	)		(.39	)		11.30		1.34			3			.86			.86			1.13			2.06
10/31/2019		10.86		.23		.81			1.04			(.24	)		(.12	)		(.36	)		11.54		9.82			3			.97			.97			1.26			2.03
10/31/2018		11.26		.20		(.35	)		(.15	)		(.22	)		(.03	)		(.25	)		10.86		(1.37	)		2			.94			.94			1.23			1.81
10/31/2017		10.48		.22		.80			1.02			(.22	)		(.02	)		(.24	)		11.26		9.91			1			.88			.87			1.17			1.97
10/31/2016		10.26		.21		.24			.45			(.23	)		—			(.23	)		10.48		4.43	10		—	11		.75	10		.64	10		.95	10		2.00	10
Class R-2E:
4/30/20216,7		11.36		.13		1.52			1.65			(.19	)		(.13	)		(.32	)		12.69		14.71	8,10		—	11		.71	9,10		.66	9,10		.93	9,10		2.12	9,10
10/31/2020		11.59		.25		(.09	)		.16			(.25	)		(.14	)		(.39	)		11.36		1.42	10		—	11		.75	10		.74	10		1.01	10		2.19	10
10/31/2019		10.91		.24		.86			1.10			(.30	)		(.12	)		(.42	)		11.59		10.40	10		—	11		.64	10		.64	10		.93	10		2.08	10
10/31/2018		11.30		.29		(.36	)		(.07	)		(.29	)		(.03	)		(.32	)		10.91		(.66	)10		—	11		.29	10		.20	10		.49	10		2.59	10
10/31/2017		10.49		.28		.82			1.10			(.27	)		(.02	)		(.29	)		11.30		10.68	10		—	11		.36	10		.15	10		.45	10		2.54	10
10/31/2016		10.27		.25		.20			.45			(.23	)		—			(.23	)		10.49		4.45	10		—	11		.50	10		.32	10		.63	10		2.42	10
Class R-3:
4/30/20216,7		11.33		.12		1.52			1.64			(.20	)		(.13	)		(.33	)		12.64		14.64	8		4			.60	9		.60	9		.87	9		1.95	9
10/31/2020		11.57		.25		(.07	)		.18			(.28	)		(.14	)		(.42	)		11.33		1.61			1			.59			.59			.86			2.22
10/31/2019		10.88		.28		.80			1.08			(.27	)		(.12	)		(.39	)		11.57		10.23			1			.63			.63			.92			2.46
10/31/2018		11.27		.24		(.36	)		(.12	)		(.24	)		(.03	)		(.27	)		10.88		(1.10	)		1			.65			.65			.94			2.14
10/31/2017		10.49		.21		.85			1.06			(.26	)		(.02	)		(.28	)		11.27		10.29			—	11		.67			.65			.95			1.91
10/31/2016		10.27		.26		.20			.46			(.24	)		—			(.24	)		10.49		4.52	10		—	11		.39	10		.25	10		.56	10		2.49	10
Class R-4:
4/30/20216,7		11.34		.14		1.53			1.67			(.21	)		(.13	)		(.34	)		12.67		14.93	8		1			.34	9		.34	9		.61	9		2.26	9
10/31/2020		11.58		.31		(.10	)		.21			(.31	)		(.14	)		(.45	)		11.34		1.83			1			.33			.33			.60			2.76
10/31/2019		10.90		.26		.84			1.10			(.30	)		(.12	)		(.42	)		11.58		10.43			1			.38			.38			.67			2.35
10/31/2018		11.29		.27		(.36	)		(.09	)		(.27	)		(.03	)		(.30	)		10.90		(.80	)		—	11		.35			.35			.64			2.36
10/31/2017		10.48		.25		.84			1.09			(.26	)		(.02	)		(.28	)		11.29		10.60			—	11		.33			.31			.61			2.27
10/31/2016		10.27		.22		.22			.44			(.23	)		—			(.23	)		10.48		4.35	10		—	11		.49	10		.38	10		.69	10		2.17	10
Class R-5E:
4/30/20216,7		11.36		.17		1.51			1.68			(.23	)		(.13	)		(.36	)		12.68		14.96	8		—	11		.18	9		.06	9		.33	9		2.73	9
10/31/2020		11.59		.33		(.08	)		.25			(.34	)		(.14	)		(.48	)		11.36		2.19			—	11		.23			.04			.31			2.85
10/31/2019		10.90		.32		.80			1.12			(.31	)		(.12	)		(.43	)		11.59		10.66	10		—	11		.22	10		.20	10		.49	10		2.84	10
10/31/2018		11.29		.30		(.37	)		(.07	)		(.29	)		(.03	)		(.32	)		10.90		(.65	)10		—	11		.18	10		.15	10		.44	10		2.64	10
10/31/2017		10.48		.28		.82			1.10			(.27	)		(.02	)		(.29	)		11.29		10.73			—	11		.28			.14			.44			2.54
10/31/20167,14		10.23		.25		.24			.49			(.24	)		—			(.24	)		10.48		4.88	8		—	11		.40	9		.26	9		.57	9		2.61	9

See end of tables for footnotes.

28 American Funds Retirement Income Portfolio Series

Financial highlights (continued)

Moderate Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class R-5:
4/30/20216,7	$	11.38	$	.15	$	1.54		$	1.69		$	(.23	)	$	(.13	)	$	(.36	)	$	12.71		14.99	%8	$	1			.07	%9		.07	%9		.34	%9		2.35	%9
10/31/2020		11.60		.33		(.10	)		.23			(.31	)		(.14	)		(.45	)		11.38		2.02			—	11		.14			.10			.37			2.83
10/31/2019		10.91		.39		.74			1.13			(.32	)		(.12	)		(.44	)		11.60		10.73			—	11		.13			.09			.38			3.39
10/31/2018		11.30		.30		(.36	)		(.06	)		(.30	)		(.03	)		(.33	)		10.91		(.60	)		—	11		.34			.11			.40			2.68
10/31/2017		10.49		.27		.82			1.09			(.26	)		(.02	)		(.28	)		11.30		10.62			—	11		.41			.21			.51			2.47
10/31/2016		10.27		.25		.20			.45			(.23	)		—			(.23	)		10.49		4.44			—	11		.48			.34			.65			2.40
Class R-6:
4/30/20216,7		11.37		.15		1.54			1.69			(.23	)		(.13	)		(.36	)		12.70		15.04	8		4			.03	9		.03	9		.30	9		2.48	9
10/31/2020		11.61		.33		(.09	)		.24			(.34	)		(.14	)		(.48	)		11.37		2.14			2			.04			.04			.31			2.90
10/31/2019		10.92		.31		.83			1.14			(.33	)		(.12	)		(.45	)		11.61		10.83			2			.05			.04			.33			2.77
10/31/2018		11.30		.31		(.36	)		(.05	)		(.30	)		(.03	)		(.33	)		10.92		(.46	)		—	11		.09			.05			.34			2.76
10/31/2017		10.49		.28		.83			1.11			(.28	)		(.02	)		(.30	)		11.30		10.82			—	11		.08			.07			.37			2.61
10/31/2016		10.27		.26		.20			.46			(.24	)		—			(.24	)		10.49		4.54			—	11		.34			.21			.52			2.53

See end of tables for footnotes.

American Funds Retirement Income Portfolio Series 29

Financial highlights (continued)

Enhanced Portfolio

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class A:
4/30/20216,7	$	11.48	$	.17	$	1.97		$	2.14		$	(.18	)	$	(.04	)	$	(.22	)	$	13.40		18.79	%8	$	1,029			.30	%9		.30	%9		.60	%9		2.73	%9
10/31/2020		11.91		.32		(.26	)		.06			(.32	)		(.17	)		(.49	)		11.48		.50			834			.35			.35			.64			2.73
10/31/2019		11.21		.31		.86			1.17			(.32	)		(.15	)		(.47	)		11.91		10.81			787			.36			.36			.66			2.69
10/31/2018		11.59		.29		(.35	)		(.06	)		(.29	)		(.03	)		(.32	)		11.21		(.53	)		586			.37			.37			.68			2.51
10/31/2017		10.54		.27		1.09			1.36			(.27	)		(.04	)		(.31	)		11.59		13.07			426			.40			.39			.71			2.43
10/31/2016		10.33		.27		.19			.46			(.25	)		—			(.25	)		10.54		4.55			215			.48			.38			.70			2.54
Class C:
4/30/20216,7		11.43		.13		1.97			2.10			(.14	)		(.04	)		(.18	)		13.35		18.44	8		98			1.04	9		1.04	9		1.34	9		1.99	9
10/31/2020		11.86		.24		(.27	)		(.03	)		(.23	)		(.17	)		(.40	)		11.43		(.22	)		83			1.05			1.05			1.34			2.04
10/31/2019		11.17		.23		.85			1.08			(.24	)		(.15	)		(.39	)		11.86		10.00			87			1.06			1.06			1.36			2.00
10/31/2018		11.55		.21		(.35	)		(.14	)		(.21	)		(.03	)		(.24	)		11.17		(1.22	)		67			1.07			1.07			1.38			1.82
10/31/2017		10.51		.19		1.09			1.28			(.20	)		(.04	)		(.24	)		11.55		12.28			59			1.10			1.09			1.41			1.73
10/31/2016		10.32		.20		.19			.39			(.20	)		—			(.20	)		10.51		3.83			31			1.19			1.09			1.41			1.89
Class T:
4/30/20216,7		11.48		.19		1.98			2.17			(.20	)		(.04	)		(.24	)		13.41		19.02	8,10		—	11		.05	9,10		.05	9,10		.35	9,10		3.00	9,10
10/31/2020		11.91		.35		(.26	)		.09			(.35	)		(.17	)		(.52	)		11.48		.79	10		—	11		.06	10		.06	10		.35	10		3.04	10
10/31/2019		11.21		.35		.85			1.20			(.35	)		(.15	)		(.50	)		11.91		11.12	10		—	11		.07	10		.07	10		.37	10		3.04	10
10/31/2018		11.59		.33		(.36	)		(.03	)		(.32	)		(.03	)		(.35	)		11.21		(.26	)10		—	11		.08	10		.08	10		.39	10		2.83	10
10/31/20177,12		10.98		.15		.60			.75			(.14	)		—			(.14	)		11.59		6.90	8,10		—	11		.09	9,10		.08	9,10		.40	9,10		2.30	9,10
Class F-1:
4/30/20216,7		11.48		.17		1.98			2.15			(.18	)		(.04	)		(.22	)		13.41		18.82	8		27			.38	9		.38	9		.68	9		2.67	9
10/31/2020		11.91		.31		(.26	)		.05			(.31	)		(.17	)		(.48	)		11.48		.45			26			.39			.39			.68			2.71
10/31/2019		11.21		.31		.85			1.16			(.31	)		(.15	)		(.46	)		11.91		10.77			31			.39			.39			.69			2.69
10/31/2018		11.59		.29		(.35	)		(.06	)		(.29	)		(.03	)		(.32	)		11.21		(.56	)		26			.40			.40			.71			2.48
10/31/2017		10.54		.26		1.09			1.35			(.26	)		(.04	)		(.30	)		11.59		13.01			19			.43			.42			.74			2.37
10/31/2016		10.33		.25		.21			.46			(.25	)		—			(.25	)		10.54		4.55			17			.48			.39			.71			2.34
Class F-2:
4/30/20216,7		11.50		.19		1.96			2.15			(.19	)		(.04	)		(.23	)		13.42		18.86	8		187			.12	9		.12	9		.42	9		2.93	9
10/31/2020		11.93		.34		(.26	)		.08			(.34	)		(.17	)		(.51	)		11.50		.72			152			.13			.13			.42			2.95
10/31/2019		11.22		.33		.87			1.20			(.34	)		(.15	)		(.49	)		11.93		11.11			140			.14			.14			.44			2.89
10/31/2018		11.60		.31		(.34	)		(.03	)		(.32	)		(.03	)		(.35	)		11.22		(.32	)		106			.15			.15			.46			2.68
10/31/2017		10.55		.29		1.09			1.38			(.29	)		(.04	)		(.33	)		11.60		13.29			71			.18			.17			.49			2.64
10/31/2016		10.33		.28		.21			.49			(.27	)		—			(.27	)		10.55		4.82			27			.25			.15			.47			2.63
Class F-3:
4/30/20216,7		11.49		.19		1.97			2.16			(.20	)		(.04	)		(.24	)		13.41		18.93	8		22			.02	9		.02	9		.32	9		2.93	9
10/31/2020		11.92		.36		(.27	)		.09			(.35	)		(.17	)		(.52	)		11.49		.83			14			.03			.03			.32			3.09
10/31/2019		11.21		.35		.86			1.21			(.35	)		(.15	)		(.50	)		11.92		11.25			10			.03			.03			.33			3.06
10/31/2018		11.59		.34		(.36	)		(.02	)		(.33	)		(.03	)		(.36	)		11.21		(.23	)		2			.05			.05			.36			2.94
10/31/20177,13		10.81		.22		.77			.99			(.21	)		—			(.21	)		11.59		9.22	8		1			.10	9		.07	9		.39	9		2.56	9

See end of tables for footnotes.

30 American Funds Retirement Income Portfolio Series

Financial highlights(continued)

Enhanced Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class R-1:
4/30/20216,7	$	11.46	$	.09	$	2.01		$	2.10		$	(.13	)	$	(.04	)	$	(.17	)	$	13.39		18.38	%8	$	1			1.03	%9		1.03	%9		1.33	%9		1.38	%9
10/31/2020		11.91		.26		(.28	)		(.02	)		(.26	)		(.17	)		(.43	)		11.46		(.16	)10		—	11		1.02	10		1.02	10		1.31	10		2.27	10
10/31/2019		11.20		.24		.86			1.10			(.24	)		(.15	)		(.39	)		11.91		10.14	10		—	11		1.06	10		1.06	10		1.36	10		2.10	10
10/31/2018		11.59		.23		(.37	)		(.14	)		(.22	)		(.03	)		(.25	)		11.20		(1.19	)10		—	11		.98	10		.97	10		1.28	10		2.00	10
10/31/2017		10.54		.21		1.11			1.32			(.23	)		(.04	)		(.27	)		11.59		12.62	10		—	11		.90	10		.84	10		1.16	10		1.92	10
10/31/2016		10.33		.22		.25			.47			(.26	)		—			(.26	)		10.54		4.59	10		—	11		.55	10		.43	10		.75	10		2.10	10
Class R-2:
4/30/20216,7		11.42		.14		1.96			2.10			(.15	)		(.04	)		(.19	)		13.33		18.50	8		3			.83	9		.83	9		1.13	9		2.20	9
10/31/2020		11.85		.25		(.25	)		—	15		(.26	)		(.17	)		(.43	)		11.42		.02			2			.85			.85			1.14			2.19
10/31/2019		11.16		.23		.87			1.10			(.26	)		(.15	)		(.41	)		11.85		10.24			2			.93			.93			1.23			1.99
10/31/2018		11.56		.22		(.35	)		(.13	)		(.24	)		(.03	)		(.27	)		11.16		(1.12	)		1			.89			.89			1.20			1.90
10/31/2017		10.52		.19		1.12			1.31			(.23	)		(.04	)		(.27	)		11.56		12.57			1			.88			.87			1.19			1.70
10/31/2016		10.33		.21		.21			.42			(.23	)		—			(.23	)		10.52		4.08			—	11		1.01			.93			1.25			1.94
Class R-2E:
4/30/20216,7		11.49		.14		1.98			2.12			(.15	)		(.04	)		(.19	)		13.42		18.58	8,10		—	11		.78	9,10		.78	9,10		1.08	9,10		2.26	9,10
10/31/2020		11.92		.27		(.26	)		.01			(.27	)		(.17	)		(.44	)		11.49		.05	10		—	11		.79	10		.79	10		1.08	10		2.29	10
10/31/2019		11.23		.22		.91			1.13			(.29	)		(.15	)		(.44	)		11.92		10.45	10		—	11		.76	10		.76	10		1.06	10		1.89	10
10/31/2018		11.61		.32		(.36	)		(.04	)		(.31	)		(.03	)		(.34	)		11.23		(.34	)10		—	11		.27	10		.19	10		.50	10		2.72	10
10/31/2017		10.55		.30		1.09			1.39			(.29	)		(.04	)		(.33	)		11.61		13.35	10		—	11		.36	10		.15	10		.47	10		2.70	10
10/31/2016		10.33		.27		.20			.47			(.25	)		—			(.25	)		10.55		4.60	10		—	11		.49	10		.33	10		.65	10		2.62	10
Class R-3:
4/30/20216,7		11.45		.16		1.97			2.13			(.17	)		(.04	)		(.21	)		13.37		18.69	8		2			.56	9		.56	9		.86	9		2.46	9
10/31/2020		11.89		.29		(.26	)		.03			(.30	)		(.17	)		(.47	)		11.45		.23			2			.56			.56			.85			2.47
10/31/2019		11.20		.27		.87			1.14			(.30	)		(.15	)		(.45	)		11.89		10.53			2			.64			.64			.94			2.35
10/31/2018		11.59		.28		(.38	)		(.10	)		(.26	)		(.03	)		(.29	)		11.20		(.85	)		1			.67			.67			.98			2.40
10/31/2017		10.54		.24		1.08			1.32			(.23	)		(.04	)		(.27	)		11.59		12.69			—	11		.72			.71			1.03			2.16
10/31/2016		10.33		.25		.19			.44			(.23	)		—			(.23	)		10.54		4.35			—	11		.76			.67			.99			2.43
Class R-4:
4/30/20216,7		11.49		.18		1.97			2.15			(.19	)		(.04	)		(.23	)		13.41		18.82	8		3			.32	9		.32	9		.62	9		2.86	9
10/31/2020		11.92		.32		(.25	)		.07			(.33	)		(.17	)		(.50	)		11.49		.59			1			.27			.27			.56			2.74
10/31/2019		11.21		.32		.86			1.18			(.32	)		(.15	)		(.47	)		11.92		10.95			1			.33			.33			.63			2.80
10/31/2018		11.60		.30		(.36	)		(.06	)		(.30	)		(.03	)		(.33	)		11.21		(.55	)		1			.32			.32			.63			2.59
10/31/2017		10.54		.28		1.09			1.37			(.27	)		(.04	)		(.31	)		11.60		13.17			—	11		.37			.36			.68			2.49
10/31/2016		10.33		.30		.16			.46			(.25	)		—			(.25	)		10.54		4.52			—	11		.46			.39			.71			2.81
Class R-5E:
4/30/20216,7		11.49		.18		1.97			2.15			(.19	)		(.04	)		(.23	)		13.41		18.86	8		—	11		.15	9		.15	9		.45	9		2.87	9
10/31/2020		11.92		.35		(.27	)		.08			(.34	)		(.17	)		(.51	)		11.49		.69			—	11		.17			.17			.46			2.97
10/31/2019		11.22		.34		.85			1.19			(.34	)		(.15	)		(.49	)		11.92		10.99			—	11		.21			.21			.51			2.94
10/31/2018		11.60		.32		(.36	)		(.04	)		(.31	)		(.03	)		(.34	)		11.22		(.33	)10		—	11		.17	10		.15	10		.46	10		2.75	10
10/31/2017		10.54		.30		1.09			1.39			(.29	)		(.04	)		(.33	)		11.60		13.40			—	11		.28			.14			.46			2.71
10/31/20167,14		10.30		.28		.22			.50			(.26	)		—			(.26	)		10.54		4.93	8		—	11		.39	9		.27	9		.59	9		2.85	9

See end of tables for footnotes.

American Funds Retirement Income Portfolio Series 31

Financial highlights(continued)

Enhanced Portfolio (continued)

			Income (loss) from investment operations1								Dividends and distributions																	Ratio of			Ratio of
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)			expenses to average net assets before waivers/ reimburse- ments4			expenses to average net assets after waivers/ reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class R-5:
4/30/20216,7	$	11.51	$	.19	$	1.97		$	2.16		$	(.20	)	$	(.04	)	$	(.24	)	$	13.43		18.89	%8	$	—	11		.13	%9		.04	%9		.34	%9		3.03	%9
10/31/2020		11.93		.36		(.26	)		.10			(.35	)		(.17	)		(.52	)		11.51		.86			—	11		.22			.04			.33			3.06
10/31/2019		11.23		.35		.85			1.20			(.35	)		(.15	)		(.50	)		11.93		11.10	10		—	11		.21	10		.09	10		.39	10		3.01	10
10/31/2018		11.61		.33		(.36	)		(.03	)		(.32	)		(.03	)		(.35	)		11.23		(.28	)10		—	11		.27	10		.11	10		.42	10		2.79	10
10/31/2017		10.55		.29		1.09			1.38			(.28	)		(.04	)		(.32	)		11.61		13.29			—	11		.41			.20			.52			2.65
10/31/2016		10.33		.27		.20			.47			(.25	)		—			(.25	)		10.55		4.59			—	11		.47			.34			.66			2.61
Class R-6:
4/30/20216,7		11.50		.19		1.98			2.17			(.20	)		(.04	)		(.24	)		13.43		19.00	8		4			.02	9		.02	9		.32	9		2.97	9
10/31/2020		11.93		.35		(.26	)		.09			(.35	)		(.17	)		(.52	)		11.50		.82			3			.04			.04			.33			3.00
10/31/2019		11.23		.35		.85			1.20			(.35	)		(.15	)		(.50	)		11.93		11.14			2			.06			.04			.34			3.05
10/31/2018		11.61		.32		(.34	)		(.02	)		(.33	)		(.03	)		(.36	)		11.23		(.24	)		1			.09			.05			.36			2.73
10/31/2017		10.55		.26		1.14			1.40			(.30	)		(.04	)		(.34	)		11.61		13.49			—	11		.08			.06			.38			2.24
10/31/2016		10.33		.26		.22			.48			(.26	)		—			(.26	)		10.55		4.70			—	11		.32			.20			.52			2.54

See end of tables for footnotes.

32 American Funds Retirement Income Portfolio Series

Financial highlights(continued)

	Six months ended			Year ended October 31,
Portfolio turnover rate for all share classes	April 30, 20216,7,8			2020			2019			2018			2017			2016
Conservative Portfolio		7	%		5	%		2	%		3	%		2	%		—	%16
Moderate Portfolio		2			5			1			1			3			—	16
Enhanced Portfolio		2			15			3			2			1			3

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges.
3	This column reflects the impact, if any, of certain waivers/reimbursements from CRMC. During some of the periods shown, CRMC waived a portion of investment advisory services fees, reimbursed a portion of transfer agent services fees for certain share classes and/or reimbursed a portion of miscellaneous fees and expenses during the funds’ startup period.
4	This column does not include expenses of the underlying funds in which each fund invests.
5	This column reflects the net effective expense ratios for each fund and class, which include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See expense example for further information regarding fees and expenses.
6	Unaudited.
7	Based on operations for a period that is less than a full year.
8	Not annualized.
9	Annualized.
10	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.
11	Amount less than $1 million.
12	Class T shares began investment operations on April 7, 2017.
13	Class F-3 shares began investment operations on January 27, 2017.
14	Class R-5E shares began investment operations on November 20, 2015.
15	Amount less than $.01.
16	Amount is either less than 1% or there is no turnover.

See notes to financial statements.

American Funds Retirement Income Portfolio Series 33

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 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 examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (November 1, 2020, through April 30, 2021).

Actual expenses:

The first line of each share class in the tables on the following pages 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 tables on the following pages 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 and 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 tables on the following pages 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 tables 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.

34 American Funds Retirement Income Portfolio Series

Expense example (continued)

Conservative Portfolio

	Beginning account value 11/1/2020		Ending account value 4/30/2021		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,105.68	$	1.83		.35	%	$	3.18		.61	%
Class A – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.06		.61
Class C – actual return		1,000.00		1,102.50		5.47		1.05			6.83		1.31
Class C – assumed 5% return		1,000.00		1,019.59		5.26		1.05			6.56		1.31
Class T – actual return		1,000.00		1,107.14		.31		.06			1.67		.32
Class T – assumed 5% return		1,000.00		1,024.50		.30		.06			1.61		.32
Class F-1 – actual return		1,000.00		1,104.55		1.93		.37			3.29		.63
Class F-1 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.16		.63
Class F-2 – actual return		1,000.00		1,106.72		.63		.12			1.98		.38
Class F-2 – assumed 5% return		1,000.00		1,024.20		.60		.12			1.91		.38
Class F-3 – actual return		1,000.00		1,107.23		.16		.03			1.52		.29
Class F-3 – assumed 5% return		1,000.00		1,024.65		.15		.03			1.45		.29
Class R-1 – actual return		1,000.00		1,101.99		5.63		1.08			6.98		1.34
Class R-1 – assumed 5% return		1,000.00		1,019.44		5.41		1.08			6.71		1.34
Class R-2 – actual return		1,000.00		1,102.26		5.26		1.01			6.62		1.27
Class R-2 – assumed 5% return		1,000.00		1,019.79		5.06		1.01			6.36		1.27
Class R-2E – actual return		1,000.00		1,104.99		2.61		.50			3.97		.76
Class R-2E – assumed 5% return		1,000.00		1,022.32		2.51		.50			3.81		.76
Class R-3 – actual return		1,000.00		1,103.95		3.29		.63			4.64		.89
Class R-3 – assumed 5% return		1,000.00		1,021.67		3.16		.63			4.46		.89
Class R-4 – actual return		1,000.00		1,104.10		1.98		.38			3.34		.64
Class R-4 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.21		.64
Class R-5E – actual return		1,000.00		1,107.10		.57		.11			1.93		.37
Class R-5E – assumed 5% return		1,000.00		1,024.25		.55		.11			1.86		.37
Class R-5 – actual return		1,000.00		1,107.02		.26		.05			1.62		.31
Class R-5 – assumed 5% return		1,000.00		1,024.55		.25		.05			1.56		.31
Class R-6 – actual return		1,000.00		1,107.13		.16		.03			1.52		.29
Class R-6 – assumed 5% return		1,000.00		1,024.65		.15		.03			1.45		.29

See end of tables for footnotes.

American Funds Retirement Income Portfolio Series 35

Expense example (continued)

Moderate Portfolio

	Beginning account value 11/1/2020		Ending account value 4/30/2021		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,149.08	$	1.76		.33	%	$	3.20		.60	%
Class A – assumed 5% return		1,000.00		1,023.16		1.66		.33			3.01		.60
Class C – actual return		1,000.00		1,144.90		5.53		1.04			6.97		1.31
Class C – assumed 5% return		1,000.00		1,019.64		5.21		1.04			6.56		1.31
Class T – actual return		1,000.00		1,150.64		.27		.05			1.71		.32
Class T – assumed 5% return		1,000.00		1,024.55		.25		.05			1.61		.32
Class F-1 – actual return		1,000.00		1,148.86		1.97		.37			3.41		.64
Class F-1 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.21		.64
Class F-2 – actual return		1,000.00		1,150.03		.64		.12			2.08		.39
Class F-2 – assumed 5% return		1,000.00		1,024.20		.60		.12			1.96		.39
Class F-3 – actual return		1,000.00		1,149.78		.11		.02			1.55		.29
Class F-3 – assumed 5% return		1,000.00		1,024.70		.10		.02			1.45		.29
Class R-1 – actual return		1,000.00		1,144.09		5.64		1.06			7.07		1.33
Class R-1 – assumed 5% return		1,000.00		1,019.54		5.31		1.06			6.66		1.33
Class R-2 – actual return		1,000.00		1,145.61		4.79		.90			6.22		1.17
Class R-2 – assumed 5% return		1,000.00		1,020.33		4.51		.90			5.86		1.17
Class R-2E – actual return		1,000.00		1,147.06		3.51		.66			4.95		.93
Class R-2E – assumed 5% return		1,000.00		1,021.52		3.31		.66			4.66		.93
Class R-3 – actual return		1,000.00		1,146.41		3.19		.60			4.63		.87
Class R-3 – assumed 5% return		1,000.00		1,021.82		3.01		.60			4.36		.87
Class R-4 – actual return		1,000.00		1,149.28		1.81		.34			3.25		.61
Class R-4 – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.06		.61
Class R-5E – actual return		1,000.00		1,149.64		.32		.06			1.76		.33
Class R-5E – assumed 5% return		1,000.00		1,024.50		.30		.06			1.66		.33
Class R-5 – actual return		1,000.00		1,149.92		.37		.07			1.81		.34
Class R-5 – assumed 5% return		1,000.00		1,024.45		.35		.07			1.71		.34
Class R-6 – actual return		1,000.00		1,150.39		.16		.03			1.60		.30
Class R-6 – assumed 5% return		1,000.00		1,024.65		.15		.03			1.51		.30

See end of tables for footnotes.

36 American Funds Retirement Income Portfolio Series

Expense example (continued)

Enhanced Portfolio

	Beginning account value 11/1/2020		Ending account value 4/30/2021		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,187.91	$	1.63		.30	%	$	3.25		.60	%
Class A – assumed 5% return		1,000.00		1,023.31		1.51		.30			3.01		.60
Class C – actual return		1,000.00		1,184.44		5.63		1.04			7.26		1.34
Class C – assumed 5% return		1,000.00		1,019.64		5.21		1.04			6.71		1.34
Class T – actual return		1,000.00		1,190.16		.27		.05			1.90		.35
Class T – assumed 5% return		1,000.00		1,024.55		.25		.05			1.76		.35
Class F-1 – actual return		1,000.00		1,188.22		2.06		.38			3.69		.68
Class F-1 – assumed 5% return		1,000.00		1,022.91		1.91		.38			3.41		.68
Class F-2 – actual return		1,000.00		1,188.58		.65		.12			2.28		.42
Class F-2 – assumed 5% return		1,000.00		1,024.20		.60		.12			2.11		.42
Class F-3 – actual return		1,000.00		1,189.31		.11		.02			1.74		.32
Class F-3 – assumed 5% return		1,000.00		1,024.70		.10		.02			1.61		.32
Class R-1 – actual return		1,000.00		1,183.82		5.58		1.03			7.20		1.33
Class R-1 – assumed 5% return		1,000.00		1,019.69		5.16		1.03			6.66		1.33
Class R-2 – actual return		1,000.00		1,185.00		4.50		.83			6.12		1.13
Class R-2 – assumed 5% return		1,000.00		1,020.68		4.16		.83			5.66		1.13
Class R-2E – actual return		1,000.00		1,185.84		4.23		.78			5.85		1.08
Class R-2E – assumed 5% return		1,000.00		1,020.93		3.91		.78			5.41		1.08
Class R-3 – actual return		1,000.00		1,186.87		3.04		.56			4.66		.86
Class R-3 – assumed 5% return		1,000.00		1,022.02		2.81		.56			4.31		.86
Class R-4 – actual return		1,000.00		1,188.21		1.74		.32			3.36		.62
Class R-4 – assumed 5% return		1,000.00		1,023.21		1.61		.32			3.11		.62
Class R-5E – actual return		1,000.00		1,188.62		.81		.15			2.44		.45
Class R-5E – assumed 5% return		1,000.00		1,024.05		.75		.15			2.26		.45
Class R-5 – actual return		1,000.00		1,188.89		.22		.04			1.85		.34
Class R-5 – assumed 5% return		1,000.00		1,024.60		.20		.04			1.71		.34
Class R-6 – actual return		1,000.00		1,190.01		.11		.02			1.74		.32
Class R-6 – assumed 5% return		1,000.00		1,024.70		.10		.02			1.61		.32

1	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).
2	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
3	The “effective expenses paid during period” are equal to the “effective 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).
4	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests. The annualized weighted average expense ratio of the underlying funds for the period reflects the net actual expense ratio of each underlying fund for the period, annualized and weighted for the fund’s relative average investment therein during the period.

American Funds Retirement Income Portfolio Series 37

Approval of Investment Advisory and Service Agreement

The series’ board has approved the continuation of the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through April 30, 2022. The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all the series’ independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

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

1. Nature, extent and quality of services

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

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included), and data such as relevant market and fund indexes over various periods (including each fund’s lifetime) through September 30, 2020. They generally placed greater emphasis on investment results over longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the funds indicated that its continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the total expense levels of each fund to those of other relevant funds. They observed that each fund’s total expenses generally compared favorably to those of other similar funds included in the comparable Lipper category.

The board and the committee also reviewed the fee schedule of the funds (including the fees and total expenses of the underlying American Funds in which the funds invest) to those of other relevant funds. The board and the committee noted CRMC’s prior elimination of the entire advisory fee payable by the funds under the agreement. The board and committee also considered the breakpoint discounts in each underlying fund’s advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the underlying American Funds and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the underlying funds and the other clients. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund’s shareholders receive reasonable value in return for other amounts paid to CRMC by the funds.

38 American Funds Retirement Income Portfolio Series

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with each fund and the underlying American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the underlying American Funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the other amounts paid to CRMC by the funds.

5. Adviser financial information

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

American Funds Retirement Income Portfolio Series 39

Liquidity Risk Management Program

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

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

The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2019, through September 30, 2020. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.

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American Funds Retirement Income Portfolio Series 41

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42 American Funds Retirement Income Portfolio Series

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American Funds Retirement Income Portfolio Series 43

Office of the series

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

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

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

44 American Funds Retirement Income Portfolio Series

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectus and summary prospectuses, 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.

“Proxy Voting Guidelines for American Funds Retirement Income Portfolio Series”— which describes how we vote proxies relating to the underlying funds held in the portfolios — is available on our website or upon request by calling AFS. The series 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.

Visit the Capital Group website for more information on the securities held by the underlying funds in the American Funds Retirement Income Portfolio Series portfolios.

American Funds Retirement Income Portfolio Series 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 American Funds Retirement Income Portfolio Series, but it also may be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after June 30, 2021, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

Each Standard & Poor’s 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 periods 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

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

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)	Not applicable for filing of semi-annual reports to shareholders.
(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.

AMERICAN FUNDS RETIREMENT INCOME PORTFOLIO  SERIES

By __/s/ Walter R. Burkley____________________

Walter R. Burkley,

Principal Executive Officer

Date: June 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/ Walter R. Burkley_________________

Walter R. Burkley,

Principal Executive Officer

Date: June 30, 2021

By ___/s/ Gregory F. Niland    __________

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: June 30, 2021